# EDGAR Filing Document

**Accession Number:** 0001922097
**File Stem:** 0001104659-25-064703
**Filing Date:** 2025-7
**Character Count:** 116654
**Document Hash:** 83c9d226040054d8dbf3ef412a8acade
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-064703.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001104659-25-064703

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250701

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lanvin Group Holdings Ltd
- **CENTRAL INDEX KEY:** 0001922097
- **STANDARD INDUSTRIAL CLASSIFICATION:** APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41569
- **FILM NUMBER:** 251096180

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4F, 168 JIUJIANG ROAD,
- **STREET 2:** CARLOWITZ & CO, HUANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4
- **BUSINESS PHONE:** (86)13636579351

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4F, 168 JIUJIANG ROAD,
- **STREET 2:** CARLOWITZ & CO, HUANGPU DISTRICT
- **CITY:** SHANGHAI
- **PROVINCE COUNTRY:** F4

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Month of July 2025

Commission File Number: 000-41569

LANVIN GROUP HOLDINGS LIMITED

4F, 168 Jiujiang Road,

Carlowitz & Co, Huangpu District

Shanghai, 200001, China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

INCORPORATION BY REFERENCE

This current report on Form 6-K is incorporated by reference into the registration statement on Form F-3 (No. 333-276476), the post-effective amendment No. 5 to Form F-1 on Form F-3 (No. 333-269150) and the registration statement amendment No. 1 on Form F-3 (No. 333-280891) of Lanvin Group Holdings Limited and shall be a part thereof from the date on which this Report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

**Meritz Private Placement and Loan**

On December 14, 2023, we consummated the following transactions pursuant to the Meritz Share Buyback and Subscription Agreement and the Amended and Restated Meritz Relationship Agreement, both dated December 1, 2023: (i) Meritz sold and surrendered, and we repurchased from Meritz one Convertible Preference Share (as defined therein) and 4,999,999 Ordinary Shares (as defined therein) for a price equal to US$54.5 million; and (ii) immediately thereafter, we issued 19,050,381 Ordinary Shares to Meritz at a total subscription price equal to US$69.5 million. The shares repurchased were issued to Meritz in 2022. We entered into a side letter with Meritz on April 30, 2024, which modified the Amended and Restated Relationship Agreement. Pursuant to the side letter, we repurchased from Meritz 5,245,648 Ordinary Shares in aggregate for a total purchase price of US$20.0 million, and paid Meritz underwriting fees with an aggregate amount of US$2.7 million.

On June 27th, 2025, we consummated the following transactions pursuant to a share buyback agreement with Meritz dated June 27th, 2025 (the "2025 Meritz Share Buyback Agreement"): (i) Meritz sold and surrendered, and we repurchased from Meritz 13,804,733 Ordinary Shares for a price equal to EUR48.1 million (the "Repurchase Price") and (ii) we issued to Meritz a fixed rate 11.40% secured loan note (the "Loan Note") for a principal amount equal to the Repurchase Price (the "Loan"). Pursuant to the Loan Note, we agreed to repay the Loan in two instalments by repaying (i) EUR8.5 million on June 30, 2025, and (ii) all outstanding amounts of the Loan on December 14, 2026. We granted certain rights to Meritz, which are governed by the terms and conditions set forth in the Loan Note, including the cash pay interest obligations, the mandatory prepayment obligation, and the coverage ratio prepayment obligation as described below.

*Cash Pay Interest Obligations*

We are obligated to pay Meritz the amount of interest on the Loan in cash at a percentage equal to 5% per annum on the last day of each interest period. Interest period shall be three months and shall not extend beyond December 14, 2026, except that the first interest period for the Loan shall start on June 27th, 2025 and end on September 30th, 2025. Each subsequent interest period shall start on the last day of the preceding interest period.

*Mandatory Prepayment Obligations*

In the event that a Mandatory Prepayment Event occurs, within 90 days after occurrence of such, Meritz may deliver a written notice requesting us to prepay the Loan and accrued interest within 30 days of receipt of such notice.

"Mandatory Prepayment Event" means, among other things, insolvency, bankruptcy, liquidation or winding up of, and Mr. Guo Guangchang ceasing to have control of Fosun International Limited ("Fosun International") or us, delisting or suspension of trading of shares of Fosun International for 15 consecutive trading days, delisting or suspension of trading of our shares for 5 consecutive trading days, non-payment us with respect to borrowings over specified amount when due or within any originally applicable grace period, our borrowings being declared due and payable as a result of any event of default, our failure to pay Meritz any cash pay interest, or the average closing price of our Ordinary Shares in any 3 consecutive trading days is less than US$1.00 per share (subject to any adjustment as a result of any share split or consolidation of our Ordinary Shares).

*Coverage Ratio Prepayment Obligations*

In the event that a pre-agreed coverage ratio is below 175% on any date while the Loan Note remains outstanding, within 15 business days after occurrence of such, Meritz may deliver a written notice requesting us to prepay the Loan within three business days after receipt of such notice, to the extent that the coverage ratio, after giving effect to such repayment, will increase to a level that is no lower than 200%.

"Coverage Ratio" equals to (a) the aggregate sum of (i) market value of our Ordinary Shares charged as security; and (ii) 60% of market value of certain shares of Fosun Tourism Group ("FTG") held by Fosun International charged as security, divided by (b) the amount of the outstanding Loan.

*Security*

Our payment obligations under the Loan Note are secured by a charge over our certain Ordinary Shares and certain shares of FTG held by Fosun International.

As of the date of this report, our obligations were secured by 53,671,565 Ordinary Shares. Upon repayment of and subject to certain other conditions, our Ordinary Shares and shares of FTG charged by Fosun International will be released.

*Events of Default*

"Events of Defaults" are deemed to have occurred if we fail to fulfill our repayment obligations with respect to the Loan, including the mandatory prepayment obligation, or the coverage ratio prepayment obligation.

If an Event of Default occurs, Meritz has the right to declare that all or part of the Loan, together with accrued interest, be immediately due and payable, or payable demand, and/or exercise any or all of its rights or remedies under the security documents.

---

| | |
|:---|:---|
| Exhibit Index | Exhibit Index |
| Exhibit<br> Number | &nbsp;&nbsp; Description |
| [99.1](tm2519435d1_ex99-1.htm) | &nbsp;&nbsp;[Share Buyback Agreement](tm2519435d1_ex99-1.htm) |
| [99.2](tm2519435d1_ex99-2.htm) | &nbsp;&nbsp;[Form of Certificate of Loan Note](tm2519435d1_ex99-2.htm) |

---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

July 1, 2025

---

| | |
|:---|:---|
| LANVIN GROUP HOLDINGS LIMITED | LANVIN GROUP HOLDINGS LIMITED |
| By: | /s/ Kat Yu David Chan |
| Name: Kat Yu David Chan | Name: Kat Yu David Chan |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Execution Version**

**27 June, 2025**

**LANVIN GROUP HOLDINGS LIMITED 复朗集团**

**MERITZ SECURITIES CO., LTD.**

**SHARE BUYBACK AGREEMENT**

**in relation to the shares of**

**LANVIN GROUP HOLDINGS LIMITED 复朗集团**

**Contents**

---

| | |
|:---|:---|
| **Clause** | **Page** |

---

Recitals<sub>1</sub>

1. Share Buyback 2

2. Closing 2

3. Loan Note 3

4. Post-Closing 3

5. Termination of Amended Relationship
Agreement and consent to withdrawal 3

6. Warranties 3

7. Conditions to Closing 4

8. Taxes 5

9. Costs and expenses 6

10. Confidentiality 7

11. Assignment 7

12. Further Assurances 7

13. Notices 7

14. Whole Agreement 9

15. Waivers, Rights and Remedies 9

16. Counterparts 9

17. Variations 9

18. Invalidity and Conflicts 9

19. Third Party Enforcement Rights 9

20. Governing Law and Jurisdiction 9

21. Remedies 10

---

| | |
|:---|:---|
| Schedule 1 Closing and Post-Closing Arrangements | 11 |
| Schedule 2 PubCo Warranties | 13 |
| Schedule 3 Investor Warranties | 14 |
| Schedule 4 Definitions and Interpretation | 15 |
| Schedule 5 Form of Certificate of Loan Note | 20 |
| Schedule 6 Form of Deed of Release | 21 |
| Schedule 7 Form of Account Security Agreement | 23 |
| Schedule 8 Form of FTG Share Security Agreement | 24 |

---

**This Share Buyback Agreement (*Agreement*)** is dated 27 June, 2025

**Parties**

1. **Lanvin Group Holdings Limited 复朗集团**, an exempted company incorporated
in the Cayman Islands with company number 382280 and its registered office at Maples Corporate Services Limited, PO Box 309, Ugland House,
Grand Cayman, KY1-1104, Cayman Islands ( ***PubCo***); and

2. **Meritz Securities Co., Ltd.**, a corporation incorporated under the laws of the Republic of
Korea ( ***Korea***) having its principal office at Three IFC, 10 Gukjegeumyung-ro, Yeongdeungpo-gu, Seoul, Korea 07326 ( ***Investor***),

(each a ***Party*** in this Agreement and together, the ***Parties***).

Words and expressions used in this Agreement shall be interpreted in accordance with ‎Schedule 4 (*Definitions and Interpretation*).

**Recitals**

(A) PubCo, Fosun Fashion Group (Cayman) Limited ( ***FFG***) and Investor entered into a share subscription
agreement, dated October 16, 2022, pursuant to which FFG issued, and Investor subscribed for, 18,569,282 ordinary shares, par value
EUR1.00 per share, of FFG (the  ***FFG Subscription Shares***) at subscription price of US$49,999,999 and one (1) preferred
collateral share of FFG (the  ***Collateral Share***) at subscription price of US$1.

(B) Upon closing of the mergers and other transactions pursuant to a business combination agreement, dated
March 23, 2022, among PubCo, Primavera Capital Acquisition Corporation, FFG and certain other parties thereto on December 14,
2022, the Collateral Share was cancelled in exchange for one (1) convertible preference share of PubCo (the  ***Convertible Preference Share***) and the FFG Subscription Shares were exchanged to 4,999,999 Ordinary Shares of PubCo and listed on the New York Stock Exchange
(trading symbol: LANV) (the  ***Exchanged Shares***).

(C) On December 1, 2023, the Parties entered into a share buyback and subscription agreement (the  ***SBSA***),
pursuant to which PubCo (i) repurchased from Investor all the Exchanged Shares and the Convertible Preference Share held by the Investor
and (ii) issued to Investor 19,050,381 Ordinary Shares of PubCo ( ***Subscription Shares***) at a total subscription price
equal to US$69,473,260.

