# EDGAR Filing Document

**Accession Number:** 0002101240
**File Stem:** 0001213900-26-046656
**Filing Date:** 2026-4
**Character Count:** 1697689
**Document Hash:** 71433c1e7533407be1301f488fff50e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-046656.hdr.sgml**: 20260422

**ACCESSION NUMBER**: 0001213900-26-046656

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 101

**FILED AS OF DATE**: 20260422

**DATE AS OF CHANGE**: 20260422

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SunScout Holding Ltd
- **CENTRAL INDEX KEY:** 0002101240
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295248
- **FILM NUMBER:** 26884586

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 112 KAIMANAWA STREET
- **CITY:** PALMERSTORN NORTH
- **NON US STATE TERRITORY:** MANAWATU
- **PROVINCE COUNTRY:** Q2
- **ZIP:** 4414
- **BUSINESS PHONE:** 64 6 353 7200

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 112 KAIMANAWA STREET
- **CITY:** PALMERSTORN NORTH
- **NON US STATE TERRITORY:** MANAWATU
- **PROVINCE COUNTRY:** Q2
- **ZIP:** 4414

#### As filed with the U.S. Securities and Exchange Commission on April 2 2 , 2026.

#### Registration No. [•]

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549
**_____________________________________**

#### FORM F-1<br>REGISTRATION STATEMENT<br>UNDER<br>THE SECURITIES ACT OF 1933
**_____________________________________**

#### SunScout Holding Limited<br> (Exact name of Registrant as specified in its charter)

#### Not Applicable<br> (Translation of Registrants name into English)
**_____________________________________**

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **4931** | **Not Applicable** |
|  (State or Other Jurisdiction of <br>Incorporation or Organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification No.) |

---

#### 112 Kaimanawa Street<br>Kelvin Grove<br>Palmerston North 4414<br>New Zealand<br> +64 27 230 0946<br> (Address, including zip code, and telephone number, including area code, of Registrant's principal executive office)
**_____________________________________**

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, New York 10168<br>800-221-0102<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
**_____________________________________**

#### Copies to:

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| | |
|:---|:---|
|  **William S. Rosenstadt, Esq.<br>Mengyi "Jason" Ye, Esq.<br>Yarona Yieh, Esq.<br>Ortoli Rosenstadt LLP<br>366 Madison Avenue 3**<sup>rd</sup> **Floor<br>New York, NY 10017<br>Telephone: (212) 588 0022**  | **Ying Li, Esq.<br>Guillaume de Sampigny, Esq.<br>Hunter Taubman Fischer & Li LLC<br>950 Third Avenue, 19**<sup>th</sup> **Floor<br>New York, NY 10022<br>Telephone: (212) 530 2206** |

---

**_____________________________________**

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this registration statement.

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

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

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

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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

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

____________

† The term new or revised financial accounting standard refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

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

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

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED APRIL 22, 2026** |

---

#### SunScout Holding Limited

#### 4,000,000 Class A Ordinary Shares
This is an initial public offering of our class A ordinary shares of par value of US$0.0001 each (the "Class A Ordinary Shares"). We are a Cayman Islands exempted company with limited liability with principal places of business in New Zealand and the United States through our wholly-owned subsidiaries, SunScout New Zealand Limited, a limited liability company formed in New Zealand ("SunScout NZ"), and Brightway Energy LLC, a limited liability company formed in the State of Delaware ("SunScout USA"), respectively. We are offering, on a firm commitment basis, 4,000,000 Class A Ordinary Shares. We anticipate that the initial public offering price of the Class A Ordinary Shares will be between US$5.00 and US$6.00 per Class A Ordinary Share.

Prior to this offering, there has been no public market for our Class A Ordinary Shares. We intend to apply to list our Class A Ordinary Shares on the New York Stock Exchange American ("NYSE American") under the symbol "SNSC." This offering is contingent upon the listing of our Class A Ordinary Shares on the NYSE American and there can be no assurance that we will be successful in listing our Class A Ordinary Shares on the NYSE American. The offering will not proceed unless our Class A Ordinary Shares are accepted for listing on the NYSE American.

Our authorized share capital is US$50,000 divided into 500,000,000 ordinary shares of par value of US$0.0001 each, comprising (a) 450,000,000 Class A Ordinary Shares and (b) 50,000,000 class B ordinary shares of par value of US$0.0001 each (the "Class B Ordinary Shares"). As of the date of this prospectus, there are 20,000,000 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares issued and outstanding. Each Class A Ordinary Share is entitled to one (1) vote and each Class B Ordinary Share is entitled to twenty (20) votes. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof. In addition, each Class B Ordinary Share will automatically convert into one (1) Class A Ordinary Share upon any sale, transfer, assignment or disposition to any person who is not a Designated Person (as defined below) or an affiliate of a Designated Person. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. Holders of Class A Ordinary Shares are entitled to receive dividends when and if declared by the board of directors. Holders of Class B Ordinary Shares are not entitled to receive any dividends. Save and except for voting rights, conversion rights, and dividend rights, the Class A Ordinary Shares and the Class B Ordinary Shares rank pari passu with one another.

Throughout this prospectus, unless the context indicates otherwise, any references to "us", "we", "our" "SunScout," "the Company," or "our Company" are to SunScout Holding Limited, a Cayman Islands holding company.

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

**Investing in our Class A Ordinary Shares involves a high degree of risk, including the risk of losing your entire investment. *See Risk Factors* beginning on page 16 to read about factors you should consider before buying our Class A Ordinary Shares.**

We are an "Emerging Growth Company" and a "Foreign Private Issuer" under applicable U.S. federal securities laws and, as such, are eligible for reduced public company reporting requirements. Please see "Implications of Our Being an Emerging Growth Company" and "Implications of Our Being a Foreign Private Issuer" beginning on pages 12 and 12 of this prospectus for more information.

We were incorporated in the Cayman Islands on August 18, 2025, as a holding company of our business, which, upon the completion of the restructuring as described below, will be operated through our wholly-owned subsidiaries, SunScout NZ and SunScout USA, in New Zealand and the United States respectively. The Class A Ordinary Shares offered in this offering are shares of the holding company that is incorporated in the Cayman Islands and not equity interests in SunScout NZ or SunScout USA.

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You are investing in Class A Ordinary Shares of the Company, the Cayman Islands holding company. Investors of our Class A Ordinary Shares are not purchasing and may never directly hold equity interests in SunScout NZ or SunScout USA. Such a structure involves unique risks to investors in this offering.

Upon completion of this offering, our issued and outstanding share capital will consist of 24,000,000 Class A Ordinary Shares, assuming the underwriters do not exercise their over-allotment option. Immediately after the completion of this offering we expect to be a controlled company as defined under Section 801(a) of the NYSE American Company Guide because Mr. Edwin Cywinski, our Chief Executive Officer, Chairman of the Board and Executive Director and his son Mr. Marc Cywinski, our Chief Operating Officer, will together beneficially own 49.83% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares and will be able to exercise 96.30% of the aggregate voting power of our total issued and outstanding share capital, assuming that the underwriters do not exercise their over-allotment option. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules although we do not presently intend to rely on such exemptions.

Although we do not intend to rely on the "controlled company" exemption under the NYSE American listing rules, we could elect to rely on this exemption in the future. If we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nomination and compensation committees might not consist entirely of independent directors upon closing of the offering.

As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements due to the fact that any concentrated control may limit or preclude your ability to influence corporate matters for the foreseeable future, including the election of directors, amendments of our organizational documents, and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transaction requiring shareholder approval. In addition, this may have anti-takeover effects and may prevent or discourage unsolicited acquisition proposals or offers for our share capital that you may feel are in your best interest as one of our shareholders. For addition*al information, see "Risks Relating to Our Securities and This Offering — Our controlling shareholder has substantial influence over the Company. Their interests may not be aligned with the interests of our other shareholders, and they could prevent or cause a change of control or other transactions." o*n page 34.

---

| | | |
|:---|:---|:---|
|  | **Per Class A <br>Ordinary Share** | **Total<sup>(4)</sup>** |
|  Initial public offering price<sup>(1)</sup> | US$ | US$ |
|  Underwriting discounts to be paid by us<sup>(2)</sup> | US$ | US$ |
|  Proceeds to the Company before expenses<sup>(3)</sup> | US$ | US$ |

---

____________

(1) Initial public offering price per share is assumed to be US$5.50, being the midpoint of the price range set forth on the cover page of this prospectus.

(2) We have agreed to pay the underwriters a discount equal to seven percent (7.0%) of the gross proceeds of the offering. This table does not include a non-accountable expense allowance equal to one percent (1%) of the gross proceeds of this offering payable to the underwriters. For a description of the other compensation to be received by the underwriters, see "Underwriting" beginning on page 142.

(3) Excludes fees and expenses payable to the underwriters. The total amount of underwriters expenses related to this offering is set forth in the section entitled "Expenses Relating to This Offering" on page 146.

(4) Assuming that the underwriters do not exercise any portion of their over-allotment option.

If we complete this offering, net proceeds will be delivered to us on the closing date.

This offering is being conducted on a firm commitment basis and the underwriters are obligated to take and pay for all of the Class A Ordinary Shares if any such shares are taken. The underwriters expect to deliver the Class A Ordinary Shares to the purchasers against payment on or about [•], 2026.

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You should not assume that the information contained in the registration statement to which this prospectus is a part is accurate as of any date other than the date hereof, regardless of the time of delivery of this prospectus or of any sale of the Class A Ordinary Shares being registered in the registration statement of which this prospectus forms a part.

No dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.

 ![](trevere_logo.jpg)<br>

#### The date of this prospectus is [•], 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [ABOUT THIS PROSPECTUS](#T26) | ii |
|  [PRESENTATION OF FINANCIAL INFORMATION](#T25) | iii |
|  [MARKET AND INDUSTRY DATA](#T24) | iv |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#T23) | v |
|  [DEFINITIONS](#T22) | vii |
|  [PROSPECTUS SUMMARY](#T21) | 1 |
|  [RISK FACTORS](#T20) | 16 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T19) | 39 |
|  [USE OF PROCEEDS](#T18) | 41 |
|  [CAPITALIZATION](#T17) | 42 |
|  [DILUTION](#T16) | 43 |
|  [DIVIDENDS AND DIVIDEND POLICY](#T15) | 44 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T99601) | 45 |
|  [HISTORY AND CORPORATE STRUCTURE](#T14) | 65 |
|  [INDUSTRY OVERVIEW](#T13) | 68 |
|  [BUSINESS](#T12) | 78 |
|  [REGULATIONS](#T11) | 107 |
|  [MANAGEMENT](#T10) | 112 |
|  [PRINCIPAL SHAREHOLDER](#T99603) | 124 |
|  [RELATED PARTY TRANSACTIONS](#T9) | 126 |
|  [DESCRIPTION OF SHARE CAPITAL](#T8) | 127 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T7) | 136 |
|  [MATERIAL TAX CONSIDERATIONS](#T6) | 137 |
|  [UNDERWRITING](#T5) | 142 |
|  [EXPENSES RELATING TO THIS OFFERING](#T4) | 146 |
|  [LEGAL MATTERS](#T3) | 147 |
|  [EXPERTS](#T2) | 147 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T1) | 147 |
|  [INDEX TO COMBINED FINANCIAL STATEMENTS](#T99602) | F-1 |

---

Until , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.

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#### ABOUT THIS PROSPECTUS
Neither we, nor any of the underwriters have authorized anyone to provide you with any information or to make any representations other than as contained in this prospectus or in any related free writing prospectus. Neither we, nor the underwriters take responsibility for, and provide no assurance about the reliability of, any information that others may give you. Please read this prospectus carefully. It describes our business, our financial condition and our results of operations. We have prepared this prospectus so that you will have the information necessary to make an informed investment decision. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of the securities. Our business, financial condition, results of operations and prospects may have changed since that date.

For investors outside the United States: Neither we, nor the underwriter have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction, other than the United States, where action for that purpose is required. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the Class A Ordinary Shares and the distribution of this prospectus outside the United States.

We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability and a majority of our outstanding securities are owned by non-U.S. residents. As of the date of this prospectus, four of our shareholders who are U.S. residents beneficially own 8,200,000 Class A Ordinary Shares, representing 41% of our total issued and outstanding Class A Ordinary Shares. 7,500,000 Class B Ordinary Shares, representing 50% of our total issued and outstanding Class B Ordinary Shares, are owned by a shareholder whose beneficial owner is a U.S. resident. Under the rules of the U.S. Securities and Exchange Commission (the "SEC"), we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC, as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, as amended, or the "Exchange Act".

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#### PRESENTATION OF FINANCIAL INFORMATION

#### Basis of Presentation
Unless otherwise indicated, all financial information contained in this prospectus is prepared and presented in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP" or "GAAP").

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

Our financial year ends on June 30 of each year. References in this prospectus to a financial year, such as "financial year 2025," relate to our financial year ended June 30 of that calendar year.

#### Financial Information in U.S. Dollars
Our reporting currency is the United States Dollar. This prospectus also contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of New Zealand Dollars into U.S. dollars for the financial years ended June 30, 2024, and 2025 were made with the exchange rates stated below.

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| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **June 30, <br>2024** |
|  Year-end NZD: US$ Exchange Rate | 0.5824 | 0.6050 |
|  Annual average NZD: US$ exchange rate | 0.59076 | 0.6066 |

---

We make no representation that the New Zealand dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or New Zealand dollars, as the case may be, at any particular rate or at all.

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#### MARKET AND INDUSTRY DATA
Certain market data and forecasts used throughout this prospectus were obtained from market research, reports of governmental and international agencies and industry publications, gathered by the Company. Statistical data in these publications also include projections based on a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. The industry in which we operate in may not grow at the rate projected by such market data, or at all. Failure of this industry to grow at the projected rate may have a material and adverse effect on our business and the market price of our Class A Ordinary Shares. Furthermore, if any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. Our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the heading "Risk Factors" in this prospectus. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that relate to our current expectations and views of future events. These forward-looking statements are contained principally in the sections entitled "Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Industry Overview" and "Business." These statements relate to events that involve known and unknown risks, uncertainties and other factors, including those listed under "Risk Factors," which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, these forward-looking statements can be identified by words or phrases such as "believe," "plan," "expect," "intend," "should," "seek," "estimate," "will," "aim" and "anticipate," or other similar expressions, but these are not the exclusive means of identifying such statements. All statements other than statements of historical facts included in this document, including those regarding future financial position and results, business strategy, plans and objectives of management for future operations (including development plans and dividends) and statements on future industry growth are forward-looking statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we will file with the SEC, other information sent to our shareholders and other written materials.

These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in "Risk Factors" and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business and operating strategies and our various measures to implement such strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operations and business prospects, including development and capital expenditure plans for our existing business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in policies, legislation, regulations or practices in the industry and those countries or territories in which we operate that may affect our business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial condition, results of operations and dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in political and economic conditions and competition in the area in which we operate, including a downturn in the general economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the regulatory environment and industry outlook in general;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the actions of our competitors and increase in competition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic losses from man-made or natural disasters, such as fires, floods, windstorms, earthquakes, diseases, epidemics, other adverse weather conditions or natural disasters, war, international or domestic terrorism, civil disturbances and other political or social occurrences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key personnel and the inability to replace such personnel on a timely basis or on terms acceptable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall economic environment and general market and economic conditions in the jurisdictions in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute our strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the need for capital and the availability of financing and capital to fund those needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to anticipate and respond to changes in the markets in which we operate, and in consumer demands, trends and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exchange rate fluctuations, including fluctuations in the exchange rates of currencies that are used in our business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates or rates of inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal, regulatory and other proceedings arising out of our operations.

The forward-looking statements made in this prospectus relate only to events or information as of the date on which the statements are made in this prospectus. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results or performance may be materially different from what we expect. You should not place undue reliance on these forward-looking statements.

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#### DEFINITIONS
"Class A Ordinary Shares" means the class A ordinary shares of par value of US$0.0001 each in the capital of the Company, and entitled to one (1) vote on all matters subject to vote at general meetings of the Company.

"Class B Ordinary Shares" means the class B ordinary shares of par value of US$0.0001 each in the capital of the Company, and entitled to twenty (20) votes on all matters subject to vote at general meetings of the Company.

"Business Day" means a day (other than a Saturday, Sunday or public holiday in the U.S.) on which licensed banks in the U.S. are generally open for normal business to the public.

"CAGR" means compound annual growth rate.

"Company," "our Company," or "SunScout" means SunScout Holding Limited, an exempted company incorporated in the Cayman Islands with limited liability on August 18, 2025.

"Designated Person" means each of Friedrich Edwin Cywinski and Marc Cywinski, being the founders of the Company, and in that context, an "affiliate" of a Designated Person means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Designated Person, and includes, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing.

"Companies Act" means the Companies Act (Revised) of the Cayman Islands.

"CNC" means computer numerical control.

"DSA" means our proprietary deployable solar array technology.

"Directors" means the directors of our Company as at the date of this prospectus, unless otherwise stated.

"Exchange Act" means the United States Securities Exchange Act of 1934, as amended.

"Executive Directors" means the executive Directors of our Company as at the date of this prospectus, unless otherwise stated.

"Executive Officers" means the executive officers of our Company as at the date of this prospectus, unless otherwise stated.

"Group," "our Group," "we," "us," or "our" means our Company and its subsidiaries or any of them, or where the context so requires, in respect of the period before our Company becoming the holding company of its present subsidiaries, such subsidiaries as if they were subsidiaries of our Company at the relevant time or the businesses which have since been acquired or carried on by them or as the case may be their predecessors.

"Independent Directors Nominees" means the independent non-executive director nominees of our Company as at the date of this prospectus, unless otherwise stated.

"Independent Third Party" means a person or company who or which is independent of and is not a 5% owner of, does not control and is not controlled by or under common control with any 5% owner and is not the spouse or descendant (by birth or adoption) of any 5% owner of the Company.

"NZ$," or "NZD" or "New Zealand Dollars" means New Zealand dollar(s), the lawful currency of New Zealand.

"Sarbanes Oxley Act" means The Sarbanes-Oxley Act of 2002.

"SEC" or "U.S. Securities and Exchange Commission" means the United States Securities and Exchange Commission.

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"Securities Act" means the U.S. Securities Act of 1933, as amended.

"SunScout Asia" means our joint-venture company, SunScout Asia Company Limited, incorporated on September 7, 2025 in Thailand, that provides component sourcing, assembly, and final quality inspection for our Autonomous Mowing Products (as defined herein) which are distributed to international markets. As of the date of this prospectus, SunScout Limited holds a 43% equity stake in SunScout Asia.

"SunScout NZ" or "SunScout New Zealand" refers to SunScout New Zealand Limited, a limited liability company formed in New Zealand on July 29, 2020, doing business as "Brunton Engineering" and a wholly owned subsidiary of our Company. The Brunton Engineering business was originally established as a family-owned engineering workshop in Palmerston North, New Zealand in 1998 and operated under various entities over time, including Owen Brunton Engineering Limited and later D C Brunton Limited, which was subsequently struck off. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the Brunton family's engineering operations in Palmerston North. In May 2024, SunScout New Zealand Limited acquired the operating assets of this business and has since conducted the engineering operations under the Brunton Engineering trade name. Following the transfer of the business to new ownership, the former Brunton Engineering Limited was renamed DKS Holdings Limited and entered voluntary solvent liquidation, as confirmed by a notice published in the New Zealand Gazette.

"SunScout USA" refers to Brightway Energy LLC, a limited liability company organized under the laws of the State of Delaware on February 9, 2020, and qualified to transact business in the Commonwealth of Massachusetts pursuant to a Certificate of Authority, and a wholly owned subsidiary of our Company.

"U.S.," "United States" or "US" means the United States of America.

"US$," or "USD" or "United States Dollars" means United States dollar(s), the lawful currency of the United States of America.

"U.S. GAAP" means the generally accepted accounting principles in the United States of America.

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#### PROSPECTUS SUMMARY
*This summary highlights information contained elsewhere in this prospectus. This summary may not contain all of the information that may be important to you, and we urge you to read this entire prospectus carefully, including the "Risk Factors," "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections and our combined financial statements and notes to those statements, included elsewhere in this prospectus, before deciding to invest in our Class A Ordinary Shares. This prospectus includes forward*-looking *statements that involve risks and uncertainties. See "Special Note Regarding Forward*-Looking *Statements."*

#### Overview
We are a clean-technology company engaged in the design, development, manufacturing, and commercialization of autonomous, solar-powered robotic mowers and related solar energy solutions. Our products are designed to address the environmental, regulatory, and cost limitations of existing petrol-powered and grid-dependent electric lawn mowing equipment. We believe petrol-powered mowers represent a significant source of emissions and while electric robotic mowers are designed to reduce direct emissions, they remain dependent on grid electricity and fixed charging stations. These products are limited in their physical range of operations in relation to their docking stations and contribute indirectly to carbon emissions in markets where grid electricity relies on fossil fuels.

We believe our proprietary deployable solar array ("DSA") technology is poised to become a disruptive technology designed to enable our SunScout Products to operate independently of the electrical grid, delivering true range autonomy and zero-emission lawnmowing. Our integrated DSA solar panels automatically deploy in our SunScout Products' "stationary mode" to recharge the onboard batteries on our SunScout Products and retract during operation to maintain maneuverability. We believe this technology eliminates the need for fixed charging stations, reduces operating costs by avoiding rising electricity costs, and enables deployment of our SunScout Products in markets with limited or unreliable grid infrastructure.

![](timage_001.jpg)

*Deployable Solar Array: designed to triple the surface area for maximized solar energy yield*

Our mission is to eliminate reliance on fossil fuels in outdoor maintenance and mobile machinery, beginning with lawn care and expanding into adjacent applications. Our technology platform is designed to be adaptable and platform-agnostic, with potential applications beyond robotic lawnmowing, including in agriculture, robotics, and electric vehicles such as onboard solar charging systems for electric vehicles, autonomous patrol robots, and other mobile equipment.

Our business currently comprises three lines of products and solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• SunScout Products.** This line of products represents our principal growth driver as of the date of this prospectus and consists of our solar-powered robotic mowers ("SunScout Eco", "SunScout Pro", and "SunScout ProMax") which are market-ready (the "Autonomous Mowing Solutions" or "Autonomous Mowing Products"). Our complementary products and prototype systems, include the (i) SunScout Solar Shelter, (ii) "Excel Mulcher Blade" and (iii) the SunScout Go-Easy Campervan and Go-Easy EV Utility Van, which remain in the development or proof of concept phase as of the date of this prospectus (the "Complementary Products", together with the Autonomous Mowing Solutions are our "SunScout Products"). We expect to commercialize our SunScout Products on a global scale through our direct to consumer e-commerce channels and distribution agreements with partners in what we believe to be key markets. As of the date of this prospectus, we believe progress remains strong, with our first commercial arrangements in place including a cooperation

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agreement with Wrissmer Werkstattsysteme GmbH ("WWS") in the European Union pursuant to which the parties have agreed to enter into a formal distribution agreement reflecting the terms and conditions of such cooperation agreement, and MowBot Limited ("Mowbot") in Australia and New Zealand. Simultaneously with our distribution channels, we follow a digital-sales strategy which prioritizes a direct connection with customers through our direct e-commerce channels. Our website generates direct to consumer sales online for our Autonomous Mowing Solutions and is expected to be supplemented by relationships with select third-party e-commerce marketplaces. We are also in discussions, supported by a third-party consultant, with Walmart Inc. regarding potential distribution in the United States; and with Motorland in Europe through WWS. In addition, we have engaged 2B Connected, a specialist sales agency, to conduct outbound sales lead generation for SunScout ProMax in New Zealand. However, as of the date of this prospectus, the campaign is paused pending delivery of demonstration units, after which we intend to further develop our sales activities in New Zealand and expand efforts to Australia. We believe these sales channels will provide incremental sales reach for our business and opportunities to increase awareness for our brand. As of the date of this prospectus, we believe our global positioning is further supported by our assembly operations through SunScout Asia in Thailand, alongside plans for a new assembly operations plant for our ProMax product in Texas to serve the U.S. market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Solar Power Development Solutions.** This line of services represents our solar energy business segment that develops and installs solar power systems for commercial, industrial, and institutional customers, and provides engineering, procurement, and construction ("EPC") services. We believe this business supports our overall strategy of promoting clean, decentralized energy generation while providing stable revenue and cash flow. Operations are conducted primarily through SunScout USA, in the United States and SunScout NZ in New Zealand ("Solar Power Development Solutions"). As of the date of this prospectus, we plan to expand our U.S. operations nationwide while also servicing neighboring regions, including the Caribbean, Puerto Rico, and South America. In Asia, we believe SunScout has the potential to gain access to large utility-scale solar projects that can drive significant growth. Meanwhile, in New Zealand, we believe the solar market is beginning to expand, particularly in the commercial sector, which is the current focus of SunScout New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engineering Products and Services.** This line of business represents our precision fabrication, mechanical engineering, and project-management segment that services commercial, industrial, and governmental clients in addition to on-site installation, maintenance, and repair services ("Engineering Products and Services"). Our Engineering Products and Services are operated through SunScout NZ, doing business as "Brunton Engineering". The Brunton Engineering business traces its origins back to 1998 and has operated for nearly 30 years through a succession of different legal entities. It generates revenue from custom manufacturing, metal fabrication, prototyping, and engineering services. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the engineering operations in Palmerston North. Pursuant to an asset purchase agreement dated April 3, 2023, and upon completion of transaction on May 27, 2024, we, through SunScout New Zealand, acquired substantially all of the assets and business of Brunton Engineering Limited, including its plant and equipment, vehicles, engineering machinery, tools, inventory, and other tangible assets, as well as the benefit of its customer relationships, goodwill and ongoing operations.

In the financial year ended June 30, 2025, our SunScout Products (revenue classified under SunScout Products for the financial years ended June 30, 2024 and June 30, 2025 did not arise from the sale of any physical SunScout products and such revenue reflects amounts received in connection with manufacturing and commercialization arrangements relating to SunScout Asia and the SunScout Eco products), Solar Power Development Solutions, and Engineering Products and Services contributed to 27.95%, 40.94% and 31.11% of our revenue respectively. In the financial year ended June 30, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 18.50%, 74.55% and 6.95% of our revenue respectively. In the six months ended December 31, 2025, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 9.35%, 68.32% and 22.34% of our revenue respectively and in the six months ended December 31, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 8.55%, 51.24% and 40.21% of our revenue respectively. While our Solar Power Development Solutions and Engineering Products and Services lines of business currently account for the majority of our revenues as of the date of this prospectus, we believe the SunScout Products segment represents an opportunity for long-term

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growth with international scale. We distribute to a broad range of customers across the United States, Australia, New Zealand and Asia. We believe this geographic coverage enables us to access diverse markets and capture growth opportunities across multiple regions. In this case, we believe our products are well positioned to benefit from what we believe are global trends toward automation, sustainability, and cost efficiency. At this time, we believe certain regulatory measures can accelerate the phase-out of fossil-fuel lawn equipment, electricity prices are rising globally, and customers are increasingly demanding environmentally friendly and cost-effective alternatives. Our robotic mowers and related technologies are designed to meet these needs by providing a clean, independent, and scalable solution for residential, commercial, and institutional customers alike. In view of these trends currently, our business strategy is to leverage a capital-light and scalable model, with revenues expected from product sales, licensing of our proprietary technologies, recurring leasing and servicing arrangements, and solar EPC contracts.

#### Competitive Strengths
We operate in markets that are characterized by established global participants, rapid technological advancement, and price-sensitive customers. Each of our three business lines, SunScout Products inclusive of our Autonomous Mowing Products, Solar Power Development Solutions, and Engineering Products and Services, face distinct competitive environments.

<u><u>Autonomous Mowing Products</u></u>

The global robotic-mower market includes numerous manufacturers offering petrol-powered, plug-in electric, and hybrid models. Established brands such as Husqvarna, Stiga, Worx, and Segway currently dominate the residential and light-commercial segments. We believe most existing models rely on grid charging through fixed base stations, and some incorporate small solar panels for supplemental charging. Competition in this segment is primarily based on technology, reliability, safety features, product price, and ease of operation.

We also face competition from traditional ride-on and push-mower manufacturers that are introducing semi-autonomous or battery-electric variants. The industry is expected to remain highly competitive as both established and emerging companies seek to expand their market share through new technologies and product differentiation.

We believe our Autonomous Mowing Products line is well positioned to compete in the global robotic-mower market because of the following factors:

*Solar autonomy*

Our proprietary DSA technology allows our Autonomous Mowing Products to operate entirely on solar power, eliminating reliance on external charging infrastructure and grid electricity. We believe that few, if any, competing products in the market can operate independently of an external power supply and this capability allows our mowers to be deployed in areas without access to electrical outlets or charging stations, such as golf courses, parks and large green spaces, where autonomous and continuous operation is particularly advantageous. While the commercial success of our SunScout Products depends on the efficiency, durability, and reliability of this technology under varied environmental and operating conditions, we believe the self-sufficiency of DSA ultimately provides a structural cost advantage and enhances the usability and scalability of our products compared to grid-dependent alternatives.

*Scalable product architecture and market coverage*

We believe our three-tier Autonomous Mowing Product lineup, SunScout Eco for residential, SunScout Pro for light-commercial, and SunScout ProMax for large-scale institutional use, addresses the full spectrum of mowing applications. The modular design of our Autonomous Mowing Products enables adaptation to different terrains and climatic conditions, allowing for incremental upgrades without complete redesigns and supporting efficient global deployment.

*Capital-light manufacturing and established distribution*

We employ a distributed production model that leverages existing facilities at Brunton Engineering in New Zealand and SunScout Asia in Thailand for assembly, supported by partnerships with distributors including WWS in Europe, and MowBot in Australia. We believe this structure provides access to established retail networks and minimizes fixed manufacturing costs while maintaining quality control.

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<u><u>Solar Power Development Solutions</u></u>

We believe that the solar-energy EPC market is fragmented and regionally driven, with competition from local and national contractors that design and install photovoltaic systems for commercial and industrial clients. In the United States, our subsidiary SunScout USA competes with other regional solar-installation firms. In Asia and New Zealand, competition arises from local EPC providers and system integrators serving the commercial-solar-roof and small-utility segments. We believe price, project-execution capability, and reliability of service are the principal competitive factors in this market.

We believe our Solar Power Development Solutions business is positioned to compete effectively in this environment due to the following factors:

*Integration of project engineering and product innovation*

We believe our solar-EPC operations complement our product development activities by providing real-world validation of our solar technologies, including the DSA technology. We believe this integration enables us to showcase SunScout Products alongside our commercial projects, strengthen our technical credibility and know-how with clients.

*Diversified regional platform*

Through SunScout USA in the United States, SunScout Asia in Thailand, and SunScout New Zealand in Oceania, we participate in three distinct markets with differing regulatory frameworks and customer bases. This regional diversification allows us to balance project pipelines and pursue opportunities in emerging markets while maintaining recurring revenues in established ones.

*Capital-light and scalable operating model*

Unlike traditional EPC firms that maintain significant fixed infrastructure, we focus on engineering and integration services while sourcing components from qualified suppliers. We believe this approach reduces our capital intensity, allows rapid scaling of project capacity, and improves our resilience in reacting to fluctuations in component prices.

<u><u>Engineering Products and Services</u></u>

We believe that the engineering and fabrication services industry in New Zealand is well established and characterized by numerous small and mid-sized operators providing contract manufacturing, mechanical assembly, and maintenance services to industrial and public-sector clients. We believe that the engineering-services market is mature and primarily relationship-based, with competition determined by quality, delivery time, and cost efficiency. Through SunScout NZ, we compete with other regional fabrication and mechanical-engineering firms that provide computer numerical control ("CNC") cutting, welding, and component-manufacturing services. Some of our competitors may have larger facilities or broader commercial networks, but we believe our Engineering Products and Services business is positioned to compete effectively in this environment due to the following factors:

*Established reputation, long operating history, and stable customer relationships.*

The Brunton Engineering trade name, the business of which is now operated by SunScout NZ, has been in continuous operation for almost 30 years and is an accredited supplier to the New Zealand Defence Force. Since its inception in 1998, SunScout NZ has developed and maintained long-term relationships with a core group of industrial and institutional customers in New Zealand. For the financial years ended June 30, 2024 and 2025, SunScout NZ's top five customers accounted for approximately 45% of SunScout NZ's total revenue, and 80% of these customers have engaged SunScout NZ for more than ten years. For the six months ended December 31, 2024 and 2025, SunScout NZ's top five customers accounted for approximately 56% of SunScout NZ's total revenue, and 62% of these customers have engaged SunScout NZ for more than ten years. These stable relationships contribute to recurring revenue and provide a predictable business base that supports the Group's overall operations.

*Comprehensive in-house capabilities*

SunScout NZ's facility is equipped for CNC laser cutting, folding, welding, machining, and assembly, enabling it to provide end-to-end engineering solutions from design through delivery. These capabilities also support the fabrication of components for SunScout Products and the development of new prototypes.

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*Integration with product development and group operations*

SunScout New Zealand, doing business as Brunton Engineering provides the technical foundation for our manufacturing and R&D activities. Its in-house expertise in precision fabrication shortens design-to-production cycles for SunScout Products and reduces reliance on third-party prototyping, enhancing overall quality, quality control, and cost efficiency.

#### Business strategies
As of the date of this prospectus we intend to continue to strengthen our position as a provider of clean-technology and renewable-energy solutions through the expansion of our product portfolio, operational reach, and strategic partnerships. Our key strategies include:

*Expansion of business and operations through joint ventures, acquisitions, and strategic alliances*

We aim to focus on our core business of developing and commercializing autonomous solar-powered equipment, while also exploring collaborations in renewable-energy systems, robotics, and electric-mobility solutions. We may pursue joint ventures or strategic partnerships to support manufacturing, distribution, and R&D activities in our markets. Notably as of the date of this prospectus, we have not identified any potential target companies for such acquisitions).

In addition, we may evaluate potential acquisitions of businesses or technologies that complement our existing capabilities or enhance our access to new markets.

*Strengthen local presence*

We plan to strengthen our local presence in our key markets through the establishment of regional assembly and service facilities and the appointment of additional distributors. As of the date of this prospectus, a key aspect of our strategy involves our planned Austin, Texas assembly and distribution center, which is intended to reduce shipping costs, shorten delivery times, and improve after-sales support for customers in the United States. By expanding our physical footprint, we aim to enhance accessibility, better serve our prospective customers, and reinforce our position as a trusted provider of solar-powered and autonomous solutions in each region we operate.

*Widen our product range and application*

We plan to broaden our product portfolio beyond robotic mowers to include related solar-charging and automation technologies. This includes adapting our proprietary DSA system for other mobile and off-grid applications such as for our Complementary Products currently in development. By diversifying our offerings, we seek to address a wider range of customer needs, strengthen our competitive position, and build a sustainable growth platform within the broader clean-technology industry.

*Enhance operational efficiency and integration across business lines*

We intend to leverage the combined capabilities of SunScout New Zealand, SunScout USA, and our European engineering, distributing and manufacturing partner, WWS, to create synergies in product design, regional production, and operational execution. While assembly for our SunScout Eco model continues to be completed in Asia, our strategic focus remains on expanding U.S.-based manufacturing for the SunScout Pro and SunScout Pro Max models through our planned assembly and distribution center in Austin, Texas.

On December 16, 2025, we entered into a non-binding memorandum of understanding with seed2soil GmbH & Co. KG ("seed2soil") to explore a potential collaboration in product development, manufacturing and commercialization, as well as a potential minority equity investment. Subject to the negotiation and execution of definitive agreements, we may assemble certain seed2soil products in our planned manufacturing facility in Texas, leveraging seed2soil's German engineering expertise and our established technical capabilities, including those of our European partner, WWS. We believe that, if implemented, this contemplated structure could accelerate production readiness, support our entry into the North American market, and broaden our commercial product offering. There can be no assurance that the proposed collaboration or equity investment will be completed on the terms currently contemplated, or at all.

By coordinating development activities across New Zealand, the United States, and Europe, and utilizing regional assembly hubs, we expect to reduce production costs, enhance quality control, and shorten development cycles. As of the date of this prospectus. we intend to maintain a capital-light operating model built around partnerships, contracted manufacturing, and regionally optimized assembly to support our planned scalable and efficient growth.

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#### Summary of Risk Factors
Investing in our Class A Ordinary Shares involves risks. The risks summarized below are qualified by reference to "Risk Factors" beginning on page 16 of this prospectus, which you should carefully consider before making a decision to purchase our Class A Ordinary Shares. If any of these risks actually occurs, our business, financial condition or results of operations would likely be materially adversely affected. In such case, the trading price of our Class A Ordinary Shares would likely decline, and you may lose all or part of your investment.

We face numerous risks that could materially affect our business, results of operations or financial condition. These risks include but are not limited to the following:

#### Risks relating to Our Business and Industry:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a limited operating history at commercial scale for our SunScout Products segment, and our ability to scale our business may be uncertain (see page 16).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our growth depends on the successful commercialization and reliable performance of our DSA technology (see page 16).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Geopolitical tensions and international trade policies may adversely affect our business, financial condition and results of operations (see page 17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in (see page 17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our future success depends on our ability to successfully introduce and market new products and keep pace with evolving technologies and customer preferences (see page 17).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are susceptible to fluctuations in the prices and quantity of key components (see page 18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant portion of our total assets consists of intangible assets, which are subject to impairment and could result in material write-downs (see page 18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are affected by interest rate increases with respect to our banking facilities (see page 18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may in the future engage in transactions with related parties, and such transactions may present possible conflicts of interest that could have an adverse effect on our business and results of operations (see page 19).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on a small number of key distributors for our SunScout Products, and disruptions in these distribution relationships could affect our ability to grow this business segment (see page 19).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our continued success is dependent on our key management personnel and our experienced and skilled personnel, including our founder and CEO, Mr. Edwin Cywinski, and our business may be severely disrupted if we are unable to retain them or to attract suitable replacements (see page 19).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our reputation and profitability may be adversely affected if there are defects, performance issues, or safety incidents involving our products that result in warranty claims and product recalls (see page 19).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results (see page 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be subject to claims arising from accidents or damages caused by the use or malfunction of our products (see page 20).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face significant competition from established manufacturers and emerging technology providers, and this may affect our ability to maintain our market share and growth (see page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to the credit risks of our customers (see page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business is subject to supply-chain interruptions (see page 21).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks arising from fluctuations in foreign currency exchange rates (see page 22).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We and our customers are subject to product certification, regulatory, and safety requirements in multiple jurisdictions, and any failure to obtain or maintain such approvals could limit our ability to sell our products (see page 22).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to environmental, health, and safety regulations and penalties, and may be adversely affected by new and changing laws and regulations (see page 22).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our insurance policies may be inadequate to cover our assets, operations, and any loss arising from business interruptions (see page 23).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our reputation and brand could be adversely affected by negative publicity or product-related incidents (see page 23).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to maintain and protect our intellectual property rights, or if third parties assert that we infringe on their intellectual property rights, our business could be adversely affected (see page 23).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and proprietary information (see page 24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third parties may claim that our platform infringes their intellectual property rights, and this may create liability for us or otherwise adversely affect our business, operating results and financial condition (see page 24).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our technology, software and systems are highly complex and may contain undetected errors, vulnerabilities, or design flaws that could affect product performance and expose us to liability (see page 25).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technical or regulatory limitations may impact our ability to effectively implement automation solutions (see page 25).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System ("GPS") or other RF technology, which could impair our ability to develop and market GPS-based technology solutions, as well as significantly reduce our customers' profitability (see page 25).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business may suffer if our products fail to perform as expected (see page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are exposed to risks with respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions, and other uncontrollable events (see page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to successfully implement our business strategies and future plans (see page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be successful in entering into distributor relationships or other commercial partnerships, which could adversely affect our operating results and our ability to compete in our industry (see page 26).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely significantly on the use of information technology, as well as those of our third party service providers. Any significant failure, inadequacy, interruption or data security incident of our information technology systems, or those of our third-party service providers, could disrupt our business operations, which could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows (see page 27).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business plans require a significant amount of capital, which will require us to sell additional equity securities or incur additional indebtedness that will dilute our shareholders or introduce covenants that may restrict our operations (see page 28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MBIE may exercise its enforcement and/or conversion rights under a convertible loan agreement, which could result in dilution of ownership interests in SunScout New Zealand and SunScout Limited (see page 28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to scale our business operations or otherwise manage our future growth effectively as we attempt to rapidly grow our company, we may not be able to produce, market, service and sell our products successfully (see page 29).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for lawn mowing equipment could directly and indirectly affect our business (see page 29).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our directors and executive officers are subject to new U.S. insider reporting obligations, which may increase our compliance costs and expose us to regulatory, enforcement and reputational risks (see page 30).

#### Risks relating to our Securities and this offering:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly (see page 30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions (see page 30).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors (see page 31).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares (see page 31).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline (see page 32).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment (see page 32).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short selling may drive down the market price of our Class A Ordinary Shares (see page 32).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All of our Class A Ordinary Shares were issued at par value, which may cause immediate dilution, increase market volatility, and materially impact the market for our securities (see page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because our public offering price per share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution (see page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile (see page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You must rely on the judgment of our management as to the uses of the net proceeds from this offering, and such uses may not produce income or increase our share price (see page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences (see page 33).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our controlling shareholder has substantial influence over the Company. Their interests may not be aligned with the interests of our other shareholders, and they could prevent or cause a change of control or other transactions (see page 34).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a "controlled company" under the rules of the NYSE American, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders (see page 34).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As an exempted company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under NYSE American corporate governance listing rules. These practices may afford less protection to shareholders than they would enjoy if we complied fully with NYSE American corporate governance listing standards (see page 35).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law (see page 35).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain judgments obtained against us or our auditor by our shareholders may not be enforceable (see page 35).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements (see page 36).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies (see page 36).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us (see page 36).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our compensation of directors and officers may not be publicly available (see page 37).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares on the NYSE American (see page 37).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Further issuances of Class B Ordinary Share may result in a dilution of the percentage ownership of the existing holders of Class A Class A Ordinary Shares as a total proportion of Class A Ordinary Shares in the Company (see page 38).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Class B Ordinary Shares will automatically convert into Class A Ordinary Shares upon transfer to persons who are not Designated Persons or their Affiliates, which may affect the dual-class share structure over time (see page 38).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to grant employee share options and other share-based awards in the future. We will recognize any share-based compensation expenses in our combined statements of comprehensive loss. Any additional grant of employee share options and other share-based awards in the future may have a material adverse effect on our results of operation (see page 38).

#### Corporate Information
The Company was incorporated in the Cayman Islands on August 18, 2025. Our registered office in the Cayman Islands is at 4<sup>th</sup> Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands. Our principal executive office is at 112 Kaimanawa Street, Kelvin Grove, Palmerston North 4414, New Zealand. Our telephone number at this location is +64 6353 7200. Our principal website address is https://sunscout.co.nz/. The information contained on our website does not form part of this prospectus. Our agent for service of process in the United States is Cogency Global Inc., 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168.

#### Corporate History
Our Company was incorporated in the Cayman Islands on August 18, 2025, under the Companies Act as an exempted company with limited liability.

On the date of the Company's incorporation, one (1) ordinary share was issued to Harneys Fiduciary (Cayman) Limited. On the same day, Harneys Fiduciary (Cayman) Limited transferred one (1) ordinary share to Thomas Grant HARRIS for a consideration of US$0.0001, and 959,999 ordinary shares were issued to Thomas Grant HARRIS for a consideration of US$95.99.

On December 6, 2025, the Company's shareholders approved to amend our authorized share capital from US$50,000 divided into 500,000,000 ordinary shares of par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, comprising (i) 450,000,000 class A ordinary shares of a par value of US$0.0001 each and (ii) 50,000,000 class B ordinary shares of a par value of US$0.0001 each.

Prior to the Reorganization described below, our business and operations were conducted through SunScout Limited, a company incorporated in New Zealand that served as the previous holding company of our operating entity, SunScout New Zealand, and Brightway Energy LLC, a Massachusetts-based company formed in Delaware, jointly owned by Mr. Marc Cywinski and Mr. Joshua Marotske, each holding a 50% shareholding.

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#### The Reorganization
This prospectus refers to the "Reorganization," which will be undertaken to consolidate the Group's operating entities under SunScout Holding Limited, our Cayman Islands holding company, and to establish the capital structure for this offering. The Reorganization includes the consolidation of SunScout Limited into the Group and the conditional acquisition of Brightway Energy LLC.

*Consolidation of SunScout Limited*

Pursuant to the share transfer agreements dated November 14, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BKK Consultants Limited transferred its 6,250 ordinary shares in the capital of SunScout Limited to the Company in satisfaction of its obligations in the amount of USD103,896 owed to the Company in respect of the 1,040,000 ordinary shares in the Company held by BKK Consultants Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Mr. Friedrich Edwin Cywinski transferred 46,875 ordinary shares in the capital of SunScout Limited to the Company, in satisfaction of AE Equity Limited's obligations in the amount of USD659,340 owed to the Company in respect of the 6,600,000 ordinary shares in the Company held by AE Equity Limited and for the issue of 7,500,000 Class B Ordinary Shares issued to AE Equity Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Mr. Marc Cywinski transferred 46,875 ordinary shares in the capital of SunScout Limited to the Company, in satisfaction of Solerin Equity Limited's obligations in the amount of USD535,464 owed to the Company in respect of the 5,360,000 ordinary shares in the Company held by Solerin Equity Limited and for the issue of 7,500,000 Class B Ordinary Shares issued to Solerin Equity Limited;

Following completion of these transfers, the Company acquired 100% of the equity interest in SunScout Limited. Pursuant to a share transfer form dated November 18, 2025, on December 6, 2025, BKK Consultants Limited, a company incorporated in New Zealand and wholly owned by Mr. Jacob Pretorius, our independent director nominee and nominated chairman of the nomination committee, and his wife, Karen Wilcox (each holding 50% shareholding) with Mr. Jacob Pretorius as the sole director of the company, transferred its 1,040,000 ordinary shares in the Company to Mr. Jacob Pretorius.

*Acquisition of Brightway Energy LLC*

On January 9, 2026, the Company entered into a membership purchase agreement (the "Brightway MPA") with its founders, Mr. Marc Cywinski and Mr. Joshua Marotske, pursuant to which the Company acquired 100% of the membership interests in Brightway Energy LLC for an aggregate consideration of US$5.0 million, consisting of US$2.0 million in cash payable within one (1) week following the receipt by the Company of the proceeds from this offering, and US$3.0 million in Class A ordinary shares of the Company, with the number of shares to be issued calculated based on the initial public offering price of the Class A ordinary shares in this offering and issuable six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. The transfer of the membership interests was completed on the date of the Brightway MPA, and Brightway Energy LLC became a wholly owned subsidiary of the Company as of such date. Payment of the purchase consideration is deferred and contingent upon the completion of the Company's initial public offering, subject to alternative settlement arrangements to be agreed by the parties if the offering is not completed by long-stop date of December 31, 2026 (the "Long-Stop Date").

Brightway Energy LLC had been under common control with the Company and combined into the Company's financial statements prior to the execution of the Brightway MPA. Accordingly, the transaction represented a legal ownership reorganization among entities under common control.

*Deed of Conditional Assignment*

On January 9, 2026, Mr. Marc Cywinski and Mr. Joshua Marotske entered into a deed of conditional assignment, pursuant to which Mr. Marc Cywinski conditionally assigned, subject to the completion of this offering, to Mr. Joshua Marotske his entitlements under the Brightway MPA to receive US$1,000,000 in cash and US$1,500,000 in Class A Ordinary Shares (with the number of shares to be issued calculated based on the initial public offering price of the Class A Ordinary Shares in this offering).

As part of the Reorganization undertaken, SunScout Limited became a wholly owned subsidiary of our Company on November 14, 2025. Brightway Energy LLC became a wholly owned subsidiary of our Company on January 9, 2026 upon completion of the Brightway MPA. Post-Reorganization, the Company will become the holding company of the Group.

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#### Corporate Structure
This chart below represents our corporate structure post-Reorganization, which was completed on January 9, 2026.

![](tflowchart_001.jpg)

____________

(1) AE Equity Limited is a business company incorporated in the British Virgin Islands and wholly owned by Mr. Edwin Cywinski, our Chief Executive Officer, Chairman and Executive Director ("AE Equity Limited").

(2) Solerin Equity Limited is a business company incorporated in the British Virgin Islands and wholly owned by Mr. Marc Cywinski, our Chief Operations Officer ("Solerin Equity Limited").

(3) JKM Equity Limited is a business company incorporated in the British Virgin Islands and wholly owned by Mr. Joshua Marotske, our Chief Technical Officer ("JKM Equity Limited").

SunScout Asia Company Limited ("SunScout Asia") operates as the Group's primary manufacturing and assembly platform for the SunScout Eco robotic lawn mower. SunScout Asia's manufacturing activities are conducted pursuant to a license manufacturing agreement entered into on May 1, 2024 (the "License Manufacturing Agreement") between SunScout Limited, as principal, and a Thailand-based operating manufacturing entity that was contemplated at the time the agreement was executed. At the time the License Manufacturing Agreement was entered into, the Group had not yet incorporated its Thailand manufacturing entity. Following the subsequent incorporation of SunScout Asia Company Limited in Thailand, the manufacturing, assembly, component sourcing and final quality inspection functions contemplated under the License Manufacturing Agreement have been carried out through SunScout Asia as the Group's joint-venture manufacturing platform. In connection with the establishment of SunScout Asia as the Group's Thailand operating entity, the parties entered into a written confirmation on February 19, 2025, pursuant to which the parties agreed and confirmed that SunScout Asia Company Limited is the manufacturer for the purposes of the License Manufacturing Agreement.

Under the License Manufacturing Agreement, the manufacturer is appointed as the exclusive manufacturer of the licensed products within the agreed territory and is responsible for manufacturing activities in accordance with specifications, quality standards and compliance requirements prescribed by SunScout Limited. The agreement grants a limited license to use specified intellectual property solely for manufacturing purposes, with all underlying intellectual property rights and any improvements retained by SunScout Limited. The agreement also contains customary provisions relating to quality control, confidentiality, reporting obligations, non-competition, pricing and payment mechanics, and termination upon customary events, including material breach or insolvency.

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The commercial framework for establishing the Group's Thailand manufacturing platform was initially outlined in non-binding investment agreements entered into in January 2024 with Hoffen Asia Co., Ltd. ("Hoffen Asia") and subsequently in March 2024 with related Thai individual investors. Hoffen Asia was the corporate vehicle initially used by the relevant Thai investors in connection with the proposed transaction, and the subsequent March 2024 agreement reflected those investors participating directly in their individual capacities instead. These agreements contemplated alternative ownership structures for the proposed Thailand entity but were expressly non-binding and were not implemented in their original form. SunScout Asia was ultimately incorporated reflecting the parties' revised commercial understanding, with the current ownership structure consisting of 43% SunScout Limited and 57% other Thai investors. No binding subscription or shareholders' agreement was executed pursuant to the earlier non-binding investment agreements.

#### Transfers of Cash to and from Our Subsidiaries
Our Company is permitted under the laws of the Cayman Islands to provide funding to our subsidiaries through loans or capital contributions without restrictions on the amount of the funds. There are no restrictions on dividends transfers from New Zealand to the Cayman Islands as long as there is a valid shareholders' resolution. Our Company, SunScout New Zealand Limited and SunScout Limited have not paid any dividends to their shareholders. SunScout USA distributed USD 136,207 in FY 2024 and USD 84,500 in FY 2025 to its then shareholders.

#### Implications of Our Being an Emerging Growth Company
As a company with less than US$1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to provide only two financial years of selected financial information (rather than five years) and only two years of audited financial statements (rather than three years), in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from compliance with the auditor attestation requirement of the Sarbanes-Oxley Act, on the effectiveness of our internal control over financial reporting.

