# EDGAR Filing Document

**Accession Number:** 0001959224
**File Stem:** 0001213900-25-120021
**Filing Date:** 2025-12
**Character Count:** 98650
**Document Hash:** 1413114d2bbed85f3e39f530a707ad53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-120021.hdr.sgml**: 20251210

**ACCESSION NUMBER**: 0001213900-25-120021

**CONFORMED SUBMISSION TYPE**: S-8 POS

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20251210

**DATE AS OF CHANGE**: 20251210

**EFFECTIVENESS DATE**: 20251210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Solowin Holdings, Ltd.
- **CENTRAL INDEX KEY:** 0001959224
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8 POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-275337
- **FILM NUMBER:** 251561664

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 1910-1912A TOWER 3 CHINA HONG KONG
- **STREET 2:** 33 CANTON RD TSIM SHA TSUI
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** F4
- **ZIP:** 0000
- **BUSINESS PHONE:** 202-869-0888

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ROOM 1910-1912A TOWER 3 CHINA HONG KONG
- **STREET 2:** 33 CANTON RD TSIM SHA TSUI
- **CITY:** KOWLOON
- **PROVINCE COUNTRY:** F4
- **ZIP:** 0000

**As filed with the Securities and Exchange Commission on December 10, 2025** 

**Registration No. 333-275337**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**POST-EFFECTIVE AMENDMENT NO.1 TO** 

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**SOLOWIN HOLDINGS**

(Exact name of registrant as specified in its charter)

---

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

---

**Room 1910-1912A, Tower 3, China Hong Kong City**

**33 Canton Road, Tsim Sha Tsui, Kowloon**

**Hong Kong**

(Address of Principal Executive Offices, including zip code)

**AMENDED AND RESTATED SOLOWIN HOLDINGS 2023 EQUITY INCENTIVE PLAN** 

(Full title of the plan)

*Copies of Correspondence to:*

---

| | |
|:---|:---|
| **Cogency Global Inc.**<br> **122 East 42nd Street, 18th Floor**<br> **New York, NY 10168**<br> **800-221-0102**<br> (Name, address, and telephone number, including area code, of agent for service) | **Kevin (Qixiang) Sun, Esq.**<br> **BEVILACQUA PLLC**<br> **1050 Connecticut Avenue, NW, Suite 500**<br> **Washington, DC 20036**<br> **202-869-0888** |

---

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

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

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

**EXPLANATORY NOTE**

SOLOWING HOLDINGS, a Cayman Islands exempted company (the "Company" or the "Registrant"), is filing this Post-Effective Amendment No. 1 (this "Post-Effective Amendment") to amend the registration statement on Form S-8 (File No. 333-275337) of the Company (the "Registration Statement"), previously filed with the Securities and Exchange Commission (the "Commission") on November 6, 2023, registering 5,000,000 ordinary shares under the Company's 2023 Equity Incentive Plan (the "Plan").

On December 17, 2024, the Company effected a reclassification and redesignation of its share capital pursuant to its Second Amended and Restated Memorandum and Articles of Association, as approved by its shareholders, resulting in a dual-class structure consisting of Class A ordinary shares, par value US$0.0001 per share (the "Class A Ordinary Shares"), and Class B ordinary shares, par value US$0.0001 per share. The Company filed Amendment No. 1 to Form 8-A (the "Form 8-A/A") on December 23, 2024 with the Commission to update the description of its securities registered under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Form 8-A/A reflects that, following the Company's reclassification and redesignation of its share capital, the Class A Ordinary Shares have replaced the Company's former ordinary shares as the class of securities registered under Section 12(b). The Class A Ordinary Shares are legally the same as the former ordinary shares, with identical rights, voting powers, par value, economic terms, and other attributes. In addition, the Company has adopted an Amended and Restated 2023 Equity Incentive Plan (the "Amended and Restated 2023 Equity Incentive Plan") to reflect the redesignation of the class of shares issuable under the Plan as Class A Ordinary Shares and to incorporate certain related conforming, administrative and clarifying updates. The Amended and Restated 2023 Equity Incentive Plan is attached as Exhibit 99.1 to this Post-Effective Amendment and replaces the Plan previously attached as Exhibit 99.1 to the Registration Statement.

No additional securities are being registered by this Post-Effective Amendment.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

---

| | |
|:---|:---|
| **ITEM 3.** | **INCORPORATION OF DOCUMENTS BY REFERENCE.** |

---

The following documents, which have been filed or furnished by the Company with the Commission, are incorporated in this registration statement by reference:

● the Company's Annual Report on [Form 20-F](http://www.sec.gov/Archives/edgar/data/1959224/000121390025059716/ea0247005-20f_solowin.htm) for the fiscal year ended March 31, 2025, filed with the Commission on June 30, 2025;

● the description of the Company's Class A Ordinary Shares contained in the Company's Registration Statement on [Form 8-A/A](http://www.sec.gov/Archives/edgar/data/1959224/000121390024111348/ea0225547-8a12ba1_solowin.htm) (File No. 001-41776) filed with the Commission on December 23, 2024, pursuant to Section 12(b) of the Exchange Act, including any amendment or report filed for the purpose of updating such description; and

● the Company's report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025061509/ea0248076-6k_solowin.htm) furnished on July 3, 2025; report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025073995/ea0252520-6k_solowin.htm) furnished on August 11, 2025 (excluding Exhibit 10.1), as amended by the report on [Form 6-K/A](http://www.sec.gov/Archives/edgar/data/1959224/000121390025077673/ea0253056-6ka1_solowin.htm) furnished on August 18, 2025 (including Exhibit 10.1); the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025077674/ea0253571-6k_solowin.htm) furnished on August 18, 2025 (including Exhibit 10.1); the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025083693/ea0254863-6k_solowin.htm) furnished on September 3, 2025 (excluding Exhibit 99.1), as amended by the report on [Form 6-K/A](http://www.sec.gov/Archives/edgar/data/1959224/000121390025093117/ea0259063-6ka1_solowin.htm) furnished on September 29, 2025; the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025096117/ea0260280-6k_solowin.htm) furnished on October 3, 2025; the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025098402/ea0261075-6k_solowin.htm) furnished on October 14, 2025 (excluding Exhibit 99.1); the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025109173/ea0265062-6k_solowin.htm) furnished on November 12, 2025 (including Exhibit 15.1) and the report on [Form 6-K](http://www.sec.gov/Archives/edgar/data/1959224/000121390025115583/ea0267470-6k_solowin.htm) furnished on November 26, 2025 (including Exhibit 10.1).

All documents filed with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act or after the date of this registration statement and prior to the filing of a post-effective amendment to this registration statement which indicates that all of the securities offered hereby have been sold or which deregisters all of the securities covered hereby then remaining unsold, shall also be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of the filing of such documents.

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

---

| | |
|:---|:---|
| **ITEM 4.** | **DESCRIPTION OF SECURITIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.** | **INTERESTS OF NAMED EXPERTS AND COUNSEL.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 6.** | **INDEMNIFICATION OF DIRECTORS AND OFFICERS.** |

---

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

Under indemnification agreements between the Company and each of its directors and officers, the Company has agreed to indemnify its directors and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being such a director or executive officer.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to the Company's directors, officers or persons controlling us under the foregoing provisions, the Company has been informed that, in the opinion of the Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

At present, there is no pending litigation or proceeding involving any of the Company's directors or officers where indemnification will be required or permitted. The Company is not aware of any threatened litigation or proceeding that might result in a claim for such indemnification.

---

| | |
|:---|:---|
| **ITEM 7.** | **EXEMPTION FROM REGISTRATION CLAIMED.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 8.** | **EXHIBITS.** |

---

See Index to Exhibits, which is incorporated herein by reference.

---

| | |
|:---|:---|
| **ITEM 9.** | **UNDERTAKINGS.** |

---

(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high and of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Tables" or "Calculation of Registration Fee" table, as applicable, in the effective registration statement; and

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

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

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

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

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

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hong Kong, on this 10<sup>th</sup> day of December, 2025.