(D) Concurrently with signing of the SBSA, on December 1, 2023, the Parties entered into an amended and
restated relationship agreement (the  ***Amended Relationship Agreement***), amending and restating the relationship agreement,
dated October 19, 2022, as amended on April 14, 2023, between the Parties, which set out the rights and obligations of the Parties
in connection with the Subscription Shares.

(E) On April 30, 2024, the Parties entered into a side letter to the Amended Relationship Agreement,
pursuant to which PubCo repurchased from the Investor, and the Investor transferred and sold to PubCo, 5,245,648 Subscription Shares in
four tranches at a total purchase price of US$20,000,000.

(F) As of the date hereof, the Investor holds 13,804,733 Subscription Shares issued by PubCo pursuant to the
SBSA. PubCo hereby wishes to repurchase from the Investor, and Investor wishes to sell and surrender to PubCo, all remaining Subscription
Shares held by Investor, pursuant to the terms and conditions of this Agreement.

**IT IS NOW AGREED:**

**1.** **Share Buyback** 

Subject to the terms and conditions of this Agreement, Investor shall sell and surrender to PubCo, and PubCo shall repurchase from Investor, 13,804,733 Ordinary Shares held by the Investor (the ***Repurchase Shares***), free and clear from any Encumbrance (other than those arising under applicable securities Laws) upon Closing and with all rights, title and interest attaching thereto (the ***Transaction***) at an aggregate purchase price of EUR48,091,106 (the ***Repurchase Price***).

**2.** **Closing** 

2.1 The Closing shall take place on the date of this Agreement, provided that all the conditions set forth
in clause ‎7 have been satisfied or waived, other than those conditions that by their nature are to be satisfied at the Closing, or
such other date (a) mutually agreed by PubCo and Investor in writing, or (b) duly notified and deferred in accordance with clause
 ‎2.4(b) (the  ***Closing Date***).

2.2 At or prior to the Closing Date, each of PubCo and Investor shall deliver or perform (or ensure that there
is delivered or performed) all those documents, items and actions respectively listed in relation to that Party in ‎Part A or
 ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*), as applicable.

2.3 Neither PubCo (on the one hand) nor Investor (on the other) is obliged to complete the Transaction in
accordance with this Agreement (or the payment of the Repurchase Price) unless the other Party has complied with all of its relevant obligations
in the respective ‎Part A or ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*), as applicable.

2.4 If at Closing, either PubCo (on the one hand) or Investor (on the other) fails to comply with any of its
obligations as set out in the respective ‎Part A or ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*),
as applicable, then the non-defaulting Party shall be entitled (in addition to and without prejudice to other rights and remedies available),
solely to the extent that such non-defaulting Party is not then in breach of any representation or warranty, covenant or other agreement
in this Agreement in any material respect, by written notice to the Party in default on the date Closing would otherwise have taken place,
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require Closing to take place so far as practicable having regard to the defaults which have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Party in default of a new date for Closing in which case the provisions of this clause ‎2
(*Closing*) (other than this clause ‎2.4) and ‎Part A and ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*) shall apply to Closing as so deferred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) terminate this Agreement (other than the Surviving Provisions), provided that such termination shall not
affect any accrued rights or liabilities of any Party in respect of damages for non-performance of any obligation falling due for performance
prior to such termination.

2.5 If, in accordance with clause ‎2.4‎(b), Closing is deferred and at such deferred Closing a Party
fails to comply with its obligations in the respective ‎Part A or ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*), the non-defaulting Party shall have the right as set out in clauses ‎2.4‎(a) to ‎2.4‎(c) (inclusive)
as if references to "Closing" were references to the deferred Closing, but in any event, the Closing shall not be deferred
more than twice under clause ‎2.4‎(b).

**3.** **Loan Note** 

3.1 Subject to and upon the Closing, PubCo agrees to issue and sell to Investor, and Investor agrees to subscribe
for and purchase from PubCo, a Loan Note with an aggregate principal amount equal to the Repurchase Price, in each case subject to the
terms and conditions therein.

3.2 The Repurchase Price payable by PubCo to Investor shall be offset in its entirety against the issuance
of the Loan Note by PubCo to Investor at the Closing.

3.3 Subject to and following the Closing, each Party agrees to comply with, and be subject to and bound by,
the terms and conditions set forth in the Loan Note.

**4.** **Post-Closing** 

Subject to and following the Closing, Investor shall promptly, and in any event within one (1) Business Day after the Closing Date, mail the original copy of the stock power referenced in paragraph (a) of ‎Part B of ‎Schedule 1 (*Closing and Post-Closing Arrangements*) to the Transfer Agent and send the tracking number for such mail to the Transfer Agent.

**5.** **Termination of Amended Relationship Agreement and consent to withdrawal** 

5.1 Subject to and upon the Closing, the Amended Relationship Agreement shall terminate with immediate effect,
and each Party shall waive any claims for breach of such agreement by the other Party.

5.2 Investor acknowledges and consents to the withdrawal of the 81,542,487 shares of FTG in the Charged Securities
Account from CCASS on 16 May 2025, and waives any claims for breach of the Existing Account Security Agreement arising as a result
of such withdrawal.

**6.** **Warranties** 

6.1 Subject to the matters disclosed in the SEC Filings, PubCo represents and warrants to Investor as at the
date of this Agreement and at the Closing Date in the terms of the PubCo Warranties. Each of the PubCo Warranties shall be construed as
a separate and independent warranty.

6.2 To the extent permitted by applicable Law, PubCo shall promptly disclose to Investor any matter or thing
which arises or of which it becomes aware after entering into this Agreement which is inconsistent with or a breach of any of the PubCo
Warranties or which will or may be a breach of any PubCo Warranty when they are repeated at Closing.

6.3 Subject to the matters as disclosed in the SEC Filings, Investor may claim that any of the PubCo
Warranties is or was untrue or misleading or has or had been breached even if Investor discovered on or before entering into this Agreement
or before Closing that the PubCo Warranty in question was untrue, misleading or had been breached.

6.4 Investor represents and warrants to PubCo as at the date of this Agreement and at the Closing Date in
the terms of the Investor Warranties. Each of the Investor Warranties shall be construed as a separate and independent warranty.

**7.** **Conditions to Closing** 

7.1 <u>Conditions to Each Party's Obligations</u>. The obligations of each Party to consummate the Transaction
shall be conditioned on there being no Law in effect on the Closing Date restraining, enjoining or otherwise prohibiting or making illegal
the consummation of the Transaction.

7.2 <u>Conditions to the Obligations of Investor</u>. The obligations of Investor to consummate the Transaction
shall be subject to the fulfilment, at or prior to the Closing, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties in ‎Schedule 2 shall be true and correct in all material
respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties
that address matters only as of a specific date, which shall be true and correct in all material respects as of that specific date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) PubCo shall have duly performed and complied with, in all material respects, all covenants required by
this Agreement to be performed or complied with by it prior to or on the Closing Date.

7.3 <u>Conditions to the Obligations of PubCo</u>. <u> </u> The obligations of PubCo to consummate the Transaction shall be subject to the fulfilment,
 at or prior to the Closing, of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each of the representations and warranties in ‎Schedule 3 shall be true and correct in all material
respects as of the Closing Date with the same effect as though made at and as of such date (except those representations and warranties
that address matters only as of a specific date, which shall be true and correct in all material respects as of that specific date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investor shall have duly performed and complied with, in all material respects, all covenants required
by this Agreement to be performed or complied with by it prior to or on the Closing Date.

**8.** **Taxes** 

8.1 Except as otherwise provided in the Loan Note Conditions, each Party shall be responsible for and bear
its own Tax imposed, levied, assessed or incurred on or by the Party for or in connection with the execution and performance of the Finance
Documents.

8.2 If PubCo or any of its directors, officers, employees, and agents, or any Person who controls PubCo (the  ***Company Party***) becomes aware that PubCo or any intermediary may be required under applicable Laws to deduct or withhold
any amount due to Investor under the Finance Documents for Tax that may be payable by Investor, through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) receipt of opinion or advice from reputable counsel to PubCo to the effect that PubCo or any intermediary
is required to make such deduction or withholding under applicable Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any notice, letter or other written or verbal query from or being otherwise approached by any Governmental
Entity in respect of any Tax that may be payable by Investor that are required to be deducted or withheld by PubCo or any intermediary
in accordance with applicable Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other means by which such Company Party has obtained such knowledge

(the ***Supporting Materials***),

PubCo shall, within two (2) Business Days of the earliest date on which PubCo receives or becomes aware of any one of the Supporting Materials, deliver written notice to Investor (the ***Relevant Notice***) inviting Investor to engage in prior consultation with PubCo in connection with the deduction or withholding of such Tax by PubCo together with supporting materials including, to the extent received by PubCo as of the date of such Relevant Notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of subsection ‎(a) above, a copy of such opinion or advice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of subsection ‎(b) above, a copy of such notice, letter or written query, or in the
event such query is received verbally or otherwise, a written summary thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of subsection ‎‎(c) above, a copy of the document if such means are in written
form, or if verbal form or otherwise, a written summary thereof;

provided, that if any of ‎(a), ‎(b) or ‎‎(c) are received by PubCo (including any updates or amendments thereto) after the Relevant Notice is delivered, PubCo shall deliver a copy, or written summary, as the case may be, within two (2) Business Days of receipt, in each case;

provided further, that delivery of materials to Investor as required under this clause ‎8.2 shall in each case be subject to clause ‎8.5 below.

8.3 Following the delivery of the Relevant Notice, PubCo shall engage in prior consultation with Investor
in good faith for a reasonable period which shall not exceed twenty (20) Business Days following the delivery of the Relevant Notice,
subject to extension upon PubCo's consent (which shall not be unreasonably withheld, conditioned or delayed by PubCo), upon Investor's
reasonable request, to discuss material issues arising out of any Supporting Materials (if extended in accordance with the foregoing,
such period as extended, the  ***Consultation Period***); provided that, notwithstanding the foregoing, such Consultation Period
shall expire on the date that falls two (2) Business Days immediately prior to the date that the relevant payment obligation of PubCo
becomes due in accordance with the Loan Note Conditions.

8.4 PubCo agrees and undertakes to consider in good faith, any reasonable comments or requests given by Investor
or its Representatives during the Consultation Period, including with respect to a reduction of the applicable deduction or withholding.

8.5 PubCo shall be permitted to withhold any information that would otherwise be provided in the Relevant
Notice or in the Supporting Materials as required under clause ‎8.2 above, if provision of such information to Investor will result
in PubCo breaching any confidentiality requirement under applicable Laws; provided, however that, PubCo shall notify Investor that information
has been withheld in lieu of providing such information as required under clause ‎8.2 above.