We may take advantage of these reporting exemptions until we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of (1) the last day of the fiscal year in which the fifth anniversary of the completion of this offering occurs, (2) the last day of the fiscal year in which we have total annual gross revenue of at least US$1.235 billion, (3) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which means the market value of our Class A Ordinary Shares that are held by non-affiliates exceeds US$700.0 million as of the prior last business day of our most recently completed second fiscal quarter, and (4) the date on which we have issued more than US$1.0 billion in non-convertible debt during the prior three-year period. We may choose to take advantage of some, but not all, of the available exemptions. We have included two years of selected financial data in this prospectus in reliance on the first exemption described above. Accordingly, the information contained herein may be different from the information you receive from other public companies in which you hold stock.

#### Implications of Our Being a Foreign Private Issuer
Upon completion of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the Securities and Exchange Commission, or the SEC, of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

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Both foreign private issuers and emerging growth companies are also exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither emerging growth companies nor foreign private issuers.

In addition, as an exempted company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance listing requirements of the NYSE American. These practices may afford less protection to shareholders than they would enjoy if we complied fully with corporate governance listing requirements of the NYSE American. Following this offering, we will rely on home country practice to be exempted from certain of the corporate governance requirements of the NYSE American, namely (i) there will not be a necessity to have regularly scheduled executive sessions with independent Directors; and (ii) there will be no requirement for the Company to obtain shareholder approval prior to an issuance of securities in connection with (a) the acquisition of stock or assets of another company; (b) equity-based compensation of officers, directors, employees or consultants; (c) a change of control; and (d) transactions other than public offerings.

#### Implications of Being a "Controlled Company"
Upon the completion of this offering, we will be a "controlled company" as defined under the Section 801(a) of the NYSE American Company Guide as Mr. Edwin Cywinski, our Chief Executive Officer, Chairman of the Board and Executive Director and his son Mr. Marc Cywinski, our Chief Operating Officer, will together beneficially own 49.83% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares and will be able to exercise 96.30% of the aggregate voting power of our total issued and outstanding share capital, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" within the meaning of Section 801(a) of the NYSE American Company Guide and therefore eligible for certain exemptions from the corporate governance requirements of the NYSE American listing rules. For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that director nominees be selected or recommended for selection by either a majority of the independent directors or a nomination committee comprised solely of independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of our board of directors consist of independent directors.

As a result, you may not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements although we currently do not intend to rely on the exemptions.

In addition, our controlling shareholder will be able to exert significant control over our management and affairs, including approval of significant corporate transactions. Our status as a controlled company could cause our Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price. As a result, the investors will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

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#### The Offering

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| | |
|:---|:---|
|  **Offering Price** | The assumed initial public offering price will be between US$5.00 to US$6.00 per Class A Ordinary Share. |
|  **Class A Ordinary Shares offered by us** | 4,000,000 Class A Ordinary Shares |
|  **Class A Ordinary Shares issued and outstanding prior to this offering** | 20,000,000 Class A Ordinary Shares |
|  **Class A Ordinary Shares issued and outstanding immediately after this offering** | 24,000,000 Class A Ordinary Shares assuming no exercise of the underwriters' over-allotment option. 24,600,000 Class A Ordinary Shares assuming full exercise of the underwriters' over-allotment option. |
|  **Class B Ordinary Shares issued and outstanding prior to this offering and immediately after this offering** | 15,000,000 Class B Ordinary Shares |
|  **Over-allotment option to purchase additional Ordinary Shares** | We have granted the underwriters an option to purchase from us, up to fifteen percent (15%) of the Class A Ordinary Shares being offered in this offering, within forty-five (45) days after the closing of this offering. |
|  **Use of proceeds** | We estimate that we will receive net proceeds from this offering of up to US$21,012,605, based on an assumed price to the public in this offering of US$5.50 (being the mid-point of the offer price range stated on the cover of this prospectus), after deducting underwriting discounts, non-accountable expense allowance and other estimated offering expenses. We currently intend to use the net proceeds from this offering for the following purposes: establish a manufacturing plan, marketing and promotion campaigns, product development, inventory, repayment of loan, payment under the Brightway MPA and working capital. See "Use of Proceeds." |
|  **Dividend policy** | Our board of directors will take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividends paid, if any; (g) capital requirements and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our board of directors may consider relevant. Under our Post-Offering Memorandum and Articles of Association (as defined herein), only holders of Class A Ordinary Shares are entitled to receive dividends when and if declared. Holders of Class B Ordinary Shares are not entitled to receive any dividends. As of the date of this prospectus, we do not intend to pay any dividends on our Class A Ordinary Shares for the foreseeable future. Instead, our current policy anticipates that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividends and Dividend Policy" for more information. |

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| | |
|:---|:---|
|  **Lock-up** | Each of our Directors and Executive Officers and certain shareholders, have agreed, subject to certain exceptions, for a period of six (6) months from the date of this prospectus, and we have agreed, for a period of three (3) months from the closing of the offering, that each will not (i) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company. See "Shares Eligible for Future Sale" and "Underwriting — Lock-Up Agreements." |
|  **Risk factors** | Investing in our Class A Ordinary Shares involves risks. See "Risk Factors" beginning on page 16 of this prospectus for a discussion of factors you should carefully consider before deciding to invest in our Class A Ordinary Shares. |
|  **Listing** | We plan to apply to list the Class A Ordinary Shares on the NYSE American. This offering is contingent upon the listing of our Class A Ordinary Shares on the NYSE American. There can be no assurance that we will be successful in listing our Class A Ordinary Shares on the NYSE American. We will not close this offering unless such Class A Ordinary Shares are listed on the NYSE American. |
|  **Proposed trading symbol** | SNSC |
|  **Transfer agent** | Transhare Corporation |

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#### RISK FACTORS
*Investing in our shares is highly speculative and involves a significant degree of risk. You should carefully consider the following risks, as well as other information contained in this prospectus, before making an investment in our Company. The risks discussed below could materially and adversely affect our business, prospects, financial condition, results of operations, cash flows, ability to pay dividends and the trading price of our shares. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business, prospects, financial condition, results of operations, cash flows and ability to pay dividends, and you may lose all or part of your investment.*

*This prospectus also contains forward*-looking *statements having direct and/or indirect implications on our future performance. Our actual results may differ materially from those anticipated by these forward*-looking *statements due to certain factors, including the risks and uncertainties faced by us, as described below and elsewhere in this prospectus.*

#### Risks Relating to Our Business and Industry

#### We have a limited operating history at commercial scale for our SunScout Products segment, and our ability to scale our business may be uncertain.
Our SunScout Products segment, which contributed approximately 25.67% and 24.01% of our revenue for the financial years ended June 30, 2025 and 2024, respectively and 9.35% and 8.55% of our revenue for the six months ended December 31, 2025 and 2024, respectively, has only recently entered commercial rollout. Revenue classified under SunScout Products for the financial years ended June 30, 2024 and June 30, 2025 and six months ended December 31, 2025 and 2024 did not arise from the sale of any physical SunScout products and such revenue reflects amounts received in connection with manufacturing and commercialization arrangements relating to SunScout Asia and the SunScout Eco products. While our Solar Power Development Solutions and Engineering Products and Services segments provide a more established operating base, the long-term growth of our Group depends on successfully scaling our SunScout Products globally. As we expand production and distribution through facilities in New Zealand, Thailand, and planned operations in the United States, we may face challenges in demand forecasting, component sourcing, regulatory certification, quality control, and after-sales support. If we are unable to scale production efficiently or achieve expected sales volumes, the contribution of this segment to our overall results may be lower than anticipated.

As we scale this business, we may face challenges related to production ramp-up, demand forecasting, component sourcing, supply chain continuity, regulatory certification across different jurisdictions, product reliability, and after-sales service. In addition, scaling an advanced product that combines robotics, solar technology, and AI-based navigation involves managing complex quality-control processes and ensuring consistency across manufacturing sites. Further, several of our products remain under development, including the SunScout Go-Easy EV Camper- and Utility-Van. Product development involving robotics, solar technology, and AI navigation carries inherent technical, regulatory, and commercialization risks. These products may take longer or require more capital to complete than anticipated, may not meet performance or safety requirements, and may not be successfully commercialized or achieve market acceptance. Failure to complete development or commercialize new products could adversely affect our growth strategy and product roadmap.

If we are unable to efficiently scale production, manage supply chains, or achieve the expected sales volumes for our SunScout Products, the contribution of this segment to our overall results of operations and growth strategy may be lower than anticipated.

#### Our growth depends on the successful commercialization and reliable performance of our proprietary DSA technology.
Our DSA technology is central to the operation and market positioning of our SunScout Products. It enables our robotic mowers to operate independently of the electrical grid by deploying integrated solar panels for autonomous charging. The commercial success of our SunScout Products depends on the efficiency, durability, and reliability of this technology under varied environmental and operating conditions. Any design flaw, manufacturing defect, software malfunction, or component degradation could impair performance, reduce customer satisfaction, or result in warranty claims. The DSA system itself remains in early stages of large-scale deployment. As we integrate the DSA into our new Complementary Products (as defined herein), including the "SunScout Solar Shelter", "Go-Easy EV Utility Van,"

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and "Go-Easy EV Campervan", we may face unforeseen engineering, certification, or cost challenges. If our DSA technology fails to perform as intended or cannot be manufactured at scale on a cost-effective basis, our competitive position and growth prospects could be adversely affected.

#### Geopolitical tensions and international trade policies may adversely affect our business, financial condition and results of operations.
Our operations and supply chain are global in nature. We source critical components for our SunScout Products, including motors, lithium-ion batteries, navigation modules, sensors, and solar panels, from suppliers located primarily in Asia, Europe, and the United States. Increasing geopolitical tensions and shifts in international trade policy — particularly involving the United States, China, and other major economies — have created uncertainty in global supply chains and may adversely affect our operations.

In recent years, the U.S. and other governments have imposed tariffs, export controls, and trade restrictions on certain products and technologies, including electronics, batteries, and solar components. Any expansion or continuation of such measures could increase our procurement costs, delay component deliveries, or limit our access to certain technologies and materials. Retaliatory trade actions, sanctions, or new restrictions on cross-border transactions could similarly disrupt our supply chain or affect our ability to serve customers in certain markets. Trade negotiations among major economies remain fluid, and continued geopolitical conflicts or policy changes could further impact trade flows, component pricing, and investor confidence. Any material increase in tariffs, export restrictions, or other trade barriers affecting our suppliers or distributors could materially and adversely affect our business, financial condition, and results of operations.

***We are affected by regional and worldwide political, regulatory, social and economic conditions in the jurisdictions in which we and our customers and suppliers operate and in the jurisdictions which we intend to expand our business in.***

We and our customers and suppliers are governed by the laws, regulations, and government policies in each of the various jurisdictions in which we and our customers and suppliers operate or into which we intend to expand our business and operations. Our business and future growth are dependent on the political, regulatory, social and economic conditions in these jurisdictions, which are beyond our control. Any economic downturn, changes in policies, currency and interest rate fluctuations, capital controls or capital restrictions, labor laws, changes in environmental protection laws and regulations, duties and taxation and limitations on imports and exports in these countries may materially and adversely affect our business, financial condition, results of operations and prospects.

Generally, we fund our purchases and operations through our internal resources and short and long-term financing from banks and other financial institutions. Any disruption, uncertainty and volatility in the global credit markets may limit our ability to obtain the required working capital and financing for our business at reasonable terms and finance costs. If all or a substantial portion of our credit facilities are withdrawn and we are unable to secure alternative funding on acceptable commercial terms, our operations and financial position will be adversely affected. The interest rates for most of our credit facilities are subject to review from time to time by the relevant financial institutions. Given that we rely on these credit facilities to finance our purchases and operations and that interest expenses represent a significant percentage of our expenses, any increase in the interest rates of the credit facilities extended to us may have a material adverse impact on our profitability.

In addition, such fluctuations and volatility in the global credit markets could limit credit lines of our current and potential customers from banks or financial institutions. Accordingly, such customers may not be able to obtain sufficient financing to purchase our products and services, or we may be required to lower our rates in order to cater to our customers' current situation. This may have an adverse impact on our revenue and financial performance.

#### Our future success depends on our ability to successfully introduce and market new products and keep pace with evolving technologies and customer preferences.
The solar-energy and automation industries are characterized by rapid technological change, evolving regulatory requirements, and shifting customer preferences. Our future success depends on our ability to develop and offer products that meet changing performance, efficiency, and safety expectations. Advances in competing technologies — such as improved photovoltaic modules, energy-storage systems, or autonomous-navigation software — could render aspects of our existing SunScout Products less competitive or obsolete. We continually refine the design and specifications

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of our SunScout Products and other products to align with customer and regulatory standards. However, there is no assurance that we will be able to anticipate or respond to these changes in a timely or cost-effective manner. Delays in introducing updated models, or misjudging customer demand for new features, could reduce sales and market acceptance.

As we do not maintain material inventory of finished products, the principal risk is that technological developments could shorten product lifecycles and reduce demand for our current offerings before we recover our development costs. If we experience significant future growth, we may be required not only to make additional investments in hiring additional workforce to support our manufacturing capacity, but also to expand our infrastructure Any such reduction in market relevance could adversely affect our business, financial condition, and results of operations. Similarly, if we are unable to successfully introduce, integrate, and market new products, our business, prospects, financial condition, results of operations, and cash flows may be materially and adversely affected.

#### We are susceptible to fluctuations in the prices and quantity of key components.
We depend on the availability of key components such as solar panels, lithium-ion batteries, motors, sensors, and control electronics that are sourced from third-party suppliers. The prices of these components may fluctuate significantly due to changes in raw-material costs, manufacturing capacity, global demand, supply-chain constraints, or geopolitical events. If prices of critical components increase and we are unable to pass the higher costs to our customers, our margins and profitability could be adversely affected. Likewise, shortages or delays in obtaining sufficient quantities of components could disrupt our production and delivery schedules. Although we source components from multiple suppliers and regions to mitigate these risks, there is no assurance that such measures will fully protect us from price volatility or supply shortages. Any sustained increase in component costs or interruption in supply could materially and adversely affect our business, financial condition, and results of operations.

#### A significant portion of our total assets consists of intangible assets, which are subject to impairment and could result in material write-downs.
As of June 30, 2025, our intangible assets, consisting primarily of customer relationships and tradenames acquired in connection with the acquisition of Brunton Engineering, totaled approximately US$918,802, representing approximately 24% of our total assets of US$3,838,350. As of December 31, 2025, our intangible assets, consisting primarily of customer relationships and tradenames acquired in connection with the acquisition of Brunton Engineering, totaled approximately US$866,606, representing approximately 18% of our total assets of US$4,833,690. These intangible assets are recorded at their estimated fair values at the time of acquisition and are amortized over their estimated useful lives. We are required to evaluate our intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Factors that could trigger an impairment review include, but are not limited to, significant underperformance relative to projected future operating results, significant changes in the manner of use of the assets, significant negative industry or economic trends, and a significant decline in our stock price or market capitalization. If the carrying amount of an intangible asset exceeds its fair value, we would be required to record an impairment charge, which could result in material write-downs and have a material adverse effect on our financial condition and results of operations.

#### We are affected by interest rate increases with respect to our banking facilities.
Generally, we fund our operations via our internal resources and short and long-term financing from banks. Any disruption, uncertainty and volatility in the global credit markets may limit our ability to obtain the required working capital and financing for our business at reasonable terms and finance costs. If all or a substantial portion of our credit facilities are withdrawn and we are unable to secure alternative funding on acceptable commercial terms, our operations and financial position will be adversely affected. The interest rates for most of our credit facilities are subject to review from time to time by the relevant financial institutions. Given that we rely on these credit facilities to finance our operations and that interest expenses represent a significant percentage of our expenses, any increase in the interest rates of the credit facilities extended to us may have a material adverse impact on our profitability.

We have five loan facilities with an aggregate outstanding amount of approximately $2,559,556 as at the date of this prospectus. While there has yet to be an increase in the interest rates of the existing banking facilities, if the bank interest rates continue to rise and we are unable to pass this increased cost to our customers, our financial performance may be materially and adversely affected.

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***We may in the future engage in transactions with related parties, and such transactions may present possible conflicts of interest that could have an adverse effect on our business and results of operations.***

We may in the future enter into transactions with entities in which members of our board of directors and other related parties hold ownership interests. Transactions with the entities in which related parties hold ownership interests present potential for conflicts of interest, as the interests of these entities and their shareholders may not align with the interests of our company and our unaffiliated shareholders with respect to the negotiation of, and certain other matters related to, our purchases from and other transactions with such entities. Conflicts of interest may also arise in connection with the exercise of contractual remedies under these transactions, such as default. For prospective transactions with any related parties after listing on the NYSE American, such transactions are subject to our Audit Committee's review and approval.

***We are dependent on a small number of key distributors for our SunScout Products, and disruptions in these distribution relationships could affect our ability to grow this business segment.***

Our SunScout Products are currently marketed primarily through a limited number of third-party distributors and retail partners, including WWS in Europe, and MowBot in Australia. The loss of any of these distributors or a significant reduction in their orders could materially affect our sales and our ability to scale and expand our market presence. We also have limited control over their marketing efforts, inventory levels, or customer service standards. If any distributor reduces its purchases, defaults on payment, or discontinues its relationship with us, or if we are unable to secure new distribution partners on comparable terms, our revenue and profitability could be materially and adversely affected.

***Our continued success is dependent on our key management personnel and our experienced and skilled personnel, including our founder and CEO, Mr. Edwin Cywinski, and our business may be severely disrupted if we are unable to retain them or to attract suitable replacements.***

Since the commencement of our business, Mr. Edwin Cywinski, our Chief Executive Officer, Chairman and Executive Director, has been instrumental in leading the development of our DSA technology and establishing our integrated clean-energy solutions business. We rely on the extensive experience, technical knowledge, and wide industry network that Mr. Cywinski has built over more than two decades in the renewable-energy and materials-science industries, including through his prior leadership of eco-Kinetics and involvement in large-scale solar and engineering projects across Australasia and North America.

Our performance depends on the continued service and leadership of Mr. Cywinski, who plays an important role in formulating and implementing our business strategies and future plans. The technical expertise and long-standing relationships that he has developed with our suppliers, customers, and partners are vital to our business. If Mr. Cywinski were to resign or otherwise cease to be actively involved in our operations, there is no assurance that we would be able to identify and appoint a suitable replacement with comparable technical knowledge and industry connections in a timely manner.

In addition to Mr. Cywinski, we depend on the continued contributions of other key members of our management team, including Mr. Marc Cywinski, our Chief Operations Officer; Mr. Joshua Marotske, our Chief Technical Officer; and Mr. Jamie Parent, our Chief Financial Officer. Each brings extensive experience in operations, engineering, and financial management that is critical to our execution and growth. These individuals are compensated through a combination of base salary and performance-based equity incentives, which are designed to align management interests with those of our shareholders. If any of these key executives were to leave our Company or be unable to perform their duties, our business operations and strategic initiatives could be adversely affected.

Although we depend heavily on the services of Mr. Cywinski and other key management personnel, we do not maintain key-man life insurance policies on any of them. Therefore, if any of our key executives were to die or become disabled, we would not receive any compensation to mitigate the impact of such loss, which could materially and adversely affect our business, financial condition, results of operations, and growth prospects.

***Our reputation and profitability may be adversely affected if there are defects, performance issues, or safety incidents involving our products that result in warranty claims and product recalls.***

The quality, reliability, and safety of our products are critical to our reputation and business performance. Our SunScout robotic mowers, which incorporate sharp mechanical components, onboard batteries, and autonomous navigation software, are subject to risks of malfunction or failure arising from design defects, component issues, or

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improper use by customers. Our products are designed to comply with international standards, including AS/NZS 60335.2.107:2013 A1, ANSI/OPEI 60335-2-107:2020, IEC 60335-2-107:2017, and CE conformity requirements. Nevertheless, undetected defects or failures could still occur.

For the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, warranty claims and repair costs were not material to our results of operations; however, as our sales volume increases, the frequency and magnitude of such claims could rise. Any product failure, customer injury, or property damage could result in warranty obligations, product recalls, regulatory investigation, or litigation. In addition, reports of malfunctions — whether substantiated or not — could generate negative publicity and harm public confidence in our brand, particularly given the growing use of autonomous equipment in residential and public environments.

We have implemented safety and quality-control procedures across all production sites. Such measures, however, may not prevent, reveal or detect defects in our products, and such defects may not become apparent until after our products have been sold into the market or in the event of an actual incident. Consequently, there is a risk that product defects may occur and such defects will require a product recall. Any product recalls and related remedial actions can be costly to our operations and could have a material adverse effect on our business, results of operations, and financial condition. Furthermore, product recalls could result in negative publicity and public concern regarding the safety of our products, which could harm the reputation of our products and our business and could cause the market value of our shares to decline. If we are required to undertake a product recall, incur significant warranty or repair costs, or face adverse publicity or legal claims arising from product performance or safety issues, our reputation, financial condition, and results of operations could be materially and adversely affected.

Since our establishment, we believe that we have built goodwill in our brands and thus customer loyalty. Hence, if there are any major lapses in our products or services and/or due to circumstances beyond our control resulting in negative publicity, our reputation may be adversely affected, and our customers may lose confidence in our products or services. In such an event, our business and hence our profitability and financial performance may be adversely affected.

#### A significant failure or deterioration in our quality control systems could have a material adverse effect on our business and operating results.
The quality and safety of our products are critical to the success of our business and operations. As such, it is imperative that our (and our service providers') quality control systems operate effectively and successfully. Quality control systems can be negatively impacted by the design of the quality control systems, the quality training programs and adherence by employees to quality control guidelines. Although we strive to ensure that all of our service providers have implemented and adhere to high-quality control systems, any significant failure or deterioration of such quality control systems could have a material adverse effect on our business and operating results.

#### We may be subject to claims arising from accidents or damages caused by the use or malfunction of our products.
Our SunScout Products are designed to operate autonomously and incorporate mechanical and electrical components such as motors, blades, and lithium-ion batteries. The use of these products involves inherent risks, including the potential for equipment malfunction, fire, electrical faults, or collision with persons or property. Claims may be made against us if accidents, injuries, or property damage occur in connection with the use or performance of our products, including on the grounds of alleged product defects, inadequate warnings, or insufficient safety features.

Although we conduct safety testing and quality-control procedures for our products, it is not possible to eliminate all risks associated with product operation or malfunction. We maintain insurance coverage that includes product liability, but such insurance may not fully cover all claims, or insurers may contest coverage. In addition, payment of significant insurance claims could result in increased premiums, which would raise our operating costs. Any product-related accidents or defects — whether or not caused by our fault — could result in legal claims, regulatory scrutiny, or reputational damage, any of which could materially and adversely affect our business, financial condition, and results of operations.

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#### We face significant competition from established manufacturers and emerging technology providers, and this may affect our ability to maintain our market share and growth.
The markets for solar-powered and autonomous equipment are highly competitive and rapidly evolving. We compete against established global manufacturers of solar and renewable-energy systems, robotic and automation equipment, and traditional engineering products and services, many of which have substantially greater financial, technical, manufacturing, and marketing resources than we do. These competitors may have longer operating histories, larger production capacity, broader product portfolios, stronger brand recognition, and more extensive distribution networks.

We also face competition from new market entrants developing innovative solar, battery, and automation technologies that may be more cost-effective or technologically advanced than our products. Rapid technological change, shifts in component pricing, and the entry of new participants in clean-energy and robotics markets may increase pricing pressure and reduce our margins.

Our ability to maintain and grow our market share depends on our continued innovation, manufacturing efficiency, and customer service. While our DSA technology and capital-light manufacturing model supported by external assembly partners provide flexibility and scalability, we may not be able to continue improving our products or reduce production costs as quickly as our competitors. Competitors may also seek to replicate or improve upon our DSA design or offer similar energy-efficient products at lower prices.

In addition, we compete for skilled engineers, technicians, and sales personnel with other technology and renewable-energy companies, which could increase labor costs or constrain our ability to expand. Any failure to compete effectively — whether due to pricing, technology, supply-chain access, or brand recognition — could materially and adversely affect our business, financial condition, and results of operations.

#### We are exposed to the credit risks of our customers.
We extend credit terms to some of our customers. Our average accounts receivable turnover days were approximately 18 days and 29 days for the financial year ended June 30, 2024, and June 30, 2025 and 18 days and 30 days for the six months ended December 31, 2024 and December 31, 2025. Our customers may be unable to meet their contractual payment obligations to us, either in a timely manner or at all. The reasons for payment delays, cancellations, or default by our customers may include insolvency or bankruptcy, or insufficient financing or working capital due to late payments by their respective customers. While we did not experience any material order cancellations by our customers during the financial year ended June 30, 2024, and June 30, 2025 and six months ended December 31, 2024 and December 31, 2025, there is no assurance that our customers will not cancel their orders and/or refuse to make payment in the future in a timely manner or at all. We may not be able to enforce our contractual rights to receive payment through legal proceedings. In the event that we are unable to collect payments from our customers, we are still obliged to pay our suppliers in a timely manner and thus our business, financial condition and results of operations may be adversely affected.

#### Our business is subject to supply-chain interruptions.
We source critical components for our SunScout Products, including motors, lithium-ion batteries, navigation modules, sensors, and solar panels, from suppliers located primarily in Asia, Europe, and the United States. We also work with third-party logistics providers for the import, export, and transportation of these components and of our finished products. We rely on these third parties' ability to deliver materials and equipment on time and in accordance with our quality and technical specifications. The factors that can adversely affect our operations include, but are not limited to: interruptions to our delivery capabilities or to those of our suppliers; failure of third-party service providers to meet our standards or their contractual commitments; and increasing transportation costs, shipping constraints, or other factors that could impact cost, such as the need to engage more expensive or less efficient service providers.

Our results of operations and capital resources have not been materially impacted by supply chain interruptions during the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, because we source components from multiple suppliers and maintain flexible logistics arrangements. However, any increased costs from delays, cancellations, insurance, or disruption to — or inefficiency in — the supply-chain network of our third-party service providers, whether due to geopolitical conflicts, trade restrictions, public-health outbreaks, or other factors, could affect our revenue and profitability. We continue to diversify our sourcing base and intend to strengthen our contractual quality and compliance requirements for suppliers. Nevertheless, qualification of new suppliers may

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require additional testing and certification and can be time-consuming and costly. If our suppliers or logistics partners fail to meet our requirements, or if we are unable to secure alternative sources or shipping capacity in a timely manner, our production, delivery schedules, and financial performance could be materially and adversely affected.

While we design and control the core software used in our SunScout Products, our products and operations rely on third-party software, data, and cloud-service providers for navigation algorithms, mapping, fleet management, and remote updates. Any failure, breach, or interruption in these systems — whether due to cybersecurity incidents, software defects, or outages at third-party vendors — could disrupt product performance or customer access to our applications. We continue to strengthen our cybersecurity framework and supplier-level data-protection requirements, but such measures may not fully prevent service disruptions or data loss. If our software infrastructure or that of our third-party providers were compromised or became unavailable, our product functionality, customer satisfaction, and brand reputation could be adversely affected.

#### We are exposed to risks arising from fluctuations in foreign currency exchange rates.
Our reporting currency is the U.S. dollar, while a substantial portion of our operating costs are denominated in New Zealand dollars. We also conduct transactions in other currencies, including the euro, British pound, Australian dollar, and Thai baht. As a result, we are exposed to foreign currency exchange gains or losses arising from transactions and balance-sheet items denominated in currencies other than our reporting currency.

Appreciation of the New Zealand dollar or other operating currencies against the U.S. dollar could increase our costs when translated into U.S. dollars, while depreciation could reduce the value of our foreign-currency revenues. Exchange-rate fluctuations may also affect the comparability of our financial results between periods. We currently maintain a trade finance facility with our bank that provides limited currency-hedging support; however, this facility does not eliminate our exposure to exchange-rate volatility. We did not engage in any other hedging activities for the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025. There can be no assurance that any future hedging arrangements, if implemented, will be effective. Significant movements in exchange rates could therefore adversely affect our business, financial condition, and results of operations.

***We and our customers are subject to product certification, regulatory, and safety requirements in multiple jurisdictions, and any failure to obtain or maintain such approvals could limit our ability to sell our products.***

Our products are subject to a wide range of regulatory and technical standards governing safety, electromagnetic compatibility, radio-frequency emissions, and environmental performance. These include, among others, CE conformity for the European Union, FCC certification in the United States, and AS/NZS and IEC standards applicable in Australasia and other markets. As we expand the sale of our SunScout Products into new jurisdictions, we or our distributors are required to obtain additional regulatory certifications or product approvals before commercial launch.

We are guided by a set of safety and regulatory standards imposed by governmental authorities in the jurisdictions where we manufacture and sell our products, as described in the "Regulations" section of this prospectus. We are subject to monetary fines and other penalties if there is any infringement of applicable product-safety, environmental, or import-export regulations. Any new regulations, or any imposition of new licensing or certification requirements applicable to our business operations or to the products that we supply, may have an adverse impact on our operations and financial performance.

For the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, we did not experience any material certification failures or penalties; however, compliance with changes in legislation, regulations, or policies — such as new environmental or product-safety standards — may increase our costs. Any significant increase in compliance costs or delay in obtaining necessary approvals may adversely affect our financial performance. In such event, our business and profitability would be materially and adversely affected.

#### We are subject to environmental, health, and safety regulations and penalties, and may be adversely affected by new and changing laws and regulations.
We are subject to laws and regulations relating to environmental protection, occupational health and safety, waste management, and the handling and disposal of batteries and other materials used in our products, as described in the "Regulations" section of this prospectus. Our operations and those of our manufacturing partners in New Zealand and Thailand must comply with local environmental and workplace-safety requirements, including regulations concerning hazardous substances, waste disposal, and noise control. Failure to comply with these laws may result in fines, penalties, or enforcement actions.

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As a company engaged in clean-technology manufacturing and solar-powered systems, our operations are also indirectly affected by broader environmental and climate-related regulations and incentives. Changes in government policies — such as renewable-energy subsidies, carbon-emission targets, or recycling mandates — may increase our compliance costs or alter demand for our products. For example, more stringent environmental standards governing the sourcing, recycling, or transport of lithium-ion batteries and photovoltaic modules could increase our production costs.

For the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, we did not incur any material penalties or compliance costs under environmental or safety regulations. However, future changes in applicable laws or the imposition of new environmental, health, or safety requirements could require additional investment in equipment, processes, or certifications. Any significant increase in such compliance costs, or any failure to comply with environmental or safety obligations, could adversely affect our business, financial condition, and results of operations.

#### Our insurance policies may be inadequate to cover our assets, operations, and any loss arising from business interruptions.
We face the risk of loss or damage to our assets or disruptions to our operations from events such as fire, theft, natural disasters, cyber incidents, or product malfunctions. Although we maintain insurance coverage, including product-liability and general commercial policies, such coverage may not be sufficient to cover all potential claims or losses. If losses exceed the limits of our insurance policies, or if our insurers contest or deny coverage, we will remain responsible for any uninsured amounts. In addition, significant insurance claims could lead to higher premiums in future periods, increasing our operating costs. We do not currently maintain specific insurance for business interruptions, and any prolonged disruption of our operations, manufacturing, or supply chain could adversely affect our revenue and financial performance.

#### Our reputation and brand could be adversely affected by negative publicity or product-related incidents.
Our reputation and the market perception of our brand are critical to our success. Negative publicity or public concerns regarding the safety, quality, or performance of our products, whether justified or not, could harm customer confidence, damage our relationships with distributors, and adversely affect our sales. Incidents such as product malfunctions, safety recalls, or allegations relating to environmental impact could attract media attention and negatively affect our reputation. Because our products are marketed through third-party distributors and retail partners, we have limited control over how our products are promoted and serviced in the market. Poor customer service, misinformation, or negative reviews associated with our distributors could also reflect adversely on our brand. Although we strive to maintain high product and service standards, we cannot guarantee that negative publicity, whether arising from product issues, third-party actions, or online commentary, will not occur in the future. Any such negative publicity could materially and adversely affect our business, financial condition, and results of operations.

***If we are unable to maintain and protect our intellectual property rights, or if third parties assert that we infringe on their intellectual property rights, our business could be adversely affected.***

Our success depends in part on our ability to protect proprietary technologies and designs, including our DSA system, product architectures, and control software used in our SunScout Products. We rely on a combination of unregistered intellectual property, know-how, trademarks, trade secrets, and confidentiality and non-disclosure agreements with employees, suppliers, and distributors to safeguard our proprietary information. Because our operations and sales span multiple jurisdictions, effective enforcement of our intellectual property rights may be difficult and costly. Patent or design protection may not be available in every jurisdiction where we operate, and the legal systems of certain countries may not provide the same level of protection as others. Competitors may attempt to copy or replicate our product designs or develop similar technologies that achieve comparable functionality without infringing our rights. We may not have sufficient resources to detect or pursue all instances of infringement or misappropriation. In addition, we currently do not own any registered trademarks and have not registered or claimed authorship over any copyrights. As a result, our ability to protect our brand identity, product names, software, technical documentation, and other proprietary materials may be limited. The absence of registered intellectual property rights may make it more difficult, costly, or time-consuming for us to prevent third parties from using similar marks, product designs, or content, or to enforce our rights in jurisdictions where unregistered protections are weaker or uncertain. Competitors or other third parties may adopt confusingly similar branding or materials, which could dilute our brand, cause customer confusion, or require us to expend significant resources to assert or defend our rights.

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We may also face claims from third parties alleging that our products or technologies infringe their intellectual property rights. Defending such claims could be time-consuming and costly and, if unsuccessful, could result in injunctions, licensing fees, damages, or restrictions on our ability to market certain products.

For the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, we were not involved in any intellectual property disputes. However, we cannot assure you that future claims or disputes will not arise. Any failure to protect our intellectual property or to defend against infringement allegations could materially and adversely affect our business, financial condition, and results of operations.

#### Confidentiality agreements with employees and others may not adequately prevent disclosure of trade secrets and proprietary information.
We have devoted substantial resources to the development of our intellectual property and proprietary rights. To protect our intellectual property and proprietary rights, we rely in part on confidentiality agreements with our employees, vendors, licensees, independent contractors and other advisors. These agreements may not effectively prevent disclosure of confidential information and may not provide an adequate remedy in the event of unauthorized disclosure of confidential information. Effective trade secret protection may also not be available in every country in which our platform is used or where we have employees or independent contractors. The loss of trade secret protection could make it easier for third parties to compete with our platform by copying functionality. In addition, any changes in, or unexpected interpretations of, the trade secret and employment laws in any country in which we operate may compromise our ability to enforce our trade secret and intellectual property rights. In addition, others may independently discover trade secrets and proprietary information and in such cases, we could not assert any trade secret rights against such parties. Costly and time-consuming litigation could be necessary to enforce and determine the scope of our proprietary rights and failure to obtain or maintain trade secret protection could adversely affect our competitive business position.

***Third parties may claim that our platform infringes their intellectual property rights, and this may create liability for us or otherwise adversely affect our business, operating results and financial condition.***

Third parties may claim that our platform infringes their intellectual property rights, and such claims may result in legal claims against us and our technology partners and customers. These claims may damage our brand and reputation and create liability for us. We expect the number of potential claims to increase as the functionality of our platform and services overlaps with that of other products and services, and as the volume of issued patents and patent applications continues to increase.

Some companies in the mowing or agriculture industry own large numbers of patents, copyrights, trademarks, and trade secrets and frequently enter into litigation based on allegations of infringement or other violations of intellectual property rights. In addition, many of these companies have the capability to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. Furthermore, patent holding companies, non-practicing entities, and other adverse patent owners that are not deterred by our existing intellectual property protections may seek to assert patent claims against us.

We may also face exposure to third-party intellectual property infringement, misappropriation, or violation actions if we engage engineers or other personnel who were previously engaged by competitors or other third parties and those personnel inadvertently or deliberately incorporate proprietary technology of third parties into our products. In addition, we may lose valuable intellectual property rights or personnel. A loss of key personnel or their work product could hamper or prevent our ability to develop, market and support potential products or enhancements, which could severely harm our business. Any intellectual property claims, with or without merit, could be very time-consuming, could be expensive to settle or litigate, and could divert our management's attention and other resources. These claims could also subject us to significant liability for damages, potentially including treble damages if we are found to have willfully infringed patents or copyrights. These claims could also result in us having to stop using technology found to be in violation of a third party's rights. We might be required to seek a license for the intellectual property, which may not be available on reasonable terms or at all. Even if a license were available, we could be required to pay significant royalties, which would increase our operating expenses. Alternatively, we could be required to develop alternative non-infringing technology, which could require significant time, effort, and expense, and may affect the performance or features of our platform. If we cannot license or develop alternative non-infringing substitutes for any infringing technology used in any aspect of our business, we would be forced to limit use of our platform. Any of these results would adversely affect our business, operating results and financial condition.

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***Our technology, software and systems are highly complex and may contain undetected errors, vulnerabilities, or design flaws that could affect product performance and expose us to liability.***

Our products rely on hardware and software that are highly technical and may require periodic updates to maintain functionality and safety. In particular, the embedded software in our SunScout Products controls navigation, obstacle detection, battery management, and communication with cloud-based systems. Despite our testing and quality-assurance procedures, undetected errors, vulnerabilities, or design defects may exist in our software, firmware, or hardware and may only become apparent after the products are sold or deployed.

Additionally, malicious threat actors may attempt to gain unauthorized access to our products in order to gain control of the products, change the products' functionality, user interface, or performance characteristics, interfere with the products' operations, or gain access to data stored in or generated by the products or to systems to which they connect. In addition, reports of unauthorized access to our products, systems, and data, regardless of their reliability, may result in the perception that the products, systems, or data are vulnerable to malicious or unauthorized modifications. Any unauthorized access to or control of our products or systems, any loss of data, or any perception that products, systems, or data are vulnerable could result in loss of sales based on customers' loss of confidence in our products, legal claims or proceedings against us, government investigation, liability, or regulatory penalties, which could adversely affect our business, results of operations, and financial condition.

For the financial years ended June 30, 2024, and 2025 and six months ended December 31, 2024 and 2025, we did not experience any material software-related incidents. However, as our installed base expands and our products become more connected through over-the-air updates and remote fleet-management tools, the risk of cybersecurity intrusion, data loss, or operational malfunction may increase. Unauthorized access or malicious interference could impair product performance, cause injury or property damage, compromise customer data, or result in regulatory investigation or reputational harm.

We are continuing to enhance our cybersecurity controls and to review the software-security practices of our suppliers and partners, but no assurance can be given that such measures will prevent all vulnerabilities or incidents. If we are unable to prevent or effectively remedy errors, bugs, vulnerabilities or defects in our software and hardware, or fail to deploy updates to our software properly, we would suffer damage to our reputation, loss of customers, loss of revenue or liability for damages, and similarly any material software failure, data breach, or cybersecurity event could adversely affect our brand, operations, and financial results.

#### Technical or regulatory limitations may impact our ability to effectively implement automation solutions.
We utilize our internally developed automation software, digital tools, applications, and analytics to enable our autonomous mower technology.

While we believe the use of these emerging technologies can present significant benefits, it also creates risks and challenges. Data sourcing, technology, integration and process issues, programmed bias in decision-making algorithms, concerns over intellectual property, security concerns, and the protection of privacy could impair the adoption and acceptance of autonomous machine solutions.

Furthermore, if the data used to train the solution or the content, analyses, or recommendations that the machine learning and intelligence applications assist in producing is inaccurate, incomplete, biased or questionable, the software and tools we develop with the assistance of such technology may also be flawed. Flaws in our software could adversely affect our brand and reputation and may subject us to legal liability claims.

***We could be impacted by changes to or reallocation of radio frequency (RF) bands which could disrupt or degrade the reliability of our high precision augmented Global Positioning System ("GPS") or other RF technology, which could impair our ability to develop and market GPS-based technology solutions, as well as significantly reduce our customers' profitability.***

Our autonomous mower technology depends upon the use of RF signals. These signals include, but are not limited to, GPS signals, other GPS-like satellite signals, augmented GPS services, cellular networks and other RF technologies that link equipment, operations, owners, dealers, and technicians. These radio services depend on frequency allocations governed by international and national government agencies. Any international or national reallocation of frequency bands, including frequency bands segmentation and band spectrum sharing, or other modifications concerning the regulation of frequency bands, could significantly disrupt or degrade the utility and reliability of our GPS-based products, which could negatively affect our ability to develop and market GPS-based technology solutions.

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In addition, disruptions with GPS signals or the failure of telecommunications network operators to supply the bandwidth we need to support our products could interfere with the speed, availability, and usability of our equipment and services. If these GPS signals or RF signals become unavailable, our customers could be unable to use their equipment indefinitely. For our customers, this could result in decreased operational efficiency, and higher equipment maintenance and wage costs. These cost increases could significantly reduce customers' profitability, sustainability, and demand for our products. As a result, our sales and revenue could significantly decrease, which would have a material adverse effect on our results of operations and our business.

#### Our business may suffer if our products fail to perform as expected.
If our products do not perform as expected, we may receive warranty claims and may have to perform post-sales repairs or recalls. We may also be subject to regulatory requirements and penalties that will impact our ability to develop, market, and sell our products. This may result in product delivery delays. It could also lead to product liability, breach of warranty, and consumer protection claims. These claims and warranty expenses could be significant. As a manufacturer of equipment, we must manage the cost and risk associated with product warranties, post-sale repairs and recalls, regulatory penalties, and product liability, breach of warranty, and consumer protection claims with respect to our products. In addition to post-sale repairs or recalls initiated by us for various reasons, investigations into our products by government regulators may compel us to initiate product recalls or may result in negative public perceptions about the safety of our products, even if we disagree with the regulator's determination. Such post-sale repairs or recalls, whether voluntary or involuntary, could result in significant expense, supply chain complications, and may harm our brand, business, prospects, financial condition, and operating results.

#### We are exposed to risks with respect of acts of war, terrorist attacks, epidemics, political unrest, adverse weather conditions, and other uncontrollable events.
Unforeseeable circumstances and other factors such as power outages, labor disputes, adverse weather conditions or other catastrophes, epidemics, or outbreaks may disrupt our operations and cause loss and damage to our storage facilities, workshop, and office, and acts of war, terrorist attacks or other acts of violence may further materially and adversely affect the global financial markets and consumer confidence. Our business may also be affected by macroeconomic factors in the countries in which we operate, such as general economic conditions, market sentiment, social and political unrest, and regulatory, fiscal, and other governmental policies, all of which are beyond our control. Any such events may cause damage or disruption to our business, markets, customers, and suppliers, any of which may materially and adversely affect our business, financial condition, results of operations, and prospects.

#### We may not be able to successfully implement our business strategies and future plans.
As part of our business strategies and future plans, we intend to expand the reach of our SunScout Products through new distributors and strategic partnerships, strengthen our Solar Power Development Solutions business by developing new project opportunities, and explore potential collaborations, joint ventures, or acquisitions that complement our technology and market presence. While we have planned such expansion based on our outlook regarding our business prospects, there is no assurance that such expansion plans will be commercially successful or that the actual outcome of those expansion plans will match our expectations. The success and viability of our expansion plans are dependent upon our ability to execute effectively, accurately assess market demand, recruit and retain qualified management and technical personnel, and adapt to evolving regulatory and technological environments. If the results or outcome of our future plans do not meet our expectations, if we fail to achieve a sufficient level of revenue or if we fail to manage our costs efficiently, we may not be able to recover our investment costs and our business, financial condition, results of operations and prospects may be adversely affected.

***We may not be successful in entering into distributor relationships or other commercial partnerships, which could adversely affect our operating results and our ability to compete in our industry.***

From time to time, we may seek to enter into relationships with distributors or other commercial partners. However, there can be no guarantee that we will be able to enter into such relationships on terms favorable to us, or at all. If we are unable to expand our distribution and sales networks, we may be unable to compete effectively with larger competitors who have greater brand recognition and sales networks than we do and our business may be adversely affected. In addition, even if we do enter into such relationships, we may not experience expanded sales or the terms of such relationships may result in significantly lower margins to us on sales of our products.

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***We rely significantly on the use of information technology, as well as those of our third party service providers. Any significant failure, inadequacy, interruption or data security incident of our information technology systems, or those of our third-party service providers, could disrupt our business operations, which could have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.***

We increasingly rely on information technology systems to market and sell our products, process, transmit and store electronic and financial information, manage a variety of business processes and activities and comply with regulatory, legal and tax requirements. We are increasingly dependent on the reliability and capacity of a variety of information systems to effectively manage our business, process customer orders, and coordinate the manufacturing, sourcing, distribution and sale of our products. We rely on information technology systems to effectively manage, among other things, our digital marketing activities, business data, electronic communications among our personnel, customers, manufacturers and suppliers around the world, supply chain, inventory management, customer order entry and order fulfillment, processing transactions, summarizing and reporting results of operations, human resources benefits and payroll management, compliance with regulatory, legal and tax requirements and other processes and data necessary to manage our business. These information technology systems, most of which are managed by third parties, may be susceptible to damage, disruptions or shutdowns due to failures during the process of upgrading or replacing software, databases or components, power outages, hardware failures, computer viruses, and malware (e.g. ransomware), misconfigurations, "bugs" or other vulnerabilities, malicious code, natural disasters, terrorism, war, telecommunication and electrical failures, cyberattacks, phishing attacks and other social engineering schemes, employee theft or misuse, human error, fraud, denial or degradation of service attacks, sophisticated nation-state and nation-state — supported actor, attacks by computer hackers, telecommunication failures, user errors or catastrophic events. Any material disruption of our systems, or the systems of our third-party service providers, could disrupt our ability to track, record and analyze the products that we sell and could negatively impact our operations, shipment of goods, ability to process financial information and transactions, and our ability to receive and process online orders or engage in normal business activities. If our information technology systems suffer damage, disruption or shutdown and we do not effectively resolve the issues in a timely manner, our business, financial condition and results of operations may be materially and adversely affected, and we could experience delays in reporting our financial results.

E-commerce is central to our business and is expected to grow upon our entry into multiple distribution agreements. We generate a majority of our sales through relationships with select third-party e-commerce marketplaces. As we do not control our third-party service providers, we cannot guarantee that they will respond satisfactorily to website downtime and other technical failures. Our or such third parties' failure to successfully respond to these risks could reduce e-commerce sales and, in the case of our website, damage our brand's reputation. The future operation, success and growth of our business depends on streamlined processes made available through information systems, global communications, internet activity and other network processes.

Our information technology systems, and those of our third-party service providers, strategic partners, and other contractors or consultants, may be subject to damage or interruption from telecommunications problems, data corruption, software errors, fire, flood, global pandemics and other natural disasters, power outages, systems disruptions, system conversions, and/or human error. Our existing safety systems, data backup, access protection, user management and information technology emergency planning may not be sufficient to prevent data loss or long-term network outages.

In addition, we may have to upgrade our existing information technology systems or choose to incorporate new technology systems from time to time in order for such systems to support the increasing needs of our expanding business. Costs and potential problems and interruptions associated with the implementation of new or upgraded systems and technology or with maintenance or adequate support of existing systems could disrupt or reduce the efficiency of our operations, including through impairment of our ability to leverage our e-commerce channels and fulfill customer orders, potential disruption of our internal control structure, substantial capital expenditures, additional administration and operating expenses, acquisition and retention of sufficiently skilled personnel to implement and operate the new systems, demands on management time, the introduction of errors or vulnerabilities and other risks and costs of delays or difficulties in transitioning to or integrating new systems into our current systems. These implementations, modifications and upgrades may not result in productivity improvements at a level that outweighs the costs of implementation, or at all. Additionally, difficulties with implementing new technology systems, delays in our timeline for planned improvements, significant system failures, or our inability to successfully modify our information systems to respond to changes in our business needs may cause disruptions in our business operations and have a material adverse effect on our business, financial condition and results of operations.

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Further, as part of our normal business activities, we collect and store certain confidential information, including personal information with respect to customers and employees, as well as information related to intellectual property, and the success of our e-commerce operations depends on the secure transmission of confidential and personal data over public networks, including the use of cashless payments. We may share some of this information with third party service providers who assist us with certain aspects of our business. Any failure on the part of us or our third party service providers to maintain the security of this confidential data and personal information, including via the penetration of our network security (or those of our third party service providers) and the misappropriation of confidential and personal information, could result in business disruption, damage to our reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation, any or all of which could result in the Company incurring potentially substantial costs. Such events could also result in the deterioration of confidence in the Company by employees, consumers and customers and cause other competitive disadvantages.

In addition, any such access, disclosure or other loss or unauthorized use of information or data, whether actual or perceived, could result in legal claims or proceedings, regulatory investigations or actions, and other types of liability under laws that protect the privacy and security of personal information, including federal, state and foreign data protection and privacy regulations, violations of which could result in significant penalties and fines in the United States, New Zealand, and EU. Further, the costs associated with the investigation, remediation and potential notification of the breach to counter-parties and data subjects could be material. In addition, although we seek to detect and investigate all data security incidents, security breaches and other incidents of unauthorized access to our information technology systems and data can be difficult to detect and even if identified, we may be unable to adequately investigate or remediate incidents or breaches due to attackers increasingly using tools and techniques that are designed to circumvent controls, to avoid detection, and to remove or obfuscate forensic evidence. Any delay in identifying such breaches or incidents may lead to increased harm and legal exposure of the type described above.

***Our business plans require a significant amount of capital, which will require us to sell additional equity securities or incur additional indebtedness that will dilute our shareholders or introduce covenants that may restrict our operations.***

The implementation of our business strategies and future plans may require substantial capital expenditure and additional financial resources and commitments. Our capital expenditures will continue to be significant in the foreseeable future as we plan to expand our business. The fact that we have a limited operating history at our current scale means we have limited historical data on the demand for our products. As a result, our future capital requirements are uncertain and actual capital requirements may be different from those we currently anticipate. We expect that we will need to seek equity or debt financing in both the near- and long-term to finance a portion of our capital expenditures. There is no assurance that these business strategies and future plans will achieve the expected results or outcome such as an increase in revenue that will be commensurate with our investment costs or the ability to generate any costs savings, increased operational efficiency and/or productivity improvements to our operations. There is also no assurance that we will be able to obtain financing on terms that are favorable, if at all. If we are unable to raise sufficient funds, we will have to significantly reduce our spending, delay or cancel our planned operations or substantially change our strategy. As a result, we may not be able to obtain any funding, and we may not have sufficient resources to conduct our business as projected, both of which could mean that we would be forced to curtail or discontinue our operations.

In addition, our future capital needs and other business reasons may require us to sell additional equity or debt securities. The sale of additional equity or convertible securities would dilute our shareholders. The incurrence of indebtedness would result in increased debt service obligations and covenants that potentially restrict our operations.

***MBIE may exercise its enforcement and/or conversion rights under a convertible loan agreement, which could result in dilution of ownership interests in SunScout New Zealand and SunScout Limited***

Pursuant to a convertible loan made by the New Zealand Ministry of Business and Innovation ("MBIE") to SunScout New Zealand in connection with the acquisition of the assets and business of Brunton Engineering Limited (the "Regional Strategic Partnership Loan"), upon the occurrence of "Qualifying Equity Financing" event occurring, MBIE may, in its sole discretion, elect to convert some or all of the outstanding loan balance into ordinary shares in SunScout Limited, the guarantor under the loan arrangements. A Qualifying Equity Financing event means any issue of shares by SunScout Limited pursuant to which SunScout Limited raises capital equal to or greater than NZ$2,000,000.

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The transfer of SunScout Limited's shares to the Company as a part of the Reorganization and the Company's subsequent IPO could be considered as constituting a Qualifying Equity Financing event and/or an event of default. In light of this, we have obtained from our relationship manager at MBIE confirmation that MBIE does not intend to convert its loan into shares under the loan agreement, provided that the IPO is completed and the convertible loan is repaid in full by no later than May 15, 2026, as extended pursuant to an email confirmation from the Company's relationship manager at MBIE dated March 3, 2026.