---

| | |
|:---|:---|
| **SOLOWIN HOLDINGS** | **SOLOWIN HOLDINGS** |
| By | /s/ Ling Ngai Lok |
|  | Ling Ngai Lok |
|  | Chairman and Chief Executive Officer |

---

**POWER OF ATTORNEY**

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

\*\*\*\*\*

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Ling Ngai Lok | Chairman and Chief Executive Officer | December 10, 2025 |
| Ling Ngai Lok | (Principal Executive Officer) |  |
| /s/ Lili Liu | Chief Financial Officer | December 10, 2025 |
| Lili Liu | (Principal Financial and Accounting Officer) |  |
| /s/ Xue Yao | Director | December 10, 2025 |
| Xue Yao |  |  |
| /s/ Haokang Zhu | Director | December 10, 2025 |
| Haokang Zhu |  |  |
| /s/ Wing Yan Ho | Independent Director | December 10, 2025 |
| Wing Yan Ho |  |  |
| /s/ Cha Hwa Chong | Independent Director | December 10, 2025 |
| Cha Hwa Chong |  |  |
| /s/ Ho Kuen Tam | Independent Director | December 10, 2025 |
| Ho Kuen Tam |  |  |
| /s/ Yang Wang | Independent Director | December 10, 2025 |
| Yang Wang |  |  |

---

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

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of SOLOWIN HOLDINGS has signed this registration statement or amendment thereto in New York, New York on December 10, 2025.

---

| | | |
|:---|:---|:---|
| US Authorized Representative<br>**Cogency Global Inc.** | US Authorized Representative<br>**Cogency Global Inc.** | US Authorized Representative<br>**Cogency Global Inc.** |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

**Index to Exhibits**

---

| | |
|:---|:---|
| ***Exhibit*** | ***Description*** |
| 4.1 | [Second Amended and Restated Memorandum and Articles of Association (incorporated herein by reference to Exhibit 99.1 to the Report on Form 6-K furnished on December 18, 2024)](http://www.sec.gov/Archives/edgar/data/1959224/000121390024109959/ea022518401ex99-1_solowin.htm) |
| 5.1 | [Opinion of Conyers Dill & Pearman](ea026895701ex5-1_solowin.htm) |
| 23.1 | [Consent of WWC, P.C., Independent Registered Public Accounting Firm](ea026895701ex23-1_solowin.htm) |
| 23.2 | [Consent of Conyers Dill & Pearman (included in Exhibit 5.1)](ea026895701ex5-1_solowin.htm) |
| 24.1 | [Power of Attorney (included on the Signature Page to this Registration Statement)](#s_001) |
| 99.1 | [Amended and Restated SOLOWIN HOLDINGS 2023 Equity Incentive Plan](ea026895701ex99-1_solowin.htm) |
| 107.1\* | [Filing Fee Table](http://www.sec.gov/Archives/edgar/data/1959224/000121390023083722/ea187743ex-fee_solowin.htm) |

---

\* Previously filed.

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| ![](ex5-1_001.jpg) | **CONYERS DILL & PEARMAN**<br>29<sup>th</sup> Floor<br> One Exchange Square<br> 8 Connaught Place<br> Central<br> Hong Kong<br>T +852 2524 7106 \| F +852 2845 9268<br>**conyers.com** |

---

10 December 2025

Matter No.: 1012922 / 111426643

852 2842 9530

Richard.hall@conyers.com

**SOLOWIN HOLDINGS**

Cricket Square, Hutchins Drive

P.O. Box 2681

KY1-1111

Cayman Islands

Dear Sir/ Madam,

**Re: SOLOWIN HOLDINGS (the "Company")**

We have acted as special legal counsel in the Cayman Islands to the Company in connection with a post-effective amendment No.1 (the "**Post-Effective Amendment**") to amend the registration statement on form S-8 filed with the U.S. Securities and Exchange Commission (the "**Commission**") on 6 November 2023 (collectively the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto), relating to the registration of up to 5,000,000 class A ordinary shares of a par value US$0.0001 per share (the "**Class A Ordinary Shares**") to be issued pursuant to the SOLOWIN HOLDINGS amended and restated 2023 equity incentive plan (the "**A&R Plan**", which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

1. DOCUMENTS
 REVIEWED

For the purposes of giving this opinion, we have examined the following documents:

1.1. a
 copy of the Registration Statement; and

1.2. a
 copy of the A&R Plan.

The documents listed in items 1.1 through 1.2 above are herein sometimes collectively referred to as the "**Documents**" (which term does not include any other instrument or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

We have also reviewed:

1.3. a
 copy of the second amended and restated memorandum of association and second amended and
 restated articles of association of the Company each certified by the secretary of the Company
 on 10 December 2025;

1.4. a
 copy of the written resolutions of directors of the Company dated 9 December 2025 (the
 "**Resolutions** ");

Partners: Piers J. Alexander, Crystal C. Au-Yeung, Christopher W. H. Bickley, Peter H. Y. Ch'ng, Anna W. T. Chong, Angie Y. Y. Chu, Vivien C. S. Fung, Richard J. Hall, Norman Hau, Wynne Lau, Ryan A. McConvey, Teresa F. Tsai, Flora K. Y. Wong, Lilian S. C. Woo

Consultant: David M. Lamb

**BERMUDA \| BRITISH VIRGIN ISLANDS \| CAYMAN ISLANDS**

1.5. a
 copy of a Certificate of Good Standing issued by the Registrar of Companies in relation to
 the Company on 8 December 2025 (the "**Certificate Date** "); and

1.6. such
 other documents and made such enquiries as to questions of law as we have deemed necessary
 in order to render the opinion set forth below.

2. ASSUMPTIONS

We have assumed:

2.1. the
 genuineness and authenticity of all signatures and the conformity to the originals of all
 copies (whether or not certified) examined by us and the authenticity and completeness of
 the originals from which such copies were taken;

2.2. that
 where a document has been examined by us in draft form, it will be or has been executed and/or
 in the form of that draft, and where a number of drafts of a document have been examined
 by us all changes thereto have been marked or otherwise drawn to our attention;

2.3. the
 accuracy and completeness of all factual representations made in the Registration Statement,
 the A&R Plan and the other documents reviewed by us;

2.4. that
 the Resolutions were passed at one or more duly convened, constituted and quorate meetings
 or by unanimous written resolutions, remain in full force and effect and have not been rescinded
 or amended;

2.5. that
 there is no provision of the law of any jurisdiction, other than the Cayman Islands, which
 would have any implication in relation to the opinions expressed herein;

2.6. that
 upon issue of any Class A Ordinary Shares by the Company under the A&R Plan the Company
 will receive consideration for the full issue price thereof which shall be equal to at least
 the par value thereof;

2.7. the
 validity and binding effect under the laws of the State of New York (the "**Foreign Laws**") of the Registration Statement and the A&R Plan in accordance with their
 respective terms and that the Registration Statement will be duly filed with the Commission
 and have become effective prior to the issue by the Company of any Class A Ordinary Shares
 under the A&R Plan;

2.8. the
 Company has not taken any action to appoint a restructuring officer;

2.9. that
 all necessary corporate action will be taken to authorise and approve any issue of the Class
 A Ordinary Shares in connection with the A&R Plan; and

2.10. that
 on the date of issuance of any of the Class A Ordinary Shares, (i) the Company will have
 sufficient authorised but unissued Class A Ordinary Shares, and (ii) the Company is and after
 issuing such Class A Ordinary Shares will be able to pay its debts.

**conyers.com \| 2**

3. QUALIFICATIONS

3.1. The
 obligations of the Company under the Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will
 be subject to the laws from time to time in effect relating to bankruptcy, insolvency, liquidation,
 possessory liens, rights of set off, reorganisation, amalgamation, merger, consolidation,
 moratorium, bribery, corruption, money laundering, terrorist financing, proliferation financing
 or any other laws or legal procedures, whether of a similar nature or otherwise, generally
 affecting the rights of creditors as well as applicable international sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will
 be subject to statutory limitation of the time within which proceedings may be brought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will
 be subject to general principles of equity and, as such, specific performance and injunctive
 relief, being equitable remedies, may not be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 not be given effect to by a Cayman Islands court, whether or not it was applying the Foreign
 Laws, if and to the extent they constitute the payment of an amount which is in the nature
 of a penalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) may
 not be given effect by a Cayman Islands court to the extent that they are to be performed
 in a jurisdiction outside the Cayman Islands and such performance would be illegal under
 the laws of that jurisdiction. Notwithstanding any contractual submission to the exclusive
 or non-exclusive jurisdiction of specific courts, a Cayman Islands court has inherent discretion
 to stay or allow proceedings in the Cayman Islands against the Company under the Documents
 if there are other proceedings in respect of those Documents simultaneously underway against
 the Company in another jurisdiction.