8.6 PubCo agrees to indemnify and hold harmless Investor, its Affiliates, directors, officers, employees,
and agents, or any Person who controls Investor from and against any additional Tax levied or imposed against Investor which would not
be levied or imposed against Investor had PubCo complied with clause ‎8.2 above, and all related losses, claims, damages, penalties,
liabilities and reasonable and documented out-of-pocket expenses (including, without limitation, any reasonable and documented attorneys'
fees and expenses incurred in connection with defending or investigating any such Tax, action or claim).

**9.** **Costs and expenses** 

9.1 Promptly after Closing, PubCo shall pay or reimburse the Investor (or its designee, as applicable) an
amount equal to the lower of (a) US$75,000 and (b) 50% of all fees, expenses and costs of Investor incurred in connection with
the transactions contemplated under this Agreement (including, without limitation, any fees, expenses and costs incurred in connection
with any prior negotiation, communication or actual or potential disagreement or dispute between Investor and PubCo in connection with
the Subscription Shares or the subject matter of this Agreement and/or the Amended Relationship Agreement) within two (2) Business
Day after the Closing Date, provided that the Investor has provided the Company with relevant invoices.

9.2 Subject to clause ‎9.1, each Party shall bear all of its own costs and expenses (including legal fees)
incurred by it in connection with the negotiation, preparation, printing, execution, syndication and perfection of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Loan Note and any other documents referred to in the Loan Note Conditions and the Transaction Security
(as defined in the Loan Note); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Finance Documents executed after the Closing Date.

**10.** **Confidentiality** 

Each Party shall (and shall ensure that each of its Representatives shall) maintain information related to negotiations leading to this Agreement and the Loan Note in confidence and not disclose such information to any Person (other than its Representatives) unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disclosure is required by applicable Law or by any stock exchange or any regulatory, governmental or antitrust
body having applicable jurisdiction (provided that the disclosing Party shall first inform the other Party of its intention to disclose
such information and take into account the reasonable comments of the other Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disclosure is necessary in connection with the management of the Tax affairs of a Party or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) disclosure is of information which was lawfully in the possession of that Party or any of its Representatives
(in either case as evidenced by written records) without any obligation of secrecy before its being received from the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure is of information which has previously become publicly available other than through that Party's
action or failure to act (or that of its Representatives);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) disclosure is required or requested for the purpose of any arbitral or judicial proceedings to which the
disclosing Party is a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the other Party approved such disclosure in writing.

**11.** **Assignment** 

Unless the Parties specifically agree in writing, no Person shall assign, transfer, hold on trust or encumber all or any of its rights under this Agreement nor grant, declare, create or dispose of any right or interest in any of them. Any purported assignment in contravention of this clause ‎11 (*Assignment*) shall be void.

**12.** **Further Assurances** 

12.1 Each Party shall execute, or procure the execution of, such further documents as may be required by applicable
Law or be necessary to implement and give effect to this Agreement and the Loan Note.

12.2 Each Party shall procure that its Representatives comply with all obligations under this Agreement that
are expressed to apply to any such Representatives.

**13.** **Notices** 

13.1 Any notice to be given by one Party to the other Party in connection with this Agreement or the Loan Note
shall be in writing in English and signed by or on behalf of the Party giving it. It shall be delivered by hand, email, registered post
or courier using an internationally recognized courier company.

13.2 A notice shall be effective upon receipt and shall be deemed to have been received: (a) at the time
of delivery, if delivered by hand, registered post or courier; or (b) at the time of transmission, if delivered by email. Where delivery
occurs outside Working Hours, notice shall be deemed to have been received at the start of Working Hours on the next following Business
Day.

13.3 The addresses and email addresses of the Parties for the purpose of clause ‎13.1 are:

---

| | | |
|:---|:---|:---|
| <u>PubCo</u> | <u>Address:</u> | <u>Email:</u> |
| For the attention of:<br>Gong CHENG | 4F, 168 Jiujiang Road, <br> Carlowitz & Co, <br> Huangpu District, <br> Shanghai 200001, China | roy.cheng@lanvin-group.com |
| With a copy to:<br> Freshfields: |  |  |
| For the attention of:<br> Philip Li | 55<sup>th</sup> Floor, One Island <br> East, Taikoo Place<br> Quarry Bay, Hong Kong | philip.li@freshfields.com |
| <u>Investor</u> | <u>Address:</u> | <u>Email:</u> |
| For the attention of:<br>Ethan Lee<br> Hobin Whang | Three IFC, <br> 10 Gukjegeumyung-ro, <br> Yeongdeungpo-gu, Seoul, <br> 07326, Korea | sanghwan.lee@meritz.co.kr<br> hobin.whang@meritz.co.kr |
| with a copy to:<br> Davis Polk & Wardwell |  |  |
| For the attention of:<br> Miranda So<br> Samuel Kang | Level 10<br> Hong Kong Club<br> Building<br> 3A Chater Road<br> Hong Kong SAR | miranda.so@davispolk.com<br> samuel.kang@davispolk.com |
| with a copy to:<br> Shin & Kim |  |  |
| For the attention of:<br> Soo-Kyun Lee<br> James Kang | D-Tower (D2)<br> 17 Jongno 3-gil<br> Jongno-gu, Seoul 03155<br> Republic of Korea | sklee@shinkim.com<br> jameskang@shinkim.com |

---

13.4 Each Party shall notify the other Party in writing of a change to its details in clause ‎13.3 from
time to time.

**14.** **Whole Agreement** 

14.1 This Agreement sets out the whole agreement between the Parties in respect of the Transaction and supersede
any previous draft, agreement, arrangement or understanding, whether in writing or not, relating to the Transaction.

14.2 Nothing in this clause ‎14 (*Whole Agreement*) shall limit any liability for (or remedy in respect
of) fraud or fraudulent misrepresentation.

**15.** **Waivers, Rights and Remedies** 

Except as expressly provided in this Agreement, no failure or delay by any Party in exercising any right or remedy relating to this Agreement shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or remedy shall preclude any further exercise of it or the exercise of any other remedy.

**16.** **Counterparts** 

This Agreement may be executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original, but all counterparts shall together constitute one and the same instrument. Delivery of a counterpart of this Agreement by e-mail attachment or telecopy shall be an effective mode of delivery.

**17.** **Variations** 

No variation, deletion, supplement, amendment or replacement of this Agreement shall be valid unless it is in writing and duly executed by or on behalf of both Parties.

**18.** **Invalidity and Conflicts** 

Each of the provisions of this Agreement and the Loan Note is severable. If any such provision is held to be or becomes invalid or unenforceable under the applicable Law of any jurisdiction, the Parties shall use all reasonable efforts to replace it with a valid and enforceable substitute provision the effect of which is as close to its intended effect as possible.

**19.** **Third Party Enforcement Rights** 

Except as expressly stipulated in this Agreement, this Agreement shall not grant any right to Persons who are not a party to this Agreement.

**20.** **Governing Law and Jurisdiction** 

20.1 Subject to clause ‎20.2, this Agreement shall be governed by, and interpreted in accordance with,
the laws of the State of New York, without giving effect to the principles of conflicts of laws that would otherwise require the application
of the laws of any other jurisdiction.

20.2 Clause ‎3 (*Loan Note*), other than clause ‎3.2, is governed by Hong Kong law.

20.3 In the event of any dispute, controversy, difference or claim arising out of or relating to this Agreement,
including the existence, validity, interpretation, performance, breach or termination thereof, or any dispute regarding non-contractual
obligations arising out of or relating to it, the Parties shall use best efforts to resolve such dispute, controversy or claim amicably
through discussions in good faith. If the Parties fail to resolve such dispute, controversy or claim amicably within thirty (30) days
of the occurrence thereof, the Parties shall submit to arbitration. Any such dispute shall be referred to and finally resolved by arbitration
administered by the Singapore International Arbitration Centre under the Arbitration Rules of the Singapore International Arbitration
Centre ( ***SIAC Rules***) for the time being in force. For the purpose of such arbitration, there shall be three (3) arbitrators
appointed, and each of the claimant and the respondent shall appoint one (1) arbitrator and each such appointed arbitrator shall
agree upon and appoint the third (3<sup>rd</sup>) arbitrator. If the two (2) appointed arbitrators are unable to agree on a third
(3<sup>rd</sup>) arbitrator, the third (3<sup>rd</sup>) arbitrator shall be appointed in accordance with the SIAC Rules. The seat of arbitration
shall be in Singapore and the language of the arbitration shall be English. The arbitration shall be the sole and exclusive forum for
resolution of any such dispute, controversy or claim and a decision rendered by the arbitral tribunal in such proceedings shall be final
and binding on the Parties, without right of appeal. No Party shall disclose or permit the disclosure of any information about the evidence
adduced or the documents produced by another Party in the arbitration proceedings or about the existence, contents or results of the proceeding
except as may be required by a Governmental Entity or Governmental Order or as required in an action in aid of arbitration or for enforcement
of an arbitral award. Notwithstanding anything to the contrary herein, this clause ‎20.3 shall be without prejudice to the right of
any Party to seek interim relief pursuant to clause ‎21, at any time before and after the arbitration tribunal has been appointed,
up until when the tribunal has made its final award, to prevent the continuation of an actual breach or a threatened breach of this Agreement.

**21.** **Remedies** 

The Parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which such Party is entitled at law, in equity, in contract, in tort or otherwise. The Parties acknowledge and agree that it may be difficult to prove damages with reasonable certainty, that it may be difficult to procure suitable substitute performance, and that injunctive relief and/or specific performance will not cause an undue hardship to the Parties. The Parties further acknowledge that the existence of any other remedy contemplated by this Agreement does not diminish the availability of specific performance of the obligations hereunder or any other injunctive relief. Each Party further agrees that in the event of any action by the other Party for specific performance or injunctive relief, it will not assert that a remedy at law or other remedy would be adequate or that specific performance or injunctive relief in respect of such breach or violation should not be available on the grounds that money damages are adequate or any other grounds.

**Schedule 1<br> Closing and Post-Closing Arrangements**

**Part A PubCo Closing Obligations**

At Closing, PubCo shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver or ensure that there is delivered to Investor (to the extent not delivered prior to Closing) a
copy of PubCo's board resolutions having approved (i) the Transaction, (ii) the execution and performance of this Agreement
and the Finance Documents to which it is a party, and (iii) the issuance of the Loan Note to Investor and the execution of and performance
of its obligations under the Loan Note Certificate (including the Loan Note Conditions) issued to Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver or ensure that there is delivered to Investor (to the extent not delivered prior to Closing) a
copy of FIL's executive committee resolutions having approved the Account Security Agreement, the FTG Share Security Agreement and
other Finance Documents to which it is a party and the performance of FIL's obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) issue to Investor the Loan Note Certificate, record the title of ownership of the Loan Note in the Register
and provide Investor with a copy of the Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deliver or ensure that there is delivered to Investor (to the extent not delivered prior to Closing) a
certified true copy of the certificate of incorporation, certificate(s) of incorporation on change of name (if any), the current
memorandum and articles of association, the current register of directors, extract of the current register of members showing all Ordinary
Shares held by Investor, a recent certificate of incumbency and a recent certificate of good standing of PubCo; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deliver to Investor the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Account Security Agreement substantially in the form of ‎Schedule 7 (*Form of Account Security Agreement*) duly executed by FIL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the FTG Share Security Agreement substantially in the form of ‎Schedule 8 (*Form of FTG Share Security Agreement*) duly executed by FIL.