If, for any reason, the loan is not repaid in full by this date (or such other later date that may be agreed between MBIE and us) and the IPO proceeds, MBIE may take enforcement action in respect of the event of default, including requiring the loan to be repaid in full, and also elect to exercise its conversion rights under the loan agreement and acquire an equity interest in SunScout Limited. Any such conversion would result in SunScout New Zealand and SunScout Limited no longer being wholly owned subsidiaries of the Company and could adversely affect control and value of the Company.

***If we fail to scale our business operations or otherwise manage our future growth effectively as we attempt to rapidly grow our company, we may not be able to produce, market, service and sell our products successfully.***

Once we begin to scale and expand our operations significantly, it will require hiring, retaining and training new personnel, controlling expenses, expanding facilities, and expanding administrative infrastructure, systems, and processes. Our future operating results depend to a large extent on our ability to manage this expansion and growth successfully. Risks that we face in undertaking this expansion include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• attracting and hiring skilled and qualified personnel to support our expanded operations at existing facilities or operations at any facilities we may construct or acquire in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing a larger organization with a great number of employees in different divisions and geographies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• training and integrating new employees into our operations to meet the growing demands of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling expenses and investments in anticipation of expanded operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing or expanding manufacturing, sales and service facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing regulatory requirements and permits, labor issues and controlling costs in connection with the construction of additional facilities or the expansion of existing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhancing administrative infrastructure, systems and processes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addressing any new markets and potentially unforeseen challenges as they arise.

Furthermore, we have limited experience to date in high volume manufacturing of our products and we cannot assure that we will be able to develop efficient, low-cost manufacturing capabilities and processes, and reliable sources of supply, that will enable us to meet the quality, price, engineering, design and production standards, as well as the production volumes, required to successfully market our SunScout Products as our operations expand. Any failure to effectively manage our growth could materially and adversely affect our business, prospects, financial condition, results of operations, and cash flows.

#### Unfavorable weather conditions or natural catastrophes that reduce agricultural production and demand for lawn mowing equipment could directly and indirectly affect our business.
The purchasing decisions of our customers, particularly the purchasers of lawn mowing equipment, can be significantly affected by poor or unusual weather conditions. Such conditions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insufficient levels of rain, which prevent planting new grass and may cause growing grass to die or result in lower yields;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• temperatures outside normal ranges, which can cause growth failure or decreased growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as regional floods, hurricanes or other storms, droughts, diseases, wildfires, and pests, either as a physical effect of climate change or otherwise, which have had, and could in the future have, significant negative effects on grass or the importance of grass aesthetics; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• drought conditions can adversely affect sales of mowing equipment and can similarly cause lower sales volume.

Each of these conditions could negatively affect demand for our products and the financial condition and credit risk of end-users.

***Our directors and executive officers are subject to new U.S. insider reporting obligations under recently enacted legislation, which may increase our compliance costs and expose us to regulatory, enforcement and reputational risks.***

Pursuant to the recently enacted Holding Foreign Insiders Accountable Act, directors and executive officers of foreign private issuers, including us, are subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act. As a result, our directors and executive officers are required to publicly report their beneficial ownership of, and transactions in, our equity securities on Forms 3, 4 and 5 within prescribed time periods.

These reporting obligations represent a significant change from prior practice for foreign private issuers and require us to implement new internal controls, compliance procedures and reporting systems, including enhanced monitoring of equity ownership and transactions by our directors and executive officers. We may be required to devote additional management time and resources, and incur increased legal, accounting and administrative costs, to ensure compliance with these requirements. Failure by any of our directors or executive officers to timely or accurately comply with these reporting obligations could result in SEC enforcement actions, civil penalties or other regulatory sanctions, and may require public disclosure of delinquent filings in our annual reports. In addition, the public availability of detailed information regarding the equity holdings and transactions of our directors and executive officers may subject us and our management team to increased scrutiny from investors, regulators or other third parties, which could result in reputational harm. Any such regulatory actions, compliance failures or reputational harm could adversely affect our business, results of operations and market perception.

#### Risks Relating to Our Securities and This Offering
***An active trading market for our Class A Ordinary Shares may not be established or, if established, may not continue and the trading price for our Class A Ordinary Shares may fluctuate significantly.***

We cannot assure you that a liquid public market for our Class A Ordinary Shares will be established. If an active public market for our Class A Ordinary Shares does not occur following the completion of this offering, the market price and liquidity of our Class A Ordinary Shares may be materially and adversely affected. The public offering price for our Class A Ordinary Shares in this offering was determined by negotiation between us and the underwriter based upon several factors, and we can provide no assurance that the trading price of our shares after this offering will not decline below the public offering price. As a result, investors in our shares may experience a significant decrease in the value of their shares.

***We may not maintain the listing of our Class A Ordinary Shares on the NYSE American which could limit investors' ability to make transactions in our Class A Ordinary Shares and subject us to additional trading restrictions.***

We have applied to list our Class A Ordinary Shares on the NYSE American concurrently with this offering. In order to continue listing our Class A Ordinary Shares on the NYSE American, we must maintain certain continued listing requirements, including, among others, minimum stockholders' equity ranging from US$2,000,000 to US$6,000,000 (depending on our history of losses), a minimum of 300 public shareholders, and a minimum market value of publicly held shares of US$1,000,000. We may be unable to meet these requirements in the future. We cannot assure you that our Class A Ordinary Shares will continue to be listed on the NYSE American in the future.

If the NYSE American delists our Class A Ordinary Shares and we are unable to list our Class A Ordinary Shares on another national securities exchange, we expect our Class A Ordinary Shares could be quoted on an over-the-counter market in the United States. If this were to occur, we could face significant material adverse consequences, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a limited availability of market quotations for our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduced liquidity for our Class A Ordinary Shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a determination that our Class A Ordinary Shares are "penny stock," which will require brokers trading in our Class A Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for our Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a limited amount of news and analyst coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a decreased ability to issue additional securities or obtain additional financing in the future.

As long as our Class A Ordinary Shares are listed on the NYSE American, U.S. federal law prevents or pre-empts individual states from regulating their sale. However, the law does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar their sale. Further, if we were no longer listed on the NYSE American, we would be subject to regulations in each state in which we offer our Class A Ordinary Shares.

#### The trading price of our Class A Ordinary Shares may be volatile, which could result in substantial losses to investors.
The trading price of our Class A Ordinary Shares may be volatile and could fluctuate widely due to factors beyond our control. This may happen because of the broad market and industry factors, like the performance and fluctuation of the market prices of other companies with business operations located mainly in New Zealand that have listed their securities in the United States. In addition to market and industry factors, the price and trading volume for our shares may be highly volatile for factors specific to our own operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in our revenues, earnings and cash flow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• release of lock-up or other transfer restrictions on our outstanding equity securities or sales of additional equity securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential litigation or regulatory investigations.

Any of these factors may result in significant and sudden changes in the volume and price at which our shares will trade.

In the past, shareholders of public companies have often brought securities class action suits against those companies following periods of instability in the market price of their securities. If we were involved in a class action suit, it could divert a significant amount of our management's attention and other resources from our business and operations and require us to incur significant expenses to defend the suit, which could harm our results of operations. Any such class action suit, whether or not successful, could harm our reputation and restrict our ability to raise capital in the future. In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations.

***Certain recent initial public offerings of companies with public floats comparable to the anticipated public float of our Company have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. We may experience similar volatility. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance and financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Class A Ordinary Shares.***

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

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

***If securities or industry analysts do not publish research or reports about our business, or if they adversely change their recommendations regarding our Class A Ordinary Shares, the market price for our Class A Ordinary Shares and trading volume could decline.***

The trading market for our shares will be influenced by research or reports that industry or securities analysts publish about our business. If one or more analysts downgrade our shares, the market price for our shares would likely decline. If one or more of these analysts cease to cover us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause the market price or trading volume for our shares to decline.

***Because we do not expect to pay dividends in the foreseeable future, you must rely on price appreciation of our Class A Ordinary Shares for a return on your investment.***

We currently intend to retain all of our available funds and any future earnings after this offering to fund the development and growth of our business. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in our shares as a source for any future dividend income. Our Board has complete discretion as to whether to distribute dividends, subject to certain requirements of Cayman Islands and New Zealand law. Even if our Board decides to declare and pay dividends (by way of a simple majority decision of our Directors), the timing, amount and form of future dividends, if any, will depend on, among other things, our future results of operations and cash flow, our capital requirements and surplus, the amount of distributions, if any, received by us from our subsidiaries, our financial condition, contractual restrictions and other factors as determined by our Board. Accordingly, the return on your investment in our Class A Ordinary Shares will likely depend entirely upon any future price appreciation of our Class A Ordinary Shares. There is no guarantee that our Class A Ordinary Shares will appreciate in value after this offering or even maintain the price at which you purchased our shares. You may not realize a return on your investment in our shares and you may even lose your entire investment.

#### Short selling may drive down the market price of our Class A Ordinary Shares.
Short selling is the practice of selling shares that the seller does not own but rather has borrowed from a third party with the intention of buying identical shares back at a later date to return to the lender. The short seller hopes to profit from a decline in the value of the shares between the sale of the borrowed shares and the purchase of the replacement shares, as the short seller expects to pay less in that purchase than it received in the sale. As it is in the short seller's interest for the price of the shares to decline, many short sellers publish, or arrange for the publication of, negative opinions and allegations regarding the relevant issuer and its business prospects in order to create negative market momentum and generate profits for themselves after selling the shares short. These short attacks have, in the past, led to selling of shares in the market. If we were to become the subject of any unfavorable publicity, whether such allegations are proven to be true or untrue, we could have to expend a significant number of resources to investigate such allegations and/or defend ourselves. While we would strongly defend against any such short seller attacks, we may be constrained in the manner in which we can proceed against the relevant short seller by principles of freedom of speech, applicable state law or issues of commercial confidentiality.

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***All of our Class A Ordinary Shares were issued at par value, which may cause immediate dilution, increase market volatility, and materially impact the market for our securities.***

All of our currently outstanding Class A Ordinary Shares were issued at a par value of US$0.0001 per share. To the extent that the initial public offering price of our Class A Ordinary Shares in this offering is substantially higher than the par value at which existing shares were issued, investors in this offering will experience immediate and substantial dilution in net tangible book value per share. The significant disparity between the price paid by existing shareholders and the price to be paid by investors in this offering means that existing shareholders will hold shares acquired at a fraction of the cost borne by new investors. This may create downward pressure on the trading price of our Class A Ordinary Shares if existing shareholders seek to sell their shares following the expiration of any applicable lock-up period, as the market may perceive their shares as having been acquired at nominal cost. Such sales, or the perception that such sales may occur, could result in significant volatility in the trading price of our Class A Ordinary Shares and could adversely affect our ability to maintain our listing on the NYSE American.

***Because our public offering price per share is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.***

If you purchase Class A Ordinary Shares in this offering, you will pay substantially more than our net tangible book value per share. As a result, you will experience immediate and substantial dilution of US$4.455 per Class A Ordinary Share, representing the difference between our as adjusted net tangible book value per Class A Ordinary Share of US$1.045 as of December 31, 2025, after giving effect to the net proceeds to us from this offering, assuming no change to the number of shares offered by us as set forth on the cover page of this prospectus and an assumed public offering price of US$5.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range) and assuming a full exercise of the over-allotment option. See "Dilution" for a more complete description of how the value of your investment in our shares will be diluted upon the completion of this offering.

***The initial public offering price for our Class A Ordinary Shares may not be indicative of prices that will prevail in the trading market and such market prices may be volatile.***

The initial public offering price for our Class A Ordinary Shares will be determined by negotiations between us and the underwriters, and does not bear any relationship to our earnings, book value or any other indicia of value. We cannot assure you that the market price of our Class A Ordinary Shares will not decline significantly below the initial public offering price. The financial markets in the United States and other countries have experienced significant price and volume fluctuations in the last few years. Volatility in the price of our Class A Ordinary Shares may be caused by factors outside of our control and may be unrelated or disproportionate to changes in our results of operations.

***You must rely on the judgment of our management as to the uses of the net proceeds from this offering, and such uses may not produce income or increase our share price.***

We intend to use the net proceeds of this offering as set out in "Use of Proceeds." However, our management will have considerable discretion in the application of the net proceeds received by us in this offering. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our share price. The net proceeds from this offering may be placed in investments that do not produce income or that lose value.

***If we are classified as a passive foreign investment company, United States taxpayers who own our securities may have adverse United States federal income tax consequences.***

We are a non-U.S. corporation and, as such, we will be classified as a passive foreign investment company, which is known as a PFIC, for any taxable year if, for such year, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of our gross income for the year is passive income; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average percentage of our assets (determined at the end of each quarter) during the taxable year that produce passive income or that are held for the production of passive income is at least 50%.

Passive income generally includes dividends, interest, rents, royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets.

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If we are determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. taxpayer who holds our securities, the U.S. taxpayer may be subject to increased U.S. federal income tax liability and may be subject to additional reporting requirements.

While we do not expect to become a PFIC, because the value of our assets for purposes of the asset test may be determined by reference to the market price of our Class A Ordinary Shares, fluctuations in the market price of our Class A Ordinary Shares may cause us to become a PFIC for the current or subsequent taxable years. The determination of whether we will be or become a PFIC will also depend, in part, on the composition of our income and assets. If we determine not to deploy significant amounts of cash for active purposes, our risk of being a PFIC may substantially increase. Because there are uncertainties in the application of the relevant rules and PFIC status is a factual determination made annually after the close of each taxable year, there can be no assurance that we will not be a PFIC for the current taxable year or any future taxable year.

For a more detailed discussion of the application of the PFIC rules to us and the consequences to U.S. taxpayers if we were determined to be a PFIC, see "Material Tax Considerations — Passive Foreign Investment Company Considerations."

***Our controlling shareholder has substantial influence over the Company. Their interests may not be aligned with the interests of our other shareholders, and they could prevent or cause a change of control or other transactions.***

Immediately after the completion of this offering, Mr. Edwin Cywinski, our Chief Executive Officer, Chairman of the Board and Executive Director and his son Mr. Marc Cywinski, our Chief Operating Officer, will together beneficially own 49.83% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares and will be able to exercise 96.30% of the aggregate voting power of our total issued and outstanding share capital, assuming that the underwriters do not exercise their over-allotment option.

Accordingly, our controlling shareholder could have considerable influence or control over the outcome of any corporate transactions or other matters submitted to the shareholders for approval, including (i) mergers, consolidations, (ii) the election or removal of directors, (iii) the sale of all or substantially all of our assets, (iv) making amendments to our memorandum and articles of association, (v) through our board of directors, determinations with respect to employment, including compensation arrangements, and (vi) the power to prevent or cause a change in control. The interests of our largest shareholder may differ from the interests of our other shareholders. Without the consent of our controlling shareholder, we may be prevented from entering into transactions that could be beneficial to us or our other shareholders. The concentration in the ownership of our shares may cause a material decline in the value of our shares. For more information regarding our principal shareholders and their affiliated entities, see "Principal Shareholders."

***As a "controlled company" under the rules of the NYSE American, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders.***

Our directors and officers beneficially own a majority of the voting power of our total issued and outstanding Class A Ordinary Shares. Under the Rule 4350(c) of the NYSE American, a company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirement that a majority of our directors be independent, as defined in Section 801(a) of the NYSE American Company Guide, and the requirement that our compensation and nominating and corporate governance committees consist entirely of independent directors. Although we currently do not intend to rely on the "controlled company" exemption under the NYSE American listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time while we remain a controlled company relying on the exemption and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of NYSE American corporate governance requirements. Our status as a controlled company could cause our Class A Ordinary Share to look less attractive to certain investors or otherwise harm our trading price.

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***As an exempted company incorporated in the Cayman Islands, we are permitted to follow certain home country practices in relation to corporate governance matters in lieu of certain requirements under NYSE American corporate governance listing rules. These practices may afford less protection to shareholders than they would enjoy if we complied fully with NYSE American corporate governance listing standards.***

As a foreign private issuer that has applied to list our Class A Ordinary Shares on the NYSE American, we rely on a provision as per Section 110 read in conjunction with Section 809 of the NYSE American Company Guide that allows us to follow Cayman Islands law with regard to certain aspects of corporate governance. This allows us to follow certain corporate governance practices that differ in significant respects from the corporate governance requirements applicable to U.S. companies listed on the NYSE American.

Following this offering, we will rely on home country practice to be exempted from certain of the corporate governance requirements of the NYSE American, namely (i) there will not be a necessity to have regularly scheduled executive sessions with independent Directors; and (ii) there will be no requirement for the Company to obtain shareholder approval prior to an issuance of securities in connection with (a) the acquisition of stock or assets of another company; (b) equity-based compensation of officers, directors, employees or consultants; (c) a change of control; and (d) transactions other than public offerings.

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under Cayman Islands law.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our memorandum and articles of association, as amended and restated from time to time, the Companies Act and the common law of the Cayman Islands.

The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are governed by the Companies Act and the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some states in the United States. In particular, the Cayman Islands has a less developed body of securities laws than the United States. Some U.S. states have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgage and charges of such companies) or to obtain copies of register of members of these companies. Under our Post-Offering Memorandum and Articles of Association (as defined herein), which will become effective immediately prior to the completion of this offering, the directors will be permitted to from time to time determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of shareholders not being directors, and no shareholder (not being a director) shall have any right to inspect any account or book or document of the Company except as conferred by law or authorized by the directors, provided that the shareholders shall receive the annual audited financial statements of the Company. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States. For a discussion of significant differences between the provisions the Companies Act and the laws applicable to companies incorporated in the United States and their shareholders, please refer to the section titled "Description of Share Capital — Differences in Corporate Law".

#### Certain judgments obtained against us or our auditor by our shareholders may not be enforceable.
We are a Cayman Islands exempted company headquartered in New Zealand. One of our operating subsidiaries, SunScout New Zealand, was formed and is located in New Zealand. A majority of our assets are located outside of the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States

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upon these persons or to enforce against us, our Directors and officers, or our auditor judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. Even if you are successful in bringing an action of this kind, the laws of the Cayman Islands and New Zealand may render you unable to enforce a judgment against our assets or the assets of our directors and officers. For more information regarding the relevant laws of the Cayman Islands and New Zealand, see "Enforceability of Civil Liabilities." As a result of all of the above, our shareholders may have more difficulties in protecting their interests through actions against us, our officers, Directors, or major shareholders, than would shareholders of a corporation incorporated in a jurisdiction in the United States.

#### We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.
We are an "emerging growth company," as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements applicable to other public companies that are not emerging growth companies including, most significantly, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act for so long as we are an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the extended transition period, although we have adopted certain new and revised accounting standards based on transition guidance permitted under such standards earlier. As a result of this election, our future financial statements may not be comparable to other public companies that comply with the public company effective dates for these new or revised accounting standards.

***We are a foreign private issuer within the meaning of the Exchange Act, and as such we are exempt from certain provisions applicable to United States domestic public companies.***

Because we are a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing of quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the selective disclosure rules by issuers of material non-public information under Regulation FD.

We will be required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our financial results on a semi-annual basis through press releases distributed pursuant to the rules and regulations of the NYSE American. Press releases relating to financial results and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. As a result, you may not be afforded the same protections or information that would be made available to you if you were investing in a U.S. domestic issuer.

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses to us.
As discussed above, we are a foreign private issuer under the Exchange Act, and therefore, we are not required to comply with all of the periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last Business Day of an issuer's most recently completed second fiscal quarter. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid the loss of foreign private issuer status. As of the date of this prospectus, four of our shareholders who are U.S. residents beneficially own

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8,200,000 Class A Ordinary Shares, representing 41% of our total issued and outstanding Class A Ordinary Shares. 7,500,000 Class B Ordinary Shares, representing 50% of our total issued and outstanding Class B Ordinary Shares, are owned by a shareholder whose beneficial owner is a U.S. resident. Our foreign private issuer status may change in the future if U.S. ownership of our outstanding voting securities increases, including as a result of changes in the residence or beneficial ownership status of our existing shareholders, transfers of our securities to U.S. residents, or changes in the manner in which our shares are held.

If we lose our foreign private issuer status, we will be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We will also have to comply with U.S. federal proxy requirements, and our directors, executive officers and 10% shareholders will become subject to the full provisions of Section 16 of the Exchange Act, including the short-swing profit recovery provisions of Section 16(b) and the short-sale restrictions of Section 16(c), whereas currently only our directors and executive officers are subject to the reporting requirements of Section 16(a). In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the listing rules of NYSE American. As a U.S. listed public company that is not a foreign private issuer, we will incur significant additional legal, accounting, and other expenses that we will not incur as a foreign private issuer.

#### Our compensation of directors and officers may not be publicly available.
Under Cayman Islands law, the Company is not required to disclose compensation paid to our senior management on an individual basis and the Company has not otherwise publicly disclosed this information elsewhere. The executive officers, directors and management of the Company receive fixed and variable compensation. They also receive benefits in line with market practice. The fixed component of their compensation is set on market terms and adjusted annually. The variable component consists of cash bonuses and awards of shares (or the cash equivalent). Cash bonuses are paid to executive officers and members of management based on previously agreed targets for the business. Shares (or the cash equivalent) are awarded under share options.

As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members of the board of directors of the Company or controlling shareholder than they would as public shareholders of a company incorporated in the United States.

***We will incur significantly increased costs and devote substantial management time as a result of the listing of our Class A Ordinary Shares on the NYSE American.***

We will incur additional legal, accounting, and other expenses as a public reporting company, particularly after we cease to qualify as an emerging growth company. For example, we will be required to comply with the additional requirements of the rules and regulations of the SEC and NYSE American rules, including applicable corporate governance practices. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time-consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. We cannot predict or estimate the amount of additional costs we may incur as a result of becoming a public company or the timing of such costs.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs, and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidelines are provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to their application and practice, regulatory authorities may also initiate legal proceedings against us, and our business may be adversely affected.

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***Further issuances of Class B Ordinary Share may result in a dilution of the percentage ownership of the existing holders of Class A Class A Ordinary Shares as a total proportion of Class A Ordinary Shares in the Company.***

The Company may issue more Class B Ordinary Share. The issuance of additional Class B Ordinary Share may result in dilution to holders of our Class A Ordinary Share. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters subject to vote at general meetings of the Company. As a result, holders of Class B Ordinary Shares have significantly greater voting power than holders of Class A Ordinary Shares. If we decide to issue more Class B Ordinary Shares, it could have the effect of increasing the overall voting power of the holders of Class B Ordinary Shares compared to the holders of Class A Ordinary Shares, potentially diminishing the influence and control of the holders of Class A Ordinary Shares over our company's affairs.

This dilution in voting power could impact the ability of the holders of Class A Ordinary Shares to influence important corporate decisions, including those related to corporate governance, mergers, acquisitions, and other significant transactions. It may also result in decisions that are not aligned with the interests of the holders of Class A Ordinary Shares.

***Class B Ordinary Shares will automatically convert into Class A Ordinary Shares upon certain transfers, which may affect the dual-class share structure over time and result in dilution to holders of Class A Ordinary Shares.***

Under our Post-Offering Memorandum and Articles of Association, each Class B Ordinary Share will automatically and immediately convert into one Class A Ordinary Share upon any sale, transfer, assignment or disposition of such Class B Ordinary Share to any person who is not a Designated Person or an affiliate of a Designated Person, or upon a change of ultimate beneficial ownership of such Class B Ordinary Share to any person who is not a Designated Person or an affiliate of a Designated Person. As a result, the Class B Ordinary Shares, and therefore our dual-class share structure, may only be maintained for so long as such Designated Persons continue to hold such Class B Ordinary Shares. Any transfer of Class B Ordinary Shares outside of the Designated Persons and their affiliates will result in the automatic conversion of those shares to Class A Ordinary Shares, which will increase the total number of Class A Ordinary Shares issued and outstanding. Such conversion may dilute the economic interests of existing holders of Class A Ordinary Shares, including their entitlement to any dividends declared or other distributions made by the Company, and may also dilute the proportional voting power of existing holders of Class A Ordinary Shares as the number of issued Class A Ordinary Shares increases. This automatic conversion mechanism operates as a sunset provision on the dual-class share structure, and over time, as Class B Ordinary Shares are transferred or as the Designated Persons pass away without transferring their shares to qualifying affiliates, the Company's share capital structure may transition toward a single class of ordinary shares with equal voting rights. See "Description of Share Capital — Conversion" for a detailed description of the conversion mechanics, "Capitalization" for information regarding our share capital before and after this offering, and "Principal Shareholders" for information regarding the beneficial ownership of our Designated Persons.

***We intend to grant employee share options and other share-based awards in the future. We will recognize any share-based compensation expenses in our combined statements of comprehensive loss. Any additional grant of employee share options and other share-based awards in the future may have a material adverse effect on our results of operation.***

We plan to adopt our 2026 employee stock option plan ("2026 ESOP"), for the purpose of granting share-based compensation awards, in an aggregate amount of up to 15% of our total issued and outstanding Class A Ordinary Shares following this offering, to our employees, directors and consultants to incentivize their performance and align their interests with ours. As a result of these grants and potential future grants, we expect to continue to incur significant share-based compensation expenses in the future. The amount of these expenses is based on the fair value of the share-based awards. We account for compensation costs for all share options using a fair-value based method and recognize expenses in our combined statements of profit or loss and other comprehensive income. The expenses associated with share-based compensation will decrease our profitability, perhaps materially, and the additional securities issued under share-based compensation plans will dilute the ownership interests of our shareholders. However, if we limit the scope of our share-based compensation plan, we may not be able to attract or retain key personnel who expect to be compensated by options.

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

A substantial part of our current operations is conducted outside of the United States and a majority of our current assets are located outside of the United States, with the majority of our operations and current assets being located in New Zealand. The following sets forth the nationality and country of residence of each of the Company's directors and executive officers: Mr. Edwin Cywinski (Chairman and Chief Executive Officer) is a citizen and resident of New Zealand; Mr. Marc Cywinski (Chief Operations Officer) is a citizen of New Zealand and resident of the United States; Mr. Joshua Marotske (Chief Technical Officer) is a citizen and resident of the United States; Mr. Jamie Parent (Chief Financial Officer) is a citizen of Canada and resident of the United States; Mr. Kian Woon Yap (Independent Director) is a citizen and resident of Singapore; Mr. Jacob Pretorius (Independent Director) is a citizen and a resident of the United States; and Mr. Albert McLelland (Independent Director) is a citizen and resident of the United States.

As a result, it may not be possible for you to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effect service of process within the United States upon our non-U.S. resident directors or on us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against our non-U.S. resident directors or us in the U.S. courts in any action, including actions under the civil liability provisions of U.S. securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforce in U.S. courts judgments obtained against our non-U.S. resident directors or us in courts of jurisdictions outside the United States in any action, including actions under the civil liability provisions of U.S. securities laws.

We have appointed Cogency Global Inc., 122 E. 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, New York 10168 as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

#### Cayman Islands
Harney Westwood & Riegels, our counsel as to Cayman Islands law, has advised us that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of the U.S. courts obtained against us or our Directors or Executive Officers that are predicated upon the civil liability provisions of the U.S. securities laws or any U.S. state; or (ii) entertain original actions brought in the Cayman Islands against us or our Directors or Executive Officers that are predicated upon the U.S. securities laws or the securities laws of any U.S. state.

We have been advised by Harney Westwood & Riegels that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive in personam judgments of state and/or federal courts of the United States of America, or the "Foreign Court", of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands may also at common law enforce final and conclusive in personam judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature.

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Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

#### New Zealand

#### Enforcement of a United States judgment
We have been advised by Mallett Partners Limited, our counsel as to New Zealand law, that a New Zealand Court will recognize or enforce a judgment of a United States Court obtained against us, SunScout NZ, or the directors or officers of those entities, predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

New Zealand will recognize and enforce judgments made in a number of recognized jurisdictions. Neither the United States nor the Cayman Islands are a recognized jurisdiction for the purpose of a relevant act (being the Reciprocal Enforcement of Judgments Act 1934, Trans-Tasman Proceedings Act 2010 or the Senior Courts Act 2016). Nevertheless, New Zealand allows for a judgment creditor to sue a judgment debtor in New Zealand on a foreign judgment by commencing an ordinary proceeding or by applying for summary judgment. In practice, the New Zealand Court will first require the party seeking to bring the claim to obtain judgment in respect of the substantive proceedings in a foreign jurisdiction. As a second step, the judgment creditor can seek to enforce the judgment in New Zealand.

The judgment creditor will not have an automatic right to enforce the foreign judgment; foreign judgments are enforceable subject to certain basic requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the foreign court must have had jurisdiction to give judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the foreign judgment must be for a definite sum of money (other than taxes, a fine or a pecuniary penalty);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the foreign judgment must be final and conclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the enforcement of the foreign judgment must not be contrary to the public policy of New Zealand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the proceedings in which the judgment was obtained must not be opposed to the principle of natural justice.

Accordingly, a claimant would in theory be able to enforce a money judgment (obtained in a foreign jurisdiction, e.g. the United States or the Cayman Islands) in New Zealand against a New Zealand-domiciled entity as long as the judgment sought to be enforced met the test noted above, and subject to an originating application being made in New Zealand.

#### Original actions in New Zealand predicated upon United States securities law
Mallett Partners Limited has further advised us that it is uncertain whether a New Zealand Court will entertain original actions brought in New Zealand against us, SunScout NZ, or the directors or officers of those entities, predicated upon the securities laws of the United States.

The New Zealand High Court has an 'inherent jurisdiction' and can make findings regarding the application of foreign law, including an originating application predicated upon the securities law of the United States. If such a claim were brought, a defendant would seek to challenge the Court's jurisdiction to hear the claim on the basis that the United States, and not New Zealand, is the more convenient forum to hear the dispute (i.e. *forum non conveniens*), and if this succeeded then it would act as a bar on the claim from being brought in New Zealand. In practice, regulatory enforcement of a foreign jurisdiction is the type of action which is likely to be barred on the grounds of *forum non conveniens* but, ultimately, the application of this principle turns on the particular circumstances in which a claim is brought and we and our New Zealand counsel Mallett Partners Limited are unaware whether a forum non conveniens challenge would act as a complete bar to a hypothetical claim.

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#### USE OF PROCEEDS
We expect to receive approximately US$21,012,605 of net proceeds from this offering after deducting underwriting discounts, the non-accountable expense allowance and estimated offering expenses of approximately US$987,394.56 payable by us.

We currently intend to use proceeds from this offering in the following ways:

***Establish a Manufacturing Plan:*** We intend to use approximately 18% of the net proceeds to establish a manufacturing plant for our SunScout Products in Austin, Texas. Establishing U.S.-based manufacturing is expected to reduce our exposure to import tariffs, shorten delivery timelines, and enhance market acceptance by providing domestically manufactured products.

***Marketing and promotion campaigns:*** We intend to use approximately 10% of the net proceeds from the offering for marketing and promotion campaigns. This allocation reflects our commitment to expanding brand awareness, reaching new customers, and driving revenue growth through targeted marketing initiatives.

***Product development:*** We intend to use approximately 10% of the net proceeds from the offering for product and marketing development. This strategic investment will focus on expanding our product portfolio by increasing the inventory of fast-moving products.

***Inventory:*** As we scale our operations, we intend to allocate approximately 10% of the net proceeds from the offering to establish consignment stock with key customers and distributors to support faster delivery and improve our sales responsiveness.

***Repayment of loan:*** We intend to use approximately 13% of the net proceeds from the offering to repay a portion of the Regional Strategic Partnership Loan. Pursuant to the Regional Strategic Partnership Loan, MBIE made available to SunScout New Zealand a term loan facility of up to NZ$3.0 million, plus capitalized interest, the proceeds of which may be used, among other things, to fund up to NZ$1.4 million of the acquisition cost of Brunton Engineering, repay certain existing indebtedness of the acquired business, and provide working capital for the design and operation of a production plant for the assembly of solar-powered robotic lawnmowers. The facility bears interest at a fixed rate of 11.84% per annum, with interest payable annually in arrears, and has a seven-year maturity from the first drawdown date. As of the latest practicable date and as of June 30, 2024 and 2025, the loan had an outstanding principal balance of US$1,830,000 and accrued interest of US$262,153.99. No repayments have been made or due to date.

***Payment under the Brightway MPA:*** We intend to use approximately 12% of the net proceeds from the offering to make the US$2,000,000 payment in cash to Mr. Marc Cywinski and Mr. Joshua Marotske in consideration for the transfer of all of their outstanding shareholding in Brightway Energy LLC pursuant to the Brightway MPA.

***Working Capital:*** The balance amount will be used for general working capital and corporate purposes.

The foregoing represents our current intentions based upon our present plans and business conditions. We intend to apply the net proceeds of this offering in the following order of priority: (i) repayment of the MBIE convertible loan; (ii) payment of the cash portion of the Brightway MPA consideration; (iii) establishment of our U.S. manufacturing facility in Austin, Texas; (iv) research and development activities; (v) sales and marketing activities; and (vi) general corporate purposes and working capital. In the event the net proceeds of this offering are insufficient to fund all of the foregoing purposes, we expect to fund the shortfall through cash generated from our operations and, if necessary, through additional debt or equity financing. There can be no assurance that such additional financing will be available on acceptable terms, or at all.

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#### CAPITALIZATION
The following table sets forth our capitalization as of December 31, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma as adjusted basis to reflect (i) the above; and (ii) the issuance and sale of 4,000,000 Class A Ordinary Shares in this offering at an initial public offering price of US$5.50 per Class A Ordinary Share (being the mid-point of the initial public offering price range), assuming no exercise of the underwriters' over-allotment option, after deducting underwriting discounts, the non-accountable expense allowance and estimated offering expenses payable by us.

The pro forma as adjusted information below is illustrative only, and our capitalization following the completion of this offering is subject to adjustment based on the actual net proceeds to us from the offering. You should read this table in conjunction with "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our combined financial statements and related notes included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
|  **Shareholders' Equity** | **Actual** | **As adjusted<sup>(1)(2)</sup>** |
|  Class A Ordinary Shares of par value of US$0.0001 each, 450,000,000 Class A Ordinary Shares authorized, 20,000,000 Class A Ordinary Shares outstanding on an actual basis, 24,000,000 Class A Ordinary Shares outstanding on an as adjusted basis, assuming no exercise of the underwriters' over-allotment option | $2000 | $2000 |
|  Class B Ordinary Shares of par value of US$0.0001 each, 50,000,000 Class B Ordinary Shares authorized, 15,000,000 Class B Ordinary Shares outstanding on an actual basis and as adjusted basis | $1500 | $1500 |
|  Additional paid-in capital | $(2000000) | $(2000000) |
|  New additional paid-in capital | $0 | $22000000 |
|  – Retained earnings | $1308915 | $1308915 |
|  **Total Shareholders' Equity** | $3312415 | $25312415 |
|  **Indebtedness** |  |  |
|  Bank borrowings | $2431369 | $2431369 |
|  **Total Indebtedness** | $2431369  | $2431369 |
|  **Total Capitalization** | $881046 | $22881046 |

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____________

(1) Reflects the sale of Class A Ordinary Shares in this offering (excluding any Class A Ordinary Shares that may be sold as a result of the underwriters exercising their over-allotment option) at an assumed initial public offering price of $5.50 per share, and after deducting the estimated underwriting discounts the non-accountable expense allowance and estimated offering expenses payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual initial public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive, after deducting the underwriting discounts, the non-accountable expense allowance estimated offering expenses payable by us and advisory fees. We estimate that such net proceeds will be approximately US$21,012,605.

(2) Assuming the underwriters do not exercise their over-allotment option.

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#### DILUTION
Investors purchasing our Class A Ordinary Shares in this offering will experience immediate and substantial dilution in the pro forma as adjusted net tangible book value of their Class A Ordinary Shares. Dilution in pro forma as adjusted net tangible book value represents the difference between the initial public offering price of our Class A Ordinary Shares and the pro forma as adjusted net tangible book value per share of our Class A Ordinary Shares immediately after the offering.

Historical net tangible book value per share represents our total tangible assets (total assets excluding goodwill and other intangible assets) less total liabilities, divided by the number of issued and outstanding Class A Ordinary Shares. After giving effect to the sale of Class A Ordinary Shares in this offering by the Company at an initial public offering price of US$5.50 per share, after deducting US$0.385 in underwriting discounts, the non-accountable expense allowance and estimated offering expenses payable by the Company of approximately US$987,395 the pro forma as adjusted net tangible book value as of December 31, 2025 would have been approximately US$0.949 per share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.783 per share to our existing shareholders and an immediate dilution of US$4.551 per share to new investors purchasing Class A Ordinary Shares in this offering.

The following table illustrates this dilution on a per share basis to new investors.

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| | | |
|:---|:---|:---|
|  | **No Exercise of <br>Over-Allotment <br>Option** | **Full Exercise of <br>Over-Allotment <br>Option** |
|  Assumed initial public offering price per share | $5.50 | $5.50 |
|  Historical net tangible book value per share as of December 31, 2025 | $0.166 | $0.166 |
|  Increase in as adjusted net tangible book value per share attributable to the investors in this offering | $0.783 | $0.879 |
|  Pro forma net tangible book value per share after giving effect to this offering | $0.949 | $1.045 |
|  Dilution per share to new investors participating in this offering | $4.551 | $4.455 |

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A US$1.00 increase (decrease) in the assumed initial public offering price of US$5.50 per Class A Ordinary Share, which is the mid-point of the price range set forth on the cover page of this prospectus, would increase (decrease) the as adjusted net tangible book value per share by US$0.17, and increase (decrease) dilution to new investors by US$0.17 per share, in each case assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting underwriting discounts, the non-accountable expense allowance and estimated offering expenses payable by us.

If the underwriters exercise in full their option to purchase additional Class A Ordinary Shares in this offering, the as adjusted net tangible book value after the offering would be US$1.045 per share, the increase in net tangible book value to existing shareholders would be US$0.879 per share, and the dilution to new investors would be US$4.455 per share, in each case assuming an initial public offering price of US$5.50 per share, which is the mid-point of the price range set forth on the cover page of this prospectus.

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2025, the differences between existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us, the total consideration paid and the average price per Class A Ordinary Share before deducting the estimated discounts and non-accountable expense allowance to the underwriter and the estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A Ordinary Shares <br>purchased** | **Class A Ordinary Shares <br>purchased** | **Total consideration** | **Total consideration** | **Average price <br>per Ordinary <br>Share** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average price <br>per Ordinary <br>Share** |
|  Existing shareholders | 20000000 | 83.33% | $3312415 | 13.10% | $0.166 |
|  New investors | 4000000 | 16.67% | $22000000 | 86.90% | $5.50 |
|  Total | 24000000 | 100% | $25312415 | 100% | $1.055 |

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

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#### DIVIDENDS AND DIVIDEND POLICY
As of the date of this prospectus, we have no plans to distribute dividends, in the event we consider distributing a dividend in the future, our Board shall take into account, among other things, the following factors when deciding whether to propose a dividend and in determining the dividend amount: (a) operating and financial results; (b) cash flow situation; (c) business conditions and strategies; (d) future operations and earnings; (e) taxation considerations; (f) interim dividend paid, if any; (g) capital requirement and expenditure plans; (h) interests of shareholders; (i) statutory and regulatory restrictions; (j) any restrictions on payment of dividends; and (k) any other factors that our Board may consider relevant. The payment of dividends is also subject to the Companies Act and our Post-Offering Memorandum and Articles of Association (as defined herein), which will become effective immediately prior to the completion of this offering, as well as any other applicable laws. Under our Post-Offering Memorandum and Articles of Association, only holders of Class A Ordinary Shares are entitled to receive dividends when and if declared by the board of directors; holders of Class B Ordinary Shares are not entitled to receive any dividends. Currently, we do not have any predetermined dividend distribution ratio.

Even if our Board decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that the Board may deem relevant. In addition, we are a holding company and depend on the receipt of dividends and other distributions from our subsidiaries to pay dividends on our Class A Ordinary Shares.

There are no foreign exchange controls or foreign exchange regulations under current applicable laws of the various places of incorporation of our significant subsidiaries that would affect the payment or remittance of dividends.

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

#### Overview
We are a clean-technology company engaged in the design, development, manufacturing, and commercialization of autonomous, solar-powered robotic mowers and related solar energy solutions. Our products are designed to address the environmental, regulatory, and cost limitations of existing petrol-powered and grid-dependent electric lawn mowing equipment. We believe petrol-powered mowers represent a significant source of emissions while electric robotic mowers are designed to reduce direct emissions, they remain dependent on grid electricity and fixed charging stations. These products are limited in their physical range of operations in relation to their docking stations and appear to contribute indirectly to carbon emissions in markets where grid electricity relies on fossil fuels.

We believe our proprietary DSA is poised to become a disruptive technology designed to enable our SunScout Products to operate independently of the electrical grid, delivering true range autonomy and zero-emission lawnmowing. Our integrated DSA solar panels automatically deploy in our SunScout Products' "stationary mode" to recharge the onboard batteries on our SunScout Products and retract during operation to maintain maneuverability. We believe this technology eliminates the need for fixed charging stations, reduces operating costs by avoiding rising electricity costs, and enables deployment of our SunScout Products in markets with limited or unreliable grid infrastructure.

![](timage_001.jpg)

*Deployable Solar Array: designed to triple the surface area for maximized solar energy yield*

Our mission is to eliminate reliance on fossil fuels in outdoor maintenance and mobile machinery, beginning with lawn care and expanding into adjacent applications. Our technology platform is designed to be adaptable and platform-agnostic, with potential applications beyond robotic lawnmowing, including in agriculture, robotics, and electric vehicles such as onboard solar charging systems for electric vehicles, autonomous patrol robots, and other mobile equipment.

Our business currently comprises three lines of products and solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• SunScout Products.** This line of products represents our principal growth driver as of the date of this prospectus and consists of our solar-powered robotic mowers ("SunScout Eco", "SunScout Pro", and "SunScout ProMax") which are market-ready (the "Autonomous Mowing Solutions" or "Autonomous Mowing Products"). Our complementary products and prototype systems, include the (i) SunScout Solar Shelter, (ii) "Excel Mulcher Blade" and (iii) the SunScout Go-Easy Campervan and Go-Easy EV Utility Van, which remain in the development or proof of concept phase as of the date of this prospectus (the "Complementary Products", together with the Autonomous Mowing Solutions are our "SunScout Products"). We expect to commercialize our SunScout Products on a global scale through our direct to consumer

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e-commerce channels and distribution agreements with partners in what we believe to be key markets. As of the date of this prospectus, we believe progress remains strong, with our first commercial arrangement in place including a cooperation agreement with WWS (one of Europe's leading online retailers for robotic lawnmowers) in the European Union pursuant to which the parties have agreed to enter into a formal distribution agreement reflecting the terms and conditions of such cooperation agreement, MowBot, (New Zealand's leading online retailer of robotic lawnmowers), in Australia and New Zealand. Simultaneously with our distribution channels, we follow a digital-sales strategy which prioritizes a direct connection with customers through our direct e-commerce channels. Our website generates direct to consumer sales online for our Autonomous Mowing Solutions and is expected to be supplemented by relationships with select third-party e-commerce marketplaces. We are also in discussions, supported by a third-party consultant, with Walmart Inc. regarding potential distribution in the United States; and with Motorland in Europe through WWS. In addition, we have engaged 2B Connected, a specialist sales agency, to conduct outbound sales lead generation for SunScout ProMax in New Zealand. However, as of the date of this prospectus, the campaign is paused pending delivery of demonstration units, after which we intend to further develop our sales activities in New Zealand and expand efforts to Australia. As of the date of this prospectus, we believe our global positioning is further supported by our assembly operations through SunScout Asia in Thailand, alongside plans for a new assembly operations plant for our ProMax product in Texas to serve the U.S. market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Solar Power Development Solutions.** This line of services represents our solar energy business segment that develops and installs solar power systems for commercial, industrial, and institutional customers, and provides engineering, procurement, and construction ("EPC") services. We believe this business supports our overall strategy of promoting clean, decentralized energy generation while providing stable revenue and cash flow. Operations are conducted primarily through SunScout USA, in the United States and SunScout NZ, in New Zealand ("Solar Power Development Solutions"). As of the date of this prospectus, we plan to expand our U.S. operations nationwide while also servicing neighboring regions, including the Caribbean, Puerto Rico, and South America. In Asia, we believe SunScout has the potential to gain access to large utility-scale solar projects that can drive significant growth. Meanwhile, in New Zealand, we believe the solar market is beginning to expand, particularly in the commercial sector, which is the current focus of SunScout New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engineering Products and Services.** This line of business represents our precision fabrication, mechanical engineering, and project-management segment that services commercial, industrial, and governmental clients in addition to on-site installation, maintenance, and repair services ("Engineering Products and Services"). Our Engineering Products and Services are operated through SunScout NZ, doing business as "Brunton Engineering". The Brunton Engineering business traces its origins back to 1998 and has operated for nearly 30 years through a succession of different legal entities. It generates revenue from custom manufacturing, metal fabrication, prototyping, and engineering services. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the engineering operations in Palmerston North. Pursuant to an asset purchase agreement dated April 3, 2023, and upon completion of transaction on May 27, 2024, we, through SunScout New Zealand, acquired substantially all of the assets and business of Brunton Engineering Limited, including its plant and equipment, vehicles, engineering machinery, tools, inventory, and other tangible assets, as well as the benefit of its customer relationships, goodwill and ongoing operations.

In the financial year ended June 30, 2025, our SunScout Products (revenue classified under SunScout Products for the financial years ended June 30, 2024 and June 30, 2025 did not arise from the sale of any physical SunScout products and such revenue reflects amounts received in connection with manufacturing and commercialization arrangements relating to SunScout Asia and the SunScout Eco products), Solar Power Development Solutions, and Engineering Products and Services contributed to 27.95%, 40.94% and 31.11% of our revenue respectively. In the financial year ended June 30, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 18.50%, 74.55% and 6.95% of our revenue respectively. In the six months ended December 31, 2025, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 9.35%, 68.32% and 22.34% of our revenue respectively and in the six months ended December 31, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and

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Services contributed to 8.55%, 51.24% and 40.21% of our revenue respectively. While our Solar Power Development Solutions and Engineering Products and Services lines of business currently account for the majority of our revenues as of the date of this prospectus, we believe the SunScout Products segment represents an opportunity for long-term growth with international scale. We distribute to a broad range of customers across the United States, Australia, New Zealand and Asia. We believe this geographic coverage enables us to access diverse markets and capture growth opportunities across multiple regions. In this case, we believe our products are well positioned to benefit from what we believe are global trends toward automation, sustainability, and cost efficiency. At this time, we believe certain regulatory measures can accelerate the phase-out of fossil-fuel lawn equipment, electricity prices are rising globally, and customers are increasingly demanding environmentally friendly and cost-effective alternatives. Our robotic mowers and related technologies are designed to meet these needs by providing a clean, independent, and scalable solution for residential, commercial, and institutional customers alike. In view of these trends currently, our business strategy is to leverage a capital-light and scalable model, with revenues expected from product sales, licensing of our proprietary technologies, recurring leasing and servicing arrangements, and solar EPC contracts.

#### Factors Affecting Our Results of Operations
Our business and results of operations are influenced by broader macroeconomic conditions, including overall economic growth in New Zealand, the United States, and our other key markets; the adoption rate of solar-powered technologies, autonomous robotics, and AI-enabled systems; regulatory and tax environments; geopolitical developments; and the availability and cost of components and manufacturing inputs. Shifts in any of these factors may affect demand for our products and services and impact our operating results. In addition, the following SunScout-specific factors can materially affect our results of operations:

*Our ability to introduce and commercialize new products and services*

The successful introduction and commercialization of new products and services are critical to our operating results and financial condition. The SunScout Pro and SunScout ProMax represent key strategic product launches for the Company. The SunScout Pro is designed to replace conventional ride-on mowers in the residential, lifestyle-block, and light-commercial segments, where no widely adopted robotic alternative currently exists. The SunScout ProMax is a fully commercial-scale autonomous mower intended for large-area and professional applications, including golf courses, solar farm ground management, public parks, council grounds, and a broad range of commercial lawn-care environments. As of the date of this prospectus, both products are in the final stages of development for market release. These platforms are expected to open access to new, previously underserved market segments and substantially expand our addressable customer base, which may materially contribute to future revenue growth. However, delays in development, manufacturing readiness, regulatory clearances, supply-chain availability, or field-validation processes could postpone or limit commercial launch, and any such delay could adversely affect our expected growth and financial performance.

*Our ability to retain skilled personnel*

Our future growth and success depend significantly on the continued service and contributions of our engineers, technical staff, and senior management team. Many of these individuals possess specialized expertise that is difficult to recruit and retain, particularly as we expand our operations in autonomous robotics, AI-enabled technologies, and advanced manufacturing. Competition for qualified personnel is intense, and identifying individuals with the skills required to support our growth strategy can be challenging, time-consuming, and costly. In addition, we intend to establish a new manufacturing base in Austin, Texas, which will require the recruitment and training of an entirely new operational and engineering team. The inability to attract, onboard, or retain the necessary personnel for this expansion in a timely manner could materially affect our ability to scale production and execute our business plan. Accordingly, the loss of key personnel or any failure to recruit, train, or retain suitably qualified employees could negatively impact our operations and future performance.

*Our ability to adopt to the rapid technology change of the market*

The robotics, AI, and solar-technology industries are characterized by rapid technological advancement, evolving industry standards, and frequent product innovation. Customers increasingly expect continuous improvements in performance, autonomy, safety, and energy efficiency. Our future success depends on our ability to respond to these changes, incorporate new technologies into our products, and ensure that our engineering and technical teams continually update their skills and expertise. Failure to adapt to technological developments or to align our products with emerging industry expectations could materially and adversely affect our competitiveness, business operations, and financial results.

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*Intellectual Property*

We rely on a combination of patented technologies, proprietary engineering know-how, and non-patented trade secrets related to product development, manufacturing processes, and other core competencies. Protecting our intellectual property is critical to maintaining our competitive position. Accordingly, we employ measures such as patent filings, confidentiality and non-disclosure agreements, and internal security controls. While we believe our intellectual property portfolio is strong and we are not currently subject to any actual or, to our knowledge, threatened patent-related litigation, intellectual property disputes are common in technology-based industries. Litigation or threatened litigation may be necessary to enforce or defend our rights. Any such actions, whether initiated by or against us, could require significant management attention and result in substantial legal costs.

*Foreign currency exchange fluctuation*

Our operations involve transactions and cost structures denominated in multiple currencies, including the New Zealand dollar, U.S. dollar, Euro, and other regional currencies. As a result, fluctuations in foreign exchange rates may affect our revenue, expenses, and overall operating results. We monitor currency movements closely and may evaluate or implement hedging strategies or other risk-management measures where appropriate to mitigate the potential impact of such fluctuations on our operations and financial performance.

#### Geopolitical risks and related supply chain impacts
Global geopolitical tensions, including military conflicts such as Russia's invasion of Ukraine and the resulting international sanctions, have created uncertainty in global markets. These events, along with other geopolitical developments, may disrupt supply chains, increase component and logistics costs, contribute to inflationary pressures, and affect overall economic conditions.

As of the date of this prospectus, we do not have operations or material business exposure in regions directly affected by these conflicts. We have not experienced significant financial or operational impacts arising from these events. However, like many manufacturing and technology companies, we are exposed to the risk of future increases in input costs, extended lead times, and other supply chain pressures should geopolitical instability escalate or persist. Such developments could adversely affect our cost structure and operating performance.

#### Overview of Financial Condition
The Company's financial position changed materially between the fiscal years ended June 30, 2024, and June 30, 2025, primarily as a result of the acquisition and full-year consolidation of the New Zealand engineering and fabrication business (Brunton Engineering), the expansion of EPC solar project activity, and increased investment in the development and commercialization of SunScout Products.