3.2. We
 express no opinion as to the enforceability of any provision of the Documents which provides
 for the payment of a specified rate of interest on the amount of a judgment after the date
 of judgment or which purports to fetter the statutory powers of the Company.

3.3. We
 express no opinion with respect to the issuance of Class A Ordinary Shares pursuant to any
 provision of the A&R Plan that purports to obligate the Company to issue Class A Ordinary
 Shares following the commencement of a winding up or liquidation.

3.4. We
 have made no investigation of and express no opinion in relation to the laws of any jurisdiction
 other than the Cayman Islands. This opinion is to be governed by and construed in accordance
 with the laws of the Cayman Islands and is limited to and is given on the basis of the current
 law and practice in the Cayman Islands. This opinion is issued solely for the purposes of
 the filing of the Registration Statement and the issuance of the Class A Ordinary Shares
 by the Company and is not to be relied upon in respect of any other matter.

**conyers.com \| 3**

4. OPINION

On the basis of and subject to the foregoing, we are of the opinion that:

4.1. The
 Company is duly incorporated and existing under the laws of the Cayman Islands and, based
 on the Certificate of Good Standing, is in good standing as at the Certificate Date. Pursuant
 to the Companies Act ()"**Act** "), a company is deemed to be in good standing
 if all fees and penalties under the Act have been paid and the Registrar of Companies has
 no knowledge that the Company is in default under the Act.

4.2. The
 Class A Ordinary Shares to be issued pursuant to the A&R Plan have been duly authorised,
 and when issued and paid for in accordance with the A&R Plan and registered in the register
 of members of the Company, will be validly issued, fully paid and non-assessable (which term
 when used herein means that no further sums are required to be paid by the holders thereof
 in connection with the issue thereof).

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not hereby admit that we are experts within the meaning of Section 11 of the Securities Act or that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission promulgated thereunder.

Yours faithfully,

**/s/ Conyers Dill & Pearman**

**conyers.com \| 4**

## Exhibit 23.1

**Exhibit 23.1**

![](ex23-1_001.jpg)

<u>Consent of Independent Registered Public Accounting Firm</u>

We hereby consent to the incorporation by reference in Post-effective Amendment No. 1 to the Registration Statement on Form S-8 of Solowin Holdings and its subsidiaries ("the Company") of our report dated June 30, 2025, with respect to the consolidated balance sheets of the Company as of March 31, 2025 and 2024, and the related consolidated statements of (loss) income and comprehensive (loss) income, changes in shareholders' equity, and cash flows for each of the three years in the period ended March 31, 2025, and the related notes included herein, which appears in the Annual Report on Form 20-F of the Company for the year ended March 31, 2025.

---

| | |
|:---|:---|
|  | /s/ WWC, P.C. |
| San Mateo, California | WWC, P.C. |
| December 10, 2025 | Certified Public Accountants |
|  | PCAOB ID No.1171 |

---

![](ex23-1_002.jpg)

## Exhibit 99.1

**Exhibit 99.1**

**SOLOWIN HOLDINGS** 

**AMENDED AND RESTATED 2023 EQUITY INCENTIVE PLAN**

1. <u>Purposes of the Plan</u>. SOLOWIN HOLDINGS, a Cayman Islands company (the " <u>Company</u> ") hereby establishes this Amended and Restated
SOLOWIN HOLDINGS 2023 Equity Incentive Plan (the " <u>Plan</u> "). The purpose of the Plan is to promote the long-term success
of the Company and the creation of shareholder value by (a) encouraging Employees, Directors and Consultants to focus on the Company's
performance, (b) encouraging the attraction and retention of Employees, Directors and Consultants with exceptional qualifications and
(c) linking Employees, Directors and Consultants directly to shareholder interests through increased share ownership. The Plan permits
the grant of Incentive Share Options, Nonstatutory Share Options, Restricted Shares, Restricted Share Units, and Share Appreciation Rights
as the Administrator may determine.

2. <u>Definitions</u>.
The following definitions will apply to the terms in the Plan (except as otherwise defined in an Award Agreement):

"<u>Administrator</u>" means the Board or any of its Committees as will be administering the Plan, in accordance with <u>Section 4</u>.

"<u>Affiliate</u>" means any corporation, partnership, limited liability company, limited liability partnership, business trust, or other entity or person controlling, controlled by or under common control of the Company, as determined by the Administrator in its sole discretion.

"<u>Applicable Laws</u>" means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government order, and the rules of any applicable stock exchange, of any jurisdiction applicable to Awards granted to residents therein.

"<u>Award</u>" means, individually or collectively, a grant under the Plan of Options, SARs, Restricted Shares, and Restricted Share Units.

"<u>Award Agreement</u>" means the written or electronic agreement setting forth the terms and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.

"<u>Board</u>" means the Board of Directors of the Company, as constituted from time to time.

"<u>Cause</u>" means, with respect to a Participant, unless in the case of a particular Award, the particular Award Agreement states otherwise, (a) the Company or the relevant Affiliate, having "cause," "just cause" or term of similar meaning or import, to terminate a Participant's employment or service, as defined in any employment, consulting or services agreement with the Participant in effect at the time of such termination or (b) in the absence of any such employment, consulting or services agreement (or the absence of any definition of "cause," "just cause" or term of similar meaning or import contained therein), the following events or conditions, as determined by the Administrator in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 commission of an act of theft, embezzlement, fraud, dishonesty, ethical breach or other similar
 acts, or commission of a criminal offense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 material breach of any agreement or understanding between the Participant and the Company
 or the relevant Affiliate including, without limitation, any applicable intellectual property
 and/or invention assignment, employment, non-competition, confidentiality or other
 similar agreement or the Company's or the relevant Affiliate's code of conduct
 or other workplace rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any
 material misrepresentation or omission of any material fact in connection with the Participant's
 employment with the Company or the relevant Affiliate or service as a Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any
 material failure to perform the customary duties as an Employee or Director, to obey the
 reasonable directions of a supervisor or to abide by the policies or codes of conduct of
 the Company or the relevant Affiliate or to satisfy the requirements or working standards
 of the Company or the relevant Affiliate during any applicable probationary employment period;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any conduct
 that is materially adverse to the name, reputation or interests of the Company or any Affiliate.

"<u>Change in Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 transaction as a result of which any person is the "beneficial owner" (as defined
 in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
 representing at least 50% of the total voting power represented by the Company's then
 outstanding voting securities. For purposes of this <u>subsection (i)</u>, the term "person"
 shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act
 but shall exclude (A) a trustee or other fiduciary holding securities under an employee benefit
 plan of the Company or of a Parent or Subsidiary and (B) a corporation owned directly or
 indirectly by the shareholders of the Company in substantially the same proportions as their
 ownership of the shares of the Company. For purposes of this <u>subsection (i)</u>, the acquisition
 of additional shares by any one person, who is considered to own more than fifty percent
 (50%) of the total voting power of the securities of the Company will not be considered an
 additional Change in Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A
 change in the composition of the Board occurring within a two-year period, as a result of
 which fewer than a majority of the directors are Incumbent Directors. " <u>Incumbent Directors</u> " means directors who either (A) are Directors as of the effective date
 of the Plan, or (B) are elected, or nominated for election, to the Board with the affirmative
 votes of at least a majority of the Directors at the time of such election or nomination
 (except where such election or nomination is in connection with an actual or threatened proxy
 contest relating to the election of directors to the Company); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 consummation of the sale, transfer or other disposition by the Company of all or substantially
 all of the Company's assets, except with respect to a sale, transfer or other disposition
 of assets to a Parent, Subsidiary, or Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 consummation of a merger or consolidation of the Company with or into another entity or any
 other corporate reorganization, if persons who were not shareholders of the Company immediately
 prior to such merger, consolidation or other reorganization own immediately after such merger,
 consolidation or other reorganization 50% or more of the voting power of the outstanding
 securities of each of (i) the continuing or surviving entity and (ii) any direct or indirect
 Parent corporation of such continuing or surviving entity.