**Part B Investor Closing Obligations**

At Closing, Investor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver a scanned copy of an executed irrevocable stock power to the Transfer Agent instructing the Transfer
Agent to transfer the Repurchase Shares to PubCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take the following actions in connection with the release, reassignment or discharge (as appropriate)
of the security interests created under the Existing Account Security Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering to PubCo a deed of release substantially in the form of ‎Part A of ‎Schedule
6 (*Form of Deed of Release*) duly executed by Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) executing and delivering to the Account Bank a "Discharge Notice" (in the form set out in
appendix 3 to the Conditions of Consent to Account Charge dated 14 December 2023 entered into between FIL, Investor and the
Account Bank); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) making, or assisting in making, a Form NM2 filing with the Hong Kong Companies Registry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take the following actions in connection with the release, reassignment or discharge (as appropriate)
of the security interests created under the Existing Cash Account Charge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executing and delivering to PubCo a deed of release substantially in the form of ‎Part B of ‎Schedule
6 (*Form of Deed of Release*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) executing and delivering to the Account Bank a "Discharge Notice" (in the form set out in
appendix 3 to the "Conditions of Consent to Account Charge" dated 14 December 2023 entered into between FFG, Investor
and the Account Bank).

**Schedule 2<br> PubCo Warranties**

1. PubCo is validly incorporated, in existence, in good standing and duly registered under the Laws of its
jurisdiction of incorporation and has full power to conduct its business as conducted at the date of this Agreement.

2. PubCo has obtained all corporate authorizations and all other governmental, statutory, regulatory or other
consents, licenses and authorizations required to enter into and perform its obligations under this Agreement, the Loan Note Certificate
and the Finance Documents to which it is a party.

3. Entry into and performance by PubCo of this Agreement, the Loan Note Certificate and the Finance Documents
to which it is a party will not: (a) breach any provision of its constitutional documents; or (b) result in a breach of any
applicable Laws in its jurisdiction of incorporation, or any applicable order, decree or judgment of any court or any Governmental Entity.

4. This Agreement, the Loan Note Certificate and the Finance Documents to which it is a party when executed
will constitute valid and binding obligations of PubCo, enforceable against PubCo in accordance with their terms, except as such enforceability
may be limited by bankruptcy insolvency, reorganization, moratorium, and similar Laws affecting creditors generally and by the availability
of equitable remedies.

5. No bankruptcy, insolvency or judicial composition proceedings concerning PubCo has been applied for. So
far as PubCo is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition
proceedings concerning PubCo nor do any circumstances exist according to any applicable bankruptcy or insolvency Laws which would justify
the avoidance of this Agreement, the Loan Note Certificate or any Finance Document to which it is a party.

6. Neither PubCo nor any of its Representatives are Sanctions Targets, or act directly or indirectly on behalf
of any Sanctions Target. Neither PubCo nor its subsidiaries are incorporated, located, resident or carrying on a trade or business in
a Sanctioned Country. So far as PubCo is aware, PubCo and its subsidiaries are in compliance with all applicable Sanctions and is not
engaged in any activities that would reasonably be expected to result in it being designated as a Sanctions Target.

**Schedule 3<br> Investor Warranties**

1. Investor is validly incorporated, in existence, in good standing and duly registered under the Laws of
its jurisdiction of incorporation and has full power to conduct its business as conducted at the date of this Agreement.

2. Investor has obtained all corporate authorizations and all other governmental, statutory, regulatory or
other consents, licenses and authorizations required to enter into and perform its obligations under this Agreement.

3. Entry into and performance by Investor of this Agreement will not: (a) breach any provision of its
constitutional documents; or (b) result in a breach of any applicable Laws in its jurisdiction of incorporation, or any applicable
order, decree or judgment of any court or any Governmental Entity.

4. This Agreement will, when executed, constitute valid and binding obligations of Investor, enforceable
against Investor in accordance with its terms, except as such enforceability may be limited by bankruptcy insolvency, reorganization,
moratorium, and similar Laws affecting creditors generally and by the availability of equitable remedies.

5. Investor is (a) the sole legal and beneficial owner of the Repurchase Shares, free and clear from
all Encumbrances (other than those arising under applicable securities Laws); and (b) entitled to transfer or procure the transfer
of the full ownership of the Repurchase Shares to PubCo on the terms set out in this Agreement.

6. No bankruptcy, insolvency or judicial composition proceedings concerning Investor has been applied for.
So far as Investor is aware, no circumstances exist which would require an application for any bankruptcy, insolvency or judicial composition
proceedings concerning Investor nor do any circumstances exist according to any applicable bankruptcy or insolvency Laws which would justify
the avoidance of this Agreement.

7. Neither Investor nor any of its Representatives are Sanctions Targets, or act directly or indirectly on
behalf of any Sanctions Target. Investor is not incorporated, located, resident or carrying on a trade or business in a Sanctioned Country.
So far as Investor is aware, Investor is in compliance with all applicable Sanctions and is not engaged in any activities that would
reasonably be expected to result in it being designated as a Sanctions Target.

**Schedule 4<br> Definitions and Interpretation**

1. Definitions. In this Agreement, the following words and expressions shall have the following meanings:

***Account Bank*** means Citibank, N.A., Hong Kong Branch;

***Account Security Agreement*** has the meaning given in the Loan Note;

***Affiliate*** means, in relation to any Party, any subsidiary or parent company of that Party and any subsidiary of any such parent company, in each case from time to time;

***Amended Relationship Agreement*** has the meaning given in the Recitals of this Agreement;

***Business Day*** means a day (excluding Saturday or Sunday and public holidays in Korea, the PRC, Hong Kong and Cayman Islands) on which commercial banks in Korea, the PRC, Hong Kong and Cayman Islands are generally open for business;

***CCASS*** means Central Clearing and Settlement System established and operated by the Hong Kong Securities Clearing Company Limited;

***Charged Securities Account*** means the securities account in the name of FIL held with the Account Bank with account number 5064830000;

***Closing*** means completion of the Transaction in accordance with the provisions of this Agreement;

***Closing Date*** has the meaning given in clause ‎2.1;

***Collateral Share*** has the meaning given in the Recitals of this Agreement***;***

***Company Party*** has the meaning given in clause ‎8.2;

***Convertible Preference Share*** has the meaning given in the Recitals of this Agreement;

***Encumbrance*** means a mortgage, charge, pledge, lien, option, restriction, right of first offer, right of pre-emption, third party right or interest, other encumbrance or security interest of any kind, or another type of agreement or arrangement having similar effect;

***Exchanged Shares*** has the meaning given in the Recitals of this Agreement;

***Existing Account Security Agreement*** means the account security agreement dated 14 December 2023 entered into by FIL and Investor;

***Existing Cash Account Charge*** means the cash account charge dated 14 December 2023 entered into by FFG and Investor;

***FFG*** has the meaning given in the Recitals of this Agreement;

***FFG Subscription Shares*** has the meaning given in the Recitals of this Agreement;

***FIL*** means Fosun International Limited, a company incorporated in Hong Kong with its registered address at Room 808, ICBC Tower, 3 Garden Road, Central, Hong Kong;

***Finance Document*** has the meaning given in the Loan Note;

***FTG*** means Fosun Tourism Group, an exempted company incorporated in the Cayman Islands with company number 315519 and its registered address at Harneys Fiduciary (Cayman) Limited, 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands;

***FTG Share Security Agreement*** has the meaning given in the Loan Note;

***Governmental Entity*** means any supra-national, national, state, municipal or local government (including any subdivision, court, administrative agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, importing or other governmental or quasi-governmental authority;

***Governmental Order*** means any judgment, decision, ruling, decree, order, settlement, injunction, writ, stipulation, determination or award of any Governmental Entity;

***Hong Kong*** means the Hong Kong Special Administrative Region of the People's Republic of China;

***Investor Warranties*** means the warranties given by Investor as set out in ‎Schedule 3;

***Law(s)*** means any law, statute, ordinance, rule, regulation, listing rules, stock exchange rules and regulations, code, Governmental Order or other requirement as enacted, issued, promulgated, enforced or entered by a Governmental Entity and having a legally binding effect;

***Loan Note*** means the loan note to be issued by PubCo to Investor on the Closing Date and represented by a certificate substantially in the form set out in ***‎***Schedule 5 (*Form of Certificate of Loan Note*) (the ***Loan Note Certificate***) including the conditions endorsed on such certificate (the ***Loan Note Conditions***);

***Ordinary Shares*** means the ordinary shares of PubCo, par value US$0.000001;

***parent company*** means any company that in relation to another company (its ***subsidiary***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) holds a majority of the voting rights in the subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a member of the subsidiary and has the right to appoint or remove a majority of its board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is a member of the subsidiary and controls a majority of the voting rights in it under an agreement with
the other members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has the right to exercise a dominant influence over the subsidiary under the subsidiary's articles
or a contract authorized by them,

in each case whether directly or indirectly through one or more companies;

***Participating Member State*** means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union;

***Person*** means any individual, corporation, limited liability company, limited or general partnership, joint venture, association, joint stock company, trust, unincorporated organization, any other legal entity, government or any agency or political subdivisions thereof, or any group comprised of two (2) or more of the foregoing;

***PRC*** means the People's Republic of China, for the sole purpose of this Agreement, excluding Hong Kong, Macau, and Taiwan;

***PubCo Warranties*** means the warranties given by PubCo as set out in ‎Schedule 2;

***Register*** means the register of the Loan Note maintained by PubCo;

***Relevant Notice*** has the meaning given in clause ‎8.2;

***Representatives*** means, in relation to a Party, its respective Affiliates and advisors;

***Repurchase Price*** has the meaning given in clause ‎1;

***Repurchase Shares*** has the meaning given in clause ‎1;

***Sanctioned Country*** means any country or territory that is, or whose government is, the subject or target of comprehensive territorial based Sanctions;