Total assets increased as the Group integrated the acquired engineering business, which added property, plant, and equipment, inventory, contract assets, and identifiable intangible assets, including customer relationships and manufacturing know-how. The acquisition also expanded working capital requirements as the business supports a larger volume of fabrication contracts and EPC project execution.

Liabilities increased due to higher trade payables and contract liabilities associated with EPC solar projects and fabrication contracts recognized on an over-time basis. Growth in EPC activity also contributed to an increase in project-related procurement and subcontracting commitments, resulting in higher short-term obligations tied to project delivery schedules.

The Company's equity position strengthened as a result of increased revenues from engineering and fabrication services, EPC solar installations, and initial commercial traction from SunScout Product sales. These operations contributed to higher gross profit and operating income for the year ended June 30, 2025. At the same time, elevated administrative and operational expenses associated with integrating the acquired engineering business and expanding our development activities partially offset the year's profitability.

Overall, our financial condition reflects an organization transitioning from early-stage development toward expanded commercial operations. The integration of the Engineering Products and Services business provides a broader base of recurring fabrication, engineering, and EPC revenue, while the introduction of SunScout Products and vehicle-integrated solar systems expands the Company's long-term market potential. Continued investment in manufacturing capability, product development, and project execution will remain key drivers of our financial condition going forward.

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#### Liquidity and Capital Resources
The Company's liquidity position reflects the operational expansion undertaken during the fiscal year ended June 30, 2025, including the acquisition and integration of the Engineering Products and Services business, increased EPC solar project activity for the Solar Power Development Solutions business, and continued investment in the development of SunScout Products and vehicle-integrated solar technologies.

As of June 30, 2025 and December 31, 2025, the Company's liquidity was derived primarily from cash generated through our Engineering Products and Services and Solar Power Development Solutions businesses, and early SunScout Product sales, supplemented by contributions received from joint-venture partners in Thailand in support of the SunScout Eco platform. These sources were sufficient to meet operating requirements during the period. The expansion of fabrication and EPC operations increased working capital needs, particularly with respect to materials procurement, subcontracting, and project mobilization.

The Company's principal liquidity requirements include funding ongoing operations, supporting EPC project execution, maintaining manufacturing and engineering capacity, and financing continued research and development for the SunScout Pro, SunScout ProMax, and DSA systems. The integration of the New Zealand engineering business, which materially increased revenue and operational scale, also resulted in higher personnel, facilities, and administrative costs that influence liquidity needs on an ongoing basis.

Management expects that future liquidity will continue to be influenced by the timing and magnitude of EPC project awards, the production and delivery schedules of SunScout Products, and the working capital profile associated with multi-stage engineering contracts. The Company may evaluate additional sources of liquidity, including credit facilities, equipment financing, equity funding, or strategic partner contributions, to support expansion plans, depending on market conditions and operational requirements.

Based on current projections, management believes existing cash on hand, cash generated from operations, and available funding arrangements are expected to be sufficient to meet the Company's working capital and capital expenditure needs for at least the next twelve months from the date of this report. However, the Company's liquidity may be affected by factors such as supply chain costs, project timing uncertainties, and the pace of commercialization of new SunScout Products.

#### Cash Flows
The Company's cash flows for the fiscal years ended June 30, 2025, and June 30, 2024, and the six months ended December 31, 2025 and December 31, 2024, reflect the expansion of engineering and fabrication activities, increased EPC project execution, and investment in new product development and operational integration following the acquisition of the New Zealand Engineering Products and Services business. Cash flows from operating, investing, and financing activities each provide insight into the Company's liquidity profile and funding requirements.

#### Operating Activities
Cash flows from operating activities are primarily driven by the timing of contract receipts and project expenditures for Engineering Products and Services, Solar Power Development Solutions, and early SunScout Product sales. Operating cash flows for the fiscal year ended June 30, 2025 and the six months ended December 31, 2025, were influenced by higher revenues from fabrication as part of our Engineering Products and Services business and Solar Power Development Solutions EPC project activity, as well as initial product sales and contributions from our Thailand joint-venture partners related to the SunScout Eco platform. These inflows were partially offset by increased operating costs associated with higher labor, materials, subcontracting, and logistics expenditures required to deliver a larger volume of projects.

Working capital requirements increased during the fiscal year due to the growth in Solar Power Development Solutions EPC project execution and Engineering Products and Services fabrication activity. These projects typically require procurement of materials and components ahead of milestone billings, resulting in higher contract assets, inventories, and payables. The integration of the New Zealand Engineering Products and Services business also contributed to higher personnel and administrative costs, affecting overall operating cash flows.

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#### Investing Activities
Investing cash flows for the fiscal year ended June 30, 2025 primarily reflect the acquisition of the New Zealand engineering business and continued investment in manufacturing equipment, tools, prototyping, and research and development infrastructure. Additional investments were made in the development of the SunScout Pro and ProMax platforms and the DSA system for electric vehicles. These expenditures support the Company's long-term product roadmap and manufacturing capability but contributed to a net outflow in investing activities for the period. The investing cash flows for the six-month period ended December 31, 2025 did not deviate from the Company's long-term product roadmap.

#### Financing Activities
Cash flows from financing activities for the fiscal year ended June 30, 2025, and the six month period ended December 31, 2025, were driven by funding arrangements used to support the integration of the New Zealand Engineering Products and Services operations, working capital needs associated with higher project volumes, and general corporate activities. Financing may include shareholder contributions, partner funding, short-term loans, or other funding mechanisms as required. The Company evaluates financing opportunities on an ongoing basis to ensure adequate support for operational expansion, manufacturing scale-up, and research and development activities.

#### Summary
Overall, cash flows for the fiscal year ended June 30, 2025, and the six month period ended December 31, 2025, reflect a transition to a larger-scale operating profile, characterized by increased Engineering Products and Services fabrication and Solar Power Development Solutions EPC activity, initial SunScout Product commercialization, and continued investment in product development. Management monitors cash flows closely and believes that operating cash generation, combined with existing funding arrangements, is sufficient to support current operations and planned development activities.

#### Known Trends, Events, Demands, Commitments, and Uncertainties
The Company's operations are subject to several known trends, events, demands, commitments, and uncertainties that may materially affect its financial condition, liquidity, and results of operations. These factors include macroeconomic conditions, industry-specific developments, and Company-specific operational considerations relating to expansion of our Engineering Products and Services, Solar Power Development Solutions and SunScout Product businesses.

A significant trend affecting the Company is the continued expansion of engineering and fabrication activities in New Zealand following the acquisition of the Engineering Products and Services business. This acquisition materially increased operational scale, broadened the customer base, and expanded the Company's contractual obligations. While this integration supports long-term growth, it also increases exposure to fluctuations in labor availability, material costs, and production scheduling. Any delays in fabrication throughput or supply chain constraints may affect the timing of revenue recognition and project delivery.

The Company is also exposed to uncertainties associated with the commercialization and manufacturing ramp-up of the SunScout Pro and SunScout ProMax platforms. These products involve complex engineering, autonomous navigation systems, and solar-charging technologies that must be validated at scale. Production delays, component availability challenges, or changes in market adoption rates may affect the pace at which these platforms generate revenue. The Company's ability to scale manufacturing activities, including planned expansion in the United States, will also influence the timing and magnitude of future product contributions.

In the Solar Power Development Solutions segment, project timing and execution represent key uncertainties. EPC contracts often require procurement of materials and components in advance of milestone billings, resulting in short-term working capital demands. Delays in permitting, customer approvals, grid connection, or construction scheduling may shift revenue recognition across reporting periods and impact operating cash flows. Additionally, fluctuations in the cost of steel, electronics, and other fabrication inputs may influence project margins, particularly on fixed-price EPC contracts.

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The Company's operations involve multiple currencies, including the New Zealand dollar, US dollar, and Euro, and certain activities are influenced by the Thai Baht through joint-venture arrangements. As a result, foreign currency fluctuations may affect reported revenues, expenses, margins, and cash flows. While the Company monitors exchange rate movements, significant volatility may impact financial results, especially given the geographic expansion of operations.

The Company's joint-venture partners in Thailand contribute to the commercialization of the SunScout Eco platform. These contributions represent a source of support for product growth but may also be influenced by local market conditions, regulatory environments and production ramp-up schedules. Any changes in JV participation or shifts in product demand could affect product-related revenue and commercialization progress.

In addition, supply chain conditions remain a source of uncertainty. Lead times for electronic components, motors, batteries, steel, and other key materials may lengthen or fluctuate, and prices may be influenced by global demand, logistical constraints, or geopolitical factors. The Company's ability to secure consistent supplies of critical components is important for maintaining production schedules and supporting EPC project timelines.

Collectively, these trends, events, and uncertainties may materially affect the Company's future results. Management continues to monitor these factors closely and may adjust operational plans, sourcing strategies, manufacturing schedules, or investment priorities in response to changing conditions.

#### Key Components of Results of Operations

#### Revenue
**Revenue for the fiscal year ended June 30, 2025, was $4,804,983, compared with $2,481,343 for the fiscal year ended June 30, 2024. This represents a year-over-year change of $2,323,639, or 93.64 percent.**

#### Comparison of The Years Ended June 30, 2025, and 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** |
|  | **2025** | **2024** | **Change** | **Percentage <br>Change** |
|  | **US$** | **US$** | **US$** | **%** |
|  Revenue | 4804982 | 2481343 | 2323639 | 93.64% |
|  Cost of goods Sold | 2359157 | 1438906 | 920251 | 63.95% |
|  Gross Profit | 2445825 | 1042437 | 1403388 | 134.63% |
|  Sales/Marketing | 42211 | 101256 | (58944) | (58.21)% |
|  General and administrative | 1055284 | 452747 | 602537 | 133.08% |
|  R&D | 118140 | 13124 | 105016 | 800.18% |
|  Professional Fees | 17100 | 48184 | (31086) | (64.51)% |
|  Travel & Entertainment | 46110 | 23692 | 22419 | 94.63% |
|  Depreciation | 179183 | 31027 | 148156 | 477.52% |
|  Total Operating Expenses | 1458128 | 670030 | 788098 | 117.62% |
|  Income from Operations | 987697 | 372407 | 615290 | 165.22% |
|  Interest Expense | 215195 | 39728 | 175467 | 441.67% |
|  Other Income | 14146 | 18863 | (4537) | (24.28)% |
|  Earnings Before Tax (EBT) | 786648 | 351362 | 435286 | 123.88% |

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The increase in revenue from 2024 to 2025 was driven by higher engineering and fabrication revenue from our Engineering Products and Services business due to expanded capacity and increased contract volume, amounts received in connection with manufacturing and commercialization arrangements relating to SunScout Asia and the SunScout Eco products, introduction of EPC solar project activity in New Zealand and increased engineering services delivered by SunScout New Zealand. It was partially offset by delays in certain engineering projects shifting revenue recognition into the fiscal year ending June 30, 2026, and slower-than-expected manufacturing ramp-up for Sunscout Pro & ProMax new robotic mower models.

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Revenue for the six months ending December 31, 2025, was $2,877,136, compared with $2,456,246 for the six months ending December 31, 2024. This represents a period-over-period change of $420,889, or 17.14 percent.

Comparison of The Six-month period ending December 31, 2025, and 2024

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31, 2025, and 2024** | **For the Six Months Ended December 31, 2025, and 2024** | **For the Six Months Ended December 31, 2025, and 2024** | **For the Six Months Ended December 31, 2025, and 2024** |
|  | **2025** | **2024** | **Change** | **Percentage <br>Change** |
|  | **US$** | **US$** | **US$** | **%** |
|  Revenue | 2877136 | 2456246 | 420889 | 17.14% |
|  Cost of goods Sold | 1689077 | 1498013 | 191064 | 12.75% |
|  Gross Profit | 1188059 | 958233 | 229825 | 23.98% |
|  Sales/Marketing | 8762 | 34278 | (25515) | (74.44)% |
|  General and administrative | 427121 | 460493 | (33372) | (7.25)% |
|  R&D | 0 | 20511 | (20511) | (100.00)% |
|  Professional Fees | 22706 | 8801 | 13906 | 158.01% |
|  Travel & Entertainment | 13535 | 26424 | (12889) | (48.78)% |
|  Depreciation | 100540 | 93050 | 7491 | 8.05% |
|  Total Operating Expenses | 572665 | 643557 | (70892) | (11.02)% |
|  Income from Operations | 615394 | 314677 | 300717 | 95.56% |
|  Interest Expense | 0 | 0 | 0 | 0.00% |
|  Other Income | 24622 | 23525 | 1097 | 4.66% |
|  Earnings Before Tax (EBT) | 640016 | 338202 | 301814 | 89.24% |

---

The increase in revenue from the six month period ended December 31, 2024 to 2025 was driven by higher levels of Solar Solutions projects in the United States.

*Revenue Mix*

Our revenue was generated from our three lines of business: Engineering Products and Services, Solar Power Development Solutions, and SunScout Products. Each revenue stream reflects a different aspect of our integrated business model, which spans solar engineering, clean-energy manufacturing, and the commercialization of our proprietary technologies.

The following tables set forth the breakdown of our total revenues, both in absolute amount and as a percentage of our total revenues for the years ended June 30, 2024, and 2025 and the six month period ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 1494603 | 31.11% | 172449 | 6.95% |
|  SunScout Products | 1343052 | 27.95% | 459041 | 18.50% |
|  Solar Power Development Solutions | 1967238 | 40.94% | 1849853 | 74.55% |
|  **Total revenues** | 4804983 | 100.00% | 2481343 | 100.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** | **For the Six Months Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 642610 | 22.34% | 987614 | 40.21% |
|  SunScout Products | 268959 | 9.35% | 210000 | 8.55% |
|  Solar Power Development Solutions | 1965567 | 68.32% | 1258632 | 51.24% |
|  **Total revenues** | 2877136 | 100.00% | 2456246 | 100.00% |

---

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

a) Engineering Products and Services

Our Engineering Products and Services are operated through SunScout NZ, doing business as "Brunton Engineering". The Brunton Engineering business traces its origins back to 1998 and has operated for nearly 30 years through a succession of different legal entities. It generates revenue from custom manufacturing, metal fabrication, prototyping, and engineering services. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the engineering operations in Palmerston North. Pursuant to an asset purchase agreement dated April 3, 2023, and upon completion of transaction on May 27, 2024, we, through SunScout New Zealand, acquired substantially all of the assets and business of Brunton Engineering Limited, including its plant and equipment, vehicles, engineering machinery, tools, inventory, and other tangible assets, as well as the benefit of its customer relationships, goodwill and ongoing operations. Revenue from Engineering Products and Services consists of custom manufacturing, metal fabrication, prototyping, and engineering services undertaken by our New Zealand production subsidiary. These projects are typically executed under fixed-price or milestone-based contracts. Revenue is recognized over time as performance obligations are satisfied, generally using a cost-to-cost method. For the fiscal year ending June 30, 2025, Engineering Products and Services revenue represented approximately 31.11% of our total revenue, compared with 6.95% for the fiscal year ended June 30, 2024. The significant increase was driven by higher utilization of our expanded workshop capacity following the Brunton Engineering acquisition, as well as continued demand from recurring commercial clients in New Zealand. For the six month period ending December 31, 2025, Engineering Products and Services revenue represented approximately 22.34% of our total revenue, compared with 40.21% for the six month period ending December 31, 2024.

b) SunScout Products

Revenue for the period was generated from the development and commercialization of SunScout Products across multiple platforms. This included government R&D grant income supporting the development of the SunScout Pro, SunScout ProMax, and the onboard DSA system for electric vehicles, and initial commercial traction through early SunScout Product sales. SunScout Product related sales accounted for approximately 27.95% of total revenue for the fiscal year ended June 30, 2025, compared with 18.50% for the fiscal year ended June 30, 2024. The steady contribution from product sales reflects consistent demand for our proprietary solar-enabled technologies and continued growth in both domestic and early international markets. For the six-month period ending December 31, 2025 SunScout Product related sales accounted for approximately 9.35% of our total revenue, compared with 8.55% for the six month period ending December 31, 2024.

c) Solar Power Development Solutions

Solar Power Development Solutions revenue is generated from turnkey solar development projects, including design, procurement, construction, and commissioning of commercial and industrial rooftop systems. Revenue is recognized over time as contractual milestones are completed. Solar Power Development Solutions represented approximately 40.94% of total revenue for the fiscal year ended June 30, 2025, compared with 74.55% for the fiscal year ended June 30, 2024. This growth was driven by the execution of several medium-scale commercial installations in New Zealand and USA and increase in sales of residential solar systems in SunScout USA. Solar Power Development Solutions represented approximately 68.32% of total revenue for the six month period ending December 31, 2025, compared with 51.24% for the six month period ending December 31, 2024.

#### Revenue — Geographical segments
Geographical segments are analyzed by three principal geographical areas, namely Asia Pacific and North America. In presenting information on the geographical segments, revenue is based on the location of customers regardless of where the goods are shipped to.

---

| | | | |
|:---|:---|:---|:---|
|  **Revenue** | **Asia <br>Pacific** | **North <br>America** | **Total** |
|  | **US$** | **US$** | **US$** |
| **2025** | 2837655 | 1967328 | 4804983 |
| **2024** | 631490 | 1849853 | 2481343 |
| **2023** | 0 | 2803314 | 2803314 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  **Revenue** | **Asia <br>Pacific** | **North <br>America** | **Total** |
|  | **US$** | **US$** | **US$** |
|  Six Months Ended December 31, 2025 | 911569 | 1965567 | 2877136 |
|  Six Months Ended December 31, 2024 | 1197614 | 1258632 | 2456246 |

---

#### Geographic Concentration Risks
The Company's revenue is currently concentrated in a limited number of geographic regions, which may expose the business to regional economic conditions, regulatory environments, and market-specific risks. During the fiscal year ended June 30, 2025, a substantial portion of the Company's revenue was generated in New Zealand through Engineering Products and Services, Solar Power Development Solutions, and early SunScout Product activity. As a result, overall performance is influenced by local economic conditions, permitting environments, material and labor availability, and demand for commercial and industrial solar solutions in New Zealand. As a result, overall performance is influenced by local economic conditions, permitting environments, material and labor availability, and demand for commercial and industrial solar solutions in New Zealand. For the six month period ended December 31, 2025 a substantial portion of the Company's revenue was generated through Solar Power Development Systems in the US Market.

The Company also receives contributions and commercial support from joint-venture partners in Thailand relating to the SunScout Eco platform. While these contributions support product development and early-stage commercialization, they expose the Company to regional market dynamics, regulatory factors, and operational conditions specific to Thailand. Any changes in local policy, partner investment priorities, or market acceptance may affect commercialization progress and associated revenues.

Revenue from Europe is at an early stage and is expected to grow as SunScout Products are introduced through distribution arrangements with WWS and through a potential cooperation with seed2soil. The Company's exposure to the region will increase as distribution expands, but early-stage operations may be subject to market-entry challenges, competitive pressure, and changing trade or regulatory conditions affecting cross-border manufacturing, electronics, and machinery imports.

North America is expected to become a significant future market, driven by the planned local manufacturing and commercialization of SunScout robotic products and the expansion of Brightway Energy's EPC solar activities. For the financial years ended June 30, 2024 and 2025, and the six month period ended December 31, 2025, and 2024, the Company's revenue in North America was derived primarily from Brightway Energy's EPC solar contracts. The Company's current operations in the United States remain limited relative to future plans. The pace of growth in this region will depend on the Company's ability to scale manufacturing, secure component supply chains, build distribution capability, and compete within a larger and more mature robotics and solar market.

The concentration of revenue in a small number of markets, combined with the Company's expansion into new geographic regions, creates exposure to region-specific risks that may affect financial results. Management monitors these conditions closely as part of its operational and expansion strategy.

*Asia Pacific*

Revenue from the Asia Pacific region currently reflects activity in New Zealand and Thailand. New Zealand contributes through early commercial traction with SunScout Products, while Thailand reflects contributions from joint-venture partners supporting the commercialization of the SunScout Eco platform. The region is expected to expand through entry into Australia and broader Oceania markets, and through potential EPC and development opportunities for utility-scale solar farm projects in Thailand.

*Europe*

Revenue from Europe is at an early stage as the Group only recently commenced commercial activity in this region. Growth is expected through the distribution of SunScout Products by WWS and through the potential cooperation agreement with seed2soil, which is expected to assist in establishing broader market access and product presence across the region.

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

*North America*

Revenue from North America is expected to become a key component of the Group's growth strategy. The focus in this region includes local manufacturing and distribution of SunScout robotic products, as well as the expansion of Brightway Energy's activities in EPC solar systems. These initiatives are intended to build a stronger market presence and support the Group's planned scale-up in the United States.

#### Cost of Revenues
Cost of revenues primarily includes costs related to subcontracting, labor, and the materials used in the manufacturing of SunScout Products and for our Engineering Products and Services and Solar Power Development Solutions.

Our cost of revenues from our revenue categories are summarized as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** | **For the Years Ended June 30, 2025 and 2024** | **Change <br>USD** | **Change %** |
|  | **2025** | **%** | **2024** | **%** | **Change <br>USD** | **Change %** |
|  Labor/Contractors | 959247 | 40.66% | 651715 | 45.29% | 307531 | 47.19% |
|  Material | 924633 | 39.19% | 762068 | 52.96% | 162565 | 21.33% |
|  Other | 475277 | 20.15% | 25123 | 1.75% | 450156 | 1791.80% |
|  | 2359157 | 100.00% | 1438906 | 100.00% | 920252 | 63.95% |

---

Cost of revenues for the fiscal year ended June 30, 2025, was $2,359,157 compared with $1,438,906 for the fiscal year ended June 30, 2024. The increase reflects higher labor and material requirements to support an expanded volume of engineering, fabrication, and EPC work, including increased steel, electronics, and component inputs and higher subcontractor and logistics expenditures. The year also incorporates the full operating costs of the Company's enlarged engineering and production capabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended <br>December 31, 2025, and 2024** | **For the Six Month Period Ended <br>December 31, 2025, and 2024** | **For the Six Month Period Ended <br>December 31, 2025, and 2024** | **For the Six Month Period Ended <br>December 31, 2025, and 2024** | **Change <br>USD** | **Change %** |
|  | **2025** | **%** | **2024** | **%** | **Change <br>USD** | **Change %** |
|  Labor/Contractors | 743079 | 43.99% | 598793 | 39.97% | 144287 | 47.19% |
|  Material | 858317 | 51.41% | 717207 | 47.88% | 151110 | 21.07% |
|  Other | 77681 | 4.60% | 182013 | 12.15% | (104333) | (57.32)% |
|  | 1689077 | 100.00% | 1498013 | 100.00% | 191064 | 12.75% |

---

Cost of revenues for the six-month period ending December 31, 2025, was $1,689,077 compared with $1,498,013 for the six-month period ending December 31, 2024. The increase reflects higher labor and material requirements to support an expanded volume of EPC work in the United States.

#### Material Changes in Cost Structure
The Company's cost structure experienced significant changes during the fiscal year ended June 30, 2025, driven primarily by the increased scale of engineering and fabrication activities, expanded EPC project execution, and the full-year impact of integrating the New Zealand Engineering Products and Services business acquired during the prior fiscal period. These factors collectively influenced labor, materials, subcontracting, and overhead costs.

Labor costs increased as a result of higher staffing levels needed to support the expanded engineering and fabrication operations in New Zealand, along with additional personnel required for EPC project delivery and administrative functions. The integration of the acquired business brought a larger workforce into the Group, resulting in higher payroll and related expenses across production, workshop operations, and engineering support.

Materials and component costs increased due to greater consumption of steel, electronic components, fabrication inputs, and solar equipment required for EPC projects and engineering contracts. Global supply chain constraints and commodity price volatility also influenced material costs, particularly for electronics and steel. While some of these increases were offset by pricing adjustments and improved sourcing strategies, material cost inflation continued to affect project margins and overall cost of revenues.

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

Subcontracting and logistics expenses also increased as EPC activity scaled. EPC projects often require external contractors for installation, electrical work, and specialized construction support, and these costs rose proportionally with the larger project pipeline. Shipping, freight, and logistics costs associated with equipment procurement and transportation of fabricated components further contributed to cost increases during the fiscal year.

Overhead and production-related costs grew following the integration of the New Zealand engineering business, including higher facility expenses, equipment maintenance, tooling, utilities, and insurance. These increases reflect the expanded operational footprint and higher production volumes, which require additional workshop capacity and administrative support.

Management continues to monitor material input costs, subcontractor rates, and operational efficiencies to mitigate future cost increases. Continued investment in process improvements, supply chain optimization, and production planning is expected to support margin stability as operations scale.

#### Gross profit and gross profit margin
The following table sets forth our gross profit and gross profit margin by geographic region for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross Profit** | **Gross Profit <br>Margin** | **Gross Profit** | **Gross Profit <br>Margin** |
|  | **US$** | **%**  | **US$** | **%**  |
|  **Gross profit:** |  |  |  |  |
|  Asia Pacific | 1820766 | 60.00 | 533.035 | 82.33 |
|  Europe | 0 | 0.00 | 0 | 0.00 |
|  North America | 625059 | 31.77 | 509402 | 27.54 |
|  **Total gross profit** | 2445825 | 48.44 | 1042437 | 41.48 |

---

Gross profit for the fiscal year ended June 30, 2025 was $2,445,825 compared with $1,042,437 for the fiscal year ended June 30, 2024. Gross margin was 48.44% for the fiscal year ended June 30, 2025 compared with 41.48% for the fiscal year ended June 30, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the six Months Ended December 31,** | **For the six Months Ended December 31,** | **For the six Months Ended December 31,** | **For the six Months Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Gross Profit** | **Gross Profit <br>Margin** | **Gross Profit** | **Gross Profit <br>Margin** |
|  | **US$** | **%** | **US$** | **%** |
|  **Gross profit:** |  |  |  |  |
|  Asia Pacific | 532841 | 58.45 | 626737 | 52.33 |
|  Europe | 0 | 0.00 | 0 | 0.00 |
|  North America | 655218 | 33.33 | 331496 | 26.34 |
|  **Total gross profit** | 1188059 | 41.29 | 958233 | 39.01 |

---

Gross profit for the six month period ending December 31, 2025 was $1,188,059 compared with $958,233 for the six month period ending December 31, 2024. Gross margin was 41.29% for the six month period ended December 31, 2025 compared with 39.01% for the six month period ended December 31, 2024.

Gross profit and gross margin differ significantly by region due to variations in revenue composition, product mix, engineering activity, and the maturity of each market. Asia Pacific generated the highest gross margin in both periods, primarily because the region includes capitalized research and development activities. These capitalized R&D efforts reduce period operating expenses and increase reported gross margin for the region during the development phase.

North America contributed gross profit primarily from EPC solar system activities, with margins broadly consistent year over year. Europe remained at an early stage of commercialization during both periods and did not contribute meaningful gross profit.

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

Looking ahead, the Company expects the sale of SunScout Products to become the dominant factor driving gross margin. Our forward plans assume a sustained gross margin of greater than 50% on SunScout Product sales as production volumes increase, engineering processes mature, and cost efficiencies continue to improve.

#### Operating expenses
*Sales and marketing expenses*

Sales and marketing expenses were $42,311 for the fiscal year ended June 30, 2025, compared to $101,256 for the fiscal year ended June 30, 2024. Sales and marketing expenses generally include salaries and commissions for sales personnel, travel and business development costs, promotional activities, and other expenditures aimed at expanding market reach and supporting customer acquisition.

The year-over-year decrease reflects improved cost efficiency in U.S. solar system sales and a reduced reliance on external marketing campaigns. Higher levels of customer retention, repeat business, and referral-driven activity lowered the need for direct advertising and paid lead generation. With the integration of the acquired engineering business in New Zealand, the Group also benefits from an established customer base with exceptionally high retention rates, which requires comparatively little sales and marketing expenditure to sustain recurring revenue.

Sales and marketing expenses were $8,763 for the six month period ended December 31, 2025, compared to $34,278 for the six month period ended December 31, 2024. Sales and marketing expenses generally include salaries and commissions for sales personnel, travel and business development costs, promotional activities, and other expenditures aimed at expanding market reach and supporting customer acquisition.

*General and administration expenses*

General and administrative expenses were $1,055,284 for the fiscal year ended June 30, 2025, compared to $452,747 for the fiscal year ended June 30, 2024. General and administrative expenses typically include salaries and related benefits for administrative, operational, and management personnel; professional service fees for audit, legal, accounting, and advisory work; occupancy-related costs; insurance; software and IT infrastructure; and other corporate overhead required to support the Group's operations.

The year-over-year increase was primarily driven by the acquisition and integration of the New Zealand Engineering Products and Services business. The transaction generated additional legal and professional service costs, and the integration of the acquired operations significantly expanded the Group's administrative footprint. As the engineering business contributed to almost doubling total revenue, associated administrative support requirements increased accordingly, including higher staffing, compliance, reporting, facilities, insurance, and IT system costs needed to manage a larger and more operationally complex business.

General and administrative expenses were $427,121 for the six month period ended December 31, 2025, compared to $460,493 for the six month period ended December 31, 2024. General and administrative expenses typically include salaries and related benefits for administrative, operational, and management personnel; professional service fees for audit, legal, accounting, and advisory work; occupancy-related costs; insurance; software and IT infrastructure; and other corporate overhead required to support the Group's operations.

*Research and development expenses*

Research and development expenses were $118,140 for the fiscal year ended June 30, 2025, compared to $13,124 for the fiscal year ended June 30, 2024. Research and development expenses generally include personnel costs, prototyping materials, engineering services, software development, and other expenditures incurred in the design, testing, and enhancement of the Group's products and technologies.

The year-over-year increase reflects the continued advancement of the SunScout Eco, SunScout Pro, and SunScout ProMax platforms, including improvements to autonomous navigation, fleet management capabilities, and solar charging algorithms. Additional costs were incurred for prototyping and hardware development related to deployable solar array systems and vehicle-integrated solar solutions for electric vans. The expanded scope of R&D activities, together with increased technical complexity and accelerated product development cycles, contributed to the higher expenditure during the fiscal year.

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

Research and development expenses were $0 for the six month period ended December 31, 2025, compared to $20,531 for the six month period ended December 31, 2024. Research and development expenses generally include personnel costs, prototyping materials, engineering services, software development, and other expenditures incurred in the design, testing, and enhancement of the Group's products and technologies.

#### Contractual Obligations and Commercial Commitments
The Company enters into various contractual arrangements in the ordinary course of business that require future cash payments or the provision of goods and services. These obligations arise primarily from engineering and fabrication contracts, EPC solar project agreements, joint-venture arrangements, lease commitments, and other operating requirements. The following summarizes the material contractual obligations and commercial commitments in place as of June 30, 2025.

The Company is party to multiple EPC solar contracts that require the procurement of materials, components, and subcontracted services in advance of project completion. These obligations typically include commitments for solar modules, inverters, mounting systems, electrical components, and installation services. EPC contracts often involve milestone-based billing schedules, and the timing difference between material procurement and customer invoicing can affect short-term working capital requirements. The Company's obligations under these EPC contracts are expected to be satisfied as projects progress through their construction and commissioning phases.

In addition to EPC commitments, the Company maintains contractual obligations through its Engineering Products and Services operations in New Zealand. These contracts commonly require the purchase of steel, electronic components, and fabrication inputs, as well as the allocation of production capacity and labor resources. Contract terms vary depending on the scope and duration of work, and obligations are generally satisfied as fabrication milestones are completed.

The Company also maintains joint-venture arrangements in Thailand relating to the manufacturing of SunScout Eco units. While these arrangements do not impose extensive operational or financial obligations on the Company, the primary requirement is to generate sales of SunScout Eco products, which in turn supports production volumes at the Thai assembly facility. Other commitments relate mainly to routine product support and activities associated with the commercialization of the SunScout Eco platform.

Lease commitments for office, workshop, and operational facilities represent another component of the Company's contractual obligations. These include fixed lease payments for workshop facilities and administrative offices in New Zealand, the United States, and other locations supporting business operations. Lease terms vary by location and may include renewal options and scheduled adjustments over the lease period.

Other commercial commitments include arrangements for software and IT infrastructure, insurance contracts, equipment maintenance and service agreements, and professional service contracts related to legal, accounting, engineering, and operational support.

The Company believes it has sufficient resources to meet its current contractual obligations as they fall due. Management monitors its commitments closely and evaluates potential impacts on liquidity, cash flows, and operational requirements as part of its ongoing financial planning.

During the six-month period ending December 31, 2025, the company did not deviate from these contractual obligations.

*Other Income*

Other income for the fiscal year ended June 30, 2025 was $14,146 compared with $18,683 for the fiscal year ended June 30, 2024. The decrease in other income was primarily attributable to changes in interest earned on bank facilities, fluctuations in foreign exchange rates arising from our multi-currency operations, and variations in the level of government grants or incentives received during the period. Other income for the six month period ended December 31, 2025 was $24,622 compared with $23,525 for the six-month period ended December 31, 2024.

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

#### Off-Balance Sheet Arrangements
The Company did not have any off-balance sheet arrangements as of June 30, 2025, or June 30, 2024. The Company has not entered into any transactions involving uncombined entities, structured finance vehicles, special purpose entities, or other forms of off-balance sheet financing designed to facilitate asset or liability management, liquidity enhancement, or credit risk transfer.

The Company does not engage in receivables factoring, synthetic leases, financial guarantees, or other arrangements that would expose it to material undisclosed obligations or risks. All significant commitments and contractual obligations are recognized on the balance sheet or disclosed separately within this Management's Discussion and Analysis as required.

Management continues to monitor the Company's contractual and financing relationships to ensure transparency and compliance with applicable accounting standards and regulatory disclosure requirements.

During the six-month period ended December 31, 2025 the company did not deviate from the off-balance sheet arrangement.

#### Market Risk Disclosure
The Company is exposed to various market risks arising from its operations, including foreign currency risk, interest rate risk, commodity and materials price risk, and credit risk associated with customers and project counterparties. These risks may affect the Company's financial position, results of operations, and cash flows. The Company monitors these exposures and may adjust sourcing, pricing, or operational practices in response to changing market conditions.

#### Foreign Currency Risk
The Company conducts operations in multiple currencies, including the New Zealand dollar, United States dollar, euro, and Thai baht. Revenues from Engineering Products and Services, Solar Power Development Solutions, and SunScout Product sales are primarily denominated in New Zealand dollars and U.S. dollars, while certain expenses, equipment purchases, and joint-venture contributions involve other currencies. Fluctuations in exchange rates may affect reported revenues, gross margins, and operating costs. The Company does not currently employ hedging instruments but monitors exchange rate movements closely as part of its financial and operational planning.

#### Interest Rate Risk
The Company's exposure to interest rate risk arises from any variable-rate borrowings or short-term financing arrangements used to support working capital, equipment purchases, or operational expansion. Changes in market interest rates may affect borrowing costs and future financing terms. While interest-bearing obligations are currently limited, the Company anticipates that future expansion — particularly manufacturing capacity increases and EPC project scale-up — may increase sensitivity to interest rate movements.

#### Materials and Commodity Price Risk
The Company relies on steel, aluminum, motors, electronic components, batteries, and solar equipment for its engineering, fabrication, and EPC operations. Prices for these materials are subject to global supply and demand dynamics, geopolitical developments, and ongoing supply chain constraints. Increases in material costs may affect project margins, especially for fixed-price EPC contracts and fabrication jobs. The Company attempts to mitigate these risks through supplier diversification, strategic procurement, and, where feasible, pricing adjustments; however, significant cost increases or extended lead times may impact future results.

#### Credit Risk
The Company is exposed to credit risk through trade receivables from Engineering Products and Services clients, Solar Power Development Solutions customers, and early SunScout Product customers. Solar Power Development Solutions EPC projects and Engineering Products and Services fabrication contracts may involve milestone-based payments, and delays in customer billings or payment collections can affect liquidity. The Company evaluates customer creditworthiness and monitors outstanding receivables to manage exposure. Credit risk associated with joint-venture contributions is considered limited, as these are contractual and supported by active partner participation, but they remain subject to local market and regulatory conditions.

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

#### Liquidity and Contract Execution Risk
While not a market risk in the narrow sense, liquidity risk is influenced by market-driven variables such as material cost changes, project timing, and customer payment schedules. Solar Power Development Solutions EPC projects in particular may require significant upfront procurement before milestone payments are received. Delays in project execution or customer approvals may affect cash flows and increase short-term financing needs.

Management continues to monitor these market risks as part of its operational and financial planning processes and may adopt additional risk-mitigation strategies as the scale and geographic reach of the business expands.

#### Critical Accounting Policies and Estimates
The preparation of the Company's combined financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. These estimates and assumptions are based on historical experience, current conditions, and management's best judgment regarding future events. Actual results may differ from these estimates, and such differences may be material to the financial statements. The following critical accounting policies and estimates require significant judgment and have the most significant impact on the Company's reported financial results.

#### Revenue Recognition
Revenue is generated from Engineering Products and Services, Solar Power Development Solutions and our SunScout Products, which include contributions received from joint-venture partners in Thailand that support commercialization of the SunScout Eco platform. Revenue is recognized in accordance with relevant accounting standards when control of promised goods or services is transferred to the customer.

Engineering Products and Services contracts are typically recognized over time using a cost-to-cost method, requiring estimates of total project costs, progress toward completion, and the timing of contract milestones. These estimates involve judgment regarding labor hours, material usage, subcontractor inputs, and project complexity. Revisions to estimates may affect revenue recognized in current or future periods.

Solar Power Development Solutions EPC solar projects are generally accounted for over time as performance obligations are satisfied. These projects require estimates of total expected costs, subcontractor performance, and milestone delivery schedules, all of which are subject to uncertainty. Changes in project scope, material prices, or installation conditions may require revisions to estimated margins and timing of revenue.

#### Contract Assets and Liabilities
Contract assets arise when revenue is recognized in advance of billings to customers, while contract liabilities arise when billings or payments are received before the satisfaction of performance obligations. Management must assess contract progress, estimated costs, and potential variable consideration, all of which require judgment. Delays in project execution or revisions to cost estimates may affect the measurement of contract assets and liabilities.

#### Allowance for Doubtful Accounts
The Company evaluates the collectability of receivables using historical experience, credit assessments, customer financial conditions, and other observable factors. EPC customers and fabrication clients may represent concentrated exposures, and changes in their financial condition or payment behavior may require adjustments to the allowance.

#### Useful Lives of Property, Plant, and Equipment and Intangible Assets
The determination of useful lives for depreciation and amortization involves judgment based on expected asset performance, technological developments, and operational experience. Changes in operating conditions, equipment utilization, or product technological advancements may affect depreciation and amortization patterns.

Management believes the accounting estimates described above are reasonable and appropriate, but they involve significant judgment and are subject to change as conditions evolve.

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#### Results of Operations for the Fiscal Years Ended June 30, 2025 and 2024, and the Six Months Ended Decem ber 31 , 2025 and 2024
The following tables sets forth a summary of our combined results of operations for the years ended June 30, 2025 and 2024 and six months ended December 31, 2025 and 2024, as indicated. This information should be read together with our combined financial statements and related notes included elsewhere in this prospectus. The operating results in any year are not necessarily indicative of the results that may be expected for any future trends.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** | **For the Years Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 1494603 | 31.11 | 172449 | 6.95 |
|  Sales of SunScout Products | 1343052 | 27.95 | 459041 | 18.50 |
|  Solar Power Development Solutions | 1967327 | 40.94 | 1849853 | 74.55 |
|  Total revenues | 4804982 | 100.0 | 2481343 | 100.0 |
|  **Cost of revenue** | 2359157 | 49.10 | 1438906 | 57.99 |
|  | Footed |  |  |  |
|  **Gross profit** | 2445825 | 50.90 | 1042437 | 42.01 |
|  **Operating expenses** |  |  |  |  |
|  Sales and marketing | 42311 | 0.88 | 101256 | 4.08 |
|  General and administration | 1055284 | 21.96 | 452747 | 18.25 |
|  R&D | 118140 | 2.46 | 13124 | 0.53 |
|  Professional Fees | 17100 | 0.36 | 48184 | 1.94 |
|  Travel & Entertainment | 46110 | 0.96 | 23692 | 0.95 |
|  Depreciation | 179183 | 3.73 | 31027 | 1.25 |
|  Total operating expenses | 1458128 | 30.35 | 670030 | 27.00 |
|  **Operating Income** | 987696 | 20.56 | 372407 | 15.01 |
|  **Interest Expenses** | 215195 | 4.48 | 39728 | 1.60 |
|  **Other Income** | 14146 | 0.29 | 18683 | 0.75 |
|  **Income before income tax expense** | 786647 | 16.37 | 351362 | 14.16 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Month Period Ended December 31,** | **For the Six Month Period Ended December 31,** | **For the Six Month Period Ended December 31,** | **For the Six Month Period Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **US$** | **% of total <br>revenues** | **US$** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 642610 | 22.34 | 987614 | 40.21 |
|  Sales of SunScout Products | 268959 | 9.35 | 210000 | 8.55 |
|  Solar Power Development Solutions | 1965567 | 68.32 | 1258632 | 51.24 |
|  Total revenues | 2877136 | 100.0 | 2456246 | 100.0 |
|  **Cost of revenue** | 1689077 | 58.71 | 1498013 | 60.99 |
|  **Gross profit** | 1188059 | 41.29 | 958233 | 39.01 |
|  **Operating expenses** |  |  |  |  |
|  Sales and marketing | 8762 | 0.30 | 34278 | 1.40 |
|  General and administration | 427121 | 14.85 | 460493 | 18.75 |
|  R&D | 0 | 0 | 20531 | 0.84 |
|  Professional Fees | 22706 | 0.79 | 8801 | 0.36 |
|  Travel & Entertainment | 13535 | 0.47 | 26424 | 1.08 |
|  Depreciation | 100540 | 3.49 | 93050 | 3.79 |
|  Total operating expenses | 572665 | 19.90 | 643557 | 26.20 |
|  **Operating Income** | 615394 | 21.39 | 314677 | 12.81 |
|  **Interest Expenses** | 0 | 0 | 0 | 0 |
|  **Other Income** | 24622 | 0.86 | 23525 | 0.96 |
|  **Income before income tax expense** | 640016 | 22.24 | 338202 | 13.77 |

---

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#### Liquidity and Capital Resources
The following tables summarizes the key components of our cash flows for the years ended June 30, 2025 and 2024, and the six month period ended December 31, 2025 and 2024.

Movement in Cash for year ending June 30<sup>th</sup>, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Net cash provided (used in) operating activities | 93810 | (19876) |
|  Net cash (used in) provided by investing activities | (109821) | (1725032) |
|  Net cash (used in) provided by financing activities | (47312) | 1661417 |
|  Effect of exchange rate change on cash and restricted cash | (21767) | 42251 |
|  Net change in cash and restricted cash | (85090) | (41241) |

---

Movement in Cash for six month period ending December 31<sup>st</sup>, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Net cash provided (used in) operating activities | 720916 | (18473) |
|  Net cash (used in) provided by investing activities | (62202) | (37501) |
|  Net cash (used in) provided by financing activities | (172696) | (61082) |
|  Effect of exchange rate change on cash and restricted cash | 74074 | 5467 |
|  Net change in cash and restricted cash | 560092 | (111590) |

---

#### Operating Cash Flows
Net cash provided by operating activities was $93,810 for the fiscal year ended June 30, 2025, compared to net cash used in operating activities of $(19,876) for the fiscal year ended June 30, 2024. The change primarily reflects the timing of customer milestone payments, increased inventory purchases in anticipation of robotic mower production, upfront engineering and tooling expenditures, and the working capital requirements associated with EPC projects. Net cash provided by operating activities was $720,916 for the six month period ended December 31, 2025, compared to net cash used in operating activities of $(18,473) for the six month period ended December 31, 2024.

#### Investing Activities
Net cash used in investing activities was $(109,821) for the fiscal year ended June 30, 2025, compared to $(1,725,032) for the fiscal year ended June 30, 2024. These amounts primarily relate to purchases of machinery and manufacturing equipment, tooling for new product lines, investments in software development and testing equipment, and acquisition of intangible assets, including the customer list and trade name, as part of the Brunton Engineering asset purchase. Net cash used in investing activities was $(62,202) for the six month period ended December 31, 2025, compared to $(37,501) for the six month period ended December 31, 2024.

#### Financing Activities
Financing activities resulted in net cash provided of $(47,312) for the fiscal year ended June 30, 2025, compared to net cash used of $1,661,417 for the fiscal year ended June 30, 2024. The increase primarily reflects funding received from the New Zealand Government's Regional Strategic Partnership Fund (RSPF) and a small bank loan used to support the acquisition of the assets of an existing local New Zealand engineering business that was integrated into SunScout New Zealand Limited, as well as the purchase of additional engineering-related equipment. Financing activities resulted in net cash provided of $(172,696) for the six month period ended December 31, 2025, compared to net cash used of $(61,082) for the six month period ended December 31, 2024.

#### Capital Resources
Management believes that existing cash, expected operating cash flows, available credit facilities, and anticipated proceeds from this offering will be sufficient to meet the Company's operating, investing and financing requirements for at least the next twelve months.

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In addition to the Regional Strategic Partnership Loan, our credit facilities consist of the following: (i) ASB Bank Term Loan 007, with an outstanding balance of approximately NZD 560,594 as of December 31, 2025, bearing interest at 7.69% per annum, with a 48-month maturity amortized through monthly payments, maturing on May 31, 2028; (ii) ASB Bank Term Loan 022, with an outstanding balance of approximately NZD 265,000 as of December 31, 2025, bearing interest at 4.50% per annum, with a 60-month maturity and monthly amortization, maturing on March 28, 2030; (iii) UDC Finance vehicle financing arrangements, with an outstanding balance of approximately NZD 58,500 as of December 31, 2025, bearing interest at 10.95% per annum, with a 48-month repayment term, maturing on December 21, 2028; and (iv) IRD Small Business Cashflow Loan, with an outstanding balance of approximately NZD 25,000 as of December 31, 2025, bearing interest at 3.00% per annum, with a 5-year maturity, maturing on August 20, 2027.

#### Contractual Obligations
The following table summarizes our contractual obligations as of June 30, 2025 and December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **< 1 year** | **1-3 years** | **3-5 years** | **> 5 years** |
|  Bank loans, current maturities | 2433303 | 0 | 0 | 2433303 | 0 |
|  Amount due to related parties, current | 0 | 0 | 0 | 0 | 0 |
|  Operating lease obligations | 27324 | 27324 | 0 | 0 | 0 |
|  Financing lease obligations | 0 | 0 | 0 | 0 | 0 |
|  | 2460627 | 27324 | 0 | 2433303 | 0 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **< 1 year** | **1-3 years** | **3-5 years** | **> 5 years** |
|  Bank loans, current maturities | 2431369 | 0 | 0 | 2431369 | 0 |
|  Amount due to related parties, current | 0 | 0 | 0 | 0 | 0 |
|  Operating lease obligations | 31934 | 31934 | 0 | 0 | 0 |
|  Financing lease obligations | 0 | 0 | 0 | 0 | 0 |
|  | 2463303 | 31934 | 0 | 2431369 | 0 |

---

Management believes the estimates and assumptions used are reasonable and based on historical experience and other relevant factors; however, actual results may differ from these estimates. Additional detail is provided in Note to the combined financial statements.

#### Recently Issued Accounting Standards
We do not expect recently issued accounting standards to have a material impact on our combined financial statements.

#### Outlook / Future Prospects
The Company anticipates continued growth across its Engineering Products and Services, Solar Power Development Solutions, and SunScout Product businesses as it advances key commercialization, manufacturing, and development initiatives. The integration of the New Zealand engineering business has strengthened the Company's operational foundation, and the expanded fabrication capacity is expected to support a broader pipeline of engineering contracts and EPC projects. Management expects this segment to remain a stable contributor to revenue, with performance influenced by local demand, material availability, and project timing.

In the SunScout Product segment, the Company will focus on completing the commercialization of the SunScout Pro and SunScout ProMax platforms and scaling production capability for both domestic and international markets. These platforms represent significant long-term opportunities in residential, commercial, and large-area autonomous mowing applications. Initial commercial traction from early SunScout Product sales, contributions from joint-venture partners, and continued investment in software, navigation, and solar-charging technologies provide a foundation for future revenue expansion. The pace of growth in this segment will depend on manufacturing readiness, supply chain conditions, and market adoption rates.

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The Company also plans to expand its presence in North America, where it intends to establish local manufacturing capabilities to support SunScout Pro and SunScout ProMax production. U.S.-based operations are expected to reduce logistics costs, shorten delivery times, and improve access to major markets for autonomous robotics and solar-enabled equipment. The facility may also manufacture selected seed2soil horticultural automation products for the U.S. market. The Company has completed preparatory work, including site selection and engagement with local stakeholders in Austin, Texas, and expects to begin implementation following the capital raise associated with the IPO.

In the Solar Power Development Solutions segment, the Company expects continued demand from commercial and industrial customers in Asia Pacific and the United States. SunScout USA maintains an established presence in the northeastern United States and intends to expand its Solar Power Development Solutions operations to additional U.S. regions. Future geographic expansion targets also include the Caribbean, Puerto Rico, and parts of South America, where solar resources are strong and grid infrastructure remains limited, creating opportunities for both grid-connected and islanded solar-plus-storage systems.

SunScout Asia's Solar Power Development Solutions division focuses on island and remote installations that require stand-alone solar generation and energy storage solutions. The division also has access to a pipeline of utility-scale solar farm opportunities for EPC execution and long-term operational support. Overall performance in the Solar Power Development Solutions segment will continue to depend on project award timing, permitting processes, component availability, and broader economic conditions affecting customer capital-investment decisions.

The Company will continue to invest in research and development to advance DSA systems and other vehicle-integrated solar technologies. These efforts are expected to support longer-term product diversification and expand the Company's addressable markets beyond stationary robotics and Solar Power Development Solutions EPC installations.

As the Company expands operations across Southeast Asia, the United States, and Europe, management will continue to monitor supply chain dynamics, material pricing, regulatory environments, and geopolitical factors that could affect sourcing, production, and project execution. The Company may seek additional funding, financing arrangements, or strategic partnerships to support operational expansion, manufacturing scale-up, and product commercialization.

While the Company believes that its multi-segment business model, expanding product portfolio, and strengthening operational base provide a foundation for long-term growth, future results will depend on the successful execution of these initiatives under evolving market and economic conditions.

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#### HISTORY AND CORPORATE STRUCTURE
As of the date of this prospectus, our Group is comprised of the Company and its subsidiaries, SunScout Limited and SunScout New Zealand Limited.

#### Corporate History
Our Company was incorporated in the Cayman Islands on August 18, 2025, under the Companies Act as an exempted company with limited liability.

On the date of the Company's incorporation, one (1) ordinary share was issued to Harneys Fiduciary (Cayman) Limited. On the same day, Harneys Fiduciary (Cayman) Limited transferred one (1) ordinary share to Thomas Grant HARRIS for a consideration of US$0.0001, and 959,999 ordinary shares were issued to Thomas Grant HARRIS for a consideration of US$95.99.

On December 6, 2025, the Company's shareholders approved to amend our authorized share capital from US$50,000 divided into 500,000,000 ordinary shares of par value of US$0.0001 each, to US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, comprising (i) 450,000,000 Class A Ordinary Shares of a par value of US$0.0001 each and (ii) 50,000,000 Class B Ordinary Shares of a par value of US$0.0001 each.

Prior to the Reorganization described below, our business and operations were conducted through SunScout Limited, a company incorporated in New Zealand that served as the previous holding company of our operating entity, SunScout New Zealand, and Brightway Energy LLC, a Massachusetts-based company formed in Delaware, jointly owned by Mr. Marc Cywinski and Mr. Joshua Marotske, each holding a 50% shareholding.

#### The Reorganization
This prospectus refers to the "Reorganization," which will be undertaken to consolidate the Group's operating entities under SunScout Holding Limited, our Cayman Islands holding company, and to establish the capital structure for this offering. The Reorganization includes the consolidation of SunScout Limited into the Group and the conditional acquisition of Brightway Energy LLC.