For avoidance of doubt, a transaction will not constitute a Change in Control if: (i) its sole purpose is to change the jurisdiction of the Company's incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially the same proportions by the persons who held the Company's securities immediately before such transaction. The foregoing notwithstanding, if the Award constitutes non-qualified deferred compensation under Section 409A of the Code, in no event shall a Change in Control be deemed to have occurred unless such change shall satisfy the definition of a change in control under Section 409A of the Code.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended. Any reference in the Plan to a section of the Code will be a reference to any successor or amended section of the Code.

"<u>Committee</u>" means a committee appointed by the Board that consists of one or more Board members or other individuals satisfying all Applicable Laws. As of the Effective Date, and until otherwise determined by the Board, the Compensation Committee of the Board will serve as the Committee.

"<u>Company</u>" means SOLOWIN HOLDINGS, a Cayman Islands company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

"<u>Consultant</u>" means any person, including an advisor, but who is not an Employee or an Director, engaged by the Company or any Affiliate of the Company to render services to such entity if: (i) such person renders bona fide services to the Company or any Affiliate; (ii) the services rendered by such person are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company's securities; and (iii) such person is a natural person who has contracted directly with the Company or any Affiliate to render such services.

"<u>Director</u>" means a member of the Board or any board of directors (or similar governing authority) of any Affiliate, including a non-employee Director.

"<u>Disability</u>" unless otherwise defined in an Award Agreement, means that the Participant qualifies to receive long-term disability payments under the Company's or any Affiliate's long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Company or an Affiliate to which the Participant provides service does not have a long-term disability plan in place, "Disability" means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Administrator in its discretion.

"<u>Employee</u>" means any person, including Officers and Directors, employed by the Company or any Affiliate of the Company. Neither service as a Director nor payment of a director's fee by the Company will be sufficient to constitute "employment" by the Company.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Exercise Price"</u> in the case of an Option, means the amount for which one Share may be purchased upon exercise of such Option, as specified in the applicable Option Award Agreement. "Exercise Price," in the case of a SAR, means an amount, as specified in the applicable SAR Agreement, which is subtracted from the Fair Market Value of one Share in determining the amount payable upon exercise of such SAR. In both cases, the Exercise Price must be at least of par value of the Shares.

"<u>Fair Market Value</u>" means, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Shares are listed on one or more established stock exchanges or national market systems,
 including without limitation, the New York Stock Exchange or the Nasdaq Stock Market, its
 Fair Market Value shall be the closing sales price for such Shares (or the closing bid, if
 no sales were reported) as quoted on the principal exchange or system on which the Shares
 are listed on the date of determination (or, if no closing sales price or closing bid was
 reported on that date, as applicable, on the last trading date such closing sales price or
 closing bid was reported), as reported on the website maintained by such exchange or market
 system or such other source as the Administrator deems reliable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin
 Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales
 price for such Shares as quoted on such system or by such securities dealer on the date of
 determination, but if selling prices are not reported, the Fair Market Value of a Share shall
 be the mean between the high bid and low asked prices for the Shares on the date of determination
 (or, if no such prices were reported on that date, on the last date such prices were reported),
 as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In
 the absence of an established market for the Shares of the type described in (i) and (ii)
 above, the Fair Market Value thereof shall be determined by the Administrator in good faith
 and in its discretion, and such determination shall be conclusive and binding on all persons;
 provided that if an Award is subject to Section 409A of the Code, then the Fair Market Value
 shall be determined in accordance with Section 409A of the Code.

"<u>Grant Date</u>" means, for all purposes, the date on which the Administrator completes the corporate action authorizing the grant of an Award or such later date specified by the Administrator, provided that conditions to the exercisability or vesting of Awards shall not defer the Grant Date. Notice of the Administrator's determination to grant an Award will be provided to each Participant within a reasonable time after the Grant Date.

"<u>Incentive Share Option" or "ISO</u>" means an Option that by its terms qualifies and is otherwise intended to qualify as an Incentive Share Option within the meaning of Section 422 of the Code and the regulations promulgated thereunder.

"<u>Nonstatutory Share Option" or "NSO</u>" means an Option that by its terms does not qualify or is not intended to qualify as an ISO.

"<u>Officer</u>" means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder.

"<u>Option</u>" means a share option granted pursuant to the Plan.

"<u>Optionee</u>" means the holder of an outstanding Option.

"<u>Parent</u>" means a "parent corporation," whether now or hereafter existing, as defined in Section 424(e) of the Code.

"<u>Participant</u>" means the holder of an outstanding Award.

"<u>Period of Restriction</u>" means the period during which Restricted Shares or Restricted Share Units are subject to forfeiture.

"<u>Plan</u>" means this SOLOWIN HOLDINGS 2023 Equity Incentive Plan, as it may be amended from time to time.

"<u>Restricted Shares</u>" means Shares awarded to a Participant subject to forfeiture in accordance with <u>Section 7</u>.

"<u>Restricted Share Unit" or "RSU"</u> means the right to receive one Share at or after the end of the Period of Restriction, which right is subject to forfeiture in accordance with <u>Section 8</u> of the Plan.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Service Provider</u>" means an Employee, Director or Consultant.

"<u>Share</u>" means a Class A ordinary share of the Company, par value $0.0001 per share (the "<u>Class A Ordinary Shares</u>"), as adjusted in accordance with <u>Section 10</u>. All references in the Plan and Award Agreements to 'ordinary shares' or 'Shares' refer to Class A Ordinary Shares.

"<u>Share Appreciation Right</u>" or "<u>SAR</u>" means the right to receive payment from the Company in an amount no greater than the excess of the Fair Market Value of a Share at the date the SAR is exercised over a specified price fixed by the Administrator in the Award Agreement, which shall not be less than the Fair Market Value of a Share on the Grant Date. In the case of a SAR which is granted in connection with an Option, the specified price shall be the Option Exercise Price.

"<u>Subsidiary</u>" means a "subsidiary corporation," whether now or hereafter existing, as defined in Section 424(f) of the Code.

3. <u>Shares Subject to the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Shares Subject to the Plan</u>. Subject to the provisions of <u>Section 10</u>, the maximum aggregate
 number of Shares that may be issued under the Plan is five million (5,000,000) Shares.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shares Returned to Reserve.</u> If Restricted Shares or Shares issued upon the exercise of Options
 under the Plan are forfeited or repurchased, then such shares shall again become available
 for Awards under the Plan. If RSU, Options or SARs under the Plan are forfeited or terminate
 for any other reason before being exercised or settled, then the corresponding Shares shall
 again become available for Awards under the Plan. Notwithstanding the foregoing, the following
 Shares shall not again become available for Awards or increase the number of Shares available
 for grant under the Plan: (i) Shares tendered by the Participant or withheld by the Company
 in payment of the purchase price of an Option issued under the Plan, (ii) Shares tendered
 by the Participant or withheld by the Company to satisfy any tax withholding obligation with
 respect to an Award, (iii) Shares repurchased by the Company with proceeds received from
 the exercise of an Option issued under the Plan, and (iv) Shares subject to a SAR issued
 under this Plan that are not issued in connection with the share settlement of that SAR upon
 its exercise. To the extent an Award under the Plan is paid out in cash rather than Shares,
 such cash payment shall not reduce the number of Shares available for issuance under the
 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Share Reserve</u>. The Company, during the term of this Plan, will at all times reserve and keep
 available such number of Shares as will be sufficient to satisfy the requirements of the
 Plan.