***Sanctions*** means any trade or economic sanctions, laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority;

***Sanctions Authority*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the United Nations (as a whole and not its individual members), including the United Nations Security
Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the United States, including the United States Department of Treasury Office of Foreign Assets Control,
the United States Department of Commerce Bureau of Industry and Security and the United States Department of State,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the European Union (as a whole and not its individual member states);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the United Kingdom, including the Office of Financial Sanctions Implementation of His Majesty's
Treasury; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other relevant national or supra-national Governmental Entity with jurisdiction over the relevant
Party,

in each case, including the respective governmental institutions, departments and agencies of any of the foregoing which administers or enforces Sanctions;

***Sanctions Target*** means any Person, vessel or aircraft with which dealings are restricted or prohibited by any Sanctions;

***SEC Filings*** means the annual report on Form 20-F filed by PubCo with the Securities and Exchange Commission of the United States on April 20, 2023;

***SIAC Rules*** has the meaning given in clause ‎20.3;

***Subscription Shares*** has the meaning given in Recital of this Agreement;

***Supporting Materials*** has the meaning given in clause ‎8.2;

***Surviving Provisions*** means ‎10 (*Confidentiality*), ‎11 (*Assignment*), ‎13 (*Notices*), ‎15 (*Waivers, Rights and Remedies*), ‎17 (*Variations*), ‎19 (*Third Party Enforcement Rights*) and ‎20 (*Governing Law and Jurisdiction*)*,* and ‎Schedule 4 (*Definitions and Interpretation*);

***Tax*** means: (i) taxes on income, profits and gains; and (ii) all other taxes, levies, duties, imposts, charges and withholdings of any fiscal nature, including any excise, property, capital, value added, sales, use, occupation, transfer, franchise and payroll taxes and any social security or social fund contributions, and any payment which the relevant Person may be or become bound to make to any Person as a result of the discharge by that Person of any tax which the relevant Person has failed to discharge, together with all penalties, charges and interest relating to any of the foregoing or to any late or incorrect return in respect of any of them, and regardless of whether such taxes, levies, duties, imposts, charges, withholdings, penalties and interest are chargeable directly or primarily against or attributable directly or primarily to the relevant Person or any other Person and of whether any amount in respect of them is recoverable from any other Person;

***Transaction*** has the meaning given in clause ‎1;

***Transfer Agent*** means Continental Stock Transfer & Trust Company, 1 State Street 30th Floor, New York, NY 10004-1561; and

***Working Hours*** means 9.30 a.m. to 5.30 p.m. on a Business Day in the place of receipt of a notice.

2. <u>Interpretation</u>. In this Agreement, unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) references to a paragraph, clause or Schedule shall refer to those of this Agreement unless stated otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) headings do not affect the interpretation of this Agreement; the singular shall include the plural and
vice versa; and references to one gender include all genders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) references to US$ are references to the lawful currency from time to time of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references to EUR are references to the single currency of the Participating Member States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any phrase introduced by the terms including, include, in particular or any similar expression shall be
construed as illustrative and shall not limit the sense of the words preceding those terms.

3. <u>Enactments</u>. Except as otherwise expressly provided in this Agreement, any express reference to
an enactment (which includes any legislation in any jurisdiction) includes references to: (i) that enactment as amended, consolidated
or re-enacted by or under any other enactment before or after the date of this Agreement; (ii) any enactment which that enactment
re-enacts (with or without modification); and (iii) any subordinate legislation (including regulations) made (before or after the
date of this Agreement) under that enactment, as amended, consolidated or re-enacted as described at (i) or (ii) above, except
to the extent that any of the matters referred to in (i) to (iii) occurs after the date of this Agreement and increases or alters
the liability of PubCo or Investor under this Agreement.

4. <u>Schedules</u>. The Schedules comprise schedules to this Agreement and form part of this Agreement.

5. <u>Inconsistencies</u>. Where there is any inconsistency between the definitions set out in this ‎Schedule
4 (*Definitions and Interpretation*) and the definitions set out in any clause or any other Schedule, then, for the purposes of construing
such clause or Schedule, the definitions set out in such clause or Schedule shall prevail.

**Schedule 5<br> Form of Certificate of Loan Note**

**Schedule 6<br> Form of Deed of Release**

**Part A**

**Part B**

**Schedule 7<br> Form of Account Security Agreement**

**Schedule 8<br> Form of FTG Share Security Agreement**

**SIGNATURE**

This Agreement is signed by duly authorized representatives of the Parties:

---

| | | |
|:---|:---|:---|
| **SIGNED**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) | SIGNATURE: | /s/ Huang Zhen |
| for and on behalf of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) |  |  |
| **LANVIN GROUP**) |  |  |
| **HOLDINGS LIMITED 复朗集团**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) | NAME: | Huang Zhen |

---

---

| | | |
|:---|:---|:---|
| <br>**SIGNED**<br> for and on behalf of<br> **MERITZ SECURITIES**<br> **CO., LTD.** | &nbsp;&nbsp;&nbsp;&nbsp; ))))<br>| ![](tm2519435d1_ex99-1img001.jpg) |

---

## Exhibit 99.2

**Exhibit 99.2**

**Form of Certificate of Loan Note issued in Registered Form**

27 June 2025

**THIS CERTIFICATE IS DELIVERED BY<br> LANVIN GROUP HOLDINGS LIMITED 复朗集团**

an exempted company incorporated under the laws of the Cayman Islands with limited liability and registration number 382280 and having its registered office at Maples Corporate Services Limited of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands as borrower (the ***Company***)

**FIXED RATE SECURED NOTE**

This certificate is issued pursuant to (i) the share buyback agreement dated 27 June 2025 entered into between the Company and MERITZ SECURITIES CO., LTD. (the ***Investor***) and (ii) a board resolution of the Company dated 27 June 2025.

The Company has issued as at the date of this certificate a fixed rate note for a principal amount of EUR48,091,106 (the ***Note***), which has been fully subscribed and paid.

This is to certify that the Investor is the registered holder of the Note and is entitled to that sum and any interest thereon in accordance with and subject to the conditions endorsed hereon (the ***Conditions***).

This certificate is evidence of entitlement only and is not a document of title. Entitlements are determined by the register of the Note maintained by the Company (the ***Register***) and only the holder of the Note is entitled to payment in respect of the Note represented hereby.

The Conditions endorsed hereon are an integral part of this certificate and by its purchase of the Note, the Investor agrees to be subject to and bound by the provisions set forth therein.

Executed for and on behalf of the Company

---

| | | |
|:---|:---|:---|
| **SIGNED**) | SIGNATURE: | /s/ Huang Zhen |
| for and on behalf of) |  |  |
| **LANVIN GROUP**) |  |  |
| **HOLDINGS LIMITED**) | NAME: | Huang Zhen |
| **复朗集团**) |  |  |

---

**CONDITIONS**

**Contents**

---

| | | |
|:---|:---|:---|
| **CONDITION** | **CONDITION** | **PAGE** |
| 1. | Definitions and interpretation | 1 |
| 2. | Status | 11 |
| 3. | Register | 11 |
| 4. | Repayment | 12 |
| 5. | Voluntary prepayment | 12 |
| 6. | Mandatory prepayment | 12 |
| 7. | Coverage Ratio | 13 |
| 8. | Release of FTG Security Shares | 14 |
| 9. | Interest | 14 |
| 10. | Interest periods | 15 |
| 11. | Reporting of Credit Events | 15 |
| 12. | Events of default | 16 |
| 13. | Payment mechanics | 18 |
| 14. | Assignment and transfer | 19 |
| 15. | Notices | 19 |
| 16. | Whole Agreement | 19 |
| 17. | Waivers, Rights and Remedies | 19 |
| 18. | Variations | 19 |
| 19. | Third Party Rights | 19 |
| 20. | Governing law | 19 |
| 21. | Enforcement | 20 |

---

-i-

**1.** **Definitions and interpretation** 

1.1 **Definitions** 

In these Conditions:

***Account Security Agreement*** means an account security agreement to be entered into by FIL and the Investor in relation to the creation of Security over the Charged Securities Account and the Company Security Shares;

***Accrual Interest*** means on any day, the amount of interest accrued on the Loan at a percentage rate equal to the Accrual Interest Rate;

***Accrual Interest Rate*** means 6.40 per cent per annum;

***Affiliate*** means, in relation to any Party, any subsidiary or parent company of that Party and any subsidiary of any such parent company, in each case from time to time;

***Business Day*** means a day (excluding Saturday or Sunday and public holidays in Korea, the PRC, Hong Kong and the Cayman Islands) on which commercial banks in Korea, the PRC, Hong Kong and the Cayman Islands are generally open for business;

***Cash Pay Interest*** means, on any day, the amount of interest accrued on the Loan at a percentage rate equal to the Cash Pay Interest Rate;

***Cash Pay Interest Rate*** means 5 per cent per annum;

***Charged Securities Account*** means the securities account in the name of FIL held with Citibank, N.A., Hong Kong Branch with account number 5064830000;

***Closing Date*** means the date on which completion of the closing in accordance with the terms and conditions set forth under the Share Buyback Agreement occurs;

***Closing Price*** means the last reported publicly traded price of the shares of the Company at the closing of trading during a Trading Day on the stock exchange on which the shares of the Company are traded;

***Company Security Shares*** means the shares of the Company in the Charged Securities Account;

***Control*** of a given person means the power or authority, whether exercised or not, to direct the business, management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; provided, that, such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of fifty per cent (50%) or more of the votes entitled to be cast at a meeting of the members or shareholders of such person or its parent company or power to control the composition of a majority of the board of directors (or equivalent governing body) of such person;

***Coverage Ratio*** means, in respect of each Testing Date or Release Testing Date, the ratio of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the aggregate sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Market Value of Company Security Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 60% of Market Value of FTG Security Shares,

*divided by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the outstanding Loan,

in each case as at such Testing Date or Release Testing Date;

***Coverage Ratio Prepayment Notice*** has the meaning given to that term in Condition ‎7 (*Coverage Ratio*);

***Coverage Ratio Prepayment Obligation*** has the meaning given to that term in Condition ‎7 (*Coverage Ratio*);

***Credit Event*** means a Credit Event (FTG) or a Credit Event (Obligor);

***Credit Event (FTG)*** means, in respect of FTG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Guo Guangchang ceases to have
 Control of FTG; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any occurrence of any insolvency event,
 bankruptcy, liquidation, dissolution or winding up or similar event, whether voluntary or
 involuntary, or a filing for bankruptcy or similar proceedings in respect of FTG;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any of FTG's Financial Indebtedness
 with an aggregate amount borrowed or raised being in excess of US$60,000,000 is not paid
 when due nor within any originally applicable grace period, or is declared to be or otherwise
 becomes due and payable prior to its specified maturity as a result of any event of default
 (however described);