*Consolidation of SunScout Limited*

Pursuant to the share transfer agreements dated November 14, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BKK Consultants Limited transferred its 6,250 ordinary shares in the capital of SunScout Limited to the Company in satisfaction of its obligations in the amount of USD103,896 owed to the Company in respect of the 1,040,000 ordinary shares in the Company held by BKK Consultants Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Mr. Friedrich Edwin Cywinski transferred 46,875 ordinary shares in the capital of SunScout Limited to the Company, in satisfaction of AE Equity Limited's obligations in the amount of USD659,340 owed to the Company in respect of the 6,600,000 ordinary shares in the Company held by AE Equity Limited and for the issue of 7,500,000 Class B Ordinary Shares issued to AE Equity Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Mr. Marc Cywinski transferred 46,875 ordinary shares in the capital of SunScout Limited to the Company, in satisfaction of Solerin Equity Limited's obligations in the amount of USD535,464 owed to the Company in respect of the 5,360,000 ordinary shares in the Company held by Solerin Equity Limited and for the issue of 7,500,000 Class B Ordinary Shares issued to Solerin Equity Limited;

Following completion of these transfers, the Company acquired 100% of the equity interest in SunScout Limited. Pursuant to a share transfer form dated November 18, 2025, on December 6, 2025, BKK Consultants Limited, a company incorporated in New Zealand and wholly owned by Mr. Jacob Pretorius and his wife, Karen Wilcox (each holding 50% shareholding) with Mr. Jacob Pretorius as the sole director of the company, transferred its 1,040,000 ordinary shares in the Company to Mr. Jacob Pretorius.

*Acquisition of Brightway Energy LLC*

On January 9, 2026, the Company entered into the Brightway MPA with its founders, Mr. Marc Cywinski and Mr. Joshua Marotske, pursuant to which the Company acquired 100% of the membership interests in Brightway Energy LLC for an aggregate consideration of US$5.0 million, consisting of US$2.0 million in cash payable within one (1) week

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following the receipt by the Company of the proceeds from this offering, and US$3.0 million in Class A ordinary shares of the Company, with the number of shares to be issued calculated based on the initial public offering price of the Class A ordinary shares in this offering and issuable six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. The transfer of the membership interests was completed on the date of the Brightway MPA, and Brightway Energy LLC became a wholly owned subsidiary of the Company as of such date. Payment of the purchase consideration is deferred and contingent upon the completion of the Company's initial public offering, subject to alternative settlement arrangements to be agreed by the parties if the offering is not completed by the Long-Stop Date.

Brightway Energy LLC had been under common control with the Company and combined into the Company's financial statements prior to the execution of the Brightway MPA. Accordingly, the transaction represented a legal ownership reorganization among entities under common control.

*Deed of Conditional Assignment*

On January 9, 2026, Mr. Marc Cywinski and Mr. Joshua Marotske entered into a deed of conditional assignment, pursuant to which Mr. Marc Cywinski conditionally assigned, subject to the completion of this offering, to Mr. Joshua Marotske his entitlements under the Brightway MPA to receive US$1,000,000 in cash and US$1,500,000 in Class A Ordinary Shares (with the number of shares to be issued calculated based on the initial public offering price of the Class A Ordinary Shares in this offering).

As part of the Reorganization undertaken, SunScout Limited became a wholly owned subsidiary of our Company on November 14, 2025. Brightway Energy LLC became a wholly owned subsidiary of our Company on January 9, 2026 upon completion of the Brightway MPA. Post-Reorganization, the Company will become the holding company of the Group.

#### Corporate Structure
This chart below represents our corporate structure post-Reorganization, which was completed on January 9, 2026.

![](tflowchart_001.jpg)

____________

(1) AE Equity Limited is a company incorporated in the British Virgin Islands and wholly owned by Mr. Edwin Cywinski

(2) Solerin Equity Limited is a company incorporated in the British Virgin Islands and wholly owned by Mr. Marc Cywinski.

(3) JKM Equity Limited is a company incorporated in the British Virgin Islands and wholly owned by Mr. Joshua Marotske.

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SunScout Asia operates as the Group's primary manufacturing and assembly platform for the SunScout Eco robotic lawn mower. SunScout Asia's manufacturing activities are conducted pursuant to the License Manufacturing Agreement between SunScout Limited, as principal, and a Thailand-based operating manufacturing entity that was contemplated at the time the agreement was executed. At the time the License Manufacturing Agreement was entered into, the Group had not yet incorporated its Thailand manufacturing entity. Following the subsequent incorporation of SunScout Asia Company Limited in Thailand, the manufacturing, assembly, component sourcing and final quality inspection functions contemplated under the License Manufacturing Agreement have been carried out through SunScout Asia as the Group's joint-venture manufacturing platform. In connection with the establishment of SunScout Asia as the Group's Thailand operating entity, the parties entered into a written confirmation on February 19, 2025, pursuant to which the parties agreed and confirmed that SunScout Asia Company Limited is the manufacturer for the purposes of the License Manufacturing Agreement.

Under the License Manufacturing Agreement, the manufacturer is appointed as the exclusive manufacturer of the licensed products within the agreed territory and is responsible for manufacturing activities in accordance with specifications, quality standards and compliance requirements prescribed by SunScout Limited. The agreement grants a limited license to use specified intellectual property solely for manufacturing purposes, with all underlying intellectual property rights and any improvements retained by SunScout Limited. The agreement also contains customary provisions relating to quality control, confidentiality, reporting obligations, non-competition, pricing and payment mechanics, and termination upon customary events, including material breach or insolvency.

The commercial framework for establishing the Group's Thailand manufacturing platform was initially outlined in non-binding investment agreements entered into in January 2024 with Hoffen Asia Co., Ltd. ("Hoffen Asia") and subsequently in March 2024 with related Thai individual investors. Hoffen Asia was the corporate vehicle initially used by the relevant Thai investors in connection with the proposed transaction, and the subsequent March 2024 agreement reflected those investors participating directly in their individual capacities instead. These agreements contemplated alternative ownership structures for the proposed Thailand entity but were expressly non-binding and were not implemented in their original form. SunScout Asia was ultimately incorporated reflecting the parties' revised commercial understanding, with the current ownership structure consisting of 43% SunScout Limited and 57% other Thai investors. No binding subscription or shareholders' agreement was executed pursuant to the earlier non-binding investment agreements.

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#### INDUSTRY OVERVIEW
*All the information and data presented in the sections and subsections entitled "Robotic Lawn Mowers", "Solar Power Systems for RV", "Lawn Mower Blade market" and "On*-Board *Charger Market" have been derived from EverEdge Global ("EverEdge")'s valuation report commissioned by us unless otherwise noted. EverEdge has advised us that the statistical and graphical information contained therein are drawn from its database and other sources. All the information and data presented in the sections and subsections entitled "Solar Power EPC and Project Development" and "New Zealand Engineering Sector" are derived from the Company's in*-house *research and analysis and all statistical and graphical information contained therein are drawn from its database and other sources. The following discussion contains projections for future growth, which may not occur at the rates that are projected or at all.*

#### Robotic Lawn Mowers
*Market Size and Key Markets*

The global market for robotic lawn mowers (autonomous grass-cutting machines for residential and commercial use) has been growing steadily and is poised for significant expansion through the forecast period. According to Mordor Intelligence, the market was estimated at USD 2.4b in 2025, and is projected to reach USD 4.7b by 2030, implying a CAGR of 14.4%<sup>1</sup>. Robotic mowers currently make up a small portion of the total lawn mower market, which is estimated at USD 33.7b in 2024 (including manual and ride-on mowers)<sup>2</sup>.

![](tbarchart_001.jpg)

According to Mordor Intelligence, Europe is currently the largest market for robotic mowers, accounting for 45% of the global market<sup>3</sup>. Early adoption in countries like Germany, Sweden, and the Netherlands (where small lawns and high labor costs make robots appealing) has given Europe a lead<sup>4</sup>. North America (U.S. and Canada) is the second-largest market but has been catching up as awareness grows<sup>5</sup>. Rising labor costs in the U.S. landscaping industry and greater acceptance of automation are also boosting adoption in this region<sup>6</sup>. On the other hand, the Asia Pacific region is expected to register the fastest growth over the forecast period, driven by the rising interest in automated home appliances and as more households have lawns or gardens in need of maintenance<sup>7</sup>.

____________

1 https://www.mordorintelligence.com/industry-reports/robotic-lawn-mower-market

2 https://www.grandviewresearch.com/horizon/outlook/lawn-mowers-market-size

3 See note 1.

4 See note 1.

5 https://www.globenewswire.com/news-release/2024/11/20/2984173/28124/en/Global-Robotic-Lawn-Mower-Market-Research-2024-2029-with-Honda-Husqvarna-and-STIGA-Running-Rings-Around-the-Competitio.html

6 See note 5.

7 See note 5.

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*Key Market Drivers and Trends*

Labor shortages and rising costs in lawn care: A primary driver for the purchase of robotic lawn mowers is the ongoing labor shortage in the landscaping and lawn maintenance industry and the high cost of manual lawn care. In many countries, it has become harder to find and afford labor for routine mowing. This was exacerbated by the COVID-19 pandemic, which spotlighted labor gaps in the "green industry" and increased interest in automation<sup>8</sup>.

Rising residential lawn-care outsourcing: In the residential lawn care segment, there is a rising preference for adoption professional services over self maintenance<sup>9</sup>. This trend is driven by the ageing population, and the rising number of dual-income households who increasingly prioritize their leisure time<sup>10</sup>.

Shift toward battery-electric outdoor equipment: For example, the German company Andreas Stihl AG & Co. reported that its battery-powered units comprised 24% of its sales in 2023, and is expected to reach 35% by 2027<sup>11</sup>. This shift towards electrification is also driven by the reduced noise and vibration of robotic units, which enables overnight operation, maximizing daily mowing cycles without disrupting residents<sup>12</sup>.

Changing consumer lifestyle (convenience and smart home integration): robotic lawn mowers are increasingly integrated into the broader smart home and "internet-of-things" sector. Practically almost every new model comes with a smartphone app for control and monitoring.

Technological maturity & proven performance: Today's models have seen advances in sensors, navigation, and power management that make them far more efficient and user-friendly13. For example, many have sophisticated obstacle detection (using ultrasonic sensors or cameras)<sup>14</sup>. Some high-end models use GPS-assisted navigation or RTK technology for precise mowing patterns without boundary wires<sup>15</sup>. Battery improvements allow longer runtimes and faster charging, and mid-range robots can now mow 150+ minutes per charge and recharge quickly, covering a sizable lawn in a few hours<sup>16</sup>.

Fleet management software and "mowing-as-a-service": As robotic mowers enter commercial use and multi-unit residential use, the need for fleet management and SaaS platforms has emerged<sup>17</sup>. Companies are rolling out software solutions to monitor and control fleets of robotic mowers across different sites<sup>18</sup>. For example, Robin Autopilot (a pioneer in robot-mowing services) launched a "fleet console platform" that lets landscaping operators see the status of all their mowers, send commands, track maintenance, and integrate with scheduling software<sup>19</sup>. Similarly, The Husqvarna Group, a Swedish manufacturer ("Husqvarna") offers a cloud-based "fleet services system" for professional users to manage dozens of auto mowers, with dashboards and remote control features<sup>20</sup>. The trend is effectively "Robotics-as-a-Service" or "RaaS" in lawn care — instead of selling just a unit, companies can lease robots or manage them for clients, charging a monthly fee.

Emergence of solar and hybrid power: We observe that a niche but interesting trend is the integration of solar panels on robotic mowers to extend their running time using sunlight. A few consumer models have small built-in solar panels (for instance, Husqvarna had a solar hybrid auto mower in the past) — the idea is that while the mower is working (or docked in the yard), it can trickle-charge from the sun, reducing how often it needs to return to its charging station. We believe that as solar panel efficiency increases and costs drop, we may see more solar-assisted robotic mowers especially in sunny regions, which could make them even more self-sufficient.

____________

8 https://www.greenindustrypros.com/mowing-maintenance/robotics/article/22941804/siteone-landscape-supply-<br>robotic-mower-trends-and-insights

9 https://www.mordorintelligence.com/industry-reports/robotic-lawn-mower-market

10 See note 9.

11 See note 9.

12 See note 9.

13 See note 8.

14 See note 8.

15 See note 8.

16 See note 9.

17 https://www.lawnandlandscape.com/news/robin-autopilot-launches-fleet-console/

18 See note 17.

19 See note 17.

20 https://www.husqvarna.com/us/services/fleet-services/

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*Key Market Challenges*

High upfront cost and return on investment skepticism:

Robotic mowers still cost meaningfully more than manual mowers, which slows their adoption despite their benefits in terms of long-term savings<sup>21</sup>. A high-end model can cost in a range from USD$1,000 to USD$5,000, depending on the brand and features<sup>22</sup>. Moreover, some models require extra accessories, such as boundary wires, GPS modules, and docking stations, further increasing the cost<sup>23</sup>. Many analysts list price as a primary barrier to entry for households<sup>24</sup>.

Safety/regulatory compliance requirements:

Products must meet the American National Standards Institute/Outdoor Power Equipment Institute robotic mower safety standard (national adoption of International Electrotechnical Commission 60335-2-107), adding design/verification overhead<sup>25</sup>. Compliance has improved trust but remains a critical go-to-market gate<sup>26</sup>.

Battery life & replacement over time:

Lithium packs gradually lose capacity, shortening runtime and adding future replacement cost<sup>27</sup>. This lifecycle expense can surprise first-time buyers<sup>28</sup>.

Theft and security concerns: Robotic mowers are valuable, visible devices, so anti-theft features (PIN/GPS/alarms) are important and commonly requested<sup>29</sup>. Industry and vendor guidance stresses theft-mitigation steps despite protections<sup>30</sup>.

#### Solar Power Systems for RV
*Market Size and Key Markets*

According to the data by Verified Market Reports (May 2025), the market revenue for solar power systems for Recreational Vehicles ("RV") is projected to increase from USD 1.2b in 2024 to USD 3.5b by 2033, implying a CAGR of 12.5% over the forecast period<sup>31</sup>.

![](tbarchart_002.jpg)

By regions, North America is the largest market for RV off-grid solar<sup>32</sup>. The United States in particular leads due to its huge RV owner population (over 11 million U.S. households own an RV) and the culture of dispersed camping ("boondocking") on public lands. The market in the US is driven by both retirees embracing the RV lifestyle and younger remote workers ("digital nomads") outfitting campervans. Tax credits are also boosting the demand, as consumers can apply 30% tax credit for some solar installations<sup>33</sup>.

____________

21 https://www.marketsandmarkets.com/Market-Reports/robotic-lawn-mowers-market-88178569.html?

22 https://www.yarbo.com/blog/the-disadvantages-of-robotic-lawn-mowers?srsltid=AfmBOoqk_4nBajNnyAsTFOsAgVHbmDkaTz6MOWGjT2tf4FF1NXGYQWvO&

23 See note 22.

24 https://www.marketsandmarkets.com/Market-Reports/robotic-lawn-mowers-market-88178569.html?

25 https://www.landscapemanagement.net/ansi-opei-standards-for-robotic-mowers-published/

26 See note 25.

27 See note 22.

28 See note 22.

29 https://www.husqvarna.com/ie/support/husqvarna-self-service/how-does-the-automower-theft-protection-system-<br>work-ka-01567/

30 See note 29.

31 https://www.verifiedmarketreports.com/product/solar-power-system-for-rv-market

32 See note 31.

33 https://pmarketresearch.com/chemi/rv-off-grid-solar-systems-market/

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Europe is also a significant mature market for RV solar systems, and some of the main countries include Germany, the UK and the Scandinavian countries<sup>34</sup>. Europe is projected to represent 26.4% of the global RV solar market by revenue in 2026<sup>35</sup>. According to one source, about 40% of new RV owners in Germany install solar panels on their rigs<sup>36</sup>.

Governments in Europe are offering incentives for renewables. For example, Germany eliminated value added tax ("VAT") on off-grid solar equipment in 2023, instantly cutting consumer costs by ~20%. Similarly, countries like Norway have zero-VAT and other incentives on renewable gear, making solar more affordable for RV users<sup>37</sup>.

*Key Market Drivers*

Australia and New Zealand, while smaller in absolute market size, have very high per-capita usage of off-grid solar in the RV/caravan context. For example, the data suggest that Australia witnessed an annual growth rate of 18%, driven by the appeal of exploring remote outback regions. The Australian government has also supported this trend: grants like the New Energy Vehicle program subsidize adding solar and batteries to recreational vehicles. New Zealand also sees increasing use of RV solar, especially among the many campervan tourists and locals who explore its national parks<sup>38</sup>.

Some of the main industry participants on the global market include Renogy, Victron Energy, Jackery, Enerdrive, Go Power!, Zamp Solar, Bainbridge Manufacturing, Dometic Group, Solar Energy International, Sierra Solar, Battle Born Batteries, Fronius International, Lippert Components, PlanetSolar, Samlex America, Crown Battery, and Outback Power<sup>39</sup>.

*Main Drivers*

Increased leisure spending:

We observe that consumers are allocating more time and resources to leisure and outdoor activities, driven by rising urbanization, rising disposable incomes, and changing demographics. This has increased the addressable market for products that enhance mobility, comfort, and outdoor experiences<sup>40</sup>.

Outdoor recreation & "vanlife" boom:

We believe that the rising popularity of RVing, vanlife, and off-grid camping is a major market driver and more people are traveling and living in RVs for extended periods, creating demand for reliable off-grid power. The U.S. Industry Association reported a 38% increase in the shipments of RV from 2020 to 2022, which was driving the demand for off-grid power systems. Notably, 45% of new RV buyers are retirees or remote workers, indicating a shift toward users who need long-term power for work and living off-grid. Tax credits are also boosting the demand, as consumers can apply 30% tax credit for some of their solar installations<sup>41</sup>.

Regulatory policies favoring renewable energy adoption:

Many governments across Europe and North America offer tax rebates and subsidies for solar installations. In addition, stricter regulations for emissions in national parks force EV owners to transition to solar alternatives<sup>42</sup>.

*Key Market Trends*

Technological advancements:

Improvements in solar and battery technology are making RV solar more attractive. For example, modern lithium iron phosphate (LiFePO₄) batteries offer 80 – 90% round-trip efficiency and 10+ year lifespans, far outperforming traditional lead-acid batteries. High-efficiency monocrystalline solar panels (often 20 – 23% efficient) can generate

____________

34 See note 33.

35 See note 31.

36 See note 33.

37 See note 33.

38 See note 33.

39 https://www.wiseguyreports.com/reports/rv-off-grid-solar-systems-market

40 See note 3.

41 See note 33.

42 See note 33.

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ample power even on RV roof space, with compact setups now able to produce 400 – 600W per hour, which is enough to run appliances like fridges or even an A/C for short periods. At the same time, hardware costs have decreased significantly: solar panel prices have fallen about 70% since 2010, and manufacturers have introduced standardized mounting kits that cut installation labor costs by ~25%<sup>43</sup>.

Energy independence and electrification:

A broader push toward electrification in the RV industry is also driving higher solar adoption. As more RVs switch from propane to electric appliances and even all-electric drivetrains, power demand rises. Integrated solar and batteries give travelers the freedom to camp anywhere quietly and sustainably, without relying on propane or generators. This trend toward all-electric, sustainable RVing makes off-grid solar systems almost a necessity for extended trips<sup>44</sup>.

Direct-to-consumer (D2C) market growth:

The rise of seamless B2B and B2C e-commerce channels is transforming how products are marketed and distributed. Strong digital platforms, social engagement, and direct-to-consumer business models are emerging as key competitive advantages<sup>45</sup>. We believe that the market has also benefited from the rise of direct to consumer sales and online communities. Specialized solar kit companies (e.g. Renogy, Jackery, etc.) market directly to RV and van enthusiasts via e-commerce, YouTube, and social media. This has made it easier for consumers to learn about and purchase "plug-and-play" solar kits, bypassing traditional RV dealers. The result is greater awareness and adoption, especially among younger, tech-savvy RVers who are comfortable installing upgrades themselves.

Integrated "solar power kits" and plug-and-play systems:

There is a trend toward bundled RV solar power kits that include panels, controllers, inverters, and batteries as an integrated solution. Consumers increasingly favor turnkey kits that are easy to install and require minimal technical expertise<sup>46</sup>. Additionally, AI-powered energy management is emerging in high-end systems: smart charge controllers and battery monitors that automatically optimize power usage and charging<sup>47</sup>.

*Key Market Challenges*

Market consolidation:

We believe that the industry remains fragmented, but larger players with strong brands are gaining market share through acquisitions and integration. Consolidation is driving efficiencies of scale, broader geographic reach, and improved customer loyalty, while also creating competitive barriers for smaller entrants<sup>48</sup>.

Sustainability as a core requirement:

Regulatory frameworks, customer awareness, and electrification trends have made sustainability a central driver of both product design and corporate strategy. Durable, low-carbon, and energy-efficient solutions are increasingly considered baseline requirements rather than differentiators<sup>49</sup>.

Seasonality of solar generation:

This seasonality can limit year-round adoption in cold climates or require very large solar arrays and battery banks to compensate. Many RV travelers mitigate this by seasonal migration (following the sun) or by using modular systems — e.g. adding extra portable panels in winter or when parked for long periods<sup>50</sup>.

____________

43 See note 33.

44 See note 33.

45 https://www.dometicgroup.com/globalassets/4-dometicgroup/investors/annual-report/2024/dometic_asr_2024_eng.pdf?ref=8208EFF2AF

46 See note 31.

47 See note 39.

48 See note 45.

49 See note 45.

50 See note 33.

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Supply chain and component availability:

For example, critical components such as lithium batteries and microchips for controllers saw supply shortages in recent years due to global demand (e.g. EV battery demand driving up lithium prices). Tariffs and trade policies also play a role — for instance, high import duties on Chinese solar panels in some countries can raise costs locally<sup>51</sup>.

#### Lawn Mower Blade market
The global lawn mower blade market was estimated at USD 1.2B in 2024, and is expected to reach USD 1.8B by 2033, growing at a CAGR of 5.0% over the forecast period<sup>52</sup>.

![](tbarchart_003.jpg)

We believe that the main driver is the rising demand for efficient, durable, and high-performance lawn care equipment. This trend is supported by the rise of do-it-yourself lawn care among homeowners, which has become a significant factor driving market growth. According to the U.S. Department of Agriculture, approximately 80% of American households engage in some form of lawn care, either residential or recreational, creating a broad and stable base of demand for lawn mowers and associated replacement parts such as blades<sup>53</sup>.

The market is characterized by the presence of established industry participants, including MaxPower, Greenworks, Oregon Products, 8TEN Parts, Toro, MTD, HondaLawnParts, USA Mower Blades, Troy-Bilt, CRAFTSMAN, Cub Cadet, Spartan Mower, MEG-MO, and EGO Power<sup>54</sup>.

#### On-Board Charger Market
The global on-board charger market was valued at USD 4.2 billion in 2023 and is projected to reach USD 12.4 billion by 2030, expanding at a CAGR of 16.8% over the forecast period<sup>55</sup>.

![](tbarchart_004.jpg)

____________

51 See note 33.

52 https://www.verifiedmarketreports.com/product/lawn-mower-blade-market/

53 See note 52.

54 See note 52.

55 The Business Research Company, "*On Board Charger Market Size, Competitors & Forecast to 2030*"

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We believe that growth is driven by the rising adoption of electric vehicles ("EVs") worldwide, supported by government incentives, stricter emission regulations, and increasing consumer preference for sustainable mobility solutions. Advances in fast-charging infrastructure and the shift toward higher-capacity batteries are also contributing to demand. The market is characterized by the presence of leading manufacturers such as Delta Electronics, LG Innotek, BYD, Eaton, Brusa Elektronik, Ficosa, Innolectric, Bel Fuse, STMicroelectronics, and Toyota Industries<sup>56</sup>.

#### Solar Power EPC and Project Development
The global solar EPC (engineering, procurement, and construction) market has expanded rapidly over the past decade as solar PV has become one of the lowest-cost forms of new electricity generation. Recent industry research estimates the solar EPC market at roughly USD 250 – 335 billion in 2025<sup>57</sup>, with expectations that it could more than double by 2034 – 2035<sup>58</sup>, implying a mid- to high-single-digit or low-double-digit compound annual growth rate over the next decade. Growth is driven by declining module and balance-of-system costs<sup>59</sup>, supportive policy frameworks, corporate decarbonization targets<sup>60</sup>, and the increasing competitiveness of solar versus fossil-fuel generation<sup>61</sup>. The market is highly fragmented and regionally driven: even the 30 largest EPC providers together account for only about one-fifth of global non-residential PV installations<sup>62</sup>.

*United States*

The United States is one of the largest and fastest-growing solar markets. The country added around 40 – 50 GW of new solar capacity in 2024 alone<sup>63</sup>, and solar accounted for roughly 60 – 80% of all new electricity-generation capacity added that year<sup>64</sup>. Utility-scale projects remain the biggest segment, but commercial and community-solar deployments are also significant<sup>65</sup>. EPC and project-development work is carried out by a mix of national players and regional contractors that design, engineer, and build systems under long-term power purchase agreements ("PPAs") or behind-the-meter structures. The Inflation Reduction Act previously provided strong tax-credit support for solar and storage<sup>66</sup>, and although recent policy changes have introduced uncertainty and slowed growth projections<sup>67</sup>, medium-term forecasts still anticipate continued expansion, with total U.S. solar capacity expected to keep rising through 2035<sup>68</sup>. In this environment, competitive differentiation for EPC firms typically centers on their ability to secure grid interconnections, manage permitting, control project costs, and structure bankable PPAs<sup>69</sup>.

*Caribbean, Central and South America*

Latin America and the Caribbean are emerging as major growth regions for solar EPC, underpinned by excellent solar resources, relatively high electricity prices in many markets, and strong government decarbonization targets<sup>70</sup>. The region is forecast to add well over 150 GW of new renewable capacity between 2023 and 2028<sup>71</sup>, with a large share from solar PV. Countries such as Brazil, Chile, Mexico, and Peru are leading with utility-scale solar farms and hybrid solar-plus-storage projects<sup>72</sup>, while smaller markets are opening up for commercial and industrial PPAs<sup>73</sup>.

____________

56 See note 55.

57 Research Nester, Solar EPC Market Size, Share, Trends & Growth Report 2035, https://www.researchnester.com/reports/solar-epc-market/5177

58 Transparency Market Research, Solar EPC Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2035, https://www.transparencymarketresearch.com/solar-epc-market.html.

59 See note 58.

60 International Energy Agency (IEA), World Energy Outlook, https://www.iea.org.

61 BloombergNEF (BNEF), Solar PV Market Outlook and Global Deployment Forecasts, https://about.bnef.com

62 See note 57.

63 U.S. Energy Information Administration (EIA), Electricity Data – Solar Capacity Additions, https://www.eia.gov/electricity/.

64 SEIA and Wood Mackenzie, U.S. Solar Market Insight Reports, https://www.seia.org/us-solar-market-insight.

65 See note 64.

66 See note 64.

67 Solar Power World, U.S. Solar Installation Trends and Market Forecasts.

68 See note 61.

69 See note 67.

70 IRENA, Renewable Energy Market Analysis: Latin America, https://www.irena.org.

71 See note 70.

72 IRENA, Renewables in Latin America and the Caribbean: Status and Prospects.

73 See note 72.

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In the Caribbean, electricity prices are among the highest in the world because most islands rely on imported diesel or heavy fuel oil for power generation<sup>74</sup>. Solar PV combined with battery storage is increasingly adopted to displace diesel generation in hotels, resorts, public facilities, and island grids<sup>75</sup>. Policy studies show that during 2014 – 2018, Caribbean small-island states installed around 300 MW of new solar capacity<sup>76</sup>, with continued growth expected as countries pursue net-zero targets and look to reduce fuel-import costs<sup>77</sup>. For EPC and project developers, this region offers opportunities in grid-connected utility projects, commercial rooftops, resort and tourism applications, and remote microgrids<sup>78</sup>, but projects must navigate small-market scale, grid constraints, and hurricane-resilience requirements<sup>79</sup>.

*New Zealand and Oceania*

In New Zealand, solar currently contributes only a small share of total electricity generation, but capacity is growing from a low base. Estimates suggest installed solar PV capacity of several hundred megawatts in 2024 – 2025<sup>80</sup>, with pipelines that could more than double capacity by 2030<sup>81</sup>, driven by commercial and industrial rooftops and emerging utility-scale projects. New Zealand already has a very high share of renewables in its power mix<sup>82</sup>, so solar is typically deployed where it can provide on-site consumption benefits, diversify generation, or supply new industrial loads<sup>83</sup>.

Across the wider Oceania region, Australia has become one of the world's leading solar markets<sup>84</sup>, with strong growth in both rooftop and utility-scale systems<sup>85</sup>. Pacific island nations increasingly use solar PV and storage to reduce diesel dependence<sup>86</sup>, supported by multilateral financing and technical-assistance initiatives<sup>87</sup>. For EPC firms, this region favors developers able to manage distributed portfolios, design resilient systems, and integrate storage for grid stability<sup>88</sup>.

#### Thailand
Thailand is one of Southeast Asia's more advanced solar markets and has explicit long-term targets for expanding solar capacity as part of its power-development plans<sup>89</sup>. Utility-scale plants, agricultural projects, and commercial rooftops have contributed to installed solar capacity of several gigawatts, and policy roadmaps envision total solar capacity increasing steadily toward 2037<sup>90</sup>.

The country's high solar irradiance, evolving feed-in and PPA frameworks<sup>91</sup>, and growing industrial base<sup>92</sup> make it an attractive market for EPC developers, particularly in commercial-industrial rooftop systems and hybrid solar-plus-storage projects. Key challenges include regulatory complexity, tariff changes, and grid-connection constraints<sup>93</sup>.

____________

74 World Bank / CARICOM, Caribbean Energy Statistics and Solar Integration Reports.

75 See note 74.

76 See note 74.

77 See note 74.

78 International Energy Agency (IEA), Renewable Energy in Latin America: Market Outlook.

79 See note 74.

80 New Zealand MBIE, Energy in New Zealand (annual report), https://www.mbie.govt.nz.

81 Transpower New Zealand, Te Mauri Hiko and Renewable Integration Studies, https://www.transpower.co.nz.

82 New Zealand MBIE, Energy in New Zealand (annual report), https://www.mbie.govt.nz.

83 Transpower New Zealand, Te Mauri Hiko and Renewable Integration Studies, https://www.transpower.co.nz.

84 Australian Energy Market Operator (AEMO), Integrated System Plan / Solar Growth Reports, https://www.aemo.com.au.

85 See note 84.

86 IRENA, Pacific Islands Renewable Energy Statistics and Country Profiles.

87 See note 86.

88 See note 86.

89 Thailand Ministry of Energy, Thailand Power Development Plan (various editions).

90 See note 89.

91 See note 89.

92 Asia Pacific Energy Research Centre (APERC), Thailand Energy Overview.

93 See note 92.

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#### Overall Global Trends
Across all these regions, the solar EPC industry is shaped by falling technology costs<sup>94</sup>, increasing demand for long-term fixed-price power<sup>95</sup>, greater integration of battery storage<sup>96</sup>, and a shift toward integrated EPC-development-operations models<sup>97</sup>. Firms able to manage regulatory complexity, deliver bankable projects, and operate efficiently across multiple regions are positioned to benefit from this multi-market growth<sup>98</sup>.

#### New Zealand Engineering Sector <sup>99</sup>
The engineering sector in New Zealand operates as a core component of the broader manufacturing ecosystem, which contributes 12% of national GDP and employs more than 240,000 people. The sector is characterized by a large number of small and mid-sized firms providing mechanical engineering, fabrication, precision machining, component production, and contract manufacturing services across a range of industries including agriculture, construction, food processing, transport, and emerging clean-technology fields.

*Sector Structure and Scale*

New Zealand's engineering and fabrication services industry sits largely within the machinery and equipment, metals, and other manufacturing subsectors identified in the national manufacturing framework. These subsectors comprise many of the country's most technically intensive firms — including producers of industrial machinery, scientific equipment, transportation components, fabricated metal products, and customized engineered solutions. Together these industries account for a significant share of manufacturing employment and export activity.

The sector consists primarily of small and medium enterprises (SMEs), with most engineering workshops employing fewer than 50 people. Only a limited number of firms exceed 100 employees across the entire manufacturing sector — reflecting the small domestic market and the tendency toward specialized, short-run, or bespoke manufacturing.

*Capabilities and Industry Characteristics*

New Zealand engineering firms are known for flexibility, problem-solving capability, and the ability to produce high-quality, customized solutions. This reflects both necessity and competitive positioning: New Zealand's geographic isolation and small domestic market mean that competing on scale or price is difficult, while competing on quality, innovation, and niche specialization is essential. As the report notes, local manufacturers "avoid 'me-too' products and focus on global niches, short runs, and bespoke manufacturing" due to market structure and distance from large-scale industrial hubs.

Engineering firms support nearly every major sector of the economy. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agritech — machinery, milking systems, handling systems, environmental systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Food processing — stainless-steel fabrication, conveyor systems, packaging solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction and infrastructure — structural steel, precast systems, mechanical components.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transport and marine — components, specialist vehicles, trailers, assemblies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clean-tech and energy — solar structures, robotics, EV platforms, control systems.

This cross-industry embeddedness makes engineering one of the country's most important enablers of industrial activity.

____________

94 See note 61.

95 International Energy Agency (IEA), World Energy Outlook, https://www.iea.org.

96 See note 70.

97 See note 58.

98 See note 61.

99 New Zealand Ministry of Business, Innovation & Development, New Zealand Sector Report Series, "*Beyond commodities: Manufacturing into the future*".

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*Innovation and R&D Orientation*

Engineering and machinery firms are among the most R&D-intensive manufacturing subsectors in New Zealand. Manufacturing accounts for 42% of total business R&D expenditure, with the "machinery and equipment" subsector standing out for high innovation activity and rapid investment growth. R&D spending in manufacturing grew at 5.4% per year from 2008 to 2016, driven largely by engineering-focused subsectors.

Innovation often occurs in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product development and prototyping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• process optimization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• materials engineering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• automation and Industry 4.0 technologies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• embedded electronics and mechatronics

These capabilities position the engineering sector to support high-value product development — such as autonomous robotics, EV components, and advanced solar systems.

*Workforce and Skills*

The engineering sector has one of the country's highest concentrations of skilled tradespeople. Manufacturing employs 33% more trades workers than the national average, and demand for engineers, fabricators, toolmakers, welders, and technicians consistently outstrips supply. Sector participants frequently cite skills shortages as a constraint on growth.

This includes shortages in, mechanical engineering, CNC machining, welding and fabrication, industrial design, mechatronics and controls. Migration flows reflect this pressure: work visas for manufacturing-related technical occupations more than doubled between 2011 and 2016.

*Market Dynamics and Competitive Environment*

The engineering sector is mature and relationship-driven. Competitive advantage is determined by quality, reliability, delivery lead times, and the ability to adapt solutions for customers rather than through cost competition alone. Like the broader manufacturing sector, engineering firms rarely benefit from economies of scale and instead succeed through: niche specialization, high-mix, low-volume production, custom engineering services, rapid prototyping and iteration, strong customer relationships and after-sales support. Manufacturers repeatedly emphasize that success requires flexibility, ingenuity, and continual innovation in processes and product design.

*Outlook*

New Zealand's engineering sector is increasingly shaped by global trends, particularly automation, digitization, clean-tech, and sustainable manufacturing. Industry 4.0 adoption is rising, and firms are investing in robotics, advanced materials, and integrated software — hardware systems. Growing export opportunities in agritech, specialized machinery, clean-energy systems, and niche equipment manufacturing provide further expansion potential.

Engineering remains a foundational and strategically important part of New Zealand's industrial landscape, supporting a diverse range of downstream industries and contributing to national innovation and export growth.

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#### BUSINESS

#### Overview
We are a clean-technology company engaged in the design, development, manufacturing, and commercialization of autonomous, solar-powered robotic mowers and related solar energy solutions. Our products are designed to address the environmental, regulatory, and cost limitations of existing petrol-powered and grid-dependent electric lawn mowing equipment. We believe petrol-powered mowers represent a significant source of emissions while electric robotic mowers are designed to reduce direct emissions, they remain dependent on grid electricity and fixed charging stations. These products are limited in their physical range of operations in relation to their docking stations and appear to contribute indirectly to carbon emissions in markets where grid electricity relies on fossil fuels.

We believe our proprietary DSA is poised to become a disruptive technology designed to enable our SunScout Products to operate independently of the electrical grid, delivering true range autonomy and zero-emission lawnmowing. Our integrated DSA solar panels automatically deploy in our SunScout Products' "stationary mode" to recharge the onboard batteries on our SunScout Products and retract during operation to maintain maneuverability. We believe this technology eliminates the need for fixed charging stations, reduces operating costs by avoiding rising electricity costs, and enables deployment of our SunScout Products in markets with limited or unreliable grid infrastructure.

![](timage_001.jpg)

*Deployable Solar Array: designed to triple the surface area for maximized solar energy yield*

Our mission is to eliminate reliance on fossil fuels in outdoor maintenance and mobile machinery, beginning with lawn care and expanding into adjacent applications. Our technology platform is designed to be adaptable and platform-agnostic, with potential applications beyond robotic lawnmowing, including in agriculture, robotics, and electric vehicles such as onboard solar charging systems for electric vehicles, autonomous patrol robots, and other mobile equipment.

Our business currently comprises three lines of products and solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• SunScout Products.** This line of products represents our principal growth driver as of the date of this prospectus and consists of our solar-powered robotic mowers ("SunScout Eco", "SunScout Pro", and "SunScout ProMax") which are market-ready (the "Autonomous Mowing Solutions" or "Autonomous Mowing Products"). Our complementary products and prototype systems, include the (i) SunScout Solar Shelter, (ii) "Excel Mulcher Blade" and (iii) the SunScout Go-Easy Campervan and Go-Easy EV Utility Van, which remain in the development or proof of concept phase as of the date of this prospectus (the "Complementary Products", together with the Autonomous Mowing Solutions are our "SunScout Products"). We expect to commercialize our SunScout Products on a global scale through our direct to consumer e-commerce channels and distribution agreements with partners in what we believe to be key markets. As of the date of this prospectus, we believe progress remains strong, with our first commercial arrangements in place including with WWS (one of Europe's leading online retailers for robotic lawnmowers) in the European Union pursuant to which the parties have agreed to enter into a formal distribution agreement reflecting the terms and conditions of such cooperation agreement, MowBot, (New Zealand's leading online retailer of robotic lawnmowers), in Australia and New Zealand. Simultaneously with our distribution channels, we follow a digital-sales strategy which prioritizes a direct connection with customers through our direct e-commerce channels. Our website generates direct to consumer sales online for our Autonomous Mowing Solutions and is expected to be supplemented by relationships with select third-party e-commerce marketplaces. We are also in discussions, supported by a third-party consultant, with Walmart Inc. regarding potential distribution in the United States; and with Motorland in Europe

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through WWS. In addition, we have engaged 2B Connected, a specialist sales agency, to conduct outbound sales lead generation for SunScout ProMax in New Zealand. However, as of the date of this prospectus, the campaign is paused pending delivery of demonstration units, after which we intend to further develop our sales activities in New Zealand and expand efforts to Australia. As of the date of this prospectus, we believe our global positioning is further supported by our assembly operations through SunScout Asia in Thailand, alongside plans for a new assembly operations plant for our ProMax product in Texas to serve the U.S. market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Solar Power Development Solutions.** This line of services represents our solar energy business segment that develops and installs solar power systems for commercial, industrial, and institutional customers, and provides engineering, procurement, and construction ("EPC") services. We believe this business supports our overall strategy of promoting clean, decentralized energy generation while providing stable revenue and cash flow. Operations are conducted primarily through SunScout USA, in the United States and SunScout NZ, in New Zealand ("Solar Power Development Solutions"). As of the date of this prospectus, we plan to expand our U.S. operations nationwide while also servicing neighboring regions, including the Caribbean, Puerto Rico, and South America. In Asia, we believe SunScout has the potential to gain access to large utility-scale solar projects that can drive significant growth. Meanwhile, in New Zealand, we believe the solar market is beginning to expand, particularly in the commercial sector, which is the current focus of SunScout New Zealand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Engineering Products and Services.** This line of business represents our precision fabrication, mechanical engineering, and project-management segment that services commercial, industrial, and governmental clients in addition to on-site installation, maintenance, and repair services ("Engineering Products and Services"). Our Engineering Products and Services are operated through SunScout NZ, doing business as "Brunton Engineering". The Brunton Engineering business traces its origins back to 1998 and has operated for nearly 30 years through a succession of different legal entities. It generates revenue from custom manufacturing, metal fabrication, prototyping, and engineering services. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the engineering operations in Palmerston North. Pursuant to an asset purchase agreement dated April 3, 2023, and upon completion of transaction on May 27, 2024, we, through SunScout New Zealand, acquired substantially all of the assets and business of Brunton Engineering Limited, including its plant and equipment, vehicles, engineering machinery, tools, inventory, and other tangible assets, as well as the benefit of its customer relationships, goodwill and ongoing operations.

In the financial year ended June 30, 2025, our SunScout Products (revenue classified under SunScout Products for the financial years ended June 30, 2024 and June 30, 2025 did not arise from the sale of any physical SunScout products and such revenue reflects amounts received in connection with manufacturing and commercialization arrangements relating to SunScout Asia and the SunScout Eco products), Solar Power Development Solutions, and Engineering Products and Services contributed to 27.95%, 40.94% and 31.11% of our revenue respectively. In the financial year ended June 30, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 18.50%, 74.55% and 6.95% of our revenue respectively. In the six months ended December 31, 2025, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 9.35%, 68.32% and 22.34% of our revenue respectively and in the six months ended December 31, 2024, our SunScout Products, Solar Power Development Solutions, and Engineering Products and Services contributed to 8.55%, 51.24% and 40.21% of our revenue respectively. While our Solar Power Development Solutions and Engineering Products and Services lines of business currently account for the majority of our revenues as of the date of this prospectus, we believe the SunScout Products segment represents an opportunity for long-term growth with international scale. We distribute to a broad range of customers across the United States, Australia, New Zealand and Asia. We believe this geographic coverage enables us to access diverse markets and capture growth opportunities across multiple regions. In this case, we believe our products are well positioned to benefit from what we believe are global trends toward automation, sustainability, and cost efficiency. At this time, we believe certain regulatory measures can accelerate the phase-out of fossil-fuel lawn equipment, electricity prices are rising globally, and customers are increasingly demanding environmentally friendly and cost-effective alternatives. Our robotic mowers and related technologies are designed to meet these needs by providing a clean, independent, and scalable solution for residential, commercial, and institutional customers alike. In view of these trends currently, our business strategy is to leverage a capital-light and scalable model, with revenues expected from product sales, licensing of our proprietary technologies, recurring leasing and servicing arrangements, and solar EPC contracts.

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#### Our Products and Services
Our business currently comprises three lines of products and solutions: SunScout Products, Solar Power Development Solutions, and Engineering Products and Services.

#### SunScout Products
Our SunScout Products represent what we believe to be our principal growth driver that encompasses our solar-powered robotic mowers and Complementary Products. These products are designed to provide a fully self-sustaining alternative to conventional lawn-care and mobile-energy systems through integration of our proprietary DSA technology. While our robotic mowers are market-ready and in commercial rollout, our Complementary Products remain in various stages of development.

*Solar Autonomy*

Our proprietary DSA technology allows our SunScout Products to operate entirely on solar power, eliminating reliance on external charging infrastructure and grid electricity. We believe that few, if any, competing products in the market can operate independently of an external power supply and this capability allows our mowers to be deployed in areas without access to electrical outlets or charging stations, such as golf courses, parks and large green spaces, where autonomous and continuous operation is particularly advantageous. Thus, we believe our DSA technology is central to the operation and market positioning of our SunScout Products because it enables our robotic mowers to operate independently of the electrical grid by deploying integrated solar panels for autonomous charging. While the commercial success of our SunScout Products depends on the efficiency, durability, and reliability of this technology under varied environmental and operating conditions, we believe the self-sufficiency of DSA ultimately provides a structural cost advantage and enhances the usability and scalability of our products compared to grid-dependent alternatives.

*Excel Mulcher Blade*

*Excel Mulcher Blade — view from the top*

The Excel Mulcher Blade is a patented grass-cutting system developed by us and designed to improve energy efficiency and grass health. Its aerodynamic geometry allows grass clippings to be re-cut approximately up to twenty times on average that produces fine mulch which decomposes naturally. Our unique Excel Mulcher Blade combines these state of-the-art aerodynamics with cutting edge design to deliver a system that is designed not to leave any residue on the grass after mowing. Mulching blades feature more curves and an increased cutting edge. The curved surface and increased cutting edge allows the blade to cut the grass and lift it into the deck where it is cut several more times before falling back onto the lawn in much smaller pieces. With our mulching blade, the grass gets lifted by the uplift, generated by the curved cutting blade tip. The tip of the blade is also curved inwards which directs the grass clippings up and inwards into the main deck area.

This process reduces the energy load on the mower, eliminates the need for collection, and returns nutrients to the soil. The Excel Mulcher Blade is currently incorporated into our SunScout Pro and SunScout ProMax models. As of the date of this prospectus, we expect to integrate this blade into future iterations of the SunScout Eco as part of the next model upgrade. In addition to removing all clippings, the Excel Mulcher Blade is designed to reduce the power required for mowing.

Since September 23, 2024, the Excel Mulcher Blade has been licensed by us to Ballard Inc., a United States-based distributor of mowing parts and accessories, under a commercial licensing arrangement that provides for royalty-based revenue to the Company. The technology is adaptable to multiple mower configurations, including both ride-on and robotic platforms, and is also incorporated in our Autonomous Mowing Products.

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*Robotic Mowers*

We currently offer three solar-powered robotic mower models: the SunScout Eco, SunScout Pro, and SunScout ProMax, each designed to serve a distinct customer segment, ranging from residential to large-scale commercial applications.

<u><u>SunScout Eco</u></u>

The SunScout Eco is our compact residential and small-commercial robotic mower, designed as a fully autonomous, solar-powered alternative to both petrol-powered and grid-charged electric mowers. It embodies our proprietary DSA technology in a small form factor and serves as the entry level product in the SunScout line for smaller lawns and residential customers.

*Design and Operation*

The SunScout Eco integrates high-efficiency photovoltaic panels directly into its top housing which converts sunlight directly into electricity. These panels provide all the electrical energy required for propulsion, cutting, and control electronics, allowing the unit to operate entirely without connection to external power or charging cables. The mower's on-board solar array continuously recharges the internal energy storage during operation or idle periods, eliminating the need for external charging and supporting continuous daily mowing cycles based on available sunlight.

The mower navigates autonomously using a suite of sensors and dual cameras supported by AI-based vision algorithms. The native system identifies grass boundaries, obstacles, and terrain features in real time, mapping the work area and optimizing mowing paths. For larger or more complex properties, the mower can be equipped with RTK satellite navigation, providing centimeter-level positional accuracy and to achieve consistent coverage even on uneven terrain.

![](timage_007.jpg)

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*SunScout Eco: AI-based visual navigation with dual-camera recognition*

Unlike conventional robotic mowers, the SunScout Eco does not require perimeter wires or fixed charging stations. Its setup involves a simple drop-and-go installation, after which the mower learns the lawn's geometry autonomously and thereafter maintains a lawn with limited to no physical intervention. The mower provides a quiet solution for a typically loud operation as it performs at low acoustic levels at 54dB, typically below residential noise-restriction thresholds. It also preserves peace of mind in residential environments because it automatically pauses when an object or person enters its path, enhancing safety for households.

*Intelligent Control and Anti-Theft*

The SunScout Eco can be operated and monitored remotely through our SunScout mobile application. The interface allows users to schedule mowing sessions, define mowing zones, and review operational data such as coverage area, energy consumption, and maintenance status. Software updates and diagnostic functions are delivered over-the-air to maintain optimal performance. The application also includes anti-theft alarms, notifications and real-time GPS tracking features. If unauthorized movement is detected, an alarm is triggered and the mower's location can be viewed in real time via the mobile application.

![](timage_008.jpg)

*SunScout Eco: SunScout Mobile Application*

*Technical Characteristics*

Key performance and construction characteristics include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Power Source: 100 percent solar; no external charging required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cutting Width: approximately 10 inches with adjustable cutting height.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational Area: up to 12,900 ft² under average solar conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noise Level: below 60 dB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Navigation: AI-vision guidance and optional RTK positioning.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chassis: lightweight polymer composite with integrated solar housing for durability and weather resistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Safety Systems: automatic stop on lift or tilt, obstacle detection, and perimeter-override sensors.

We believe the combination of solar autonomy, quiet performance, precision navigation, and safety systems allows the mower to operate with minimal supervision, reducing both time and energy costs for end users.

*Development History*

Development of the SunScout Eco commenced in 2020 as part of our broader solar-robotics program. The product evolved from an existing robotic-mower architecture that was adapted to integrate solar-charging capabilities and eliminate external power dependence. Between 2022 and 2024, the SunScout Eco underwent tooling, field testing, and safety validation in New Zealand. The product achieved market readiness in 2025 following pilot deployments and performance verification across multiple test environments.

<u><u>SunScout Pro</u></u>

The SunScout Pro is a solar-powered robotic mower designed for larger residential properties and light-commercial applications such as large residential, commercial and public spaces that replicates a traditional ride-on lawn-mower model. It extends the capabilities of the SunScout Eco through increased power output, advanced navigation systems, and a more robust mechanical design suitable for continuous outdoor operation. The SunScout Pro integrates our DSA technology to achieve full off-grid functionality and zero-emission performance. During charging, two solar panels slide out of the main panel to provide for extra solar power capacity for faster recharges. In fact, the SunScout Pro acts as a solar tracker by turning with the sun which increases the solar power efficiency by up to approximately 35%.

*Applications and Target Market*

The SunScout Pro is intended for customers maintaining larger lawn areas that exceed the capacity of entry-level robotic mowers such as the SunScout Eco, but do not require industrial-scale equipment such as the SunScout Pro Max. Typical applications include lifestyle properties, small golf facilities, business parks, schools, and community spaces. We believe the SunScout Pro offers reduced labor requirements and operational savings for commercial landscapers and property-management companies transitioning from ride-on petrol mowers to automated systems.

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*Design, Functionality and Durability*

The SunScout Pro combines integrated solar charging with a higher-capacity battery system, allowing sustained operation over extended mowing cycles. The model is equipped with four-wheel drive and "crab-steering" capability, enabling zero-turn maneuvers and precise navigation on sloped or irregular terrain.

![](timage_010.jpg)

*SunScout Pro: Four-wheel drive system with "crab-steering" capability*

The SunScout Pro's autonomous operation is supported by an artificial-intelligence-based control unit that processes visual input from onboard cameras and sensors to map the mowing area and detect static and moving obstacles such as garden beds, trees, passersby, and pathways. For enhanced accuracy, the SunScout Pro incorporates real time kinematics global positioning system guidance, providing centimeter-level positioning and consistent coverage across large surfaces. This navigation system enables the mower to accurately calculate its position in real-time, to assist in safe and reliable operation.

The SunScout Pro's chassis and cutting deck are constructed from aluminum for durability and corrosion resistance. The integrated Excel Mulcher Blade cuts and re-cuts grass clippings into fine particles, which is designed to return nutrients to the soil and remove the need for collection or disposal of clippings. We believe this process minimizes residue on the lawn and contributes to improved grass quality while reducing overall energy demand during operation.

The SunScout Pro's also features three cutting decks that extend slightly beyond the wheelbase. Each deck is fitted with a folding mechanism that automatically retracts when contact with an obstacle is detected, allowing the mower to cut closer to walls, posts, and lawn borders while minimizing the risk of mechanical damage. The SunScout Pro operates at low acoustic levels and is designed for continuous day-to-day commercial use with minimal maintenance.