4. <u>Administration of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Administrator</u>.
 The Committee shall serve as Administrator of the Plan. The Committee shall consist of no
 less than two (2) nonemployee directors who shall be appointed by the Board. The Committee
 shall be comprised solely of nonemployee director who are (a) "outside directors"
 under Section 162(m) of the Code, (b) "non-employee directors" under Rule 16b-3
 of the Exchange Act, and (c) who meet any listing standards prescribed by the principal securities
 market on which the Company's equity securities are traded.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Powers of the Administrator</u>. Subject to the provisions of the Plan and the approval of any relevant
 authorities, and in the case of a Committee, subject to the specific duties delegated by
 the Board to such Committee, the Administrator will have the authority, in its discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. to determine
the Fair Market Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. to
 select the Service Providers to whom Awards may be granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to
 determine the type of Award and number of Shares to be covered by each Award granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. to
 approve forms of agreement for use under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. to
 determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award
 granted hereunder. Such terms and conditions include, but are not limited to, the Exercise
 Price, the time or times when Awards may be exercised (which may be based on continued employment,
 continued service or performance criteria), any vesting acceleration (whether by reason of
 a Change of Control or otherwise) or waiver of forfeiture, and any restriction or limitation
 regarding any Award or the Shares relating thereto, based in each case on such factors as
 the Administrator, in its sole discretion, will determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. to
 construe and interpret the terms of the Plan and Awards granted pursuant to the Plan, including
 the right to construe disputed or doubtful Plan and Award provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. to
 prescribe, amend and rescind rules and regulations relating to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. to
 modify or amend each Award to the extent any modification or amendment is consistent with
 the terms of the Plan, and does not materially impair the rights of any Participant unless
 mutually agreed otherwise between the Participant and the Administrator, which agreement
 must be in writing and signed by the Participant and the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. to
 allow Participants to satisfy withholding tax obligations in such manner as prescribed in <u>Section 11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. to
 authorize any person to execute on behalf of the Company any instrument required to effect
 the grant of an Award previously granted by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. to
 delay issuance of Shares or suspend Participant's right to exercise an Award as deemed
 necessary to comply with Applicable Laws;

xii to the extent permitted by Applicable Laws, to delegate, as it may deem appropriate, to one or more Officers of the Company the authority to grant Awards to Service Providers who are not Officers and Directors, and exercise such other powers under the Plan as the Administrator may determine, in accordance with such guidelines as the Administrator shall set forth at any time or from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. to
 make all other determinations deemed necessary or advisable for administering the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Administrator's Decision</u>. The Administrator's decisions, determinations and
 interpretations will be final and binding on all Participants and any other holders of Awards.
 Any decision or action taken or to be taken by the Administrator, arising out of or in connection
 with the construction, administration, interpretation and effect of the Plan and of its rules
 and regulations, shall, to the maximum extent permitted by Applicable Laws, be within its
 absolute discretion (except as otherwise specifically provided in the Plan) and shall be
 final, binding and conclusive upon the Company, all Participants and any person claiming
 under or through any Participant.

5. <u>Provisions Appliable to Awards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Eligibility</u>.
 As determined by the Administrator, NSOs, Restricted Shares, Restricted Share Units, or SARs
 may be granted to Service Providers either alone or in combination with any other Awards
 and ISOs may be granted to Employees of the Company, and of any Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Awards under the Plan shall be evidenced by Award Agreements that set forth
 the terms, conditions and limitations for each Award which may include the term of an Award,
 the provisions applicable in the event the Participant's employment or service terminates,
 and the Company's authority to unilaterally or bilaterally amend, modify, suspend,
 cancel or rescind an Award.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service is terminated for Cause, the Participant's unexercised Awards
 will terminate upon such termination for Cause, whether or not the Award is then vested and/or
 exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Transfer; Approved Leave of Absence</u>. For purposes of the Plan, no termination of employment by
 an Employee shall be deemed to result from either (a) a transfer of employment to the Company
 from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another,
 or (b) an approved leave of absence for military service or sickness, or for any other purpose
 approved by the Company, if the Employee's right to reemployment is guaranteed either
 by a statute or by contract or under the policy pursuant to which the leave of absence was
 granted or if the Administrator otherwise so provides in writing, in either case, except
 to the extent inconsistent with Section 409A of the Code if the applicable Award is subject
 thereto.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Transferability; Limited Exception to Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Limits on Transfer</u>. Unless otherwise expressly provided in (or pursuant to) this <u>Section 5e</u>, by Applicable Law and by the Award Agreement, as the same may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 Awards are non-transferable and will not be subject in any manner to sale, transfer, anticipation,
 alienation, assignment, pledge, encumbrance or charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Awards
 will be exercised, during the lifetime of the Participant, only by the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amounts
 payable or shares issuable pursuant to an Award will be delivered only to (or for the account
 of), and, in the case of Shares, registered in the name of, the Participant.

In addition, the shares shall be subject to the restrictions set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exceptions to Limits on Transfer</u>. Notwithstanding the foregoing, upon notice to the Administrator
 no provision herein shall prevent or forbid transfers to a trust that was established solely
 for tax planning purposes and not for purposes of profit or commercial activity or, to one
 or more "family members" (as such term is defined in SEC Rule 701 promulgated
 under the Securities Act of 1933, as amended) by gift or pursuant to a qualified domestic
 relations order.

&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Beneficiaries</u>.
 Notwithstanding <u>Section 5e</u>, a Participant may, in the manner determined by the Administrator,
 designate a beneficiary to exercise the rights of the Participant and to receive any distribution
 with respect to any Award upon the Participant's death. A beneficiary, legal guardian,
 legal representative, or other person claiming any rights pursuant to the Plan is subject
 to all terms and conditions of the Plan and any Award Agreement applicable to the Participant,
 except to the extent the Plan and Award Agreement otherwise provide, and to any additional
 restrictions deemed necessary or appropriate by the Administrator. If the Participant is
 married and resides in a community property state, a designation of a person other than the
 Participant's spouse as his or her beneficiary with respect to more than 50% of the
 Participant's interest in the Award shall not be effective without the prior written
 consent of the Participant's spouse. If no beneficiary has been designated or
 survives the Participant, payment shall be made to the person entitled thereto pursuant to
 the Participant's will or the laws of descent and distribution. Subject to the
 foregoing, a beneficiary designation may be changed or revoked by a Participant at any time
 provided the change or revocation is filed with the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Fractional Shares</u>. No fractional Shares shall be issued and the Administrator shall determine,
 in its discretion, whether cash shall be given in lieu of fractional Shares or whether such
 fractional Shares shall be eliminated by rounding up or down as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Share Certificate</u>. Notwithstanding anything herein to the contrary, the Company shall not be
 required to issue or deliver any certificates evidencing Shares pursuant to the exercise
 of any Award, unless and until the Administrator has determined, with advice of counsel,
 that the issuance and delivery of such Shares is in compliance with the Company's Memorandum
 and Articles of Association, all Applicable Laws, regulations of governmental authorities
 and, if applicable, the requirements of any exchange on which the Shares are listed or traded.
 All Share certificates delivered pursuant to the Plan are subject to any stop-transfer orders
 and other restrictions as the Administrator deems necessary or advisable to comply with all
 Applicable Laws, and the rules of any national securities exchange or automated quotation
 system on which the Shares are listed, quoted, or traded. The Administrator may place legends
 on any Share certificate to reference restrictions applicable to the Share. In addition to
 the terms and conditions provided herein, the Administrator may require that a Participant
 make such reasonable covenants, agreements, and representations as the Administrator, in
 its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.
 The Administrator shall have the right to require any Participant to comply with any timing
 or other restrictions with respect to the settlement or exercise of any Award, including
 a window-period limitation, as may be imposed in the discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Repricing</u>.
 To the extent not prohibited by Appliable Laws (including any applicable stock exchange rule),
 the repricing or termination and subsequent repricing of Options or SARs at a lower purchase
 price per Share than the original grant is permitted without prior shareholder approval.
 The Administrator may authorize the Company to issue new Option or SAR Awards in exchange
 for the surrender and cancellation of any or all outstanding Awards, subject to the consent
 of any Participant whose rights would be impaired. The Administrator may at any time repurchase
 Options with payment in cash, Shares or other consideration, based on such terms and conditions
 as the Administrator and the Participant shall agree.