***Credit Event (FTG) Date*** means the date on which a Credit Event (FTG) occurs;

***Credit Event (Obligor)*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Mr. Guo Guangchang ceases to have Control
 of that Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any occurrence of any insolvency event,
 bankruptcy, liquidation, dissolution or winding up or similar event, whether voluntary or
 involuntary, or a filing for bankruptcy or similar proceedings in respect of that Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of FIL, delisting, or suspension
 to trading for consecutive period of fifteen (15) Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company, delisting,
 or suspension to trading for consecutive period of five (5) Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in respect of FIL, any of its Financial
 Indebtedness with an aggregate amount borrowed or raised in excess of US$100,000,000 is not
 paid when due nor within any originally applicable grace period, or is declared to be or
 otherwise becomes due and payable prior to its specified maturity as a result of any event
 of default (however described);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in respect of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of its Financial Indebtedness with an
 aggregate amount borrowed or raised in excess of US$5,000,000 is not paid when due nor within
 any originally applicable grace period, or is declared to be or otherwise becomes due and
 payable prior to its specified maturity as a result of any event of default (however described);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any of its creditors declares or becomes
 entitled to declare any of its Financial Indebtedness with an aggregate amount borrowed or
 raised in excess of US$5,000,000 due and payable prior to its specified maturity as a result
 of an event of default (however described); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is unable or admits inability to pay
 its debt as they fall due, is deemed or declared (in each case, pursuant to applicable law)
 to be unable to pay its debt as they fall due, or by reason of actual or anticipated financial
 difficulties:

&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) suspends or threatens to suspend making
 payments on any of its debts; 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;(B) commence negotiations with one or more
 of its creditors generally with a view to rescheduling its debts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) failure by the Company to pay to the Investor
 the Cash Pay Interest in accordance with Condition ‎9.2 (*Payment of Cash Pay Interest*);

***Disrupted Trading Day*** means a Trading Day in which any of the following events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any event that prohibits or otherwise
 makes impossible any market participants in general to effect transactions in, or obtain
 market values for, the shares of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any material suspension of trading by
 the relevant stock exchange on which the shares of the Company are traded, whether by reason
 of movements in price exceeding limits permitted by that stock exchange or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a closure of the stock exchange on which
 the shares of the Company are traded prior to its regular trading time;

***Event of Default*** means any event or circumstance specified as such in Condition ‎12 (*Events of Default*) or any other event or circumstance specified as such and agreed by the Investor and the Company in writing;

***FIL*** means Fosun International Limited, a company incorporated in Hong Kong with its registered address at Room 808, ICBC Tower, 3 Garden Road, Central, Hong Kong;

***Finance Document*** means the Note, any Transaction Security Document and any other document designated as a Finance Document by the Investor and the Company in writing;

***Financial Indebtedness*** means (without double counting) any indebtedness in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any moneys raised under or pursuant to
 any debenture, bond (other than a performance bond or advance payment bond), note or loan
 stock or other similar debt instrument (but, in each case, excluding Trade Instruments);

but excluding all indebtedness for or in respect of pension or post-employment benefit related liabilities or any indebtedness owing between the Company and its subsidiaries;

***FTG*** means Fosun Tourism Group 复星旅游文化集团, an exempted company incorporated in the Cayman Islands with company number 315519 and its registered address at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street P.O. Box 10240 Grand Cayman KY1-1002 Cayman Islands;

***FTG Security Shares*** means, as at the Closing Date, the 81,542,487 shares of FTG;

***FTG Security Shares Ratio*** means, in respect of each Repayment Date and each Prepayment Date, the ratio of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Market Value of FTG Security Shares,

*divided by*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the outstanding Loan (after
 giving effect to the relevant repayment or prepayment made on such Repayment Date or Prepayment
 Date (as applicable)),

in each case as at such Repayment Date or Prepayment Date (as applicable);

***FTG Share Security Agreement*** means a share security agreement to be entered into by FIL and the Investor in relation to the creation of Security over FTG Security Shares;

***Governmental Entity*** means any supra-national, national, state, municipal or local government (including any subdivision, court, administrative agency or commission or other authority thereof) or any quasi-governmental or private body exercising any regulatory, importing or other governmental or quasi-governmental authority;

***Governmental Order*** means any judgment, decision, ruling, decree, order, settlement, injunction, writ, stipulation, determination or award of any Governmental Entity;

***Hong Kong*** means the Hong Kong Special Administrative Region of the People's Republic of China;

***Interest Period*** means each period determined in accordance with Condition ‎10 (*Interest Periods*);

***Interest Rate*** has the meaning given to that term in Condition ‎9.1 (*Calculation of interest*);

***Law*** means any law, statute, ordinance, rule, regulation, listing rules, stock exchange rules and regulations, code, Governmental Order or other requirement as enacted, issued, promulgated, enforced or entered by a Governmental Entity and having a legally binding effect;

***Legal Reservations*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that certain (including
 equitable) remedies may be granted or refused at the discretion of a court, the principle
 of reasonableness and fairness where implied by law and the limitation of enforcement by
 laws relating to insolvency, reorganisation and other laws generally affecting the rights
 of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under applicable
 statutes of limitation (or equivalent legislation), the possibility that an undertaking to
 assume liability for or indemnify a person against non-payment of stamp duty may be void,
 and defences of acquiescence, set off or counterclaim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the principle that in certain circumstances
 Security granted by way of fixed charge may be recharacterised as a floating charge or that
 Security purported to be constituted as an assignment may be recharacterised as a charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the principle that additional interest
 imposed pursuant to any relevant agreement may be held to be unenforceable on the grounds
 that it is a penalty and thus void;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the principle that a court may not give
 effect to an indemnity for legal costs incurred by an unsuccessful litigant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the principle that the creation or purported
 creation of Security over any contract or agreement which is subject to a prohibition on
 transfer, assignment or charging may be void, ineffective or invalid and may give rise to
 a breach of the contract or agreement over which Security has purportedly been created;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) similar principles, rights, defences and
 remedies under the laws of any Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other matters which are customarily
 set out as qualifications or reservations as to matters of law of general application in
 any legal opinions supplied to lenders and/or security takers as a condition precedent to
 funding under finance documents;

***Loan*** means the principal amount outstanding for the time being under the Note;

***Makewhole Amount*** means the amount (if any) of the Cash Pay Interest which the Investor should have received in respect of the amount of Loan prepaid in accordance with Condition ‎5 (*Voluntary prepayment*) for the period from the relevant Prepayment Date to the last day of the current Interest Period, had such amount of Loan been prepaid on the last day of that Interest Period;

***Mandatory Prepayment Event*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Credit Event (Obligor); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the average Closing Price of the shares
 of the Company in any three (3) consecutive Trading Days period (excluding any Disrupted
 Trading Days) is less than US$1.00 per share (subject to any adjustment as a result of any
 share split or consolidation of the shares of the Company);

***Mandatory Prepayment Notice*** has the meaning given to that term in Condition ‎6 (*Mandatory prepayment*);

***Mandatory Prepayment Obligation*** has the meaning given to that term in Condition ‎6 (*Mandatory prepayment*);

***Market Value of Company Security Shares*** means the average Closing Price of the shares of the Company in any three (3) consecutive Trading Days period (excluding any Disrupted Trading Days) immediately before the Testing Date or Release Testing Date multiplied by the number of Company Security Shares on the Testing Date or Release Testing Date (as applicable), in its euro equivalent based on the exchange rate published by Bloomberg L.P. as at the last Trading Day in such period;

***Market Value of FTG Security Shares*** means HK$7.80 multiplied by the number of FTG Security Shares on a Testing Date, a Release Testing Date or a Prepayment Date (as applicable), in its euro equivalent based on the exchange rate published by Bloomberg L.P. as at such Testing Date, Release Testing Date or Prepayment Date (as applicable), ***provided that*** upon occurrence of a Credit Event (FTG), the Market Value of FTG Security Shares shall be deemed to be zero;

***Maturity Date*** means 14 December 2026;

***Month*** means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (subject to paragraph ‎(c) below)
 if the numerically corresponding day is not a Business Day, that period shall end on the
 next Business Day in that calendar month in which that period is to end if there is one,
 or if there is not, on the immediately preceding Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if there is no numerically corresponding
 day in the calendar month in which that period is to end, that period shall end on the last
 Business Day in that calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if an Interest Period begins on the last
 Business Day of a calendar month, that Interest Period shall end on the last Business Day
 in the calendar month in which that Interest Period is to end.

The rules in paragraphs ‎(a) to ‎(c) above will only apply to the last Month of any period.

***Obligor*** means the Company or FIL;

***parent company*** means any company that in relation to another company (its ***subsidiary***):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) holds a majority of the voting rights
 in the subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is a member of the subsidiary and has
 the right to appoint or remove a majority of its board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is a member of the subsidiary and controls
 a majority of the voting rights in it under an agreement with the other members; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has the right to exercise a dominant influence
 over the subsidiary under the subsidiary's articles or a contract authorized by them,

in each case whether directly or indirectly through one or more companies;

***Participating Member State*** means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union;

***Party*** means the Company or the Investor;

***Perfection Requirements*** means any and all registrations, filings, notices and other actions and steps required to be made in any jurisdiction in order to perfect the Transaction Security or in order for it to achieve the relevant priority for the Transaction Security;

***PRC*** means the People's Republic of China, for the sole purpose of the Finance Documents, excluding Hong Kong, Macau, and Taiwan;

***Prepayment Date*** means any day on which the Company has prepaid any part of the Loan in accordance with Condition ‎5 (*Voluntary prepayment*);

***Release Testing Date*** means the last Business Day of each fiscal quarter ending after the Closing Date;

***Relevant Jurisdiction*** means in relation to any Obligor or FTG:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its jurisdiction of incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any asset subject
 to or intended to be subject to any Transaction Security is situated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any jurisdiction where it conducts its
 business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the jurisdiction whose laws govern the
 perfection of the Transaction Security Documents;

***Repayment Date*** means each date set out in Condition ‎4 (*Repayment*);

***Repayment Instalment*** means each repayment instalment for the Loan as set out in Condition ‎4 (*Repayment*);

***Representatives*** means, in relation to a Party, its respective Affiliates and advisors;

***Security*** means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect;

***Share Buyback Agreement*** means the share buyback agreement dated ____________ 2025 between the Company and the Investor;

***Tax*** means (i) taxes on income, profits and gains; and (ii) all other taxes, levies, duties, imposts, charges and withholdings of any fiscal nature, including any excise, property, capital, value added, sales, use, occupation, transfer, franchise and payroll taxes and any social security or social fund contributions, and any payment which the relevant person may be or become bound to make to any person as a result of the discharge by that person of any tax which the relevant person has failed to discharge, together with all penalties, charges and interest relating to any of the foregoing or to any late or incorrect return in respect of any of them, and regardless of whether such taxes, levies, duties, imposts, charges, withholdings, penalties and interest are chargeable directly or primarily against or attributable directly or primarily to the relevant person or any other person and of whether any amount in respect of them is recoverable from any other person;

***Testing Date*** means each day on which the Note remains outstanding;

***Trade Instruments*** means any performance bonds or advance payment bonds or documentary letters of credit issued in respect of the obligations of any Obligor or FTG arising in the ordinary course of trading of that Obligor or FTG;

***Trading Day*** means any day on which the stock exchange on which the shares of the Company or FIL (as applicable) are traded is scheduled to open for trading for its regular trading sessions;

***Transaction Security*** means the Security created or expressed to be created in favour of the Investor pursuant to the Transaction Security Documents; and

***Transaction Security Documents*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Account Security Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the FTG Share Security Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other document entered into by any
 Obligor creating or expressed to create any Security over all or any part of its assets in
 respect of the obligations of any of the Obligors under any of the Finance Documents.