*Intelligent Control and Connectivity*

Similar to the SunScout Eco, the SunScout Pro can be operated and monitored remotely through our SunScout mobile application. The interface allows users to schedule mowing sessions, define mowing zones, and review operational data such as coverage area, energy consumption, and maintenance status. Software updates and diagnostic functions are delivered over-the-air to maintain optimal performance. The application also includes anti-theft and GPS tracking features. If unauthorized movement is detected, an alarm is triggered and the mower's location can be viewed in real time.

*Safety Features and Multi-Level Anti-Theft*

In addition to the AI-driven obstacle avoidance technology, the SunScout Pro is also equipped with conventional safety features including lift- and tilt sensors and collision sensorics.

The SunScout Pro is designed to meet the stringent safety requirements of AS/NZS 60335.2.107 2013.A1 IEC 60335-2-107 2017 and ANSI/OPEI 60335-2-107 2020

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The SunScout Pro also features multi-level anti-theft and tracking such as utilizing a pre-set pin code to protect the onboard control unit from unauthorized operation and tempering. In certain cases, repetitive entering of the wrong pin code will send alerts to the end-user's mobile application. Similarly, the operator can set a pre-determined virtual boundary. In the event that the robot is taken outside the virtual boundary, a zone alarm is triggered which activates the onboard alarm siren, and will also send an alert to the end-user's mobile application. If necessary, the end-user may activate the onboard siren via the mobile application at any time. If the SunScout Pro is ever taken outside the pre-determined virtual boundary it enters into "locked mode" outside the pre-set zone whereby the SunScout Pro becomes disabled and cannot be switched on and operated without a pre-set pin code and the end-user's authorization. Due to the SunScout Pro's onboard GPS, the end-user may constantly monitor the exact location of the SunScout Pro via the mobile application should it ever be taken out of the pre-set zone.

*Technical Characteristics*

Key operating specifications include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy source: integrated solar panels with supplemental on-board battery storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive system: four-wheel drive with crab-steering configuration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Navigation: dual-camera AI vision and RTK-GPS positioning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cutting width: approximately 15.7 inch with adjustable height settings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational area: up to approximately 107,000 ft² (approximately 2.5 acres) per cycle under average solar conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noise level: below 65 decibels during operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Chassis: 100 percent aluminum housing and deck for durability and weather protection.

*Development History*

Development of the SunScout Pro began following completion of the SunScout Eco prototype to focus on scaling the solar and navigation systems for commercial use. Between 2021 and 2024, the SunScout Pro underwent multiple design iterations covering drivetrain optimization, steering geometry, and structural reinforcement. Field validation was conducted in New Zealand across varying climate and terrain conditions. By early 2025, the SunScout Pro completed endurance and performance testing and was approved for pilot commercialization.

<u><u>SunScout ProMax</u></u>

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The SunScout ProMax is our large-scale, solar-powered robotic mower designed for commercial and institutional applications such as golf courses, and corporate campuses. It incorporates our DSA technology and builds on the SunScout Pro platform with greater solar-capture capacity, enhanced power output, and commercial-grade durability suitable for a more continuous outdoor operation.

*Applications and Target Market*

The SunScout ProMax is targets institutional, municipal, and corporate clients responsible for large outdoor areas requiring regular maintenance. Typical end users include local governments maintaining parks and recreation areas, educational institutions and sports facilities, corporate campuses and industrial estates, and landscaping contractors serving larger commercial customers.

The product provides a fully autonomous and zero-emission alternative to large petrol or diesel ride-on mowers, reducing energy consumption, operational noise, time and labor costs associated with manual mowing.

As the top-of-the-line model in our Autonomous Mowing Products line, the SunScout ProMax is purposefully engineered for continuous outdoor operation and long-term reliability. The unit's housing and core components are constructed from aluminum and other corrosion-resistant materials designed to withstand exposure to ultraviolet radiation, rain, and variable temperature conditions. The mower's displays, switches, and electronic assemblies are protected by sealed covers that reduce moisture ingress and maintenance frequency.

The mechanical systems of the SunScout ProMax are built to operate under continuous load and to accommodate diverse environmental conditions, including wet grass, uneven surfaces, and high-use commercial settings. The chassis and frame are designed to absorb operational stresses and prevent deformation during extended use.

Based on our component testing and material performance analysis, the SunScout ProMax is designed for an estimated operational life of approximately 15 years under normal maintenance schedules. The mower is equipped with environmental sensors and data-logging functionality that record performance metrics, allowing for predictive maintenance and fleet management by the end-user through the SunScout software platform.

*Design and Functionality*

The SunScout ProMax is engineered for high-productivity mowing of expansive green areas such as sports fields, public parks, and commercial lots. The model combines an expanded DSA solar array with a reinforced battery system that enables extended operating hours and continuous autonomous coverage of areas up to approximately twenty-four acres under normal solar conditions.

The mower features a four-wheel-drive system with articulated steering for zero-turn maneuverability and slope handling. Its autonomous navigation system integrates artificial-intelligence-based visual recognition with real-time kinematic global navigation satellite system ("RTK-GNSS") positioning for centimeter-level accuracy. This technology enables the unit to map and maintain large, open areas efficiently without human supervision.

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The mower chassis and cutting deck are constructed from corrosion-resistant aluminum that facilitates a long service life and minimal maintenance. The cutting system uses the same aerodynamic mulching blade configuration as the SunScout Pro, designed to finely re-cut grass clippings and return nutrients to the soil.

*Fleet and Data Management*

The SunScout ProMax incorporates cloud-based fleet-management capability that allows multiple SunScout ProMax units to be operated in coordination. Through the SunScout application interface, operators can: assign mowing zones and schedules across several SunScout ProMax units; monitor operational metrics such as coverage, battery performance, and location in real time; and receive alerts or maintenance notifications through remote diagnostics. This functionality enables deployment of multiple machines for large-area maintenance while minimizing human labor requirements, so staff is free to perform other critical tasks and streamline facilities management.

*Smart Technologies Integrated into our* Autonomous Mowing Products*:*

Our Autonomous Mowing Products are built on a common automation and navigation platform that combines advanced perception, sensor fusion, and simulation technologies. This platform underpins the autonomous operation of the SunScout Eco, SunScout Pro and SunScout ProMax models.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *AI*-based *visual mapping and path planning*. Our Autonomous Mowing Products are designed to use deep-learning-based visual mapping and intelligent path-planning algorithms to interpret their surroundings, identify obstacles and terrain features, and generate optimized mowing routes. This visual mapping and path planning system continuously adapts to changing outdoor conditions to support efficient and precise mowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Multimodal sensor fusion*. Our Autonomous Mowing Products combine data from inertial measurement units, RTK satellite positioning, and vision sensors to create a unified spatial model of each mower's environment. This sensor is designed to improve positioning stability, obstacle detection and avoidance, and trajectory control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *"Digital Twin" simulation and virtual driving*. We employ a Digital Twin simulation that virtually replicates each mower and its operating environment to test navigation algorithms under varying weather, light, and terrain conditions. Virtual driving simulations are used to evaluate navigation behavior for our Autonomous Mowing Products in a risk-free environment, ultimately refining navigation algorithms before deployment of our mowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Data assimilation and continuous learning*. Operational data is processed entirely on the mower's onboard neuro-enabled processor, allowing the system to validate assumptions, update internal models, and refine navigation behavior in real time. All learning and adaptation occur locally on the device, with no transfer of customer data to external servers or cloud-based systems. This localized, closed-loop learning process supports ongoing improvements in navigation accuracy and adaptability while keeping all operational data contained within the robot and avoiding any external data-security risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Next*-generation *neuro*-inspired *navigation (in the pipeline)*. As of the date of this prospectus, we are developing a neuro-inspired navigation framework, including the "NeuroBayesSLAM" algorithm, which is intended to integrate multimodal sensory information using Bayesian cognitive science. This framework is designed to enable future models of our Autonomous Mowing Products to navigate and operate autonomously without reliance on GPS or RTK signals, including in complex or GPS-restricted environments. As of the date of this prospectus, this technology remains under development and is not yet deployed in our commercial products.

*Technical Characteristics*

Principal technical specifications of the SunScout ProMax include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy source: integrated solar array with on-board lithium-ion battery storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Drive system: four-wheel drive with articulated steering and slope-handling capability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Navigation: AI-based visual recognition combined with RTK-GNSS satellite positioning;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cutting width: approximately 600 mm with adjustable cutting height;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operational area: up to approximately 10 hectares under average solar conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Noise emission: below 70 decibels during standard operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction: 100 percent aluminum chassis and mowing deck.

*Development and Testing*

The SunScout ProMax was developed concurrently with the SunScout Pro as part of our commercial-scale product initiative. The design phase focused on scaling solar-panel surface area, increasing traction power, and integrating multi-unit control systems. Between 2022 and 2025, prototypes underwent endurance and field testing in New Zealand to assess reliability and navigation accuracy under variable weather and terrain conditions. Pilot commercialization began in 2025, with manufacturing preparation integrated into our Thailand assembly operations.

<u><u>Spin-Off</u> <u>Products</u></u>

In addition to our range of autonomous robotic mowers, SunScout developed our Complementary Products that extend the platform into related solar-energy applications. These include the (i) SunScout Solar Shelter and (ii) Excel Mulcher Blade. Both products are designed to enhance the performance and versatility of our mowers and provide off-grid charging capability and advanced mulching efficiency. Like our robotic mowers these spin-off products are fully developed, market ready, and may offer an opportunity for licensing to third-parties.

*SunScout Solar Shelter*

We developed the SunScout Solar Shelter by adapting our onboard solar power system into a stand-alone configuration. This stand-alone solar solution is designed specifically for configurational use with conventional robotic mowers that rely on docking stations for charging with zero running costs.

The SunScout Solar Shelter is a fully off-grid solar charging system that enables installation of charging bases in locations where access to grid electricity is limited or unavailable. In this case, the solar charging system provides alternating current power directly to the charging station for which a robotic mower can be plugged into. features a photovoltaic roof panel rated at approximately 75 watts, an integrated charge controller, inverter, and lithium-iron-phosphate battery storage, along with a modular frame adjustable for height and solar-panel pitch to optimize exposure.

The structure is engineered for rapid installation using ground anchors or screw mounts and is compatible with what we believe to be a wide range of mower brands. The Solar Shelter eliminates the need for external power supply and can be deployed in both residential and commercial settings. It serves as a versatile solar accessory for any third-party robotic mowers. The product is market ready and represents an excellent big-box retailer opportunity with significant market potential, as it provides a solar-powered charging solution for most any robotic mower.

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*Excel Mulcher Blade*

Our mulching blade has a leading foil that is dedicated to directing the clippings onto the leading edge of the re-cutting blade and holds the clippings and compresses them onto the leading edge of the re-cutting blade. With its performance advantages and patented design, we believe our Excel Mulcher Blade has strong potential for global adoption across the lawnmower industry making it a potential licensing opportunity for us.

The leading foil is designed to facilitate a controlled recutting process for the grass clippings without allowing the grass clippings to escape the re-cutting process. The hasty mowing-to-re-cutting process time provides for efficient and effective mulching. In this case the top foil does no cutting and instead creates an even downforce across the upper region of the mowing deck and securely directs any floating clippings to beneath the leading foil.

This increases the effectiveness and efficiency of the mulching process. The double chamber design of the mowing deck provides for uplift at the cutting blade tip, where the actual mowing occurs, while at the same time the inner chamber has downforce to deliberately directing and holding the clippings onto the leading edge of the re-cutting blade.

The double chamber enables the fast mowing-to-re-cutting process, which we believe is approximately one thousand times faster than using prior knowledge technology.

<u><u>Products under development</u></u>

In addition to our Autonomous Mowing Products, we are developing new products that extend the SunScout platform and utilization of our DSA into related solar-energy applications. They include the SunScout Go-Easy EV Camper- and Utility-Van. These products are designed to demonstrate the broader applicability of our DSA technology to other markets. Unlike our Autonomous Mowing Products, which are market-ready and in the commercial rollout process, these products remain as proof of concept and are under development as of the date of this prospectus.

![](timage_015.jpg)

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*SunScout DSA for Electric Vehicle integration.*

<u><u>SunScout</u> <u>Go-Easy</u> <u>Utility</u> <u>Van</u></u>

Our solar-powered EV-Utility Van comes with a roof rack mounted DSA. The DSA charges the batteries while driving and slides out when the vehicle is parked to provide additional solar capacity. This is an ideal solution for commercial vehicles which are used for short to medium distances. These can be operated without ever charging them from the grid.

![](timage_016.jpg)

*SunScout Go-Easy EV Utility Van*

<u><u>SunScout</u> <u>Go-Easy</u> <u>Campervan</u></u>

Our flagship proof of concept product is a fully solar-powered EV-Campervan that incorporates the SunScout on-board deployable solar power system allowing for battery recharging while entirely utilizing solar energy. We believe this solar power function will address "range anxiety" associated with most electric thereby extending the driving range of the electric vehicles ("EV") from 186mi to 310mi per day.

Equipped with SunScout's solar system, our electric campervans are planned to be designed to operate autonomously off-grid, eliminating the need for grid-powered recharges and achieving autarky. Operators of such vans could travel with clean, renewable energy and zero-fuel costs or battery charging fees. For example, when driving the DSA would operate in a retracted mode so the top panel could continue to generate electricity to the vehicle's batteries while when stationary, the DSA is deployed for additional solar capacity that would support additional battery recharging.

![](timage_017.jpg)

*SunScout Go-Easy EV Campervan*

These prototypes demonstrate the scalability of the SunScout DSA platform beyond lawn-care applications and into electric-vehicle and mobile-energy markets. Under both models, the DSA platform The SunScout Go-Easy remains under development and is not yet commercially available. As of the date of this prospectus, the SunScout Go-Easy Campervan is expected to launch by 2028.

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<u><u>Product Development and Research & Development</u></u>

Currently, our product development and research activities are focused on advancing solar-powered automation technologies that enable off-grid operation of robotic equipment and electric vehicles. Development is conducted primarily in New Zealand through our subsidiary SunScout NZ, which provides in-house design, fabrication, and testing facilities, and is supported by our engineering teams in Asia and the United States. Our research and development efforts are centered on our proprietary DSA technology and its integration into multiple product platforms.

*Development History*

We commenced research and prototype development of the DSA system in 2020 with the objective of creating a self-sustaining robotic mower capable of operating without reliance on grid electricity. The first working prototype was completed in early 2021 and underwent field testing to evaluate power efficiency, navigation accuracy, and reliability under varied environmental conditions.

From 2021 to 2023, we advanced the DSA design to support higher power density and automated deployment and retraction, and we began developing the SunScout Eco and SunScout Pro models based on this architecture. The SunScout Eco model completed multi-season field trials and safety certification in New Zealand in 2024, and pilot commercialization commenced the same year. The SunScout Pro and SunScout ProMax were subsequently engineered for larger-scale and commercial applications, incorporating enhanced solar-panel capacity, RTK navigation, and fleet-management capabilities.

Our Complementary Products are derived from the same research and development ("R&D") program. The SunScout Solar Shelter and Excel Mulcher Blade have completed prototype validation and reached market readiness, while the SunScout Go-Easy Electric Vans remain under development as a technology demonstrator for applying DSA to electric-vehicle charging.

*Research Infrastructure*

Our R&D operations are based at SunScout New Zealand's facility in Palmerston North, New Zealand. This site includes design and prototyping workshops equipped with computer-numerical-control ("CNC") laser cutting, bending, and fabrication systems, which allow rapid iteration of mechanical components and enclosures. Electrical and software development is performed in collaboration with partner laboratories and component suppliers in Asia. We also utilize our joint-venture facility in Thailand for pilot assembly of our Autonomous Mowing Products and environmental testing of those products under high-temperature and high-humidity conditions.

*Testing and Validation*

All of our Autonomous Mowing Products undergo mechanical endurance testing, solar-performance analysis, and navigation validation before commercialization. Tests include continuous-operation cycles to assess component wear, battery degradation, and safety compliance. In particular, the SunScout Eco and SunScout Pro units have completed certification for residential safety standards applicable in their target markets, and we continue to evaluate compliance with regional environmental and electronic-safety regulations as we expand internationally.

*Ongoing Research Focus*

Our continuing internal R&D program is directed toward improving the efficiency and compactness of the DSA system, advancing our AI-based vision and navigation algorithms to enable adaptive route planning, developing predictive-maintenance and data-logging functions for SunScout Pro and Pro Max model fleet management, and extending DSA integration to additional mobile applications, including EVs and autonomous service robots.

We intend to maintain a capital-light R&D model by combining in-house engineering capabilities with collaborative development through universities, component manufacturers, and strategic partners. As of the date of this prospectus, approximately 15% of our total workforce is engaged in research, design, and engineering functions.

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<u><u>Research Partners</u></u>

*Idea Developments Ltd.*

We have engaged Idea Developments Ltd., pursuant to three R&D Cooperation proposals dated April 29, 2022, November 25, 2022, and February 15, 2023, ("Idea Developments"), a New Zealand — based industrial design and product development firm, as a research and development partner for the design and engineering of our Autonomous Mowing Product platform. Idea Developments specializes in end-to-end product development, including industrial design, engineering, prototyping, and preparation for tooling and production. Their work for us focuses on the creation, evolution, and refinement of the Autonomous Mowing Products' industrial design and physical architecture.

Under our cooperation framework, Idea Developments provides structured design and development services through its established eight-phase product design methodology, which spans research, concept development, 3D computer-aided-design ("CAD") modelling, engineering refinement, prototyping, and preparation for manufacture. Initial stages included market and product research, conceptual styling, and mock-up modelling to explore preliminary structural layouts, solar-panel integration, ergonomics, and the overall form of our Autonomous Mowing Products. These phases produced physical form-study models made from foam, clay, and 3D-printed components, enabling evaluation of geometry, aesthetics, user-interface placement, and durability considerations.

Subsequent phases transitioned approved form-study geometry into high-resolution 3D CAD "A-Class" surfaces using "Siemens NX" software, creating a refined digital model of our Autonomous Mowing Products' exteriors. Idea Developments also provides engineering support, including collaboration with their manufacturing partners in China, design-for-manufacture reviews, tooling guidance, and evaluation of factory prototypes, enabling a smooth transition from design intent to engineering execution.

Idea Developments provides services on a time-and-materials basis at hourly rates of NZD 145 per hour (2022 – 2023), NZD 150 per hour (2024 – 2025), and NZD 160 per hour (from March 2025), with fees applying to design, engineering, model-making, prototyping, and CAD development hours, as well as materials used in mock-ups and form studies. We reimburse disbursements and incidental costs and invoices are issued monthly, and continued progress requires timely payment. If the project is terminated, we remain responsible for all work completed and costs incurred up to the date of termination.

We believe that this structured design methodology and integrated design-to-production workflow provide valuable capabilities in concept development, visual design, CAD refinement, and early-stage engineering alignment, supporting our efforts to bring our Autonomous Mowing Products to market while managing development risk through staged milestones.

*Kahu EV LP*

We have engaged Kahu EV LP, pursuant to a Solar Panel Battery Electric Vehicle Development Services Proposal dated June 17, 2024, a New Zealand-based electric vehicle solutions provider ("Kahu") as a research and development partner in connection with our Go-Easy EV vans. Under our collaboration Kahu is to provide technical expertise and project management services to support our goal of integrating advanced solar panel systems into our proof of concept Go-Easy EV vans.

Kahu EV's scope of work comprises electromechanical and high-level software integration of solar energy systems and battery management components into a demonstration vehicle for is. The current project is structured as a proof-of-concept, with no guarantee the research will produce a commercially viable or production-ready product. We believe this partnership allows us to access specialized knowledge in modular control subsystems, while responsibly managing risk through staged technical and operational milestones. Services are provided on a time-and-materials basis at hourly rates of NZD $175 for development services, NZD $125 for CAD operations, and NZD $105 for mechanical engineering and support, with disbursements and travel reimbursed at cost. Each party retains its pre-existing intellectual property, and we are granted a license to use the resulting technological deliverables for our intended business purpose. In the event of joint inventions, either party may use such inventions subject to our having completed all payment obligations.

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Material terms of the arrangement provide that while any intellectual property rights to pre-existing Kahu technologies are retained by Kahu, we are granted a license to use the resulting technological deliverables for its intended business purpose but may not reverse engineer or independently commercialize Kahu proprietary systems that may be contained in those licensed technologies. In the event of any joint inventions, either party may use such inventions, subject to our completion of all payment obligations should we wish to utilize such inventions.

Payment for development services is on a time-and-materials basis, with established hourly rates for engineering, design, and consulting activities. We are responsible for reimbursing Kahu for disbursements, travel, and any supporting costs incurred during the project. The agreement allows monthly invoicing and requires timely settlements to ensure continued progress. In case of project cancellation, we remain liable for fees and associated costs incurred up to that point.

<u><u>Manufacturing and Operations</u></u>

We operate an integrated manufacturing and supply framework that combines in-house engineering and prototyping with outsourced and joint-venture assembly arrangements. This structure is designed to maintain quality control while supporting capital-light scalability across key markets.

*New Zealand*

Our principal research, design, and prototyping operations are located in Palmerston North, New Zealand, where our subsidiary SunScout New Zealand maintains a fully equipped fabrication and assembly facility. The site houses CNC laser-cutting and folding systems, welding and machining stations, and product-assembly areas used for both our engineering-service contracts and pilot production of the SunScout Pro and SunScout ProMax models. The facility also serves as our quality-control and test center for endurance, safety, and compliance verification. SunScout New Zealand Ltd, which is doing business as Brunton Engineering, supplies mechanical components for our mower products and supports low-volume manufacturing of specialized solar and structural parts.

*Thailand*

High-volume assembly of the SunScout Eco is performed at the production facility in Thailand. The assembly plant operates as the Group's primary manufacturing and assembly platform for its SunScout Eco robots.

SunScout Asia operates as the Group's primary manufacturing and assembly platform for the SunScout Eco robotic lawn mower. SunScout Asia's manufacturing activities are conducted pursuant to the License Manufacturing Agreement between SunScout Limited, as principal, and a Thailand-based operating manufacturing entity that was contemplated at the time the agreement was executed. At the time the License Manufacturing Agreement was entered into, the Group had not yet incorporated its Thailand manufacturing entity. Following the subsequent incorporation of SunScout Asia Company Limited in Thailand, the manufacturing, assembly, component sourcing and final quality inspection functions contemplated under the License Manufacturing Agreement have been carried out through SunScout Asia as the Group's joint-venture manufacturing platform. In connection with the establishment of SunScout Asia as the Group's Thailand operating entity, the parties entered into a written confirmation on February 19, 2025, pursuant to which the parties agreed and confirmed that SunScout Asia Company Limited is the manufacturer for the purposes of the License Manufacturing Agreement.

Under the License Manufacturing Agreement, the manufacturer is appointed as the exclusive manufacturer of the licensed products within the agreed territory and is responsible for manufacturing activities in accordance with specifications, quality standards and compliance requirements prescribed by SunScout Limited. The agreement grants a limited license to use specified intellectual property solely for manufacturing purposes, with all underlying intellectual property rights and any improvements retained by SunScout Limited. The agreement also contains customary provisions relating to quality control, confidentiality, reporting obligations, non-competition, pricing and payment mechanics, and termination upon customary events, including material breach or insolvency.

The commercial framework for establishing the Group's Thailand manufacturing platform was initially outlined in non-binding investment agreements entered into in January 2024 with Hoffen Asia Co., Ltd. ("Hoffen Asia") and subsequently in March 2024 with related Thai individual investors. Hoffen Asia was the corporate vehicle initially used by the relevant Thai investors in connection with the proposed transaction, and the subsequent March 2024 agreement reflected those investors participating directly in their individual capacities instead. These agreements contemplated alternative ownership structures for the proposed Thailand entity but were expressly non-binding and

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were not implemented in their original form. SunScout Asia was ultimately incorporated reflecting the parties' revised commercial understanding, with the current ownership structure consisting of 43% SunScout Limited and 57% other Thai investors. No binding subscription or shareholders' agreement was executed pursuant to the earlier non-binding investment agreements.

*United States*

In the United States, SunScout USA, our Boston-based subsidiary coordinates both manufacturing and distribution activities of the Group. SunScout USA currently focuses on solar-EPC projects, and U.S. distribution logistics for our SunScout Products. As of the date of this prospectus, we plan to establish a dedicated assembly and distribution facility in Austin, Texas for the SunScout Pro Max to support the North American market, reduce shipping costs, and provide localized after-sales service. As of the date of this prospectus, site selection and permitting activities are underway, and initial tooling and equipment procurement are expected to commence by March 2026. Upon completion of that site selection process, we intend to relocate our principle executive offices from New Zealand to the United States.

*Europe*

Our manufacturing and distribution activities in Europe are carried out through WWS, a subsidiary of Wrissmer Industries Holding GmbH ("Wrissmer Group"). The Wrissmer Group provides us with a broader market reach for our SunScout Products. Through this structure, all SunScout Products for the European market are manufactured in Germany, and distribution is supported both through the extensive dealer network and through direct supply to municipal councils and public-sector organizations. Our cooperation with WWS is governed by a binding cooperation agreement entered into on November 5, 2025 (the "WWS Agreement"), pursuant to which the parties collaborate on the production engineering, manufacturing and distribution of our solar-powered autonomous robotic lawn mowers (except for our SunScout Eco product which is manufactured by SunScout Asia) in the European Union. The WWS Agreement has an open-ended term and may be terminated by either party upon not less than six months' prior written notice, or immediately upon a material breach or insolvency event. Under the WWS Agreement, we retain 100% ownership of all intellectual property relating to the products, and we have granted WWS an exclusive license to manufacture and distribute the products within the European Union. WWS is responsible for production engineering, tooling, manufacturing, marketing and distribution in the territory, while we remain responsible for product development, technical specifications and ongoing technology enhancements. WWS is entitled to receive a per-unit royalty on products sold, with royalty levels varying by product model and structured as either fixed minimum amounts per unit or a percentage of net sales, subject to agreed minimum thresholds. Under the WWS Agreement, the parties have agreed to enter into a formal distribution agreement, which as of the date of this prospectus has not yet been executed.

Through our expanded cooperation with the Wrissmer Group, we were introduced to seed2soil, a Germany-based horticultural technology company whose products and engineering capabilities appear to be complementary to our business. seed2soil develops technology solutions for plant handling, fertilization and nursery operations.

We believe seed2soil's development of autonomous navigation capabilities aligns with our robotics expertise. On December 16, 2025, we entered into a non-binding memorandum of understanding with seed2soil to explore a potential collaboration in product development, manufacturing and commercialization, as well as a potential minority equity investment. Subject to the negotiation and execution of definitive agreements, we may assemble certain seed2soil products in our planned manufacturing facility in Texas, leveraging seed2soil's German engineering expertise and our established technical capabilities, including those of our European partner, WWS. We believe that, if implemented, this contemplated structure could accelerate production readiness, support our entry into the North American market, and broaden our commercial product offering. There can be no assurance that the proposed collaboration or equity investment will be completed on the terms currently contemplated, or at all.

*Supply Chain and Quality Control*

We source mechanical and electronic components from what we believe to be qualified suppliers in Asia, Europe, and the United States. Critical parts such as motors, navigation systems, batteries, and solar panels are subject to incoming inspection and functional testing prior to assembly. Final quality control and functional testing are performed at each production site according to uniform procedures developed at our New Zealand engineering facility.

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We maintain our standard operating procedures for supplier qualification, product traceability, and warranty-claim management. Our quality-assurance framework is aligned with the core of ISO 9001 principles and includes documentation of material traceability and batch testing for all key assemblies.

*Production Scalability*

Our manufacturing model is designed to scale production volumes through a combination of contract manufacturing, licensed production, and joint-venture facilities. We intend to expand regional capacity through additional partnerships with original-equipment manufacturers ("OEMs") as market demand increases. We believe this flexible approach will allow us to align production capacity with sales growth while minimizing capital expenditure and maintain control over product quality and intellectual property.

#### Solar Power Development Solutions
Our Solar Power Development Solutions division develops and installs solar-energy systems for commercial, industrial, and institutional customers, through turnkey EPC contracts. This business supports the Group's overall strategy of promoting clean, decentralized energy generation while providing stable revenue and cash flow. Operations are conducted primarily through SunScout USA in the United States, SunScout Asia in Thailand, and SunScout New Zealand in New Zealand. For the financial years ended June 30, 2024 and 2025, our Solar Power Development Solutions division accounted for 74.55% and 40.94% of our total revenue, respectively. For the six months ended December 31, 2024 and 2025, our Solar Power Development Solutions division accounted for 51.24% and 68.32% of our total revenue, respectively.

Our EPC contracts are typically structured as fixed-scope or fixed-price agreements covering system design, equipment procurement, permitting, installation, commissioning and grid interconnection of photovoltaic systems. Depending on project size, location and local regulatory requirements, we act as the prime EPC contractor and either self-perform certain installation and commissioning activities through our local operating subsidiaries or engage qualified third-party subcontractors for construction, electrical and specialized works, while retaining overall project management, scheduling, quality control and customer responsibility. Our operating subsidiaries and engaged subcontractors hold the licenses, registrations and certifications required under applicable local laws and regulations to perform their respective scopes of work in the jurisdictions in which projects are executed.

Under our EPC contracts, we generally act as the customer's agent for securing required building, electrical and utility interconnection permits, and projects are executed pursuant to an agreed milestone schedule from site audit and system design through installation and commencement of commercial operation. Contract consideration is typically payable in installments tied to defined project milestones, such as contract execution, completion of system design and permitting, installation, and final utility interconnection. Our EPC contracts customarily include warranties covering workmanship and installation services provided by us, as well as product warranties and performance guarantees from third-party equipment manufacturers. Customers generally have a limited statutory or contractual cancellation right shortly after contract execution, after which termination is subject to reimbursement of costs incurred, including design, engineering, permitting, procurement and other preparatory expenses. We believe these terms are customary for turnkey EPC solar contracts in the markets in which we operate. Our EPC projects typically range from small commercial and institutional systems of approximately tens to hundreds of kilowatts to larger commercial and industrial installations of up to several megawatts, depending on customer requirements, site conditions and local grid capacity.

<u><u>SunScout USA</u></u>

SunScout USA, based in Boston, Massachusetts, focuses on the design, installation, and commissioning of solar-energy systems for commercial and industrial clients. Its services include site evaluation, system design, permitting, installation, and long-term maintenance of grid-connected and hybrid solar-power systems. SunScout USA also provides energy-storage integration and consulting on power-optimization strategies for corporate clients seeking to reduce their reliance on grid electricity.

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SunScout USA maintains a strong presence in the northeastern United States and intends to expand its EPC operations nationwide. As of the date of this prospectus, future geographic expansion targets include the Caribbean, Puerto Rico, and South America, where we believe solar resources are abundant and grid infrastructure remains limited. In addition to EPC activities, SunScout USA serves as our distribution and service hub for SunScout Products in the United States, providing warehousing, logistics, and after-sales support for retailers and end users.

<u><u>SunScout New Zealand</u></u>

In New Zealand, we conduct commercial-scale solar installations through SunScout New Zealand, which focuses on the rapidly growing local commercial-rooftop market. The company offers turnkey EPC services for factories, warehouses, and institutional buildings, including system design, permitting, and commissioning. Demand in this segment has increased as businesses adopt renewable-energy solutions in response to rising grid tariffs and sustainability commitments.

SunScout New Zealand also provides engineering integration for our internally developed solar products, including prototype installations for the SunScout Solar Shelter and deployable solar-array systems, supporting continued product development and demonstration. For the financial year ended June 30, 2024 and 2025, SunScout New Zealand accounted for 8% and 33% of our total revenue, respectively. For the six months ended December 31, 2024 and 2025, SunScout New Zealand accounted for 40.21% and 22.34% of our total revenue, respectively.

<u><u>Revenue Model and Market Position</u></u>

Revenue from our Solar Power Development Solutions division is generated primarily from turnkey EPC contracts. Projects are typically structured under fixed-price or cost-plus contracts, with milestone-based payment schedules. This business segment provides geographic diversification and recurring cash flow that support the development and commercialization of our SunScout Products.

#### Engineering Products and Services
Our Engineering Products and Services are operated through SunScout NZ, doing business as "Brunton Engineering". The Brunton Engineering business traces its origins back to 1998 and has operated for nearly 30 years through a succession of different legal entities. It generates revenue from custom manufacturing, metal fabrication, prototyping, and engineering services. The operating business later known as Brunton Engineering Limited was incorporated in 2006 and continued the engineering operations in Palmerston North. Pursuant to an asset purchase agreement dated April 3, 2023, and upon completion of transaction on May 27, 2024, we, through SunScout New Zealand, acquired substantially all of the assets and business of Brunton Engineering Limited, including its plant and equipment, vehicles, engineering machinery, tools, inventory, and other tangible assets, as well as the benefit of its customer relationships, goodwill and ongoing operations. SunScout New Zealand is an accredited supplier to the New Zealand Defence Force and maintains long-term relationships with a number of repeat customers across multiple industries.

In connection with the acquisition of the assets and business of Bruton Engineering, we entered into the Regional Strategic Partnership Loan with MBIE. Pursuant to the Regional Strategic Partnership Loan, MBIE made available to SunScout New Zealand a term loan facility of up to NZ$3.0 million, plus capitalized interest, the proceeds of which may be used, among other things, to fund up to NZ$1.4 million of the acquisition cost of Brunton Engineering, repay certain existing indebtedness of the acquired business, and provide working capital for the design and operation of a production plant for the assembly of solar-powered robotic lawnmowers. The facility bears interest at a fixed rate of 11.84% per annum, with interest payable annually in arrears, and has a seven-year maturity from the first drawdown date, with such maturity date being April 8, 2031. Principal is repayable in five equal annual installments commencing on the third anniversary of the first drawdown date, unless earlier repaid or converted. The loan is secured by a general security interest over all present and after-acquired property of SunScout New Zealand and is guaranteed by SunScout Limited. Under the terms of the agreement, MBIE may elect, upon the completion of a "Qualifying Equity Financing" event, to convert all or a portion of the outstanding loan amount into ordinary shares of SunScout Limited at a conversion price equal to the lowest price per share issued in such financing, less a contractual discount. Any amounts converted are deemed repaid upon conversion. The loan agreement contains customary affirmative and negative covenants, reporting obligations, and events of default, including restrictions on additional indebtedness, distributions, acquisitions, and changes in control, as well as ongoing reporting and project-completion requirements tied to the acquisition and operation of the Brunton Engineering business. As of the latest practicable date and as

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of June 30, 2024 and 2025, the loan had an outstanding principal balance of US$1,830,000 and accrued interest of US$262,153.99. As of December 31, 2024 and 2025, the loan had an outstanding principal balance of US$1,830,000 and accrued interest of US$262,153.99. No repayments have been made or due to date.

<u><u>Capabilities and Operations</u></u>

SunScout New Zealand operates a fabrication and assembly facility equipped with CNC laser-cutting and folding machinery, welding stations, machining equipment, and finishing systems. The facility produces structural and mechanical components, assemblies, and customized equipment for clients in the construction, defense, utilities, and transport sectors. In addition to fabrication, SunScout New Zealand provides on-site installation, maintenance, and repair services, enabling it to offer complete engineering solutions from design through delivery.

SunScout New Zealand's production workflow includes design and computer-aided drafting of metal structures and components, CNC laser cutting and bending of sheet and plate materials, welding, assembly, and surface finishing, and inspection and quality assurance prior to delivery.

<u><u>Revenue Sources</u></u>

SunScout New Zealand generates revenue primarily from fixed-price and time-and-materials contracts with repeat commercial and institutional customers. For the financial year ended June 30, 2025, approximately 90% of SunScout New Zealand's total revenue was derived from returning clients. For the six months ended December 31, 2025, approximately 100% of SunScout New Zealand's total revenue was derived from returning clients. In addition to contract fabrication and maintenance work, SunScout New Zealand manufactures proprietary components used in our SunScout robotic-mower line and assists with prototype fabrication and testing during product development. For the financial years ended June 30, 2024 and 2025, SunScout New Zealand accounted for 8% and 33% of our total revenue, respectively. For the six months ended December 31, 2024 and 2025, SunScout New Zealand accounted for 40.21% and 22.34% of our total revenue, respectively.

<u><u>Strategic Role</u></u>

Sunscout New Zealand, doing business as Brunton Engineering, provides the Group with a stable and diversified revenue base and serves as a technical resource supporting the design and production of our solar-powered products. Its established workforce, quality-control systems, and manufacturing infrastructure reduce our reliance on third-party prototyping and shorten the product-development cycle for the SunScout Product line. SunScout New Zealand's cash flow and operating history also strengthen the Group's overall financial stability as we scale our SunScout Product business.

#### Product certification and quality control
We maintain quality-assurance and testing procedures across all stages of design and production to ensure that our Autonomous Mowing Products meet applicable safety and performance standards in their target markets.

All Autonomous Mowing Products undergo functional, mechanical, and electrical testing during development and prior to commercialization. Testing includes verification of operational-safety features such as automatic stop functions, obstacle detection, and battery-system protection. The SunScout Eco and SunScout Pro models are designed and manufactured to comply with the requirements of AS/NZS 60335.2.107:2013 A1, ANSI/OPEI 60335-2-107:2020, and IEC 60335-2-107:2017, as well as the Conformité Européenne ("CE") safety and conformity standards. The SunScout Eco and SunScout Pro models have completed product-safety validation and certification in New Zealand, and additional testing for compliance with regulatory requirements in the United States, Europe, and other markets is in progress.

Each of our production facilities, SunScout New Zealand in New Zealand and SunScout Asia in Thailand operates under documented internal quality-control procedures aligned with the core of ISO 9001 quality-management principles. These procedures include incoming-materials inspection, functional testing of assembled products prior to shipment, and periodic audits of manufacturing processes. In Europe, our manufacturing and distribution partner, WWS, also implements quality-control protocols consistent with our engineering specifications and product standards.

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#### Our Customers and Distribution Partners
Our customers comprise distributors, project clients, and end users across the SunScout Products, Solar Power Development Solutions, and Engineering Products and Services business lines.

Our customers can be categorized into three principal groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retail and distribution partners, including large retail chains and regional equipment distributors that purchase SunScout Products for resale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial and institutional end users, such as property-management companies, municipal authorities, and industrial clients that purchase or lease our robotic mowers or solar-energy systems for operational use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engineering and project clients, consisting of construction companies, utilities, and government agencies that engage us for fabrication, maintenance, or EPC contracting services.

Our end-user customers operate in industries that include landscaping, recreation, facility management, renewable-energy development, construction, defense, and utilities. We serve a broad and diverse customer base across these industries, and our revenue is not dependent on a single or a few customers. For the financial years ended June 30, 2024 and 2025, our top ten customers accounted for approximately 6% of our group's revenue and 27% of our group's net profit and no single customer accounted for more than 10% of the group's revenue or net profit for both financial years ended June 30, 2024 and 2025. For the six months ended December 31, 2024 and 2025, our top ten customers accounted for approximately 7% of our group's revenue and 25% of our group's net profit and no single customer accounted for more than 10% of the group's revenue or net profit for both six months ended December 31, 2024 and 2025.

#### Our Suppliers
We source materials, components, and equipment from a network of suppliers located primarily in Asia, Europe, and the United States. Our key purchases include electrical components, solar modules, navigation systems, batteries, and mechanical parts used in the manufacture and assembly of SunScout Products, as well as raw materials and subassemblies for our engineering operations. Upon our planned establishment of an assembly and distribution facility in Austin, Texas, we also plan to implement a supply chain directly into the southwestern United States that utilizes regional and continental suppliers.

Shanghai Yushiyuan Technology Co., Ltd (trading as "Mowsion") is our principal supplier for certain critical components used in our SunScout Eco Product. Pursuant to a cooperation agreement entered into in March 25, 2024, Mowsion supplies robotic mower units to us in knock-down kits for assembly at our manufacturing facility in Thailand, while we design and integrate proprietary solar power systems and related technology into such products. The cooperation agreement has an initial term of three years and renews automatically for successive twelve-month periods unless terminated by either party upon at least three months' prior written notice. The agreement is non-exclusive, and we may propose alternative components or suppliers, subject to Mowsion's approval. Under the agreement, Mowsion provides technical documentation, specifications, and support necessary for product integration and testing. Following successful completion of development and testing, the parties may enter into additional supply or commercial arrangements, including royalty arrangements if Mowsion elects to sell products incorporating our solar technology. Although Mowsion supplies the majority of these components, we maintain qualified second-source options to mitigate concentration risk and ensure continuity of supply. Procurement is coordinated through our New Zealand and Thailand operations, with quality and compliance reviews conducted by our engineering teams.

For the financial years ended June 30, 2024 and 2025 and six months ended December 31, 2024 and 2025, no single supplier accounted for 10% or more of our group's cost of revenue. We source materials and components from multiple suppliers and do not consider our business to be materially dependent on any single supplier.

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#### Sales and Marketing
Our sales and marketing activities are conducted through dedicated personnel within our subsidiaries and regional partners. As of the date of this prospectus, our sales and marketing team comprises three full-time employees based in New Zealand and one full-time employee in USA. Our CEO, Mr. Edwin Cywinski, directly oversees our sales and marketing department.

We market our products and services through a combination of direct sales, distributor relationships, and business-development partnerships. As of the date of this prospectus, we have entered into the WWS Agreement, a cooperation agreement with WWS, our European distribution partner, to arrange for the sale of our SunScout products in Europe pursuant to the WWS Agreement, and with MowBot Limited for the sale of our SunScout products in New Zealand and Australia. Under the WWS Agreement, we and WWS have agreed to enter into a formal distribution agreement under which terms and conditions of the WWS Agreement would be reflected. As of the date of this prospectus, that formal distribution agreement has not yet been executed. As of the date of this prospectus, we (i) are also in discussions, supported by a third-party consultant, with Walmart Inc. regarding potential distribution in the United States; and with Motorland in Europe through WWS, and (ii) have engaged 2B Connected, a specialist sales agency, to conduct outbound sales lead generation for SunScout ProMax in New Zealand, however the campaign is currently paused pending delivery of demonstration units, after which we intend to further develop our sales activities in New Zealand and expand efforts to Australia.

As of the date of this prospectus, the services under the WWS Agreement are operational and pending the entry into a formal distribution agreement between WWS and the Company, and the parties have commenced the commercial launch of our products in the European market, including initial sales. Our distribution agreement with MowBot, dated April 1, 2025 ("MowBot Agreement"), covers the sale of our SunScout products in Australia and New Zealand. MowBot is appointed as a non-exclusive distributor responsible for marketing, sales, distribution, importation and customer support within the territory, while we retain the right to sell directly. The agreement has an initial term of three years with potential renewal by mutual agreement. MowBot purchases products from us for resale at a margin rather than on commission and is subject to revenue targets and performance-based provisions; failure to meet targets may result in corrective measures, appointment of additional distributors, or termination. MowBot is subject to customary compliance, reporting and brand-use obligations and may not distribute competing products without our consent. We retain ownership of all intellectual property and grant MowBot a limited trademark licence for marketing and sales purposes. The MowBot Agreement may be terminated for material breach, insolvency or failure to meet performance requirements. As of the date of this prospectus, we are in preparations to deliver the first batch of orders under the MowBot Agreement.

For our Solar Power Development Solutions business, projects are sourced through direct business development and referrals in the renewable-energy sector. SunScout NZ maintains long-term customer relationships through repeat contracts and public-sector tenders.

We promote our brand and products through a combination of online and offline initiatives, including targeted digital marketing, exposure via participation in industry exhibitions, demonstration programs, and partnership campaigns. Our subsidiaries also benefit from word-of-mouth referrals from existing customers and industry contacts, which contribute to recurring business and new project leads.

We intend to significantly expand our sales and marketing organization as we continue to scale our operations. In particular, we plan to increase the size of our dedicated sales team to support the commercialization and growth of our SunScout Products and to strengthen business-development capabilities for our Solar Power and Development Solutions segment in order to streamline the provision of our utility-scale solar projects. We believe that continued investment in these areas will be critical to driving revenue growth, geographic expansion, and brand recognition in our key markets.

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#### Our Competition and Competitive Strengths
We operate in markets that are characterized by established global participants, rapid technological advancement, and price-sensitive customers. Each of our three business lines SunScout Products inclusive of our Autonomous Mowing Products, Solar Power Development Solutions, and Engineering Products and Services, face distinct competitive environments.

<u><u>Autonomous Mowing Products</u></u>

The global robotic-mower market includes numerous manufacturers offering petrol-powered, plug-in electric, and hybrid models. Established brands such as Husqvarna, Stiga, Worx, and Segway currently dominate the residential and light-commercial segments. We believe most existing models rely on grid charging through fixed base stations, and some incorporate small solar panels for supplemental charging. Competition in this segment is primarily based on technology, reliability, safety features, product price, and ease of operation.

We also face competition from traditional ride-on and push-mower manufacturers that are introducing semi-autonomous or battery-electric variants. The industry is expected to remain highly competitive as both established and emerging companies seek to expand their market share through new technologies and product differentiation.

We believe our Autonomous Mowing Products line is well positioned to compete in the global robotic-mower market because of the following factors:

*Solar autonomy*

Our proprietary DSA technology allows our Autonomous Mowing Products to operate entirely on solar power, eliminating reliance on external charging infrastructure and grid electricity. We believe that few, if any, competing products in the market can operate independently of an external power supply and this capability allows our mowers to be deployed in areas without access to electrical outlets or charging stations, such as golf courses, parks and large green spaces, where autonomous and continuous operation is particularly advantageous. While the commercial success of our SunScout Products depends on the efficiency, durability, and reliability of this technology under varied environmental and operating conditions, we believe the self-sufficiency of DSA ultimately provides a structural cost advantage and enhances the usability and scalability of our products compared to grid-dependent alternatives.

*Scalable product architecture and market coverage*

We believe our three-tier Autonomous Mowing Product lineup, SunScout Eco for residential, SunScout Pro for light-commercial, and SunScout ProMax for large-scale institutional use, addresses the full spectrum of mowing applications. The modular design of our Autonomous Mowing Products enables adaptation to different terrains and climatic conditions, allowing for incremental upgrades without complete redesigns and supporting efficient global deployment.

*Capital-light manufacturing and established distribution*

We employ a distributed production model that leverages existing facilities at Brunton Engineering in New Zealand and SunScout Asia in Thailand for assembly, supported by partnerships with distributors including WWS in Europe, and MowBot in Australia. We believe this structure provides access to established retail networks and minimizes fixed manufacturing costs while maintaining quality control.

<u><u>Solar Power Development Solutions</u></u>

We believe that the solar-energy EPC market is fragmented and regionally driven, with competition from local and national contractors that design and install photovoltaic systems for commercial and industrial clients. In the United States, our subsidiary SunScout USA competes with other regional solar-installation firms. In Asia and

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New Zealand, competition arises from local EPC providers and system integrators serving the commercial-solar-roof and small-utility segments. We believe price, project-execution capability, and reliability of service are the principal competitive factors in this market.

We believe our Solar Power Development Solutions business is positioned to compete effectively in this environment due to the following factors:

*Integration of project engineering and product innovation*

We believe our solar-EPC operations complement our product development activities by providing real-world validation of our solar technologies, including the DSA technology. We believe this integration enables us to showcase SunScout Products alongside our commercial projects, strengthen our technical credibility and know-how with clients.

*Diversified regional platform*

Through SunScout USA in the United States, SunScout Asia in Thailand, and SunScout New Zealand in Oceania, we participate in three distinct markets with differing regulatory frameworks and customer bases. This regional diversification allows us to balance project pipelines and pursue opportunities in emerging markets while maintaining recurring revenues in established ones.

*Capital-light and scalable operating model*

Unlike traditional EPC firms that maintain significant fixed infrastructure, we focus on engineering and integration services while sourcing components from qualified suppliers. We believe this approach reduces our capital intensity, allows rapid scaling of project capacity, and improves our resilience in reacting to fluctuations in component prices.

<u><u>Engineering Products and Services</u></u>

We believe that the engineering and fabrication services industry in New Zealand is well established and characterized by numerous small and mid-sized operators providing contract manufacturing, mechanical assembly, and maintenance services to industrial and public-sector clients. We believe that the engineering-services market is mature and primarily relationship-based, with competition determined by quality, delivery time, and cost efficiency. Through SunScout NZ, we compete with other regional fabrication and mechanical-engineering firms that provide CNC cutting, welding, and component-manufacturing services. Some of our competitors may have larger facilities or broader commercial networks, but we believe our Engineering Products and Services business is positioned to compete effectively in this environment due to the following factors:

*Established reputation, long operating history, and stable customer relationships.*

The Brunton Engineering trade name, the business of which is now operated by SunScout NZ, has been in continuous operation for almost 30 years and is an accredited supplier to the New Zealand Defence Force. Since its inception in 1998, SunScout NZ has developed and maintained long-term relationships with a core group of industrial and institutional customers in New Zealand. For the financial years ended June 30, 2024 and 2025, SunScout NZ's top five customers accounted for approximately 45% of SunScout NZ's total revenue, and 80% of these customers have engaged SunScout NZ for more than ten years. For the six months ended December 31, 2024 and 2025, SunScout NZ's top five customers accounted for approximately 56% of SunScout NZ's total revenue, and 61% of these customers have engaged SunScout NZ for more than ten years. These stable relationships contribute to recurring revenue and provide a predictable business base that supports the Group's overall operations.

*Comprehensive in-house capabilities*

SunScout NZ's facility is equipped for CNC laser cutting, folding, welding, machining, and assembly, enabling it to provide end-to-end engineering solutions from design through delivery. These capabilities also support the fabrication of components for SunScout Products and the development of new prototypes.

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*Integration with product development and group operations*

SunScout New Zealand, doing business as Brunton Engineering provides the technical foundation for our manufacturing and R&D activities. Its in-house expertise in precision fabrication shortens design-to-production cycles for SunScout Products and reduces reliance on third-party prototyping, enhancing overall quality, quality control, and cost efficiency.

<u><u>Business Strategies</u></u>

As of the date of this prospectus we intend to continue to strengthen our position as a provider of clean-technology and renewable-energy solutions through the expansion of our product portfolio, operational reach, and strategic partnerships. Our key strategies include:

*Expansion of business and operations through joint ventures, acquisitions, and strategic alliances*

We aim to focus on our core business of developing and commercializing autonomous solar-powered equipment, while also exploring collaborations in renewable-energy systems, robotics, and electric-mobility solutions. We may pursue joint ventures or strategic partnerships to support manufacturing, distribution, and R&D activities in our markets. Notably as of the date of this prospectus, we have not identified any potential target companies for such acquisitions).

In addition, we may evaluate potential acquisitions of businesses or technologies that complement our existing capabilities or enhance our access to new markets.

*Strengthen local presence*

We plan to strengthen our local presence in our key markets through the establishment of regional assembly and service facilities and the appointment of additional distributors. As of the date of this prospectus, a key aspect of our strategy involves our planned Austin, Texas assembly and distribution center, which is intended to reduce shipping costs, shorten delivery times, and improve after-sales support for customers in the United States. By expanding our physical footprint, we aim to enhance accessibility, better serve our prospective customers, and reinforce our position as a trusted provider of solar-powered and autonomous solutions in each region we operate.

*Widen our product range and application*

We plan to broaden our product portfolio beyond robotic mowers to include related solar-charging and automation technologies. This includes adapting our proprietary DSA system for other mobile and off-grid applications such as for our Complementary Products currently in development. By diversifying our offerings, we seek to address a wider range of customer needs, strengthen our competitive position, and build a sustainable growth platform within the broader clean-technology industry.