6. <u>Share Options</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Options</u>. Subject to the terms and conditions of the Plan, the Administrator, at any
 time and from time to time, may grant Options to Service Providers in such amounts as the
 Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Option Award Agreement</u>. Each Option shall be evidenced by an Award Agreement that shall specify
 the type of Option granted, the Exercise Price, the exercise date, the term of the Option,
 the number of Shares to which the Option pertains, vesting criteria and such other terms
 and conditions (which need not be identical among Participants) as the Administrator shall
 determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price</u>. The Exercise Price for the Shares to be issued pursuant to exercise of an Option
 will be no less than the Fair Market Value per Share on the Grant Date. Notwithstanding the
 above or any other term in this Plan or any Award Agreement, Notwithstanding any other provision
 of the Plan to the contrary, Shares shall be issued pursuant to exercise of an Option at
 a price at least equal to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Term of Options</u>. The term of each Option will be stated in the Award Agreement. Unless terminated
 sooner in accordance with the Plan or Award Agreement, no Option shall be exercisable on
 or after the tenth anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Time and Form of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Exercise Date</u>. Each Award Agreement shall specify how and when Shares covered by an Option may
 be purchased. The Award Agreement may specify waiting periods, the dates on which Options
 become exercisable or "vested" and, subject to the termination provisions of
 the Option, exercise periods. The Administrator may accelerate the exercisability of any
 Option or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise of Option</u>. Any Option granted hereunder will be exercisable according to the terms of
 the Plan and at such times and under such conditions as determined by the Administrator and
 set forth in the Award Agreement. An Option may not be exercised for a fraction of a Share.
 An Option will be deemed exercised when the Company receives: (1) notice of exercise (in
 such form as the Administrator shall specify from time to time) from the person entitled
 to exercise the Option, and (2) full payment for the Shares with respect to which the Option
 is exercised (together with all applicable withholding taxes). Full payment may consist of
 any consideration and method of payment authorized by the Administrator and permitted by
 the Award Agreement and the Plan (together with all applicable withholding taxes). Until
 the Shares are issued (as evidenced by the appropriate entry in the register of members of
 the Company), no right to vote or receive dividends or any other rights as a shareholder
 will exist with respect to the Shares subject to the Option, notwithstanding the exercise
 of the Option. The Company will issue (or cause to be issued) such Shares promptly after
 the Option is exercised. No adjustment will be made for a dividend or other right for which
 the record date is prior to the date the Shares are issued, except as provided in <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Payment</u>.
 The Administrator will determine the acceptable form of consideration for exercising an Option,
 including the method of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>General Rule</u>. The entire Exercise Price of Shares issued upon exercise of Options shall be payable
 in cash or cash equivalents at the time when such Shares are purchased, except that the Administrator
 at its sole discretion may accept payment of the Exercise Price in any other form(s) described
 in this <u>Section 6eiii</u>. However, if the Optionee is a Director or an Officer of the
 Company, he or she may pay the Exercise Price in a form other than cash or cash equivalents
 only to the extent permitted by section 13(k) of the Exchange Act and the memorandum and
 articles of association of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Surrender of Shares</u>. With the Administrator's consent, all or any part of the Exercise Price
 may be paid by surrendering, or attesting to the ownership of, Shares that are already owned
 by the Optionee. Such Shares shall be valued at their Fair Market Value on the date when
 the new Shares are purchased under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Exercise/Sale</u>.
 With the Administrator's consent, all or any part of the Exercise Price and any withholding
 taxes may be paid by delivering (on a form prescribed by the Company) an irrevocable direction
 to a securities broker approved by the Company to sell all or part of the Shares being purchased
 under the Plan and to deliver all or part of the sales proceeds to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Promissory Note</u>. With the Administrator's consent, all or any part of the Exercise Price and
 any withholding taxes may be paid by delivering (on a form prescribed by the Company) a full-recourse
 promissory note that is consistent with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Other Forms of Payment</u>. With the Administrator's consent, all or any part of the Exercise
 Price and any withholding taxes may be paid in any other form that is consistent with Applicable
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Effects of Termination of Employment or Service on Options</u>. Termination of employment or service
 shall have the following effects on Options granted to the Participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Termination for Cause</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service is terminated by the Company or any Affiliate for Cause, the Participant's
 Options will terminate upon such termination, whether or not the Option is then vested and/or
 exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Death or Disability</u>. Unless otherwise provided in the Award Agreement, if a Participant's
 employment by or service terminates as a result of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 the extent that such Options were vested and exercisable on the date of the Participant's
 termination on account of death or Disability, the Participant (or his or her legal representative
 or beneficiary, in the case of the Participant's Disability or death, respectively)
 may exercise his or her Option within such period of time ending on the earlier of (a) the
 date 12 months following such termination or (b) the expiration of the term of the Option
 as set forth in the Award Agreement. If, after termination, the Participant does not exercise
 his or her Option within the time specified herein or in the Award Agreement, the Option
 shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Options, to the extent not vested and exercisable on the date of the Participant's
 termination of employment or service, shall terminate upon the Participant's termination
 of employment or service on account of death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Other Terminations of Employment or Service</u>. Unless otherwise provided in the Award Agreement,
 if a Participant's employment by or service to the Company or any Affiliate terminates
 for any reason other than a termination by the Company or any Affiliate for Cause or because
 of the Participant's death or Disability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to
 the extent that such Options were vested and exercisable on the date of the Participant's
 such termination of employment or service, the Participant may exercise his or her Option
 within such period of time ending on the earlier of (a) the date 3 months following such
 termination or (b) the expiration of the term of the Option as set forth in the Award Agreement.
 If, after termination, the Participant does not exercise his or her Option within the time
 specified herein or in the Award Agreement, the Option shall terminate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Options, to the extent not vested and exercisable on the date of the Participant's
 termination of employment or service, shall terminate upon the Participant's termination
 of employment or service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Forfeiture of Options</u>. All unexercised Options shall be forfeited to the Company in accordance with
 the terms and conditions set forth in the Award Agreement and again will become available
 for grant under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Incentive Share Options</u>. Incentive Share Options may be granted to Employees of the Company
 or any Affiliate. The terms of any Incentive Share Options granted pursuant to the Plan,
 must comply with the following additional provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In <u>dividual Dollar Limitation</u>. The aggregate Fair Market Value (determined as of the time the
 Option is granted) of all Shares with respect to which Incentive Share Options are first
 exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation
 as imposed by Section 422(d) of the Code, or any successor provision. To
 the extent that Incentive Share Options are first exercisable by a Participant in excess
 of such limitation, the excess shall be considered Non-Qualified Share Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Exercise Price</u>. The exercise price of an Incentive Share Option shall be equal to the Fair
 Market Value on the date of grant which must be at least of par value of the Shares. 
 However, the exercise price of any Incentive Share Option granted to any individual who,
 at the date of grant, owns Shares possessing more than ten percent of the total combined
 voting power of all classes of shares of the Company or any Parent or Subsidiary of the Company
 may not be less than 110% of Fair Market Value on the date of grant and such Option may not
 be exercisable for more than five years from the date of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Transfer Restriction</u>. The Participant shall give the Company prompt notice of any disposition
 of Shares acquired by exercise of an Incentive Share Option within (i) two years from
 the date of grant of such Incentive Share Option or (ii) one year after the transfer
 of such Shares to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Expiration of Incentive Share Options</u>. No Award of an Incentive Share Option may be made pursuant
 to this Plan after the tenth anniversary of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Right to Exercise</u>. During a Participant's lifetime, an Incentive Share Option may
 be exercised only by the Participant.

7. <u>Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Shares</u>. Subject to the terms and conditions of the Plan, the Administrator,
 at any time and from time to time, may grant Restricted Shares to Service Providers in such
 amounts as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Shares Award Agreement</u>. Each Award of Restricted Shares will be evidenced by an Award
 Agreement that will specify the Period of Restriction, the number of Shares granted, the
 purchase price of the Shares, if any, and the means of payment for the Shares, vesting criteria,
 transferability restrictions, and such other terms and conditions (which need not be identical
 among Participants) as the Administrator will determine in its sole discretion. Restricted
 Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator
 shall determine. Unless the Administrator determines otherwise, Restricted Shares shall be
 held by the Company as escrow agent until the restrictions on such Restricted Shares have
 lapsed. If certificates representing Restricted Shares are registered in the name of the
 Participant, certificates must bear an appropriate legend referring to the terms, conditions,
 and restrictions applicable to such Restricted Shares, and the Company may, at its discretion,
 retain physical possession of the certificate until such time as all applicable restrictions
 lapse.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Terms and Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares shall be subject to forfeiture
 arising on the basis of such conditions as the Administrator may determine in its sole discretion.
 Any such risk of forfeiture may be waived or terminated, or the Period of Restriction shortened,
 at any time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Sale Price</u>. Restricted Shares may be sold or awarded under the Plan for such consideration
 as the Administrator may determine, including (without limitation) cash, cash equivalents,
 property, full-recourse promissory notes, past services and future services. If the Participant
 is a Director or an Officer of the Company, he or she may pay for Restricted Shares with
 a promissory note only to the extent permitted by section 13(k) of the Exchange Act. Within
 the limitations of the Plan, the Administrator may accept the cancellation of outstanding
 Options or SARs in return for the grant of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Voting Rights</u>. During the Period of Restriction, Service Providers holding Restricted Shares
 granted hereunder may exercise full voting rights with respect to those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Dividends and Other Distributions</u>. During the Period of Restriction, Service Providers holding
 Restricted Shares will be entitled to receive all dividends and other distributions paid
 with respect to such Shares. If any such dividends or distributions are paid in Shares, the
 Shares will be subject to the same restrictions on transferability and forfeitability as
 the Restricted Shares with respect to which they were paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Transferability</u>.
 Except as provided in the Plan, Restricted Shares may not be sold, transferred, pledged,
 assigned, or otherwise alienated or hypothecated until the end of the applicable Period of
 Restriction.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Removal of Restrictions</u>. All restrictions imposed on Restricted Shares shall lapse and the Period
 of Restriction shall end upon the satisfaction of the vesting conditions imposed by the Administrator.
 Restricted Shares not previously forfeited will be released from escrow as soon as practicable
 after the last day of the Period of Restriction or at such other time as the Administrator
 may determine. The Administrator (in its discretion) may establish procedures regarding the
 release of Shares from escrow and the removal of legends, as necessary or appropriate to
 minimize administrative burdens on the Company.