1.2 **Construction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears,
 a reference in these Conditions to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the  ***Investor*** , any  ***Obligor*** ,
 any Party or any other person shall be construed so as to include its successors in title
 (including the surviving entity of any merger involving that person), permitted assigns and
 permitted transferees to, or of, its rights and/or obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an  ***amendment*** includes any
 amendment, supplement, variation, novation, modification, replacement or restatement (however
 fundamental), and  ***amend*** and  ***amended*** shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)  ***assets*** includes properties,
 assets, businesses, undertakings, revenues and rights of every kind (including uncalled share
 capital), present and future, actual or contingent and any interest in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a  ***Finance Document*** or any
 other agreement or instrument is (unless expressed to be a reference to such document, agreement
 or instrument in its original form or form as at a particular date) a reference to that Finance
 Document or other agreement or instrument as amended, novated, supplemented, extended or
 restated and including any waiver or consent granted in respect of any term of any Finance
 Document from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a  ***consent*** includes an authorisation,
 permit, approval, consent, exemption, licence, order, filing, registration, recording, notarisation,
 permission or waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)  ***indebtedness*** includes any
 obligation (whether incurred as principal or as guarantor or surety) for the payment or repayment
 of money, whether present or future, actual or contingent (but shall not include deposits
 held on behalf of clients);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)  ***losses*** includes losses,
 actions, damages, claims, proceedings, costs, demands, expenses (including legal and other
 fees) and liabilities of any kind, and  ***loss*** shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a  ***person*** includes any individual,
 firm, company, corporation, government, state or agency of a state or any association, trust,
 fund, joint venture, consortium, partnership or other entity (whether or not having separate
 legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a  ***regulation*** includes any
 regulation, rule, official directive, request or guideline (whether or not having the force
 of law but, if not having the force of law, one with which entities to which the same applies
 customarily comply) of any governmental, intergovernmental or supranational body, agency
 or department or of any regulatory, self-regulatory or other authority or organisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)  ***signed*** communications, documents
 or notices refers to written communication, documents or notices that carry a manuscript,
 or a digital or electronic copy of a manuscript, signature, and  ***signature*** shall
 be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a provision of law is a reference to that
 provision as amended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a time of day is a reference to Seoul
 time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any reference in these Conditions to  ***including*** (or similar expressions) means including, without limitation and  ***includes*** and  ***included*** shall be interpreted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Condition headings are for ease of reference
 only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless a contrary indication appears,
 a term used in any other Finance Document or in any notice given under or in connection with
 any Finance Document has the same meaning in that Finance Document or notice as in these
 Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An Event of Default is  ***continuing*** if it has not been remedied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An Event of Default will be  ***remedied*** (and cease to be continuing) where the underlying circumstances giving rise to the Event
 of Default cease to exist or where actions have been taken which have addressed the underlying
 circumstances in each case with the effect that those underlying circumstances (after giving
 effect to the taking of such actions) no longer constitute an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) References to any matter being  ***permitted*** shall include references to such matters not being expressly prohibited by the Finance Documents
 or otherwise approved by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If and to the extent that the Investor
 is required to act reasonably under the terms of a Finance Document with respect to any matter,
 the Investor must act reasonably with respect to such matter.

1.3 **Currency symbols and definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  ***€*** ,  ***EUR*** ,  ***euro*** denote the single currency of the Participating Member States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)  ***HK$*** and  ***Hong Kong dollars*** denote the lawful currency of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)  ***United States dollars*** ,  ***USD*** or  ***US$*** denote the lawful currency of the United States of America.

1.4 **Personal liability** 

No director, officer, employee or other individual acting (or purporting to act) on behalf of an Obligor (or any Affiliate of any of the foregoing) shall be personally liable for any representation, certification or statement made or deemed to be made by him or her or an Obligor in any Finance Document or any certificate, notice or other document required to be delivered under, or in connection with, any Finance Document, whether or not signed by that director, officer, employee or other individual, save in the case of fraud, or intention to mislead (in which case any liability shall be determined in accordance with applicable law) and each such individual may rely on this Condition.

**2.** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note constitutes direct, unconditional
 and unsubordinated obligations of the Company, secured in the manner provided in Condition
 ‎2(b). The payment obligations of the Company under the Note will (subject to any obligations
 preferred by mandatory provisions of Law) rank at least *pari passu* with all other
 present and future direct, unconditional and unsubordinated obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As security for the payment obligations
 of the Company in respect of the Note and otherwise under the Finance Documents, the Note
 will be secured by the Transaction Security.

**3.** **Register** 

The Company shall cause a Register to be maintained in relation to the Note on which shall be entered the name, address and contact details of the holder of the Note and the particulars of the Note held by them. The person in whose name the Note is registered in the Register shall (except as otherwise required by law or as ordered by a court of competent jurisdiction) be treated as the absolute owner of the Note (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or any writing on, or the theft or loss of, the Note Certificate issued in respect of it) for the purpose of receiving payment and for all other purposes.

**4.** **Repayment** 

4.1 **Repayment of Loan** 

The Company shall repay the Loan in two instalments by repaying on each Repayment Date the amount set out opposite each Repayment Date in the table below:

---

| | |
|:---|:---|
| **Repayment Date** | **Repayment<br> Instalment** |
| 30 June 2025 | EUR8,547,000 |
| Maturity Date | All outstanding amounts of the Loan |

---

4.2 **Effect of prepayment** 

If the Loan or any part thereof is prepaid in accordance with Condition ‎5 (*Voluntary prepayment*), the Repayment Instalment(s) for the Repayment Date(s) falling after that prepayment shall be reduced by the amount so prepaid in chronological order.

**5.** **Voluntary prepayment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may, if it gives the Investor
 not less than three (3) Business Days' (or such shorter period as the Investor
 may agree) prior notice, subject to paragraph (b) below, prepay the whole or any part
 of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company prepays the whole or any
 part of the Loan in accordance with this Condition at any time prior to the last day of an
 Interest Period, the Company shall, on such Prepayment Date, pay to the Investor the Makewhole
 Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any prepayment under this Condition ‎5
 shall be made together with accrued interest on the amount prepaid.

**6.** **Mandatory prepayment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Mandatory Prepayment Event occurs,
 the Investor shall have the right to serve the Company with a written notice (the  ***Mandatory Prepayment Notice***) within ninety (90) days from the date of occurrence of the applicable
 Mandatory Prepayment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After receipt of the Mandatory Prepayment
 Notice from the Investor, the Company shall be obliged to, within thirty (30) days of receipt,
 repay the Loan and accrued interest on the amount prepaid (the  ***Mandatory Prepayment Obligation***).

**7.** **Coverage Ratio** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Coverage Ratio is below 175% on
 and as of any Testing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Investor may deliver a written notice
 (the  ***Coverage Ratio Prepayment Notice***) to the Company within fifteen (15) Business
 Days after the relevant Testing Date requesting the Company to perform its obligations set
 out in this paragraph ‎(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company shall, within three (3) Business
 Days after the receipt of the Coverage Ratio Prepayment Notice, prepay the Loan to the extent
 that the Coverage Ratio as of such Testing Date, after giving effect to such prepayment,
 increases to a level that is no lower than 200% (the  ***Coverage Ratio Prepayment Obligation***);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the relevant Testing Date is the Credit
 Event (FTG) Date, provided that the Company has fulfilled its Coverage Ratio Prepayment Obligation
 under paragraph ‎(a)‎(ii) above, the Investor shall, as soon as reasonably practicable,
 execute and deliver a deed of release, make, or assist in making, a Form NM2 filing
 with the Hong Kong Companies Registry and provide all necessary and reasonable support to
 FIL, FTG and other parties to release, reassign and discharge all FTG Security Shares from
 the Security created under the FTG Share Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Coverage Ratio is above 200% on
 and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 20,667,519 Company Security Shares ( ***Release Company Security Shares (Closing Date)***) shall be transferred from the Charged Securities
 Account to another account specified by FIL within three (3) Business Days after the
 Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Investor consents to such transfer
 and shall provide all necessary and reasonable support to FIL, the Company and other parties
 to effect such transfer (including, if applicable, executing and delivering a deed of release,
 and making, or assisting in making, a Form NM2 filing with the Hong Kong Companies Registry).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Coverage Ratio is above 300% on
 and as of any Release Testing Date (a  ***Company Security Shares Release Event***),
 then subject to mutual consent of the Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such number of Company Security Shares ( ***Release Company Security Shares (Release Testing Date)***) shall be released, reassigned and
 discharged from the Security created under the Account Security Agreement, and be released
 from the Charged Securities Account and transferred to another account specified by FIL,
 that will cause the Coverage Ratio as of such Release Testing Date, after giving effect to
 the release, reassignment and discharge of such Release Company Security Shares (Release
 Testing Date), to be adjusted downwards to no less than or equal to 250%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) within three (3) Business Days after
 the occurrence of a Company Security Shares Release Event, the Investor shall execute and
 deliver a deed of release, make, or assist in making, a Form NM2 filing with the Hong
 Kong Companies Registry and provide all necessary and reasonable support to FIL, the Company
 and other parties to release, reassign and discharge the Release Company Security Shares
 (Release Testing Date) from the Security created under the Account Security Agreement, and
 to consent to any such release and transfer.