*Enhance operational efficiency and integration across business lines*

We intend to leverage the combined capabilities of SunScout New Zealand, SunScout USA, and our European engineering and manufacturing partner, WWS, to create synergies in product design, regional production, and operational execution. While assembly for our SunScout Eco model continues to be completed in Asia, our strategic focus remains on expanding U.S.-based manufacturing for the SunScout Pro and SunScout Pro Max models through our planned assembly and distribution center in Austin, Texas.

Upon finalization of the potential equity investment in seed2soil, we plan to assemble the seed2soil product range in Texas, which we believe will benefit us from our direct access their German engineering expertise and our established technical capabilities of our European partner, WWS. We believe this integrated structure will allow us to accelerate production readiness, strengthen our entry into the North American market, and broaden our commercial product offering.

By coordinating development activities across New Zealand, the United States, and Europe, and utilizing regional assembly hubs, we expect to reduce production costs, enhance quality control, and shorten development cycles. As of the date of this prospectus. we intend to maintain a capital-light operating model built around partnerships, contracted manufacturing, and regionally optimized assembly to support our planned scalable and efficient growth.

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#### Real Property
A description of the Company's leased property is summarized below:

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| | | | |
|:---|:---|:---|:---|
|  **Location** | **Usage** | **Lease Period** | **Rent (Annual)** |
|  112 Kaimanawa Street, Kelvin Grove, Palmerston North | Headquarters of SunScout New Zealand | May 28, 2024 to May 28, 2027 (with three further rights to renew of three years each) | NZ$140,500.00 ($80,415.00)<br> 15,000 ft<sup>2</sup> with an additional usable outside space of 7,500 ft<sup>2</sup> |

---

#### Licenses, Permits, Certifications And Registrations
The following licenses and certifications are material for our Group's operations.

*SunScout Products*

---

| | | | |
|:---|:---|:---|:---|
|  **Description** | **Issuing Authority** | **Expiry <br>Date** | **Issued to** |
|  GS | SGS-CSTC Standards Technical Services Co., Ltd. | 2030 | SunScout Limited |
|  CE | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  EMC | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  ROHS | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  CSA | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  UL | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  ANSI/OPEI 60335-2-107:2020 | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  IEC 60335-2-107:2017 | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |
|  AS/NZS 60335.2.107:2013 | SGS-CSTC Standards Technical Services Co., Ltd. | NA | SunScout Limited |

---

*Engineering Services*

---

| | | |
|:---|:---|:---|
|  **Description** | **Issuing Authority** | **Issued to\*** |
|  Welding Certificates to AS/NZS 1554 tested as per AS/NZS ISO9606.1 | SMWT Ltd | Employees of SunScout NZ |
|  NZDF Security Clearance | New Zealand Defence Force | Employees of SunScout NZ |
|  Working at heights certificates to Unit Standards 23229 & 25045 | Vertical Horizons | Employees of SunScout NZ |
|  Mobile elevated work platforms certificates to Unit Standards 23966, 23960 & 23962 | Vertical Horizons | Employees of SunScout NZ |
|  Permit Receiver Certification to Unit Standard 17588 | Safety N Action | Employees of SunScout NZ |

---

____________

\* The relevant certification or clearance is issued to individual employees and is subject to individual validity, continuity, renewal, or clearance requirements, as applicable, and therefore we have not indicated a fixed expiry date. SunScout New Zealand manages, monitors, and funds all required certification and renewal processes to ensure ongoing compliance.

#### Inventory
We currently maintain minimal inventory and operate under a lean manufacturing model that emphasizes just-in-time ("JIT") production. We believe this approach allows us to optimize our working capital, reduce storage requirements, and align production more closely with confirmed customer orders. As we scale our operations, we intend to allocate a portion of the proceeds from this offering to establish consignment stock with key customers and distributors to support faster delivery and improve our sales responsiveness.

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#### Intellectual Property
Our Group's intellectual property rights are important to its business. We are committed to developing and protecting our intellectual property and, where appropriate, filing patent applications to protect our technology. Since our establishment, we have focused on building an established brand for our products to achieve brand recognition and to increase our market share. We believe that increased brand awareness will increase sales and sales margins and improve customer loyalty. We have consistently marketed our products under the SunScout brand.

We rely on a combination of patents and other agreements with employees and third parties to establish and protect our proprietary intellectual property rights. We require our officers, employees, consultants, and project managers across all entities of the Group to be fully briefed and instructed on the handling of sensitive commercial information, technology details, and trade secrets, prohibiting release without authorization and mandating secure destruction or deletion of any confidential documents or data no longer required in accordance with Group procedures to prevent inadvertent disclosure. We enter into nondisclosure agreements ("NDAs") with our commercial counterparties, including customers, suppliers, subcontractors, and other third parties, requiring a signed NDA with every new counterparty; these agreements are standardized legal documents that contractually bind the other party to maintain strict confidentiality and non-use of the information shared. All confidential documents, drawings, specifications, and other materials are explicitly marked as "confidential" and shared strictly under NDA protection, with access to and distribution of proprietary information limited accordingly.

As of the date of this prospectus, we have filed one U.S. non-provisional utility patent application and two U.S. provisional patent applications. In addition, we have filed an application with the United States Patent and Trademark Office ("USPTO") for federal registration of the trademark SUNSCOUT in the United States. This trademark application is currently pending and no assurance can be given that registration will be granted. We have neither registered nor claimed authorship over any copyrights, and we do not own any registered trademarks.

*Patents*

A provisional patent application is a temporary patent application which is not examined by the USPTO. This type of application will not mature into a valid enforceable patent by itself and grants the applicant a 12-month pendency period, the establishment of an official United States patent application filing date for the invention which may be later referenced in a non-provisional application, and the authorized use of a "patent pending" notice for 12 months in connection with the description of the invention under the patent application. Provisional patent applications serve to establish a chain of priority rights for subsequently filed patent applications.

Similarly, PCT applications do not mature into valid enforceable patents and serve to establish a chain of priority rights for subsequently filed patent applications. PCT applications are place holder applications to allow the Company access to the Patent Cooperation Treaty rights, specifically related to the ability to enter into the national phase patent prosecution of member nations within thirty months of the earliest priority date. PCT patent applications cover all 152 nations which are signatories of the Patent Cooperation Treaty. Alternatively, a non-provisional patent application is a traditional patent application that requests the USPTO to issue a utility patent. This type of patent protects intellectual property rights for twenty years for any novel, useful, and non-obvious invention.

Below is a table that includes our United States patent applications with their referenced property numbers that are material to our business as of the date of this prospectus.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Property <br>No.** | **Patent title** | **Application <br>Number and <br>Filling Date** | **Application Type** | **Jurisdiction** | **Ownership <br>Status** |
| 1. | Solar Powered Robotic Vehicle With Movable Solar Array | US 63/680,664, filed August 8, 2024 | Provisional | United States | Assigned to SunScout Limited |
| 2. | Solar Powered Robotic Vehicle With Movable Solar Array (utility) | US 19/294,535, filed August 8, 2025 | Non-Provisional, Utility | United States | Assigned to SunScout Limited |
| 3. | Mulching Mower Blade | US 63/572,756, filed April 9, 2024 | Provisional | United States | Assigned to SunScout Limited |

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*Domain Names*

We have the right to use the following domain registration issued in New Zealand and the United States, as noted below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  ***Number*** | ***Registered Date*** | ***Expiration Date*** | ***Registration Agency*** | ***Domain Name*** | ***Owner*** |
| 1 | February 28, 2023 | February 28, 2026 | Instra Corporation Pty Ltd | *www.sunscout.co.nz* | Marc Cywinski |
| 2 | August 21 2007 | January 21, 2026 | Metaname | *www.bruntonenigineering.co.nz* | Business Enhancers Limited |
| 3 | January 22, 2020 | January 23, 2026 | GoDaddy | *www.brightwayenergy.com* | SunScout USA |
| 4 | March 2, 2026 | March 1, 2028 | GoDaddy | *www.snsc.ai* | SunScout Holding Limited |

---

As of the date of this prospectus, we were not involved in any proceedings with regard to, and we have not received notice of any claims of infringement of, any intellectual property rights that may be threatened or pending, in which we may be involved either as a claimant or respondent.

#### Research and Development
We conduct ongoing R&D activities to enhance the performance, reliability, and cost efficiency of our solar-powered products and related technologies. Our principal R&D efforts focus on improving the design and energy-conversion efficiency of our DSA technology, further developing and refining our SunScout Products, and adapting our solar-charging technology for other mobile and off-grid applications as part of the development of our Complementary Products.

R&D activities are coordinated primarily through our engineering team at SunScout New Zealand in New Zealand which also carries out prototype testing and assembly. Our R&D processes are designed to integrate computer-aided design, rapid prototyping, and field-testing cycles to validate product performance before commercialization.

For the financial years ended June 30, 2024 and 2025, our Group incurred approximately $13,124 and $118,141 in R&D expenses, representing 0.53% and 3.71% of our total revenue for the respective periods. For the six months ended December 31, 2024 and 2025, our Group incurred approximately 20,511 and $0 in R&D expenses, representing 0.84% and 0% of our total revenue for the respective periods. We intend to continue investing in R&D to strengthen our technological capabilities and maintain our competitiveness in the clean-technology industry.

The amounts for 2025, and 2024 years where net of New Zealand Government Grants that where received. The chart below breaks this down

During 2025 and 2024 grants where received in the amount of $365,613 and $85,019, respectively. In 2024 all of the Grants received went against the expense in 2025 $183,987 was applied against software development and the remaining $181,626 went against the R&D expense

---

| | | |
|:---|:---|:---|
|  **R&D** | **2025** | **2024** |
|  Spent on R&D | 302,127 | 98,143 |
|  Grant's Received | 183,987 | 85,019 |
|  Net Expense | 118,140 | 13,124 |

---

#### Employees
We employ 26 people as of the date of this prospectus, 22 people as of June 30, 2025, 19 people as of June 30, 2024, and 15 people as of June 30, 2023. As of the date of this prospectus, 21 people were employed in New Zealand and 5 people were employed in the United States.

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The following table sets forth the breakdown of our full-time employees in the operations of the Company as of the date of this prospectus:

---

| | |
|:---|:---|
|  **Function** | **As of the date of <br>this prospectus <br>Number of <br>employees** |
|  Management | 4 |
|  Finance | 2 |
|  Human Resource | 2 |
|  IT | 2 |
|  Sales & Marketing | 4 |
|  Operations | 12 |
|  **Total** | **26** |

---

As of the date of this prospectus, none of our employees are covered by collective bargaining agreements and we consider our labor practices and employee relations to be good.

#### Insurance
We maintain commercial all risks property insurance policies covering our business premises in accordance with customary industry practice, as well as insurance policies covering workmen's compensation, public liability and contractors' all risk where required by our operations or by our customers. We also maintain occupational injury and medical insurance for our employees, as required under applicable regulations in the jurisdictions in which we operate.

In New Zealand, employees of SunScout New Zealand are covered under the compulsory Accident Compensation Corporation ("ACC") scheme, which provides no-fault statutory accident and injury coverage to everyone who is injured in an accident in New Zealand. SunScout New Zealand Limited is also legally required to participate in the KiwiSaver retirement savings program, which includes mandatory employer contributions for participating employees, but SunScout New Zealand does not maintain additional employer-funded social security or benefit plans beyond statutory requirements. In the United States, employees of SunScout USA are covered under all mandatory federal and state employment programs, including employer contributions under the Federal Insurance Contributions Act ("FICA") for Social Security and Medicare. SunScout USA also provides medical insurance for its employees.

As of the date of this prospectus, we believe that our existing insurance and statutory coverage arrangements are consistent with common practice for companies with similar operations in New Zealand and the United States. We monitor our risk profile on an ongoing basis and may adjust our insurance coverage as necessary to support the needs of our business and comply with applicable laws in the markets in which we operate.

#### Seasonality
While certain business segments, such as sales of SunScout Products and the execution of solar-EPC projects, may experience higher activity during warmer months or periods of favorable weather, we believe these variations have not had a material impact on our combined results of operations. Our Engineering Products and Services business provides a stable source of revenue throughout the year, which helps to offset fluctuations in other segments. As a result, our business is not subject to material seasonal fluctuations, and we do not experience significant variations in our revenue, costs, or operations based on particular seasons or times of the year. Our financial results therefore tend to be relatively consistent across quarters, apart from other factors that may influence our performance.

#### Litigation and Other Legal Proceedings
We and our subsidiaries may from time to time be involved in various legal proceedings and claims in the ordinary course of business, including contractual disputes and other commercial disputes. As of the date of this prospectus, we are not aware of any legal proceedings or claims that we believe will have a material adverse effect on our business or financial condition. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including management's time and attention.

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#### REGULATIONS
This section sets forth a summary of the material laws and regulations that affect our Group's business and operations in New Zealand and the United States.

#### Laws and Regulations Relating to Our Business in New Zealand
*Data Protection and Information Security*

The Privacy Act 2020 ("Privacy Act") has 13 privacy principles that govern how agencies (organisations and businesses) can collect, store, use and share personal information. The Privacy Act is administered and enforced by the Office of the Privacy Commissioner. The Office of the Privacy Commissioner regulates the Privacy Act and makes sure agencies know what rules they need to follow.

All New Zealand agencies are required to comply with the Privacy Act and the 13 privacy principles, which generally requires agencies to collect, use and disclose personal information only for lawful and necessary purposes, and to take reasonable steps to ensure individuals are aware of the purposes for which their information is being collected. Personal information being any information about an identifiable individual.

Agencies must also comply with individuals' rights to access and request correction of their personal information. In addition, they are required to implement reasonable security safeguards to protect personal information in their possession or control from loss, unauthorized access, misuse, or disclosure.

In the event of a privacy breach involving personal information held by an agency, the Privacy Act 2020 requires the agency to take reasonable and prompt steps to assess whether the breach is a notifiable privacy breach. A notifiable breach is one that has caused, or is likely to cause, serious harm to an affected individual.

If the breach is assessed as notifiable, the agency must notify the Privacy Commissioner as soon as practicable. Agencies are also required to notify the affected individuals unless an exception applies (for example, if notification would risk further harm or prejudice an ongoing investigation). Notifications must be made in a manner that is reasonable in the circumstances.

An agency that fails, without reasonable excuse, to notify the New Zealand Privacy Commissioner of a notifiable privacy breach commits an offence and may be fined up to NZD10,000. The Commissioner can issue compliance notices at any time and may take enforcement action in the Human Rights Review Tribunal if an agency does not comply.

Breaches of the Information Privacy Principles can also lead individuals to lodge complaints for "interference with privacy." The Commissioner may investigate and usually seeks a voluntary resolution. If the Commissioner finds interference and cannot resolve the matter, the complaint may be referred to the Tribunal. Individuals may also seek damages in the Tribunal after the Commissioner's investigation, though awards are generally modest, with a maximum of NZD 350,000.

*Consumer Protection*

New Zealand has a number of general consumer protection laws which apply generally but are not targeted specifically to regulating solar technology operations.

The primary consumer protection legislation is the Consumer Guarantees Act 1993 ("CGA"), which provides statutory guarantees and remedies for consumers in respect of goods and services supplied by businesses trading in New Zealand. Under the CGA, businesses must ensure that (i) goods are of acceptable quality, fit for purpose disclosed by the consumer, and correspond with their description; and (ii) services are carried out with reasonable care and skill, are fit for purpose for which they were supplied, and are completed within a reasonable time.

Where goods or services fail to meet any of the applicable guarantees, consumers may require the supplier to remedy the failure. Depending on the nature of the failure, the consumer may be entitled to repair, replacement, repeat performance of the service, a price reduction, or cancellation of the contract and a refund. For goods, if the failure is substantial or cannot be remedied within a reasonable time, the consumer may reject the goods entirely.

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We note specifically that the CGA does not apply if the good or service is bought for business use where the relevant parties have agreed in writing the CGA does not apply.

In addition to the CGA, the Fair Trading Act 1986 ("FTA") prohibits unfair conduct and misleading or deceptive representations in trade. The FTA applies to all suppliers engaged in trade. Prohibited conduct includes, among other things (i) misleading or deceptive conduct in connection with the supply or promotion of goods or services; (ii) false or unsubstantiated representations; and (iii) unfair contract terms in standard form consumer contracts.

The FTA also contains rules relating to product safety standards and consumer information standards, and prohibits supplying goods that do not comply with mandatory safety requirements or that are falsely described.

Breach of the FTA can lead to a range of consequences. The Commerce Commission may take enforcement action, seeking court orders such as injunctions, declarations of unlawful conduct, corrective advertising orders, or management banning orders. Breaches can also attract fines, with individuals liable for up to NZD 200,000 per offence and compliance liable for up to NZD 600 per offence. In cases involving commercial gain, courts may also order repayment of the value obtained from the breach.

Consumers or other parties who suffer loss due to a breach may also bring a claim in the Disputes Tribunal or District Court, where remedies such as payment of damages, contracts being declared void, refunds of money, or repair/replacement of products may be obtained.

*Intellectual Property Rights*

In New Zealand, the Intellectual Property Office of New Zealand administers the legislative framework governing intellectual property, which includes designs, trademarks and patents. New Zealand is a member of the main international conventions and the WTO Agreement on Trade Related Aspects of Intellectual Property Rights.

*<u>*<u>Designs</u>*</u>*

The Designs Act 1953 and the Designs Amendment Act 2010 govern the administration of rights to a design. These Acts are supported by the Design Regulations 1954 and the Designs Amendment Regulations 2011. This legislation provides for (i) the administration of designs; (ii) establishing and maintaining a design register; (iii) marking and processing applications for registration of designs; and (iv) prescribing the means to take infringement proceedings to enforce design rights.

A registered design confers on the owner the exclusive right to use the design and to prevent others from using it without consent. To be registerable, a design must satisfy two key criteria: (i) it must be a "design", meaning features of shape, configuration, pattern, ornamentation, or composition of lines or colours applied to any article that gives it a unique appearance; and (ii) it must be "new", meaning it has not been disclosed in any prior publication in New Zealand or elsewhere before the filing date.

Registered designs initially last for five (5) years and may be renewed for up to ten (10) additional years (for a maximum term of 15 years), subject to payment of renewal fees.

Infringement of a registered design may give rise to civil remedies, including damages, injunctions, or account of profits.

*<u>*<u>Trade Marks</u>*</u>*

The Trade Marks Act 2002 provides statutory protection for registrable trade marks in New Zealand. Registration grants the proprietor the exclusive right to use the mark in relation to the goods or services for which it is registered and to prevent others from using confusingly similar marks. A mark is registrable if it: (i) qualifies as a "trade mark", being any sign capable of graphical representation and capable of distinguishing goods or services in trade; (ii) is distinctive and not merely descriptive of the goods and services; and (iii) does not conflict with earlier registered marks or marks that are well-known to New Zealand. Infringement of a registered trade mark may give rise to civil remedies such as damages and injunctions. Criminal liability can also rise in cases of deliberate counterfeiting for commercial gain. Registered trademarks are valid for 10 years from the date of registration and may be renewed indefinitely in successive 10 year periods.

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*<u>*<u>Patents</u>*</u>*

The Patents Act 2013 provides protection for patentable inventions in New Zealand. A patent confers the proprietor with the exclusive right to exploit the invention commercially and to prevent others from making, using, selling, or importing the invention without consent. To be patentable, an invention must: (i) be new; (ii) involve an inventive step, meaning it is not obvious to a person skilled in the relevant art; and (iii) be capable of industrial application. Infringement of a patent may give rise to civil remedies, including damages and injunctions. Patents are valid for 20 years from the filing date, subject to annual fee payments from the fourth anniversary of filing.

*Employment*

*<u>*<u>Employees</u>*</u>*

Employment relationships in New Zealand are governed by a framework of statutory and common law protections that prescribe minimum conditions of employment which employers must provide to their employees. The primary legislation includes the Employment Relations Act 2000 ("ERA"), the Holidays Act 2003, the Minimum Wage Act 1983, the Parental Leave and Employment Protection Act 1987, the Health and Safety at Work Act 2015 and the Accident Compensation Act 2001.

Under the ERA and Holidays Act, employees are entitled to a range of minimum benefits, including: (i) at least four weeks of paid annual leave; (ii) 10 days of paid sick leave per year; (iii) 11 public holidays; (iv) statutory protections against unjustified dismissal; and (v) the obligation for employers to provide written employment agreements containing mandatory terms. Employees are also entitled to parental leave, bereavement leave, family violence leave, and other statutory entitlements.

Employees must be provided with compulsory rest and meal breaks, and all employees must be paid at least the applicable minimum wage under the Minimum Wage Act and ERA. Although New Zealand employment law does not impose a maximum number of daily working hours, employers must ensure that hours of work are reasonable, as required by the ERA, and must avoid work arrangements that place employees at risk of fatigue or harm. Health and safety considerations under the Health and Safety at Work Act 2015 require employers to ensure, so far as reasonably practicable, that working hours do not pose risks to employees' health and safety.

In addition to minimum employment terms, employers are subject to various other statutory obligations. These include compulsory employer contributions to KiwiSaver for eligible employees under the Kiwisaver Act 2006. Employer KiwiSaver contributions are mandatory for eligible employees automatically enrolled or who opt into KiwiSaver. The minimum employer contribution is 3% of the employee's gross salary or wages, although higher contributions may be provided by agreement.

*<u>*<u>Foreign Employees</u>*</u>*

The availability of skilled and unskilled foreign workers in New Zealand are affected by the Government's immigration and labour policies. These policies are principally set out in the Immigration Act 2009 and supporting regulations.

Under the Immigration Act 2009, no person may employ a foreign national who is not a New Zealand citizen or resident unless that person holds a valid visa that authorises employment. Employers must ensure that all migrant workers have the correct visa type and conditions before employment commences and throughout the duration of employment. It is an offence for both the employer and the worker if employment is undertaken in breach of visa conditions.

Failure to comply with New Zealand's immigration and employment requirements including employing a person without the correct visa, breaching visa conditions, or failing to meet minimum employment standards, may result in a range of penalties. These may include infringement notices, civil penalties, loss of accreditation, prohibition from employing migrant workers, and, in serious cases, criminal prosecution.

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*<u>*<u>Workplace Health and Safety</u>*</u>*

Workplace health and safety in New Zealand is principally governed by the Health and Safety at Work Act 2015 ("HSWA"), which sets out the overarching duties to ensure, so far as is reasonably practicable, the health, safety and welfare of works other persons at work. The HSWA adopts a risk management framework and imposes primary duties on a "person conducting a business or undertaking" ("PCBU"), which includes employers, principals, contractors, and businesses generally.

Under the HSWA, every PCBU must, so far as is reasonably practicable, ensure the health and safety of its workers while at work, as well as the health and safety of other persons who may be put at risk from work carried out by the PCBU. Measures necessary ensure health and safety include: (i) providing and maintaining a work environment that is without risks to health and safety, including adequate facilities for worker welfare; (ii) ensuring that plant, structures, machinery and equipment are safe when used for their intended purpose; (iii) identifying hazards and managing risks arising from the use, handling, storage, transport or disposal of plant, substances or materials in the workplace; (iv) preparing, implementing and maintaining procedures for responding to emergencies that may arise at work; and (v) ensuring that workers receive adequate training, information, instruction and supervision to enable them to carry out their work safely.

Regulatory oversight is provided by WorkSafe New Zealand, which has broad powers to enforce compliance with the HSWA. WorkSafe may issue improvement notices requiring a PCBU to remedy any contravention, or prohibition notices requiring that work cease immediately if it involves a serious risk to health and safety arising from an immediate or imminent exposure to a hazard. Such notices remain in force until the contravention or risk has been remedied to WorkSafe's satisfaction.

WorkSafe may also investigate incidents, conduct workplace inspections, issue enforceable undertakings, and in serious cases prosecute offences under the HSWA. Penalties can include substantial financial penalties and, for the most serious offences, potential imprisonment for individuals involved in reckless conduct.

With respect to work-related injury compensation, New Zealand operates a no fault accident compensation scheme under the Accident Compensation Scheme 2001 ("ACC"). Under the ACC scheme, employers are liable to pay ACC levies. ACC then provides cover to employees and workers for personal injuries arising out of, and in the course of, employment, including medical treatment and rehabilitation. Employers must notify WorkSafe and ACC of notifiable injuries, illnesses or incidents and must maintain practices that prevent workplace injuries.

*Environmental Compliance*

Environmental compliance in New Zealand is governed by a combination of statutory frameworks that regulate waste management, hazardous substances, emissions and the safe disposal of electrical and electronic equipment. Key legislation includes the Waste Minimisation Act 2008 ("WMA") and the Resource Management Act 1991 ("RMA") in relation to hazardous substances and sector specific regulations relating to product stewardship and end-of-life product obligations.

Under the WMA, New Zealand aims to reduce waste and improve resource efficiency by promoting product stewardship and requiring responsible management of products across their full life cycle. The Government has declared certain products as priority products, enabling the introduction of regulated product stewardship schemes for items that pose significant environmental harm at end of life. Proposed regulations are being developed to support an accredited electronical and electronic product stewardship scheme that will apply to a wide range of electrical and electronic equipment, including solar technology products.

Once implemented, these regulations will likely impose mandatory obligations on manufacturers, importers, distributors and suppliers of regulated products. These obligations are expected to include: (i) participation in approved stewardship schemes and contribution to the funding and operation of collection and recycling systems for end of life products; (ii) ensuring responsible product design, manufacturing and supply practices that support reuse, recycling or material recovery; (iii) meeting reporting and record-keeping requirements; and (iv) complying with performance standards and environmental outcomes established under the stewardship accreditation framework.

In addition to the product specific obligations, the RMA regulates discharges to land, air and water, and may impose local permitting or compliance requirements associated with solar technology products. Regional and district plans may impose additional conditions relating to land use, energy installations, noise, or hazardous substance storage.

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*<u>*<u>Overseas Investment Act</u>*</u>*

Under the Overseas Investment Act 2005 ("OIA"), certain investments in New Zealand assets by an "overseas person" are subject to regulatory oversight and may require consent from the Overseas Investment Office ("OIO"). A company is considered an overseas person for the purposes of the OIA if 25% or more of any class of its ownership or control interests is held by overseas persons (including foreign individuals, foreign incorporated entities, or New Zealand companies that are themselves overseas persons).

Where a company meets the definition of an overseas person, any acquisition by that company of interests in "significant business assets" or "sensitive land", whether freehold or leasehold, in New Zealand may require OIO consent before the transaction can be completed. "Significant business assets" generally include transactions where the value of the assets or securities acquired exceed the prescribed monetary thresholds. "Sensitive land" includes specified land in the OIA including farm land, land adjoining reserves, conservation areas and other strategically important land categories.

Where OIA consent is required, the company must satisfy relevant statutory criteria, which may include demonstrating good character, financial capability and business experience. The OIO may also apply a national interest test in certain cases.

Failure to obtain consent where required may result in significant civil penalties, enforceable undertakings, or disposal orders. Accordingly, overseas companies must ensure that any acquisition of significant business assets or sensitive land in New Zealand is assessed for compliance with the OIA and, where applicable, undergo OIO review and approval.

#### Laws and Regulations Relating to Our Business in the United States
Certain of our operations and products are subject to stringent and comprehensive federal, state, and local laws and regulations governing matters including environmental protection, occupational health and safety and the release or discharge of materials into the environment, including air emissions and wastewater discharges.

Failure to comply with these laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of investigatory and remedial obligations and the issuance of orders enjoining some or all of our operations in affected areas. We are also subject to permitting, registration, and other government approval requirements under environmental, health and safety laws and regulations applicable in the jurisdictions in which we operate. Those requirements obligate us to obtain permits, registrations, and other United States government approvals from one or more governmental agencies to conduct our operations and sell our products.

The requirements vary depending on the location where our regulated activities are conducted. United States government actors are also implementing laws regulating products across their life cycles, including sourcing for parts and components and the storage, distribution, sale, use, and disposal of products at their end of life. These laws and regulations include requirements to develop less hazardous chemical substances and products, right-to-know laws, restriction of hazardous substances, and product take-back laws.

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#### MANAGEMENT
The following table sets forth the names, ages, and titles of our Directors and Executive Officers:

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Title** |
|  Mr. Edwin Cywinski | 66 | Chief Executive Officer, Chairman and Executive Director |
|  Mr. Marc Cywinski | 33 | Chief Operations Officer |
|  Mr. Joshua Marotske | 33 | Chief Technical Officer |
|  Mr. Jamie Parent | 55 | Chief Financial Officer |

---

<u><u>Independent Director Nominees:</u></u>

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Title** |
|  Mr. Kian Woon Yap | 57 | Independent Director Nominee and nominated chairman of compensation committee |
|  Mr. Jacob Pretorius | 56 | Independent Director Nominee and nominated chairman of nomination committee |
|  Mr. Albert McLelland | 67 | Independent Director Nominee and nominated chairman of audit committee |

---

No arrangement or understanding exists between any such Director or officer and any other persons pursuant to which any Director or executive officer was elected as a director or executive officer. Our directors are elected at annual board meetings and serve until their successors take office or until their death, resignation or removal. The Executive Officers serve at the pleasure of the Board. Each independent director nominee will be appointed effective upon the effectiveness of this registration statement.

#### Family Relationships
Our CEO, Mr. Edwin Cywinski, is the father of our COO, Mr. Marc Cywinski. Other than the foregoing, there is no family relationship among any other of our Directors, Executive Officers, independent directors and key employees.

#### Executive Directors and Officers:

#### Mr. Edwin Cywinski — Chief Executive Officer
Mr. Edwin Cywinski is our Chief Executive Officer. He oversees the Group's strategic direction, product development, and international operations. He has more than 35 years of experience in mechanical engineering, renewable-energy systems, and large-scale industrial projects across Europe, Australasia, and North America.

Since 2015, Mr. Edwin Cywinski has led commercial and utility-scale solar project developments in Thailand and Germany through the Company's predecessor business that was later formalized as SunScout New Zealand Limited. Since the incorporation of SunScout New Zealand Limited, he has served as a director and has helped establish and expand the company's engineering and manufacturing capabilities. Mr. Cywinski also advised Brightway Energy LLC (SunScout USA) upon its formation in the United States in 2020 in an advisory capacity, during which he established and expanded its operations in the United States, negotiated strategic cooperation agreements, and led the development, certification, and market launch of energy-storage and solar-powered robotics systems that later formed the foundation of SunScout's current technology platform. From 2007 to 2014, Mr. Edwin Cywinski was the founder, Managing Director, and principal shareholder of eco-Kinetics Pty Ltd, an Australian renewable-energy engineering company that achieved revenues of approximately US$120 million within three years of launching and installed more than 25,000 solar-power systems across eleven countries. Under his leadership, eco-Kinetics constructed Thailand's largest solar park (8 MWp) and implemented hybrid solar projects. The company was subsequently sold to an Australian Securities Exchange-listed entity in connection with a reverse-merger transaction.

Earlier in his career, Mr. Edwin Cywinski held multiple senior engineering and management roles at Noske-Kaeser Group, including Managing Director of Noske-Kaeser New Zealand Ltd (1997 – 2006) and Director of Global Business Development (2006), where he oversaw business development in China, Vietnam, and Singapore and established regional production and supplier networks. Prior to that, he served as Project Manager for the ANZAC Ship Program (1992 – 1997) with Noske-Kaeser GmbH, managing HVAC and fire-protection systems for the Australian and New

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Zealand navies. Mr. Edwin Cywinski began his career with German Airbus, where he held various quality-engineering and production-management roles from 1985 to 1992, including leadership in composite-materials testing and the development of wind-power systems under a joint German-Swedish research initiative. Mr. Edwin Cywinski holds a degree in Engineering ("Diplom-Ingenieur") from the University of Applied Sciences Osnabrück, Germany, with a specialization in material science, where he graduated in 1985.

#### Mr. Marc Cywinski — Chief Operations Officer
Mr. Marc Cywinski is our Chief Operations Officer. He is responsible for the Group's global operations, business development, and implementation of commercial strategy. He has more than ten years of experience in solar-energy sales, business-development management, and operations across New Zealand and the United States.

Prior to joining SunScout, from August 2022 to April 2023, Mr. Marc Cywinski was a Business Development Manager at Legend Corporation — MH Power NZ, where he managed approximately 50 commercial accounts, supplied solar and standby-battery systems nationwide, and built relationships with key stakeholders in large-scale commercial solar projects. From July 2021 to August 2022, he served as Business Development Representative for Fusion5 (Auckland, New Zealand), a Microsoft Dynamics partner, where he supported enterprise-software sales and was part of the team that received Microsoft's Partner of the Year 2021 award. Between October 2020 and July 2021, Mr. Marc Cywinski worked as Regional Sales Manager for World Solar (Auckland), leading sales operations for the Auckland and Northland regions and achieving monthly revenue exceeding US$100,000. From April 2014 to June 2020, Mr. Marc Cywinski held multiple roles at Solar Five LLC (Boston, United States), including Sales Manager and Business Development Manager, where he oversaw project-approval processes, customer-finance coordination, partner relationships, and sales exceeding US$1 million annually. He earlier served as Business Development Manager for Solar Five from 2014 to 2018, leading the Massachusetts sales team and developing internal CRM and operational-tracking tools. Mr. Marc Cywinski holds a Bachelor of Arts in Business Management with a Minor in Economics from Washington College, Maryland, United States, where he graduated in 2014.

#### Mr. Joshua Marotske — Chief Technical Officer
Mr. Joshua Marotske is our Chief Technical Officer. He is responsible for overseeing the Group's engineering, product design, and technical development initiatives. He has more than 10 years of experience in photovoltaic (PV) system design, renewable-energy engineering, and electrical-mechanical integration.

Since February 2020, Mr. Joshua Marotske has been Co-Owner and Chief Executive Officer of SunScout USA, a residential and commercial solar-energy company. In this role, he led technical design, installation management, and system-engineering operations for PV projects across the New England region and has been involved in product engineering and systems integration that support SunScout's solar and energy-storage technologies. From July 2016 to January 2020, Mr. Joshua Marotske served as Project Engineer at Solar Five LLC (Lexington, Massachusetts), where he oversaw the engineering, permitting, and quality-control processes for more than 300 residential and commercial PV installations. He was responsible for site auditing, system layout and electrical design, interconnection documentation, and coordination of installation and service teams. Earlier in his career, Mr. Joshua Marotske worked with Infinity Support Services, Inc. and IM Solutions as a junior engineer supporting the United States Marine Corps Medium and Heavy Tactical Vehicle Fleet, where he provided engineering analysis, test planning, and documentation for vehicle-efficiency and equipment-upgrade programs. He also gained early renewable-energy experience at CBD Energy and eco-Kinetics in Australia, where he supported project-finance modeling and solar-installation management. Mr. Joshua Marotske holds a Bachelor of Science in Mechanical Engineering from the University of Maryland, College Park, and a Bachelor of Science in Physics from Washington College, Maryland, both awarded in 2011.

#### Mr. Jamie Parent — Chief Financial Officer
Mr. Jamie Parent is our Chief Financial Officer. He is responsible for the Group's financial management, accounting controls, and corporate reporting. He has more than 25 years of international experience in accounting, audit, and financial operations across manufacturing, construction, technology, and service industries in North America and the Caribbean.

Since December 2023, Mr. Jamie Parent has also served as Controller of Nova Farms Inc. (South Attleboro, Massachusetts), a privately held cannabis company. In this role he manages multi-entity financial consolidation, GAAP compliance, ASC 606 and ASC 808 implementation, treasury operations, and audit readiness for the company's first financial-statement audit. From November 2021 to December 2023, Mr. Jamie Parent was Controller of Capstan

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Atlantic Inc. (Wrentham, Massachusetts), a manufacturing company, where he oversaw accounting, treasury management, and preparation for the company's conversion to an Employee Stock Ownership Plan (ESOP). From January 2019 to November 2021, he served as Chief Financial Officer of Bathroom Brands/Forte Brands Inc. (Milford, Massachusetts), a U.S. wholesale distributor with operations linked to U.K. ownership, where he managed financial planning, board reporting, taxation, and investor relations. Between September 2017 and January 2021, Mr. Jamie Parent also held interim controller roles for multiple clients of Charles River Consulting (Newton, Massachusetts), providing contract financial-management services. Earlier in his career, he held senior accounting and controller roles with ARS Services Inc. (2012 – 2017), Eastend Group Inc. (Bermuda, 2008 – 2012), Crusader International Management (Cayman) Ltd. (2005 – 2008), and Halifax Veterinary Hospital Ltd. (Canada, 2000 – 2005). He began his professional career as an Auditor with Nauss Cole & Galbraith Chartered Accountants (Dartmouth, Nova Scotia) from 1997 to 2000. Mr. Jamie Parent earned a Bachelor of Business Administration from the University of New Brunswick, Canada, in 1992 and obtained his Chartered Professional Accountant (CPA) and Certified Management Accountant (CMA) designations in 1999. He also holds a Foundation Certificate in International Trust Management from the Society of Trust and Estate Practitioners (STEP), Grand Cayman, awarded in 2006.

#### Independent Director Nominees:
**Mr. Kian Woon Yap** is an Independent Director Nominee, with his appointment set to begin upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Kian Woon Yap has over 30 years of experience in investment management and corporate finance across Southeast Asia and China. Since April 2023, Mr. Kian Woon Yap has served as the Founder of Camelthorn Venture Partner Pte. Ltd., where he provides capital markets and strategic advisory services to technology and sustainability-focused businesses, including fundraising, mergers and acquisitions, public listings, and strategic expansion initiatives. From 2019 to 2023, Mr. Yap was a co-founder of Enyorra Private Equity Pte. Ltd. (previously JI Capital Partners Pte. Ltd.), a Singapore-based, licensed investment management firm focused on sustainability investments in Southeast Asia. Prior to that, from 2011 to 2018, he served as a Partner and ESG Lead at CMIA Capital Partners Pte. Ltd., a private equity firm investing in China and Southeast Asia, and represented CMIA as a board director of several portfolio companies. Earlier in his career, Mr. Yap served as Head of Alternative Investments at Bank of Singapore, Global Head of Private Equity at ING Private Bank, where he also acted as an advisory board member to several private equity funds, and Investment Director at 3i Group plc, a London Stock Exchange-listed investment company. Mr. Yap holds an MBA from IMD Business School, a Bachelor of Applied Science in Computer Technology from Nanyang Technological University, and sustainability-related qualifications from Frankfurt School of Finance & Management.

**Mr. Jacob Pretorius** is an Independent Director Nominee, with his appointment set to begin upon the effectiveness of the registration statement of which this prospectus forms a part. Mr. Jacob Pretorius is a technology executive and engineer with experience in clean energy, advanced materials, product development and intellectual property strategy. He holds a Master of Science in Engineering and Management from the Massachusetts Institute of Technology and Sloan School of Management, a Bachelor of Science in Mechanical Engineering from the University of Stellenbosch, and a Diploma in Computer Science from the University of South Africa. Since 2020, Mr. Jacob Pretorius has served as Chief Technology Officer and a board member of The Jessara Group, a privately held company based in Austin, Texas. In this role, he has been responsible for technology strategy and the development of IoT and sensor-based solutions for applications across clean energy, water systems, aerospace, unmanned systems and defense-related sectors. Mr. Jacob Pretorius has also served as Managing Partner of BKK Consultants Limited since 2008. Through BKK Consultants Limited, he advises companies, universities and research institutions on technology commercialization, product development, intellectual property strategy and fundraising, with operations in Boston, Massachusetts and Auckland, New Zealand. Prior to his current roles, Mr. Jacob Pretorius served as a board member of Divinio Inc. from 2017 to 2020 and as a board member of Tessolar Inc. from 2014 to 2017. Earlier in his career, he held senior technical and management positions at BlueWave Solar, TIAX LLC (formerly Arthur D. Little Inc.), and Midé Technology Corporation, where he was involved in product development, manufacturing operations and technology commercialization.

**Mr. Albert McLelland** is an Independent Director Nominee, with his appointment set to begin upon the effectiveness of the registration statement of which this prospectus forms a part. From November 2020 until August 2025, Mr. Albert McLelland served as the Chairman of the Audit Committee and as an independent director of Breeze Holdings Acquisition Corp. which merged with YD Biopharma Limited, a Taiwan based company focused on early cancer detection. From August through December 2025, Mr. McLelland has served as a director of YD Bio Limited, the publicly traded parent company of the merged entities. Since 2002, Mr. McLelland has served as the Managing Director of AmPac Strategic Capital LLC, an advisory firm and investment holding company that creates value across

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the investment process from deal origination and execution to management, oversight and exit. Before founding AmPac, from 1998 until 2002, Mr. McLelland was the Director of the Chairman's Asian Cross-Border Transactions Initiative for PricewaterhouseCoopers ("PwC") Financial Advisory Services. Mr. McLelland assisted PwC's largest clients to complete cross-border transactions in Asia. In 1993, Mr. McLelland founded Pearl Delta Capital Corp. in Taiwan, which he subsequently sold in 1998. From 1991 until 1993, Mr. McLelland was Senior Manager for Corporate Finance at CEF Taiwan Limited, a large Hong Kong based merchant bank. In 1990, Mr. McLelland assisted in the formation of Riddell\*Tseng where he worked until 1993. Mr. McLelland started his investment banking career at Shearson Lehman in 1987, where he worked until 1990. Mr. McLelland has served as an adjunct professor and guest lecturer at leading business schools in the US and China. He currently serves on the Advisory Board at the Institute for Excellence in Corporate Governance at the University of Texas (Dallas), where he is also the Chairman of the Steering Committee for the North Texas Private Equity Council. Mr. McLelland received his BA in Political Science and History from the University of South Florida, an MBA from the University of Chicago Booth School of Business and an MA in International Affairs from Columbia University. Mr. McLelland has served as an Independent Director, Audit Committee Chairman and Financial Expert for four Nasdaq listed companies. In his public board capacity, he has also served as the Chairman of the Special Committee for the sale of China Fire & Security Group, Inc. Mr. McLelland holds a National Association of Corporate Directors (NACD) Directorship Certification.

#### Committees of the Board
Our Board will establish an audit committee, a compensation committee and a nomination committee, each of which will operate pursuant to a charter adopted by our Board that will be effective upon the effectiveness of the registration statement of which this prospectus forms a part. The Board may also establish other committees from time to time to assist our company and the Board. Upon the effectiveness of the registration statement of which this prospectus forms a part, the composition and functioning of all of our committees will comply with all applicable requirements of the Sarbanes-Oxley Act of 2002, NYSE American and SEC rules and regulations, if applicable. Upon our listing on the NYSE American, each committee's charter will be available on our website at *[•]*. The reference to our website address does not constitute incorporation by reference of the information contained at or available through our website, and you should not consider it to be part of this prospectus.

#### Audit committee
Mr. Kian Woon Yap, Mr. Jacob Pretorius and Mr. Albert McLelland will serve on the audit committee, which will be chaired by Mr. Albert McLelland. Our Board has determined that each are "independent" for audit committee purposes as that term is defined by the rules of the SEC and NYSE American, and that each has sufficient knowledge in financial and auditing matters to serve on the audit committee. Our Board has designated Mr. Albert McLelland as an "audit committee financial expert," as defined under the applicable rules of the SEC. The audit committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving auditing and permissible non-audit services, and the terms of such services, to be provided by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• coordinating the oversight and reviewing the adequacy of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report required by SEC rules to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing earnings releases.

#### Compensation committee
Mr. Kian Woon Yap, Mr. Jacob Pretorius and Mr. Albert McLelland will serve on the compensation committee, which will be chaired by Mr. Kian Woon Yap. Our Board has determined that each such member satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the NYSE American Stock Market. The compensation committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance of our chief executive officer in light of our company's corporate goals and objectives and, based on such evaluation: (i) recommending to the Board the cash compensation of our chief executive officer, and (ii) reviewing and approving grants and awards to our chief executive officer under equity-based plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the Board the cash compensation of our other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and establishing our overall management compensation, philosophy and policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing and administering our compensation and similar plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the retention or termination of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable NYSE American rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaining and approving the compensation of any compensation advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving our policies and procedures for the grant of equity-based awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to the Board the compensation of our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by SEC rules, if and when required.

#### Nomination committee
Mr. Kian Woon Yap, Mr. Jacob Pretorius and Mr. Albert McLelland will serve on the nomination committee, which will be chaired by Mr. Jacob Pretorius. Our Board has determined that each member of the nomination committee is "independent" as defined in the applicable NYSE American rules. The nomination committee's responsibilities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to the Board criteria for board and committee membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for identifying and evaluating Director candidates, including nominees recommended by shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the composition of the Board to ensure that it is composed of members containing the appropriate skills and expertise to advise us.

While we do not have a formal policy regarding board diversity, our nomination committee and Board will consider a broad range of factors relating to the qualifications and background of nominees, which may include diversity (not limited to race, gender or national origin). Our nomination committee's and Board' priority in selecting board members is identification of persons who will further the interests of our shareholders through their established record of professional accomplishment, the ability to contribute positively to the collaborative culture among board members, knowledge of our business, understanding of the competitive landscape and professional and personal experience and expertise relevant to our growth strategy.

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#### Foreign Private Issuer Status
We are a "foreign private issuer," as defined by the SEC. As a result, in accordance with the rules and regulations of NYSE American, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with NYSE American corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from NYSE American rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in NYSE American rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our Board have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our Board, either by (1) independent directors constituting a majority of our Board' independent directors in a vote in which only independent directors participate, or (2) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

Furthermore, Section 110 of the NYSE American Company Guide provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules set forth in Sections 801 to 809 of the Company Guide, provided that we nevertheless comply with NYSE American's Notification of Noncompliance requirement and disclose each requirement that we do not follow and describe the home country practice followed instead and that we intend to have an audit committee that satisfies Section 803 of the NYSE American Company Guide consisting of committee members that meet the independence requirements of 803(2) of the NYSE American Company Guide. If we rely on our home country corporate governance practices in lieu of certain of the rules of NYSE American, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NYSE American. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of NYSE American corporate governance rules, we intend to comply with NYSE American corporate governance rules applicable to foreign private issuers.

#### Controlled Company
We expect to continue to be a controlled company within the meaning of Section 801(a) of the NYSE American Company Guide, and as a result, we expect to qualify for and intend to continue to rely on exemptions from certain corporate governance requirements.

Public Companies that qualify as a "Controlled Company" with securities listed on the NYSE American must comply with the exchange's continued listing standards to maintain their listings. NYSE American has adopted qualitative listing standards. Companies that do not comply with these corporate governance requirements may lose their listing status. Under NYSE American rules, a "controlled company" is a company with more than 50% of its voting power held by a single person, entity or group. Under NYSE American rules, a controlled company is exempt from certain corporate governance requirements, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that a majority of our Board must be independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exemption from the rule that the compensation of our chief executive officer must be determined or recommended solely by independent directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

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Controlled companies must still comply with the exchange's other corporate governance standards. These include having an audit committee and the special meetings of independent or non-management directors.

Upon the completion of this offering, Mr. Edwin Cywinski, our Chief Executive Officer, Chairman of the Board and, Executive Director and his son Mr. Marc Cywinski, our Chief Operating Officer, will together beneficially own 49.83% of our total issued and outstanding Class A Ordinary Shares and 100% of our total issued and outstanding Class B Ordinary Shares and will be able to exercise 96.30% of the aggregate voting power of our total issued and outstanding share capital, assuming that the underwriters do not exercise their over-allotment option. As a result, we will be a "controlled company" as defined under Section 801(a) of the NYSE American Company Guide, because our controlling shareholders will hold more than 50% of the voting power for the election of directors. As a "controlled company," we are permitted to elect not to comply with certain corporate governance requirements. Although we currently do not intend to rely on the "controlled company" exemption under the NYSE American listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time while we remain a controlled company relying on the exemption and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of NYSE American corporate governance requirements. Our status as a controlled company could cause our Class A Ordinary Share to look less attractive to certain investors or otherwise harm our trading price.

#### Code of Conduct, Code of Ethics, Insider Trading Policy and Executive Compensation Recovery Policy
Prior to the effectiveness of the registration statement of which this prospectus is a part, we intend to adopt (i) a written code of business conduct and ethics and (ii) Insider Trading Policy that applies to our Directors, officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, and we also intend to adopt an (iii) Executive Compensation Recovery Policy that applies to our officers, and employees, including our chief executive officer, chief financial officer, principal accounting officer or controller or persons performing similar functions, (collectively the "**Policies**"). Following the effectiveness of the registration statement of which this prospectus is a part, a current copy of the Policies will be posted on the Corporate Governance section of our website, which is located at *[•]*.*** The information on our website is deemed not to be incorporated in this prospectus or to be a part of this prospectus. We intend to disclose any amendments to the Policies, and any waivers of the Policies for our Directors, executive officers and senior finance executives, on our website to the extent required by applicable U.S. federal securities laws and the corporate governance rules of NYSE American.

#### Compensation of Executive Directors and Executive Officers
For the financial year ended June 30, 2025, we paid an aggregate of approximately US$398,408 in cash to our Executive Directors and Executive Officers.

#### Employee Share Incentive Plan
We intend to adopt an employee share incentive plan, or 2026 ESOP, which will be effective upon the completion of this offering, for the purpose of granting share-based compensation awards, in an aggregate amount of up to 15% of our total issued and outstanding Class A Ordinary Shares following this offering, to our employees, directors and consultants to incentivize their performance and align their interests with ours. The following discussion is qualified in its entirety by the full text of the 2026 ESOP.

Under the 2026 ESOP, we expect to be permitted to issue options to purchase or award shares of up to 15% of the Class A Ordinary Shares issued and outstanding as at the date of completion of the initial public offering. As of the date of this prospectus, we have not awarded any shares and no options to purchase Class A Ordinary Shares have been exercised and no Class A Ordinary Shares have been issued upon the exercise of any vested options, in each case under the 2026 ESOP. The 2026 ESOP will be administered by our board of directors, which may delegate its authority thereunder as contemplated by the 2026 ESOP. Our board of directors will have the authority, in the case of special dividends or distributions, specified reorganizations and other transactions, to determine appropriate equitable adjustments, if any, to be made under the 2026 ESOP, including adjustments to the number of shares which have been authorized for issuance under the 2026 ESOP. Our board of directors will have the right to amend, suspend or terminate the 2026 ESOP, in whole or in part, at any time, subject to applicable laws and requirements of any stock exchange or governmental or regulatory body (including any requirement for shareholder approval). Subject to certain exceptions, our board of directors will be entitled to make amendments to the 2026 ESOP without shareholder approval.