8. <u>Restricted Share Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of Restricted Share Units</u>. Subject to the terms and conditions of the Plan, the Administrator,
 at any time and from time to time, may grant Restricted Share Units to Service Providers
 in such amounts as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Restricted Share Units Award Agreement</u>. Each Award of Restricted Share Units will be evidenced by
 an Award Agreement that will specify the number of Restricted Share Units granted, vesting
 criteria, form of payout, vesting criteria and such other terms and conditions (which need
 not be identical among Participants) as the Administrator will determine in its sole discretion.
 The Administrator may include among such conditions the requirement that the performance
 of the Company or a business unit of the Company for a specified period of time.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Vesting Conditions</u>. During the Period of Restriction, Restricted Shares Units shall be subject
 to forfeiture arising on the basis of such conditions as the Administrator may determine
 in its sole discretion. Any such risk of forfeiture may be waived or terminated, or the Period
 of Restriction shortened, at any time by the Administrator on such basis as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment</u>. Upon satisfaction of the applicable vesting conditions, payment
 of vested Restricted Share Units shall occur in the manner and at the time provided in the
 Award Agreement. Except as otherwise provided in the Award Agreement, Restricted Share Units
 may be paid in cash (equal to the aggregate Fair Market Value of the Shares underlying the
 vested Restricted Share Units), Shares, or a combination thereof at the sole discretion of
 the Administrator. Restricted Share Units that are fully paid in cash will not reduce the
 number of Shares available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;e. <u>No Voting or Dividend Rights</u>. Until the Shares are issued (as evidenced by the appropriate
 entry in the register of members of the Company), no right to vote or receive dividends or
 any other rights as a shareholder will exist with respect to the Shares subject to the Restricted
 Share Units. No adjustment will be made for a dividend or other right for which the record
 date is prior to the date the Shares are issued, except as provided in <u>Section 10</u>.

9. <u>Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Grant of SARs</u>. Subject to the terms and conditions of the Plan, the Administrator, at any time
 and from time to time, may grant SARs to Service Providers in such amounts as the Administrator
 will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Award Agreement</u>. Each SAR grant will be evidenced by an Award Agreement that will specify the
 exercise price, the number of Shares underlying the SAR grant, the term of the SAR, the conditions
 of exercise, vesting criteria and such other terms and conditions (which need not be identical
 among Participants) as the Administrator will determine in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price and Other Terms</u>. The Exercise Price for the exercise of an SAR will be no less
 than the Fair Market Value per Share on the Grant Date. No SAR shall be exercisable on or
 after the tenth anniversary of the Grant Date. Notwithstanding the above or any other term
 in this Plan or any Award Agreement, Shares shall be issued pursuant to exercise of an SAR
 at a price at least equal to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Time and Form of Payment of SAR Amount</u>. Upon exercise of a SAR, a Participant will be entitled
 to receive payment from the Company in an amount no greater than: (i) the difference between
 the Fair Market Value of a Share on the date of exercise over the Exercise Price; times (ii)
 the number of Shares with respect to which the SAR is exercised. An Award Agreement may provide
 for a SAR to be paid in cash, Shares of equivalent value, or a combination thereof.

10. <u>Adjustments; Dissolution or Liquidation; Merger or Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Adjustments</u>.
 In the event of any dividend, share split, combination or exchange of Shares, amalgamation,
 arrangement or consolidation, spin-off, recapitalization, reclassification (including but
 not limited to a split of the Company's shares into multiple classes), redesignation
 or other distribution (other than normal cash dividends) of Company assets to its shareholders,
 or any other change affecting the Shares or the share price of a Share, the Administrator
 shall make such proportionate adjustments, if any, as the Administrator in its discretion
 may deem appropriate to reflect such change with respect to (i) the aggregate number and
 type of shares that may be issued under the Plan (including, but not limited to, adjustments
 of the limitations in <u>Section 3</u>); (ii) the terms and conditions of any outstanding
 Awards (including, without limitation, any applicable performance targets or criteria with
 respect thereto); and (iii) the grant or exercise price per share for any outstanding Awards
 under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Dissolution or Liquidation</u>. In the event of the proposed dissolution or liquidation of the Company,
 the Administrator will notify each Participant as soon as practicable prior to the effective
 date of such proposed transaction. To the extent it has not been previously exercised, an
 Award will terminate immediately prior to the consummation of such proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Change in Control</u>. In the event of a Change in Control, all outstanding Awards shall be treated
 as the Administrator (in its discretion) determines, which need provide for treatment of
 all outstanding Awards (or a portion thereof) in an identical manner and may be effected
 without consent of a Participant. Such treatment shall provide for one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
Administrator shall have the discretion, exercisable either at the time an Award is granted or at any time the Award remains outstanding,
to provide for automatic acceleration of vesting upon occurrence of a Change in Control, whether or not the Award is assumed or replaced
in the Change in Control, or in connection with a termination of a Participant's Service following a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
assumption of any outstanding Awards by the surviving, continuing, successor or purchasing entity or its Parent, provided that the assumption
of Options or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
substitution by the surviving corporation or its Parent of new awards for any outstanding Awards, provided that the substitution of Options
or SARs shall comply with section 424(a) of the Code (whether or not the Options are ISOs).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full
exercisability of any outstanding Options and SARs and full vesting of the shares of Stock subject to such Options and SARs, followed
by the cancellation of such Options and SARs. The full exercisability of any Options and SARs and full vesting of such shares of Stock
may be contingent on the closing of the Change in Control. The Optionees shall be able to exercise such Options and SARs during a period
preceding the closing date of the Change in Control. Any exercise of such Options and SARs during such period may be contingent on the
closing of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
cancellation of any outstanding Options and SARs and a payment to the Optionees equal to the excess of (i) the Fair Market Value of the
shares of Stock subject to such Options and SARs (whether or not such Options and SARs are then exercisable or such shares of Stock are
then vested) as of the closing date of such Change in Control over (ii) their Exercise Price. Such payment shall be made in the form
of cash, cash equivalents, or securities of the surviving corporation or its Parent with a Fair Market Value equal to the required amount.
Such payment may be made in installments and may be deferred until the date or dates when such Options and SARs would have become exercisable
or such shares of Stock would have vested. Such payment may be subject to vesting based on the Optionee's continuing Service, provided
that the vesting schedule shall not be less favorable to the Optionee than the schedule under which such Options and SARs would have
become exercisable or such shares of Stock would have vested. If the Exercise Price of the shares of Stock subject to such Options and
SARs exceeds the Fair Market Value of such shares of Stock, then such Options and SARs may be cancelled without making a payment to the
Optionees. For purposes of this <u>subsection (v)</u>, the Fair Market Value of any security shall be determined without regard to any
vesting conditions that may apply to such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
cancellation of any outstanding Restricted Share Units and a payment to the Participants equal to the Fair Market Value of the Shares
subject to such Restricted Share Units (whether or not such Restricted Share Units are then vested) as of the closing date of such Change
in Control. Such payment shall be made in the form of cash, cash equivalents, or securities of the surviving corporation or its Parent
with a Fair Market Value equal to the required amount. Such payment may be made in installments and may be deferred until the date or
dates when such Restricted Share Units would have vested. Such payment may be subject to vesting based on the Participant's continuing
Service, provided that the vesting schedule shall not be less favorable to the Participant than the schedule under which such Restricted
Share Units would have vested. For purposes of this <u>subsection (vi)</u>, the Fair Market Value of any security shall be determined
without regard to any vesting conditions that may apply to such security.