**8.** **Release of FTG Security Shares** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the FTG Security Shares Ratio on and
 as of any Prepayment Date is above 144% ( ***FTG Security Shares Release Event***),
 a number of FTG Security Shares ( ***Release FTG Security Shares***) shall be released,
 reassigned and discharged from the Security created under the FTG Share Security Agreement
 such that the FTG Security Shares Ratio as of such Prepayment Date, after giving effect to
 the release, reassignment and discharge of such Release FTG Security Shares, is equal to
 144%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within three (3) Business Days of
 the occurrence of a FTG Security Shares Release Event, the Investor shall execute and deliver
 a deed of release, make, or assist in making, a Form NM2 filing with the Hong Kong Companies
 Registry and provide all necessary and reasonable support to FIL, FTG and other parties to
 release, reassign and discharge the Release FTG Security Shares from the Security created
 under the FTG Share Security Agreement.

**9.** **Interest** 

9.1 **Calculation of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on the Loan for each
 Interest Period is 11.40 per cent per annum (the  ***Interest Rate***), which is the
 aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cash Pay Interest Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Accrual Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest on the Loan will accrue on a
 daily basis.

9.2 **Payment of Cash Pay Interest** 

The Company shall pay the Cash Pay Interest on the Loan on the last day of each Interest Period.

9.3 **Payment of Accrual Interest** 

The Company shall pay the Accrual Interest on the Loan on the Maturity Date or (if earlier) the date on which the Loan is repaid or prepaid in full.

9.4 **Default Interest** 

If the Company fails to pay any amount payable by it under the Finance Documents on its due date, interest shall accrue on such amount from the due date to the date of actual payment (both before and after judgment) at a rate equal to the sum of (a) three (3) per cent per annum and (b) the Interest Rate (together, the ***Default Rate***). In such event, Condition 9.1 (*Calculation of Interest*) shall apply accordingly as if references to the Interest Rate therein referred to the Default Rate. Such default interest shall not be deemed or considered penal in nature.

**10.** **Interest periods** 

10.1 **Interest periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph ‎(c) below,
 each Interest Period for the Loan shall be three Months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Interest Period for the Loan shall
 not extend beyond the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first Interest Period for the Loan
 shall start on the Closing Date and end on 30 September 2025. Each subsequent Interest
 Period shall start on the last day of the preceding Interest Period.

10.2 **Non-business days** 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

**11.** **Reporting of Credit Events** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall inform the Investor
 of the occurrence of any Credit Event with respect to the Company promptly after the occurrence
 of such Credit Event and such notification shall include supporting documents and other relevant
 information for the Investor to assess the occurrence of such Credit Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall procure FIL to inform
 the Investor of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of any Credit Event with
 respect to FIL promptly after the occurrence of such Credit Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the occurrence of any Credit Event with
 respect to FTG as soon as practicable after such information becomes available to FIL,

and such notification shall include supporting documents and other relevant information for the Investor to assess the occurrence of such Credit Event.

**12.** **Events of default** 

Each of the events or circumstances set out in this Condition ‎12 is an Event of Default (save for Condition ‎12.8 (*Acceleration*)).

12.1 **Non-payment of Loan** 

The Company fails to repay the Loan in accordance with Condition ‎4 (*Repayment*).

12.2 **Mandatory Prepayment Obligation** 

The Investor delivers a Mandatory Prepayment Notice to the Company in accordance with paragraph ‎(a) of Condition ‎6 (*Mandatory prepayment*) and the Company does not fulfil its Mandatory Prepayment Obligation in accordance with paragraph ‎(b) of Condition ‎6 (*Mandatory prepayment*).

12.3 **Coverage Ratio Prepayment Obligation** 

The Investor delivers a Coverage Ratio Prepayment Notice to the Company in accordance with paragraph ‎(a) of Condition ‎7 (*Coverage Ratio*) and the Company does not fulfil its Coverage Ratio Prepayment Obligation in accordance with paragraph ‎(a) of Condition ‎7 (*Coverage Ratio*).

12.4 **Other Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor does not comply with any provision
 of the Finance Documents (other than those referred to in Conditions ‎12.1 (*Non-payment of Loan*) to ‎12.3 (*Coverage Ratio Prepayment Obligation*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above
 will occur if the failure to comply is capable of remedy and is remedied within twenty (20)
 Business Days of the earlier of (A) the Investor giving notice to the Company and (B) any
 Obligor becoming aware of the failure to comply.

12.5 **Misrepresentation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any representation or statement made or
 deemed to be made by an Obligor in the Finance Documents or any other document delivered
 by or on behalf of any Obligor under or in connection with any Finance Document is or proves
 to have been incorrect or misleading in any material respect when made or deemed to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above
 will occur if that misrepresentation is capable of remedy and is remedied within twenty (20)
 Business Days of the earlier of (A) the Investor giving notice to the Company and (B) any
 Obligor becoming aware of the failure to comply.

12.6 **Unlawfulness and invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is or becomes unlawful for an Obligor
 to perform any of its material obligations under the Finance Documents or any material obligations
 of an Obligor under any Finance Documents are not (subject to the Legal Reservations and
 the Perfection Requirements) or cease to be legal, valid, binding or enforceable which is
 materially adverse to the interests of the Investor under the Finance Documents taken as
 a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default will occur under paragraph
 (a) above if such unlawfulness or invalidity is capable of remedy and is remedied within
 twenty (20) Business Days of the earlier of (i) the Investor giving notice to the Company
 in relation to such unlawfulness or invalidity and (ii) any Obligor becoming aware of
 such unlawfulness or invalidity.

12.7 **Repudiation** 

An Obligor rescinds or repudiates or purports (in writing) to rescind or repudiate or evidences an intention (in writing) to rescind or repudiate a Finance Document which is materially adverse to the interests of the Investor under the Finance Documents (taken as a whole).

12.8 **Acceleration** 

On and at any time after the occurrence of an Event of Default which is continuing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Investor may, by notice to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare that all or part of the Loan, together
 with accrued interest, and all other amounts accrued or outstanding under the Finance Documents
 be immediately due and payable, at which time they shall become immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) declare that all or part of the Loan be
 payable on demand, at which time they shall immediately become payable on demand by the Investor;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any or all of its rights, remedies,
 powers or discretions under the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Investor and the Company shall select
 and engage a receiver in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company shall, within three (3) Business
 Days of request by the Investor, recommend to the Investor at least three well-established,
 reputable and qualified receivers which do not have a material business relationship with
 any Party, among the "big 4" accounting firms, Kroll and FTI Consulting (the  ***Receiver Criteria***);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Investor shall select one receiver
 among the receivers recommended by the Company pursuant to paragraph ‎(a)(i) above,
 unless the receivers recommended by the Company do not meet the Receiver Criteria or the
 Company fails to recommend a receiver pursuant to paragraph ‎(a)(i) above, in which
 case the Investor shall select another receiver that meets the Receiver Criteria; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) once the Investor has selected a receiver
 pursuant to paragraph ‎(a)(ii) above, the Parties shall engage such receiver to
 enforce the Transaction Security in accordance with the terms of the Transaction Security
 Documents.

**13.** **Payment mechanics** 

13.1 **Business Days** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any payment under the Finance Documents
 which is due to be made on a day that is not a Business Day shall be made on the next Business
 Day in the same calendar month (if there is one) or the preceding Business Day (if there
 is not).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for
 payment of any principal pursuant to paragraph ‎(a) above, interest is payable on
 such principal at the rate payable on the original due date.

13.2 **Currency of account** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraphs ‎(b) to
 ‎(d) below, euro is the currency of account and payment for any sum due from an
 Obligor under any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of the Loan or a part of the
 Loan shall be made in the currency in which the Loan is denominated pursuant to these Conditions
 on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment in respect of costs, expenses
 or Taxes shall be made in the currency in which such costs, expenses or Taxes are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any amount expressed to be payable in
 a currency other than euro shall be paid in that other currency.

13.3 **Day count convention** 

Any interest accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 365 days.

**14.** **Assignment and transfer** 

Subject to the prior written consent of the Company, the Note may be transferred in whole, upon the surrender (at the office of the Company) of the Certificate representing the Note to be transferred. No transfer of title to the Note will be valid unless and until entered on the Register.

**15.** **Notices** 

Notices to the Investor shall be delivered by hand, email, registered post or courier using an internationally recognised courier company to it at its address or e-mail address in the Register and deemed to have been given at the time of delivery, if delivered by hand, registered post or courier, or at the time of transmission, if delivered by email.

**16.** **Whole Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Note and the other Finance Documents
 together set out the whole agreement between the Parties in relation to the matters set forth
 therein and supersedes any previous draft, agreement, arrangement or understanding, whether
 in writing or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Condition shall limit
 any liability for (or remedy in respect of) fraud or fraudulent misrepresentation.

**17.** **Waivers, Rights and Remedies** 

Except as expressly provided in the Finance Documents, no failure or delay by any Party in exercising any right or remedy relating to the Finance Documents shall affect or operate as a waiver or variation of that right or remedy or preclude its exercise at any subsequent time. No single or partial exercise of any such right or remedy shall preclude any further exercise of it or the exercise of any other remedy.

**18.** **Variations** 

These Conditions may only be amended with the written consent of the Company and the Investor. Any amendment may be effected only by deed poll and if effected in accordance with this Condition ‎18, shall be binding upon the Company and the Investor.

**19.** **Third Party Rights** 

A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of the Note.

**20.** **Governing law** 

These Conditions are governed by Hong Kong law.

**21.** **Enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any dispute, controversy, difference or
 claim arising out of or relating to the Note, including the existence, validity, interpretation,
 performance, breach or termination thereof, or any dispute regarding non-contractual obligations
 arising out of or relating to it (a  ***Dispute***) shall be resolved amicably using
 best efforts through discussions in good faith. If such Dispute is not resolved amicably
 within thirty (30) days of the occurrence thereof, it shall be submitted to arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such Dispute shall be referred to
 and finally resolved by arbitration administered by the Singapore International Arbitration
 Centre under the Arbitration Rules of the Singapore International Arbitration Centre
 ( ***SIAC Rules***) for the time being in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of such arbitration, there
 shall be three (3) arbitrators appointed, and each of the claimant and the respondent
 shall appoint one (1) arbitrator and each such appointed arbitrator shall agree upon
 and appoint the third (3<sup>rd</sup>) arbitrator. If the two (2) appointed arbitrators
 are unable to agree on a third (3<sup>rd</sup>) arbitrator, the third (3<sup>rd</sup>) arbitrator
 shall be appointed in accordance with the SIAC Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The seat of arbitration shall be in Singapore
 and the language of the arbitration shall be English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The arbitration shall be the sole and
 exclusive forum for resolution of any such dispute, controversy or claim and a decision rendered
 by the arbitral tribunal in such proceedings shall be final and binding on the parties, without
 right of appeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No party shall disclose or permit the
 disclosure of any information about the evidence adduced or the documents produced by another
 party in the arbitration proceedings or about the existence, contents or results of the proceeding
 except as may be required by a Governmental Entity or as required in an action in aid of
 arbitration or for enforcement of an arbitral award.