11. <u>Taxes</u>.
 No Shares or cash shall be delivered under the Plan to any Participant until such Participant
 has made arrangements acceptable to the Administrator for the satisfaction of any income
 and employment tax withholding obligations under Applicable Laws. The Company or any Affiliate
 shall have the authority and the right to deduct or withhold, or require a Participant to
 remit to the Company, an amount sufficient to satisfy all applicable taxes (including the
 Participant's payroll tax obligations) required or permitted by Applicable Law to be
 withheld with respect to any taxable event concerning a Participant arising as a result of
 this Plan. The Administrator may in its discretion and in satisfaction of the foregoing requirement
 allow a Participant to elect to have the Company withhold Shares otherwise issuable under
 an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required
 to be withheld. Notwithstanding any other provision of the Plan, the number of Shares which
 may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or
 which may be repurchased from the Participant of such Award after such Shares were acquired
 by the Participant from the Company) in order to satisfy all of the Participant's income
 and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of
 the Award shall, unless specifically approved by the Administrator, be limited to the number
 of Shares which have a Fair Market Value on the date of withholding or repurchase equal to
 the aggregate amount of such liabilities based on the minimum statutory income and payroll
 tax withholding rates that are applicable to such supplemental taxable income under Applicable
 Laws.

12. <u>Grants to Foreign Nationals</u>. Awards may be granted to Service Providers who are foreign nationals
 or employed outside the United States, or both, on such terms and conditions different from
 those applicable to grants to Services Providers in the United States as in the judgment
 of the Administrator may be necessary or desirable in order to recognize differences in local
 law or tax policy, and such Awards shall be considered granted pursuant to a non-U.S. sub-plan.
 The Administrator also may impose conditions on the exercise or vesting of Awards in order
 to minimize the company's obligation with respect to tax equalization for employees
 on assignments outside their home country.

13. <u>No Rights to Awards</u>. No Participant, employee, or other person shall have any claim to be
 granted any Award pursuant to the Plan, and neither the Company nor the Administrator is
 obligated to treat Participants, employees, and other persons uniformly.

14. <u>No Effect on Employment or Service</u>. Neither the Plan nor any Award will confer upon any
 Participant any right with respect to continuing the Participant's relationship as a Service
 Provider with the Company or any Affiliate of the Company, nor will they interfere in any
 way with the Participant's right or the Company's or any Affiliate's right to terminate
 such relationship at any time, with or without cause, to the extent permitted by Applicable
 Laws.

15. <u>Effective Date</u>. The Plan is effective as of the date it is adopted and approved by the Board in
 accordance with the applicable provisions of the Company's Memorandum of Association
 and Articles of Association (the " <u>Effective Date</u> "). The Company will obtain
 shareholder approval of the Plan only to the extent necessary and desirable to comply with
 Applicable Laws (including any (including any applicable exchange rule).

16. <u>Term of Plan</u>. The Plan will expire on, and no Award may be granted pursuant to the Plan after,
 the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth
 anniversary of the Effective Date shall remain in force according to the terms of the Plan
 and the applicable Award Agreement.

17. <u>Amendment and Termination of the Plan</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Amendment and Termination</u>. The Board in its sole discretion may at any time amend, alter, suspend
 or terminate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Shareholder Approval</u>. The Company will obtain shareholder approval of any Plan amendment to the extent
 necessary and desirable to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Effect of Amendment or Termination</u>. Except with respect to amendments made to the extent necessary
 and desirable to comply with Applicable Laws (including any applicable stock exchange rules),
 no termination, amendment, or modification of the Plan shall adversely affect in any material
 way any Award previously granted pursuant to the Plan without the prior written consent of
 the Participant.

18. <u>Government and Other Regulations</u>. The obligation of the Company to make payment of awards in Shares
 or otherwise shall be subject to all Applicable Laws and to such approvals by government
 agencies as may be required. The Company shall be under no obligation to register any of
 the Shares paid pursuant to the Plan under the Securities Act or any other similar law in
 any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances
 be exempt from registration pursuant to the Securities Act or other Applicable Laws, the
 Company may restrict the transfer of such Shares in such manner as it deems advisable to
 ensure the availability of any such exemption. In addition, the Administrator may delay or
 suspend the issuance and delivery of Shares, suspend the exercise of Options or SARs, or
 suspend the Plan as necessary to comply with Applicable Laws. Shares will not be issued pursuant
 to the exercise of an Award unless the exercise of such Award and the issuance and delivery
 of such Shares will comply with Applicable Laws and will be further subject to the approval
 of counsel for the Company with respect to such compliance. The inability of the Company
 to obtain authority from any regulatory body having jurisdiction, which authority is deemed
 by the Company's counsel to be necessary to the lawful issuance and sale of any Shares
 hereunder, will relieve the Company of any liability in respect of the failure to issue or
 sell such Shares as to which such requisite authority will not have been obtained.

19. <u>Corporate Restrictions on Rights in Shares</u>. Any Shares to be issued pursuant to Awards granted
 under the Plan shall be subject to all restrictions upon the transfer thereof which may be
 now or hereafter imposed by the memorandum and articles of association of the Company. In
 addition, either at the time an Award is granted or by subsequent action, the Administrator
 may, but need not, impose such restrictions, conditions or limitations as it determines appropriate
 as to the timing and manner of any resales or other subsequent transfers by a Participant,
 or a holder of Shares acquired pursuant to the Plan, of any Share issued under an Award,
 including without limitation (a) restrictions under an insider trading policy, (b) restrictions
 designed to delay and/or coordinate the timing and manner of transfers, sales or otherwise
 dispositions by the Participant(s) (e.g., a lock-up arrangement with an underwriter of the
 Company), and (c) restrictions as to the use of a specified brokerage firm for such resales
 or other transfers.

20. <u>Clawback Policy</u>. Awards granted under the Plan and any gross proceeds received by Participants
 with respect to Awards granted under the Plan shall be subject to any clawback policy that
 may be adopted or amended thereafter by the Administrator from time to time, to comply with
 regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank
 Wall Street Reform and Consumer Protection Act of 2010, the listing standards of any national
 securities exchange on which the Company's securities are listed or any other applicable
 law, rule, or regulation. Clawback can, if applicable and where permitted by applicable local
 law, be made by deducting payments that will be due in the future (including salary, bonuses,
 and other forms of compensation). A Participant's acceptance of an Award under the
 Plan shall constitute such Participant's acknowledgement and recognition that the Participant's
 compliance with this <u>Section 20</u> is a condition for the Participant's receipt
 of the Award.

21. <u>Governing Law</u>. The validity, construction, and effect of the Plan and any rules and regulations
 relating to the Plan shall be determined in accordance with the internal laws of the State
 of New York, without giving effect to principles of conflicts of laws.

22. <u>Section 409A</u>.
 To the extent that the Administrator determines that any Award granted under the Plan is
 or may become subject to Section 409A of the Code, the Award Agreement evidencing such
 Award shall incorporate the terms and conditions required by Section 409A of the Code.
 To the extent applicable, the Plan and the Award Agreements shall be interpreted in accordance
 with Section 409A of the Code and the U.S. Department of Treasury regulations and other
 interpretative guidance issued thereunder, including without limitation any such regulation
 or other guidance that may be issued after the Effective Date. Notwithstanding any provision
 of the Plan to the contrary, in the event that following the Effective Date the Administrator
 determines that any Award may be subject to Section 409A of the Code and related U.S.
 Department of Treasury guidance (including such U.S. Department of Treasury guidance as may
 be issued after the Effective Date), the Administrator may adopt such amendments to the Plan
 and the applicable Award agreement or adopt other policies and procedures (including amendments,
 policies and procedures with retroactive effect), or take any other actions, that the Administrator
 determines is necessary or appropriate to (a) exempt the Award from Section 409A
 of the Code and /or preserve the intended tax treatment of the benefits provided with respect
 to the Award, or (b) comply with the requirements of Section 409A of the Code and
 related U.S. Department of Treasury guidance.

Adopted by the Board of Directors on December 9, 2025.