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#### Employment Agreements

#### Employment Agreement between Edwin Cywinski, Chief Executive Officer and the Company

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| | |
|:---|:---|
|  Term of Employment | Three year term, automatically extends for a successive one year term unless either party provides written notice 60 days prior to expiration of the initial term. |
|  Base Salary | $600,000 annually, subject to annual review and adjustment. Payment of the base salary is deferred until the closing of this offering, at which time all accrued and unpaid base salary will be paid in a single lump sum within thirty (30) days. |
|  Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual Equity Bonus: 1.0% of the Company's issued and outstanding Class A Ordinary Shares as of the closing date of the Company's initial public offering ("IPO") per year, subject to achievement of certain key performance indicators ("KPIs") set forth in the agreement and Board, and Compensation Committee of the board of directors' approval. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IPO Success Bonus: 5.0% of the gross capital raised in the IPO, payable in Class A Ordinary Shares of the Company (valued at the IPO offering price per Class A Ordinary Share). The share portion shall be issued within 30 days following the closing of the IPO.<br> All equity awards are subject to applicable securities laws, NYSE American listing rules, and the Company's insider trading and executive compensation recovery policies. |
|  Equity Incentive Plan | Eligible to participate in any share incentive plan adopted by the Company, subject to the terms and conditions of such plan as determined by the Board. |
|  Duties and Responsibilities | Mr. Cywinski shall be employed on a full-time basis in the position of Chief Executive Officer and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time, and his position, job descriptions, duties and responsibilities may be modified in the sole discretion of the Company. He shall devote the whole of his professional time, attention and energies to the performance of his work and shall comply with all policies of the Company and all applicable laws, rules and regulations. |
|  Company Property/IP Assignment | All work product, inventions, and materials relating to Company business remain Company property |
|  Non-Compete and Non-Solicitation | During the non-compete term (consisting of the effective date of the agreement through two years following termination for any reason), Mr. Cywinski may not directly or indirectly provide the same or substantially similar services to any "Business Enterprise" (defined as entities engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions) in the "Market Area" (defined as United States, New Zealand, and any geographic area in which the Company is conducting material business) without prior written consent. This restriction includes serving as an agent, consultant, employee, officer, director, partner, independent contractor, or equity owner of such a Business Enterprise. Passive investment in up to 5% of the voting power or equity of a Business Enterprise is permitted. |
|  | During the non-compete term, Mr. Cywinski shall not solicit or induce any executive or officer of the Company to terminate employment, except for soliciting former employees whose employment was terminated by the Company or through general non-targeted solicitations. |

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<u> Termination Notice </u>   <u> Either party may terminate by providing at least 30 days' advance written notice. The Company may also terminate for Cause without notice, and Mr. Cywinski may terminate for "good reason" as defined in the agreement. </u>

#### Employment Agreement between Marc Cywinski, Chief Operations Officer and the Company

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| | |
|:---|:---|
|  Term of Employment | Three year term, automatically extends for a successive one year term unless either party provides written notice 60 days prior to expiration of the initial term. |
|  Base Salary | $360,000 annually, subject to annual review and adjustment. |
|  Bonus | Annual Equity Bonus: 1.0% of the Company's issued and outstanding Class A Ordinary Shares as of the closing date of the Company's IPO per year, subject to achievement of certain KPIs set forth in the agreement and Board, and Compensation Committee of the board of directors' approval. |
|  | All equity awards are subject to applicable securities laws, NYSE American listing rules, and the Company's insider trading and executive compensation recovery policies. |
|  Equity Incentive Plan | Eligible to participate in any share incentive plan adopted by the Company, subject to the terms and conditions of such plan as determined by the Board. |
|  Duties and Responsibilities | Mr. Cywinski shall be employed on a full-time basis in the position of Chief Operations Officer and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time, and his position, job descriptions, duties and responsibilities may be modified in the sole discretion of the Company. He shall devote the whole of his professional time, attention and energies to the performance of his work and shall comply with all policies of the Company and all applicable laws, rules and regulations. |
|  Company Property/IP Assignment | All work product, inventions, and materials relating to Company business remain Company property |
|  Non-Compete and Non-Solicitation | During the non-compete term (consisting of the effective date of the agreement through two years following termination for any reason), Mr. Cywinski may not directly or indirectly provide the same or substantially similar services to any "Business Enterprise" (defined as entities engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions) in the "Market Area" (defined as United States, New Zealand, and any geographic area in which the Company is conducting material business) without prior written consent. This restriction includes serving as an agent, consultant, employee, officer, director, partner, independent contractor, or equity owner of such a Business Enterprise. Passive investment in up to 5% of the voting power or equity of a Business Enterprise is permitted. |
|  | During the non-compete term, Mr. Cywinski shall not solicit or induce any executive or officer of the Company to terminate employment, except for soliciting former employees whose employment was terminated by the Company or through general non-targeted solicitations. |
|  Termination Notice | Either party may terminate by providing at least 30 days' advance written notice. The Company may also terminate for Cause without notice, and Mr. Cywinski may terminate for "good reason" as defined in the agreement. |

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#### Employment Agreement between Jamie Parent, Chief Financial Officer and the Company

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| | |
|:---|:---|
|  Term of Employment | Three year term, automatically extends for a successive one year term unless either party provides written notice 60 days prior to expiration of the initial term. |
|  Base Salary | $200,000 annually, subject to annual review and adjustment. |
|  Bonus | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual Equity Bonus: 0.5% of the Company's issued and outstanding ordinary shares as of the IPO closing date per year for 3 years, such that Ms. Parent shall hold an aggregate of 2.5% of the Company's issued class A ordinary shares (calculated as of the closing date of the IPO) after 3 years of employment, subject to achievement of KPIs set forth the agreement and subject to approval by the board of director and compensation committee of the board of directors. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IPO Success Bonus: 1% of the Company's issued and outstanding class A ordinary shares (calculated as of the closing date of the IPO), to be granted upon successful listing of the Company's class A ordinary shares on the NYSE American or another recognized stock exchange. <br> All equity awards are subject to the Company's equity incentive or compensation plan, applicable securities laws, NYSE American listing rules, and the Company's insider trading and executive compensation recovery policies. |
|  Equity Incentive Plan | Eligible to participate in any share incentive plan adopted by the Company, subject to the terms and conditions of such plan as determined by the Board. |
|  Duties and Responsibilities | Ms. Parent shall be employed on a full-time basis in the position of Chief Financial Officer and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time, and her position, job descriptions, duties and responsibilities may be modified in the sole discretion of the Company. She shall devote the whole of her professional time, attention and energies to the performance of her work and shall comply with all policies of the Company and all applicable laws, rules and regulations. |
|  Company Property/IP Assignment | All work product, inventions, and materials relating to Company business remain Company property |
|  Non-Compete and Non-Solicitation | During the non-compete term (consisting of the effective date of the agreement through two years following termination for any reason), Mr. Parent may not directly or indirectly provide the same or substantially similar services to any "Business Enterprise" (defined as entities engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions) in the "Market Area" (defined as United States, New Zealand, and any geographic area in which the Company is conducting material business) without prior written consent. This restriction includes serving as an agent, consultant, employee, officer, director, partner, independent contractor, or equity owner of such a Business Enterprise. Passive investment in up to 5% of the voting power or equity of a Business Enterprise is permitted. <br> During the non-compete term, Mr. Parent shall not solicit or induce any executive or officer of the Company to terminate employment, except for soliciting former employees whose employment was terminated by the Company or through general non-targeted solicitations. |
|  Termination Notice | Either party may terminate by providing at least 30 days' advance written notice. The Company may also terminate for Cause without notice, and Mr. Parent may terminate for "good reason" as defined in the agreement. |

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#### Employment Agreement between Joshua Marotske, Chief Technical Officer and the Company

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| | |
|:---|:---|
|  Term of Employment | Three year term, automatically extends for a successive one year term unless either party provides written notice 60 days prior to expiration of the initial term. |
|  Base Salary | $240,000 annually, subject to annual review and adjustment. |
|  Bonus | Annual Equity Bonus: 0.83% of the Company's issued and outstanding class A ordinary shares as of the IPO closing date per year for 3 consecutive years, subject to achievement of KPIs set forth in the agreement and subject to approval by the board of director and compensation committee of the board of directors. |
|  | All equity awards are subject to the Company's equity incentive or compensation plan, applicable securities laws, NYSE American listing rules, and the Company's insider trading and executive compensation recovery policies. |
|  Equity Incentive Plan | Eligible to participate in any share incentive plan adopted by the Company, subject to the terms and conditions of such plan as determined by the Board. |
|  Duties and Responsibilities | Mr. Marotske shall be employed on a full-time basis in the position of Chief Technical Officer and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time, and his position, job descriptions, duties and responsibilities may be modified in the sole discretion of the Company. He shall devote the whole of his professional time, attention and energies to the performance of his work and shall comply with all policies of the Company and all applicable laws, rules and regulations. |
|  Company Property/IP Assignment | All work product, inventions, and materials relating to Company business remain Company property |
|  Non-Compete and Non-Solicitation | During the non-compete term (consisting of the effective date of the agreement through two years following termination for any reason), Mr. Marotske may not directly or indirectly provide the same or substantially similar services to any "Business Enterprise" (defined as entities engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions) in the "Market Area" (defined as United States, New Zealand, and any geographic area in which the Company is conducting material business) without prior written consent. This restriction includes serving as an agent, consultant, employee, officer, director, partner, independent contractor, or equity owner of such a Business Enterprise. Passive investment in up to 5% of the voting power or equity of a Business Enterprise is permitted. <br> During the non-compete term, Mr. Marotske shall not solicit or induce any executive or officer of the Company to terminate employment, except for soliciting former employees whose employment was terminated by the Company or through general non-targeted solicitations. |
|  Termination Notice | Either party may terminate by providing at least 30 days' advance written notice. The Company may also terminate for Cause without notice, and Mr. Marotske may terminate for "good reason" as defined in the agreement. |

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#### Directors' Agreements
Each of our directors has entered into a director's agreement with the Company enforceable upon the effectiveness of the registration statement of which this prospectus is a part. The terms and conditions of such directors' agreements are similar in all material aspects save for the term. Each executive director's agreement is for an initial term of three (3) years and will continue until the executive director's successor is duly elected and qualified. Each independent director's agreement is for an initial term of one (1) year and will continue until the independent director's successor is duly elected and qualified. Each director will be up for re-election each year at the annual board meeting and, upon re-election, the terms, and provisions of his or her director's agreement will remain in full force and effect. Under the directors' agreements, the Company agrees, to the maximum extent provided under applicable law, to indemnify the directors against liabilities and expenses incurred in connection with any proceeding arising out of, or related to, the directors' performance of their duties, other than any such losses incurred as a result of the directors' gross negligence or willful misconduct.

Under the independent director's agreements, the initial annual cash salary that is payable to our independent director nominees is US$60,000 to Mr. Kian Woon Yap, US$60,000 to Mr. Jacob Pretorius and US$60,000 to Mr. Albert McLelland, respectively. In addition to his cash compensation, Mr. McLelland is entitled to receive share-based compensation with a value equivalent to US$3,333.33 for each calendar month of service completed, which accrues on a monthly basis and is issued as a single allotment of our Class A Ordinary Shares upon the completion of each twelve (12) consecutive months of service.

Other than as disclosed above, none of our directors have entered into a service agreement with our Company or any of our subsidiaries that provides for benefits upon termination of employment.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our share capital by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to beneficially own more than 5% of our Class A Ordinary Shares or Class B Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named Executive Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our Directors and Director nominees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our current Executive Officers, Directors and Director nominees as a group.

The number and percentage of Class A Ordinary Shares beneficially owned before the offering are based on 20,000,000 Class A Ordinary Shares issued and outstanding as of the date of this prospectus.

The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the SEC and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within sixty (60) days through the conversion or exercise of any convertible security, warrant, option or other right. More than one (1) person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days, by the sum of the number of shares outstanding as of such date, plus the number of shares as to which such person has the right to acquire voting or investment power within sixty (60) days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable community property laws, we believe that the beneficial owners of our shares listed below have sole voting and investment power with respect to the shares shown.

As of the date of this prospectus, four of our shareholders who are U.S. residents beneficially own 8,200,000 Class A Ordinary Shares, representing 41% of our total issued and outstanding Class A Ordinary Shares. 7,500,000 Class B Ordinary Shares, representing 50% of our total issued and outstanding Class B Ordinary Shares, are owned by a shareholder whose beneficial owner is a U.S. resident.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Executive Officers and Directors** | **Amount of<br> Beneficial<br> Ownership<br> of Class A<br> Ordinary<br> Shares<sup>(1)</sup>** | **Pre-<br> Offering<br> Percentage<br> Ownership<br> of Class A<br> Ordinary<br> Shares<sup>(2)</sup>** | **Post-<br> Offering<br> Percentage<br> Ownership<br> of Class A<br> Ordinary<br> Shares<sup>(2)(3)</sup>** | **Amount of<br> Beneficial<br> Ownership<br> of Class B<br> Ordinary<br> Shares Pre-<br> and Post-<br> Offering** | **Percentage <br>Ownership <br>of Class B <br>Ordinary <br>Shares** | **Pre- <br>Offering <br>Combined <br>Voting <br>Power of <br>Class A <br>and <br>Class B <br>Ordinary <br>Shares<sup>(2)</sup>** | **Post- <br>Offering <br>Combined <br>Voting <br>Power of <br>Class A <br>and <br>Class B <br>Ordinary <br>Shares<sup>(2)(3)</sup>** |
|  **Directors and Named Executive Officers:** |  |  |  |  |  |  |  |
|  Mr. Edwin Cywinski<sup>(4)</sup> | 6600000 | 33.0% | 27.50% | 7500000 | 50% | 48.94% | 48.33% |
|  Mr. Marc Cywinski<sup>(5)</sup> | 5360000 | 26.8% | 22.33% | 7500000 | 50% | 48.55% | 47.95% |
|  Mr. Joshua Marotske<sup>(6)</sup> | 920000 | 4.6% | 6.11% |  |  | 0.29% | 0.45% |
|  Mr. Jamie Parent |  | —% |  |  |  |  | —  |
|  Mr. Kian Woon Yap |  |  |  |  |  |  | —  |
|  Mr. Jacob Pretorius | 1040000 | 5.2% | 4.33% |  |  | 0.33% | 0.32% |
|  Mr. Albert McLelland |  |  |  |  |  |  | —  |
|  *All executive officers and directors as a group (7 persons)* | 13920000 | 69.60% | 60.27% |  | 100% | 98.10% | 97.06% |
|  **5% or Greater Shareholders** |  |  |  |  |  |  |  |
|  AE Equity Limited<sup>(4)</sup> | 6600000 | 33.0% | 27.50% | 7500000 | 50% | 48.94% | 48.33% |
|  Solerin Equity Limited<sup>(5)</sup> | 5360000 | 26.8% | 22.33% | 7500000 | 50% | 48.55% | 47.95% |
|  Mr. Jacob Pretorius | 1040000 | 5.2% | 4.33% |  |  | 0.33% | 0.32% |

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(1) Beneficial ownership is determined in accordance with the rules of the SEC and includes voting power with respect to the Class A Ordinary Shares and Class B Ordinary Shares. All shares represent only Class A Ordinary Shares and Class B Ordinary Shares held by shareholders as no options are issued or outstanding.

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(2) Calculation based on 20,000,000 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters subject to vote at general meetings of the Company.

(3) Assuming 4,000,000 Class A Ordinary Shares are issued in the offering, not including 600,000 Class A Ordinary Shares underlying the underwriter's over-allotment option.

(4) Mr. Edwin Cywinski beneficially owns 6,600,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares through AE Equity Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Edwin Cywinski.

(5) Mr. Marc Cywinski beneficially owns 5,360,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares through Solerin Equity Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Marc Cywinski.

(6) Mr. Joshua Marotske beneficially owns his 920,000 Class A Ordinary Shares through JKM Equity Limited, a company incorporated in the British Virgin Islands and wholly owned by Mr. Joshua Marotske. His post-offering shareholding includes $3,000,000 worth of Class A Ordinary Shares (with the number of shares to be issued calculated based on the initial public offering price of the Class A Ordinary Shares in this offering) issuable to himself pursuant to the Brightway MPA six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. Based on an assumed initial public offering price of $5.50 per share (the mid-point of the price range indicated in the cover page of this prospectus), the number of Class A Ordinary Shares issuable to Mr. Joshua Marotske is 545,455.

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#### RELATED PARTY TRANSACTIONS
We have adopted an audit committee charter, which requires the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the committee.

Except for the executive officer and director compensation arrangements discussed in "Executive Compensation", below we note that as of the date of this prospectus, there are no transactions since June 30, 2022, to which we have been a participant, in which the amount involved in the transaction is material to our company and in which any of the following is a party: (a) enterprises that directly or indirectly through one or more intermediaries, control or are controlled by, or are under common control with, our Company; (b) associates; (c) individuals owning, directly or indirectly, an interest in the voting power of our Company that gives them significant influence over our Company, and close members of any such individual's family; (d) key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of our Company, including directors and senior management of companies and close members of such individuals' families; and (e) enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (c) or (d) or over which such a person is able to exercise significant influence.

From time to time, a controlling shareholder paid certain operating expenses on behalf of the Company in the ordinary course of business, primarily consisting of routine administrative and operating expenses. The Company reimbursed the controlling shareholder for such payments. As of June 30, 2023, June 30, 2024 and June 30, 2025, and for the six months ending December 31, 2025, the amounts payable to or paid by the controlling shareholder on behalf of the Company were approximately $23,222, $29,376, $7,232, and nil respectively. These balances were unsecured, non-interest bearing and had no fixed repayment terms. As of the date of this prospectus, there were no outstanding balances payable to the controlling shareholder.

On January 9, 2026, the Company entered into the Brightway MPA with its founders, Mr. Marc Cywinski and Mr. Joshua Marotske, pursuant to which the Company acquired 100% of the membership interests in Brightway Energy LLC for an aggregate consideration of US$5.0 million, consisting of US$2.0 million in cash payable within one (1) week following the receipt by the Company of the proceeds from this offering, and US$3.0 million in Class A ordinary shares of the Company, with the number of shares to be issued calculated based on the initial public offering price of the Class A ordinary shares in this offering and issuable six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. The transfer of the membership interests was completed on the date of the Brightway MPA, and Brightway Energy LLC became a wholly owned subsidiary of the Company as of such date. Payment of the purchase consideration is deferred and contingent upon the completion of the Company's initial public offering, subject to alternative settlement arrangements to be agreed by the parties if the offering is not completed by the Long-Stop Date. Brightway Energy LLC had been under common control with the Company and combined into the Company's financial statements prior to the execution of the Brightway MPA. Accordingly, the transaction represented a legal ownership reorganization among entities under common control.

Management believes that these transactions were conducted in the ordinary course of business and on terms consistent with those that would have been obtained in arm's-length transactions with unrelated parties.

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#### DESCRIPTION OF SHARE CAPITAL
We are a Cayman Islands exempted company with limited liability and our corporate affairs are governed by our memorandum and articles of association (as amended and restated from time to time), the Companies Act (Revised) of the Cayman Islands (which we refer to as the "Companies Act"), and the common law of the Cayman Islands. As of the date of this prospectus, we expect that our third amended and restated memorandum and articles of association (the "Post-Offering Memorandum and Articles of Association") will be adopted and become effective immediately prior to the completion of this offering.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, comprising (i) 450,000,000 Class A Ordinary Shares of a par value of US$0.0001 each and (ii) 50,000,000 Class B Ordinary Shares of a par value of US$0.0001 each. As of the date of this prospectus, 20,000,000 Class A Ordinary Shares and 15,000,000 Class B Ordinary Shares are issued and outstanding.

The following are summaries of certain material provisions of our Post-Offering Memorandum and Articles of Association, which will become effective immediately prior to the completion of this offering, and of the Companies Act, insofar as they relate to the material terms of our ordinary shares. Unless otherwise indicated, all descriptions of provisions of our Post-Offering Memorandum and Articles of Association in this prospectus assume the adoption and effectiveness of the Post-Offering Memorandum and Articles of Association immediately prior to the completion of this offering.

#### Our Post-Offering Memorandum and Articles of Association
*Objects of Our Company.* Under our Post-Offering Memorandum and Articles of Association, the objects of our Company will be unrestricted, and we will have the full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands and will be capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit.

*Ordinary Shares.* Our shares are issued in registered form and are issued when registered in our register of members. We may not issue shares to bearer. Our shareholders who are non-residents of the Cayman Islands may freely hold and vote their shares.

*Dividends.* Our Post-Offering Memorandum and Articles of Association will provide that subject to any rights and restrictions for the time being attached to any shares, the directors may from time to time declare dividends (including interim dividends) and other distributions on shares in issue and authorize payment of the same out of the funds of the Company lawfully available therefor. Holders of Class A Ordinary Shares are entitled to receive dividends when and if declared by the board of directors. Holders of Class B Ordinary Shares are not entitled to receive any dividends declared by the Company. Under the laws of the Cayman Islands, our Company may pay a dividend out of profit and/or share premium account; provided that in no circumstances may a dividend be paid out of our share premium if this would result in our Company being unable to pay its debts as they fall due in the ordinary course of business.

*Voting Rights.* A shareholder may participate in a general meeting in person or by proxy. At any general meeting a resolution put to the vote of the meeting shall be decided by poll. In the case of an equality of votes, the chairman of the meeting shall be entitled to a second or casting vote. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted to a vote by the shareholders. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters subject to vote at general meetings of the Company.

*Conversion*. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time at the option of the holder thereof by delivering written notice to the Company. In addition, each Class B Ordinary Share will automatically and immediately convert into one (1) Class A Ordinary Share upon any sale, transfer, assignment or disposition of such Class B Ordinary Share by a shareholder to any person who is not a Designated Person or an affiliate of a Designated Person, or upon a change of ultimate beneficial ownership of such Class B Ordinary Share to any person who is not a Designated Person or an Affiliate of a Designated Person. The creation of any pledge, charge, encumbrance or other third party right on any Class B Ordinary Shares to secure a holder's contractual or legal obligations will not be deemed a transfer triggering automatic conversion, unless and until such pledge, charge, encumbrance or other third party right is enforced and results in the third party holding legal title to the relevant Class B Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

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Except for such voting rights, conversion rights, and dividend rights as described above, the Class A Ordinary Shares and the Class B Ordinary Shares rank pari passu with one another and have the same rights, preferences, privileges and restrictions.

An ordinary resolution means a resolution: (a) passed by a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting of the Company held in accordance with our memorandum and articles of association (in computing the majority regard shall be had to the number of votes to which each shareholder is entitled by our memorandum and articles of association); or (b) approved in writing by all of the shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed.

A special resolution means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: (a) passed by not less than two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorized representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or (b) approved in writing by all of the shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed.

Under Cayman Islands law, certain matters, such as amending the memorandum and articles of association, changing the name or resolving to be registered by way of continuation in a jurisdiction outside the Cayman Islands, require the approval of shareholders by a special resolution.

*General Meetings of Shareholders.* As a Cayman Islands exempted company, we are not obliged by the Companies Act to call annual general meetings.

Our Post-Offering Memorandum and Articles of Association will provide that we may (but shall not be obliged to) in each calendar year hold a general meeting as our annual general meeting and shall specify the meeting as such in the notices calling it, and the annual general meeting will be held at such time and place as may be determined by our directors. Each general meeting, other than an annual general meeting, shall be an extraordinary general meeting. The chairman or a majority of the directors (acting by a resolution of the board) may call general meetings. General meetings shall also be convened on the written requisition of one or more of the shareholders holding at the date of deposit of the requisition shares which carry in aggregate not less than one-tenth (1/10) of the total number of votes attaching to all issued and outstanding shares that as at the date of the deposit carry the right to vote at general meetings of the Company, specifying the objects of the meeting and signed by each of the shareholders making the requisition and deposited at the registered office. If there are no directors as at the date of the deposit of the shareholders' requisition, or if the directors do not within twenty-one (21) calendar days from the date of the deposit of the requisition duly proceed to convene a general meeting to be held within a further twenty-one (21) calendar days, those shareholders who requested the meeting or any of them representing more than one-half of the total voting rights of all of them may convene the general meeting themselves, but any meeting so convened shall not be held after the expiration of three calendar months after the expiration of the said twenty-one (21) calendar days.

At least ten (10) clear days' notice shall be given for any general meeting. Every notice shall be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify, among other things, the place, the day and the hour of the meeting and the general nature of the business. In addition, if a resolution is proposed as a special resolution, the notice specifying the intention to propose the resolution as a special resolution must be duly given. Notice of every general meeting shall be given to (a) all shareholders holding shares with the right to receive notice and who have supplied to the Company an address for the giving of notices to them; and (b) every person entitled to a share in consequence of the death or bankruptcy of a shareholder, who but for his death or bankruptcy would be entitled to receive notice of the meeting.

Subject to our Post-Offering Memorandum and Articles of Association, a general meeting of the Company shall, whether or not the notice has been given and whether or not the provisions of our memorandum and articles of association regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed: (a) in the case of an annual general meeting, by all the shareholders (or their proxies) entitled to attend and vote

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thereat; and (b) in the case of an extraordinary general meeting, by holders of two-thirds of the shareholders having a right to attend and vote at the meeting present or, in the case of a corporation or other non-natural person, represented by its duly authorized representative or proxy.

A quorum shall consist of the presence (whether in person or represented by proxy) of one or more shareholders holding shares which carry in aggregate (or representing by proxy) not less than a majority of all votes attaching to all shares in issue and entitled to vote at such general meeting.

If within half an hour from the time appointed for the meeting a quorum is not present, the meeting shall be dissolved. The chairman of any general meeting at which a quorum is present may with the consent of the meeting (and shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting, or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

*Transfer of Ordinary Shares.* Subject to any applicable requirements set forth in our Post-Offering Memorandum and Articles of Association and provided that a transfer of ordinary shares complies with applicable rules of the NYSE American, any of our shareholders may transfer all or any of his or her ordinary shares by an instrument of transfer in the usual or common form or in a form prescribed by the NYSE American or in any other form approved by our board of directors, executed by or on behalf of the transferor and if in respect of a nil or partly paid up share, or if so required by the directors, shall also be executed on behalf of the transferee and shall be accompanied by the certificate (if any) of the shares to which it relates and such other evidence as the directors may reasonably require to show the right of the transferor to make the transfer.

The transferor shall be deemed to remain the holder of an ordinary share until the name of the transferee is entered into our register of members.

Our board of directors may, in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which we have a lien. Our board of directors may also decline to register any transfer of any ordinary share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is lodged with us, accompanied by the certificate for the ordinary shares to which it relates and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is in respect of only one class of ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is to be transferred is not more than four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of such maximum sum as the NYSE American may determine to be payable, or such lesser sum as the board of directors may from time to time require, is paid to us in respect thereof.

If our directors refuse to register a transfer they shall, within two calendar months after the date on which the instrument of transfer was lodged, send to each of the transferor and the transferee notice of such refusal.

The registration of transfers may, after compliance with any notice required by the applicable rules of NYSE American, be suspended and our register of members closed at such times and for such periods as our board of directors may in their absolute discretion, from time to time determine, provided always that such registration of transfer shall not be suspended nor the register of members closed for more than thirty calendar days in any calendar year.

*Liquidation.* If we are wound up, the shareholders may, subject to our Post-Offering Memorandum and Articles of Association and any other sanction required by the Companies Act, pass a special resolution allowing the liquidator to divide amongst the shareholders in species or in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the shareholders or different classes of shareholder.

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*Calls on Shares and Forfeiture of Shares.* Subject to the terms of allotment, our board of directors may from time to time make calls upon shareholders for any moneys unpaid on their shares, and each shareholder shall (subject to receiving at least fourteen calendar days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such shares.

*Redemption, Repurchase and Surrender of Shares.* Subject to the provisions of the Companies Act and our Post-Offering Memorandum and Articles of Association, we may by action of our directors: (a) issue shares that are to be redeemed or liable to be redeemed, at our option or the shareholder, in such manner and upon such terms as may be determined, before the issue of such shares, by our directors; (b) purchase our own shares (including any redeemable shares) on such terms and in such manner and terms as have been approved by the directors, or are otherwise authorized by our memorandum and articles of association; and (c) make a payment in respect of the redemption or purchase of its own shares in any manner permitted by the Companies Act, including out of capital. Under the Companies Act, the redemption or repurchase of any share may be paid out of our Company's profits, share premium or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital if our Company can, immediately following the date on which the payment out of capital is proposed to be made, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (a) unless it is fully paid up, or (b) if such redemption or repurchase would result in there being no shares outstanding. In addition, our directors may accept the surrender of any fully paid share for no consideration.

*Variations of Rights of Shares.* Whenever the capital of our Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be materially and adversely varied by, inter alia, the creation, allotment or issue of further shares ranking *pari passu* with or subsequent to them or the redemption or purchase of any shares of any class by our Company.

*Issuance of Additional Shares.* Our Post-Offering Memorandum and Articles of Association will authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

*Inspection of Books and Records.* Holders of our ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies of our register of members or our corporate records (other than the memorandum and articles of association and any special resolutions passed by such companies, and the register of mortgages and charges of our Company). Under Cayman Islands law, the names of current directors of our Company can be obtained from a search conducted at the Registrar of Companies in the Cayman Islands. Under our Post-Offering Memorandum and Articles of Association, our directors will be permitted to from time to time determine whether and to what extent and at what times and places and under what conditions or regulations our accounts and books or any of them shall be open to the inspection of shareholders not being directors, and no shareholder (not being a director) shall have any right to inspect any of our account or book or document except as conferred by law or authorized by the directors, provided that the shareholders shall receive the annual audited financial statements of our Company.

*Anti*-Takeover *Provisions.* Some provisions of our Post-Offering Memorandum and Articles of Association may discourage, delay or prevent a change of control of our Company or management that shareholders may consider favorable, including provisions that will authorize our board of directors to issue shares at such times, for such consideration, and on such terms and conditions as the board of directors may determine without a separate shareholder vote, which may make a change of control more difficult.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our memorandum and articles of association for a proper purpose and for what they believe in good faith to be in the best interests of our Company.

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*Exempted Company.* We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except that an exempted company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not required to open its register of members for inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may issue shares with no par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as an exempted limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on that shareholder's shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts after that of England and Wales but does not follow many recent English law statutory enactments. In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to corporations incorporated in the State of Delaware in the United States.

#### Mergers and Similar Arrangements
The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a combined company and the vesting of the undertaking, property and liabilities of such companies in the combined company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies in the Cayman Islands together with a declaration as to the solvency of the combined or surviving company, a statement setting out the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders if a copy of the plan of merger is given to every member of each subsidiary company to be merged unless that member agrees otherwise. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

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Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Reconstructions and amalgamations may be approved by (i) 75% in value of the members or class of members or (ii) a majority in number representing 75% in value of the creditors or class of creditors, in each case depending on the circumstances, as are present at a meeting called for such purpose and thereafter sanctioned by the Grand Court of the Cayman Islands. Whilst a dissenting member has the right to express to the court his view that the transaction for which approval is being sought would not provide the members with a fair value for their shares, it can be expected that the court would approve the transaction if it is satisfied that (i) the company is not proposing to act illegally or beyond the scope of its corporate authority and the statutory provisions as to majority vote have been complied with, (ii) the members have been fairly represented at the meeting in question, (iii) the transaction is such as a businessman would reasonably approve and (iv) the transaction is not one that would more properly be sanctioned under some other provisions of the Companies Act or that would amount to a "fraud on the minority". If the transaction is approved, no dissenting member would have any rights comparable to the appraisal rights (namely the right to receive payment in cash for the judicially determined value of his shares), which may be available to dissenting members of corporations in other jurisdictions.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of not less than ninety percent (90%) in value of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but it is unlikely to succeed in the case of an offer which has been so accepted unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

#### Shareholders' Suits
In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires with respect to the company and is therefore incapable of ratification by the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority".

#### Indemnification of Directors and Executive Officers and Limitation of Liability
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, or against the indemnified person's own dishonesty, wilful default or fraud. Our Post-Offering Memorandum and Articles of Association will provide that every director (including any alternate director), secretary, assistant secretary, or other officer for the time being and from time to time of our company (but not including our company's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's

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own dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Post-Offering Memorandum and Articles of Association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Directors' Fiduciary Duties
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

#### Shareholder Action by Written Consent
Under the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Post-Offering Memorandum and Articles of Association will provide that a resolution in writing signed by all the shareholders for the time being entitled to receive notice of and to attend and vote at general meetings of the Company (or being corporations by their duly authorized representatives) shall be as valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

#### Shareholder Proposals
Under the Delaware General Corporation Act, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

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The Companies Act provides shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Post-Offering Memorandum and Articles of Association will allow any one or more of our shareholders holding at the date of deposit of the requisition shares which carry in aggregate not less than one-tenth (1/10) of the total number of votes attaching to all issued and outstanding shares that as at the date of the deposit carry the right to vote at general meetings of the Company to requisition an extraordinary general meeting of our shareholders, in which case the chairman or a majority of the directors (acting by a resolution of the board) may proceed to convene an extraordinary general meeting. As a Cayman Islands exempted company, we are not obliged by law to call annual general meetings.

#### Cumulative Voting
Under the Delaware General Corporation Act, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under Cayman Islands law, our Post-Offering Memorandum and Articles of Association will not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

#### Removal of Directors
Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Post-Offering Memorandum and Articles of Association, directors will be permitted to be removed by an ordinary resolution, notwithstanding anything in the memorandum and articles of association or in any agreement between the Company and such director (but without prejudice to any claim for damages under such agreement).

#### Transactions with Interested Shareholders
The Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, the directors of the company are required to comply with fiduciary duties which they owe to the company under Cayman Islands laws, including the duty to ensure that, in their opinion, any such transactions must be entered into bona fide in the best interests of the company, and are entered into for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

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#### Dissolution; Winding Up
Under the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances including where it is, in the opinion of the court, just and equitable to do so.

#### Variation of Rights of Shares
Under the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Post-Offering Memorandum and Articles of Association, whenever the capital of the Company is divided into different classes the rights attached to any such class may, subject to any rights or restrictions for the time being attached to any class, only be materially and adversely varied with the consent in writing of the holders of two-thirds of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class.

#### Amendment of Governing Documents
Under the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Post-Offering Memorandum and Articles of Association will only be amendable by a special resolution of our shareholders.

#### Rights of Non-Resident or Foreign Shareholders
There will be no limitations imposed by our Post-Offering Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there will be no provisions in our Post-Offering Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of this offering, we will have 24,000,000 Class A Ordinary Shares issued and outstanding, assuming the underwriters' over-allotment option is not exercised.

All of the Class A Ordinary Shares sold in this offering by the Company will be freely transferable in the United States, without restriction or further registration under the Securities Act, by persons other than our "affiliates." Rule 144 of the Securities Act defines an "affiliate" of a company as a person that, directly or indirectly, through one or more intermediaries, controls or is controlled by, or is under common control with, our Company. All of our Class A Ordinary Shares issued and outstanding immediately prior to the completion of this offering are "restricted securities" as that term is defined in Rule 144 because they were issued in a transaction or series of transactions not involving a public offering. Restricted securities may be sold only if they are the subject of an effective registration statement under the Securities Act or if they are sold pursuant to an exemption from the registration requirement of the Securities Act such as those provided for in Rules 144 promulgated under the Securities Act, which rule is summarized below. Restricted shares may also be sold outside of the United States to non-U.S. persons in accordance with Rule 904 of Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of our Class A Ordinary Shares acquired in this offering by our affiliates.

Sales of substantial amounts of our Class A Ordinary Shares in the public market could adversely affect prevailing market prices of our Class A Ordinary Shares. Prior to this offering, there has been no public market for our Class A Ordinary Shares, and while we plan to apply to list our Class A Ordinary Shares on the NYSE American, we cannot assure you that a regular trading market will develop in the Class A Ordinary Shares.

#### Lock-Up Agreements
Each of our Directors and Executive Officers and certain shareholders, have agreed, subject to certain exceptions, for a period of six (6) months from the date of this prospectus, and we have agreed, for a period of three (3) months from the closing of the offering, that each will not (i) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company; or (ii) file or caused to be filed any registration statement with the SEC relating to the offering of any share capital of the Company or any securities convertible into or exercisable or exchangeable for share capital of the Company. We cannot predict what effect, if any, future sales of our Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of our Class A Ordinary Shares from time to time. Sales of substantial amounts of our Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of our Class A Ordinary Shares.

#### Rule 144
In general, under Rule 144 as currently in effect, once we have been subject to the public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than six months but not more than one year may sell such Class A Ordinary Shares without registration under the Securities Act subject to the availability of current public information about us. Persons who are not our affiliates and have beneficially owned our Class A Ordinary Shares for more than one year may freely sell our Class A Ordinary Shares without registration under the Securities Act. Persons who are our affiliates (including persons beneficially owning 10% or more of our issued and outstanding shares), and have beneficially owned our Class A Ordinary Shares for at least six months, may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1.0% of the then issued and outstanding Class A Ordinary Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The average weekly trading volume of our Class A Ordinary Shares during the four calendar weeks preceding the date on which notice of the sale on Form 144 is filed with the SEC by such person.

Such sales are also subject to manner-of-sale provisions, notice requirements and the availability of current public information about us. In addition, in each case, these shares would remain subject to any applicable lock-up arrangements and would only become eligible for sale when the lock-up period expires.

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

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#### MATERIAL TAX CONSIDERATIONS
The following summary of the material Cayman Islands and U.S. federal income tax consequences of an investment in our Class A Ordinary Shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under U.S. state and local tax laws or under the tax laws of jurisdictions other than the Cayman Islands and the United States. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of our Class A Ordinary Shares. To the extent that this discussion relates to matters of Cayman Islands tax law, it is the opinion of Harney Westwood & Riegels, our counsel as to Cayman Islands law.

#### Cayman Islands Tax Considerations
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or, after execution, brought within the jurisdiction of the Cayman Islands. The Cayman Islands is a party to a double tax treaty entered into with the United Kingdom in 2010 but otherwise is not party to any double tax treaties applicable to any payments made to or by the Company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of our Class A Ordinary Shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our Class A Ordinary Shares, nor will gains derived from the disposal of our Class A Ordinary Shares be subject to Cayman Islands income or corporation tax.

#### Material New Zealand Tax Considerations
The statements made herein regarding taxation are general in nature and based on certain aspects of the tax laws of New Zealand and administrative guidelines issued by the relevant authorities in force as of the date of this prospectus and are subject to any changes in such laws or administrative guidelines, or in the interpretation of these laws or guidelines, occurring after such date, which changes could be made on a retroactive basis.

The statements are not intended to be and do not constitute legal, or tax advice and no assurance can be given that courts or tax authorities responsible for the administration of such laws will agree with the interpretation adopted. Each prospective investor should consult its tax adviser as regards New Zealand tax considerations of an investment in the Company's Class A Ordinary Shares. New Zealand tax treatment of investors who are New Zealand tax residents is not addressed here.

*Dividend Distributions in respect of Class A Ordinary Shares*

The Company does not intend to pay any dividends on the Class A Ordinary Shares for the foreseeable future. See "Dividend Policy" for more information.

The Company is not and should not in the future be tax resident in New Zealand for purposes of New Zealand income tax. Investors who are not New Zealand tax residents should not, as a consequence of the Company not being New Zealand tax resident, have any New Zealand tax consequences applicable to them in respect of any dividends paid by the Company on the Company's Class A Ordinary Shares.

*Gains on Disposal of Class A Ordinary Shares for Investors who are Not New Zealand tax residents*

Investors who are not New Zealand tax residents should not, as a consequence of the Company not being New Zealand tax resident, have any New Zealand tax on gains on disposal of the Company's Class A Ordinary Shares.

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*Tax Treaties Regarding Withholding Taxes*

There is a comprehensive avoidance of double taxation agreement between the United States and New Zealand. There is also a double tax agreement between New Zealand and the Cayman Islands, but it does not restrict in any way taxation in relation to the Company's Class A Ordinary Shares.

**United States Federal Income Tax Considerations**

The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of our Class A Ordinary Shares by U.S. Holders (as defined below) that acquire our Class A Ordinary Shares in this offering and hold our Class A Ordinary Shares as "capital assets" (generally, property held for investment) under the United States Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing United States federal income tax law which is subject to differing interpretations or change, possibly with retroactive effect. There can be no assurance that the Internal Revenue Service, or the IRS, or a court will not take a contrary position. This discussion does not address all aspects of United States federal income taxation that may be relevant to particular investors in light of their specific circumstances, including investors subject to special tax rules (for example, certain financial institutions (including banks), cooperatives, pension plans, insurance companies, broker-dealers, traders in securities that have elected the mark-to-market method of accounting for their securities, partnerships and their partners, regulated investment companies, real estate investment trusts, and tax-exempt organizations (including private foundations)), investors who are not U.S. Holders, investors who own (directly, indirectly, or constructively) 10% or more of our stock (by vote or value), investors that will hold their Class A Ordinary Shares as part of a straddle, hedge, conversion, constructive sale, or other integrated transaction for United States federal income tax purposes, or U.S. Holders that have a functional currency other than the U.S. dollar, all of whom may be subject to tax rules that differ significantly from those summarized below. In addition, this discussion does not discuss any non-United States tax, state or local tax, or non-income tax (such as the U.S. federal gift or estate tax) considerations, or any consequences under the alternative minimum tax or Medicare tax on net investment income. Each U.S. Holder is urged to consult its tax advisor regarding the United States federal, state, local, and non-United States income and other tax considerations of an investment in our Class A Ordinary Shares.

#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of our Class A Ordinary Shares that is, for United States federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation (or other entity treated as a corporation for United States federal income tax purposes) created in, or organized under the laws of, the United States or any state thereof or the District of Columbia, (iii) an estate the income of which is includible in gross income for United States federal income tax purposes regardless of its source, or (iv) a trust (A) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons who have the authority to control all substantial decisions of the trust or (B) that has otherwise validly elected to be treated as a United States person under the Code.

If a partnership (or other entity or arrangement treated as a partnership for United States federal income tax purposes) is a beneficial owner of our Class A Ordinary Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner as a U.S. Holder, as described above, and the activities of the partnership. Partnerships holding our Class A Ordinary Shares and partners in such partnerships are urged to consult their tax advisors as to the particular United States federal income tax consequences of an investment in our Class A Ordinary Shares.

#### Dividends
The entire amount of any cash distribution paid with respect to our Class A Ordinary Shares (including the amount of any non-U.S. taxes withheld therefrom, if any) generally will constitute dividends to the extent such distributions are paid out of our current or accumulated earnings and profits, as determined under United States federal income tax principles, and generally will be taxed as ordinary income in the year received by such U.S. Holder. To the extent amounts paid as distributions on the Class A Ordinary Shares exceed our current or accumulated earnings and profits, such distributions will not be dividends, but instead will be treated first as a tax-free return of capital to the extent of the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in the Class A Ordinary Shares with respect to which the distribution is made, and thereafter as capital gain. However, we do not intend to compute (or to

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provide U.S. Holders with the information necessary to compute) our earnings and profits under United States federal income tax principles. Accordingly, a U.S. Holder will be unable to establish that a distribution is not out of earnings and profits and should expect to treat the full amount of each distribution as a "dividend" for United States federal income tax purposes.

Any dividends that we pay will generally be treated as income from foreign sources for United States foreign tax credit purposes and will generally constitute passive category income. Depending on the U.S. Holder's particular facts and circumstances, a U.S. Holder may be eligible, subject to a number of complex limitations, to claim a foreign tax credit in respect of any foreign withholding taxes imposed (at a rate not exceeding any applicable treaty rate) on dividends received on our Class A Ordinary Shares. A U.S. Holder who does not elect to claim a foreign tax credit for foreign tax withheld may instead claim a deduction, for United States federal income tax purposes, in respect of such withholdings, but only for a year in which such U.S. Holder elects to do so for all creditable foreign income taxes. The rules governing the foreign tax credit are complex. U.S. Holders are advised to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

Dividends paid in non-U.S. currency will be included in the gross income of a U.S. Holder in a U.S. dollar amount calculated by reference to a spot market exchange rate in effect on the date that the dividends are received by the U.S. Holder, regardless of whether such foreign currency is in fact converted into U.S. dollars on such date. Such U.S. Holder will have a tax basis for United States federal income tax purposes in the foreign currency received equal to that U.S. dollar value. If such dividends are converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect thereof. If the foreign currency so received is not converted into U.S. dollars on the date of receipt, such U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt. Any gain or loss on a subsequent conversion or other disposition of the foreign currency generally will be treated as ordinary income or loss to such U.S. Holder and generally will be income or loss from sources within the United States for foreign tax credit limitation purposes. U.S. Holders should consult their own tax advisors regarding the treatment of foreign currency gain or loss, if any, on any foreign currency received by a U.S. Holder that are converted into U.S. dollars on a date subsequent to receipt.

#### Sale or Other Disposition of Class A Ordinary Shares
A U.S. Holder will generally recognize capital gain or loss upon a sale or other disposition of Class A Ordinary Shares, in an amount equal to the difference between the amount realized and the U.S. Holder's adjusted tax basis, determined for federal income tax purposes, in such Class A Ordinary Shares, each amount determined in U.S. dollars. Any capital gain or loss will be long-term capital gain or loss if the Class A Ordinary Shares have been held for more than one year and will generally be United States source gain or loss for United States foreign tax credit purposes. The deductibility of a capital loss may be subject to limitations, particularly with regard to shareholders who are individuals. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of our Class A Ordinary Shares, including the availability of the foreign tax credit under its particular circumstances.

A U.S. Holder that receives New Zealand dollars or another currency other than U.S. dollars on the disposition of our Class A Ordinary Shares will realize an amount equal to the U.S. dollar value of the non-U.S. currency received at the spot rate on the date of sale (or, if the Class A Ordinary Shares are traded on a recognized exchange and in the case of cash basis and electing accrual basis U.S. Holders, the settlement date). An accrual basis U.S. Holder that does not elect to determine the amount realized using the spot rate on the settlement date will recognize foreign currency gain or loss equal to the difference between the U.S. dollar value of the amount received based on the spot market exchange rates in effect on the date of sale or other disposition and the settlement date. A U.S. Holder will have a tax basis in the currency received equal to the U.S. dollar value of the currency received on the settlement date. Any gain or loss on a subsequent disposition or conversion of the currency will be United States source ordinary income or loss.

#### Passive Foreign Investment Company Considerations
For United States federal income tax purposes, a non-United States corporation, such as our Company, will be treated as a "passive foreign investment company," or "PFIC" if, in the case of any particular taxable year, either (a) 75% or more of our gross income for such year consists of certain types of "passive" income or (b) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year produce or are held for the

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production of passive income. Based upon our current and expected income and assets (including goodwill and taking into account the expected proceeds from this offering) and the expected market price of our Class A Ordinary Shares following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future.

However, while we do not expect to be or become a PFIC, no assurance can be given in this regard because the determination of whether we are or will become a PFIC for any taxable year is a fact-intensive inquiry made annually that depends, in part, upon the composition and classification of our income and assets. Fluctuations in the market price of our Class A Ordinary Shares may cause us to be or become a PFIC for the current or subsequent taxable years because the value of our assets for the purpose of the asset test, including the value of our goodwill and other unbooked intangibles, may be determined by reference to the market price of our Class A Ordinary Shares (which may be volatile). The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. It is also possible that the Internal Revenue Service may challenge our classification of certain income or assets for purposes of the analysis set forth in subparagraphs (a) and (b), above or the valuation of our goodwill and other unbooked intangibles, which may result in our company being or becoming a PFIC for the current or future taxable years.

If we are classified as a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125% of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the Class A Ordinary Shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of Class A Ordinary Shares. Under the PFIC rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such excess distribution and/or gain will be allocated ratably over the U.S. Holder's holding period for the Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are a PFIC, each a pre-PFIC year, will be taxable as ordinary income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect applicable to the U.S. Holder for that year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an interest charge generally applicable to underpayments of tax will be imposed on the tax attributable to each prior taxable year, other than a pre-PFIC year.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Class A Ordinary Shares and we own any equity in a non-United States entity that is also a PFIC, or a lower-tier PFIC, such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC for purposes of the application of these rules. U.S. Holders are advised to consult their tax advisors regarding the application of the PFIC rules to any of the entities in which we may own equity.

As an alternative to the foregoing rules, a U.S. Holder of "marketable stock" in a PFIC may make a mark-to-market election with respect to such stock, provided that certain requirements are met. The mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with the SEC, or on a foreign exchange or market that the IRS determines is a qualified exchange that has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. Although we plan to list our Class A Ordinary Shares on the NYSE American, we cannot guarantee that our listing will be approved. Furthermore, we cannot guarantee that, once listed, our Class A Ordinary Shares will continue to be listed and regularly traded on such exchange. U.S. Holders are advised to consult their tax advisors as to whether the Class A Ordinary Shares are considered marketable for these purposes.

If an effective mark-to-market election is made with respect to our Class A Ordinary Shares, the U.S. Holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of Class A Ordinary Shares held at the end of the taxable year over its adjusted tax basis of such Class A Ordinary Shares and (ii) deduct as an ordinary loss the excess, if any, of its adjusted tax basis of the Class A Ordinary Shares held at the end of the taxable year over the fair market value of such Class A Ordinary Shares held at the end of the

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taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the Class A Ordinary Shares would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes an effective mark-to-market election, in each year that we are a PFIC any gain recognized upon the sale or other disposition of the Class A Ordinary Shares will be treated as ordinary income and loss will be treated as ordinary loss, but only to the extent of the net amount previously included in income as a result of the mark-to-market election.

If a U.S. Holder makes a mark-to-market election in respect of a PFIC and such corporation ceases to be a PFIC, the U.S. Holder will not be required to take into account the mark-to-market gain or loss described above during any period that such corporation is not a PFIC.

Because a mark-to-market election generally cannot be made for any lower-tier PFICs that a PFIC may own, a U.S. Holder who makes a mark-to-market election with respect to our Class A Ordinary Shares may continue to be subject to the general PFIC rules with respect to such U.S. Holder's indirect interest in any of our non-United States subsidiaries if any of them is a PFIC.

If a U.S. Holder owns our Class A Ordinary Shares during any taxable year that we are a PFIC, such holder would generally be required to file an annual IRS Form 8621. Each U.S. Holder is advised to consult its tax advisor regarding the potential tax consequences to such holder if we are or become a PFIC, including the possibility of making a mark-to-market election.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. EACH PROSPECTIVE INVESTOR IN THE OUR CLASS A ORDINARY SHARES IS URGED TO CONSULT ITS OWN TAX ADVISER ABOUT THE TAX CONSEQUENCES TO IT OF OWNING AND DISPOSING OF OUR CLASS A ORDINARY SHARES IN LIGHT OF SUCH PROSPECTIVE INVESTOR'S OWN CIRCUMSTANCES.

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#### UNDERWRITING
In connection with this offering, we have entered into an underwriting agreement with Dominari Securities LLC (the "Lead Underwriter" or "Dominari") as the lead or managing underwriter and Revere Securities LLC as the co-underwriter (the "Co-Underwriter", collectively, the "Underwriters"), with respect to the Class A Ordinary Shares in this offering. Under the terms and subject to the conditions contained in the underwriting agreement, the Underwriter has agreed to purchase, and we have agreed to sell to the Underwriters, the number of Class A Ordinary Shares listed next to its name in the following table.

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Shares** |
|  Dominari Securities LLC | 0 |
|  Revere Securities LLC | 0 |
|  Total | 0 |

---

The Underwriters are committed to purchase all the Class A Ordinary Shares offered by this prospectus if they purchase any Class A Ordinary Shares. The Underwriters are not obligated to purchase Class A Ordinary Shares covered by the Underwriters' over-allotment option to purchase Class A Ordinary Shares as described below. The Underwriters are offering the Class A Ordinary Shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, and other conditions contained in the underwriting agreement, such as the receipt by the Underwriters of officer's certificates and legal opinions. The Underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

The Underwriters are expected to make offers and sales both inside and outside the U.S. through their respective selling agents. Any offers or sales in the U.S. will be conducted by broker-dealers registered with the SEC. The Underwriters intends to offer our Class A Ordinary Shares to their retail customers only in states in which we are permitted to offer our Class A Ordinary Shares.

#### Over-Allotment Option
Pursuant to the underwriting agreement, we have agreed to grant to the Underwriters an option to purchase from us up to an additional 600,000 Class A Ordinary Shares, representing 15% of the Class A Ordinary Shares sold in the offering, solely to cover over-allotments, if any, at the initial public offering price less the underwriting discounts. The Underwriters may exercise this option any time during the 45-day period after the closing date of the offering, but only to cover over-allotments, if any. To the extent the Underwriters exercise the option, the Underwriters will become obligated, subject to certain conditions, to purchase the shares for which they exercise the option.

#### Discounts and Expenses Reimbursement
We have agreed to pay the Underwriters a fee equal to seven percent (7%) of the gross proceeds of the offering. The Underwriters propose initially to offer the Class A Ordinary Shares to the public at the offering price set forth on the cover page of this prospectus and to dealers at those prices less the aforesaid fee ("underwriting discount") set forth on the cover page of this prospectus. If all of the Class A Ordinary Shares offered by us are not sold at the offering price, the Underwriters may change the offering price and other selling terms by means of a supplement to this prospectus.

The following table shows the public offering price, total underwriting discounts and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the Underwriters of their over-allotment option, and an initial public offering price of $5.50 per Class A Ordinary Share (which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus):

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Class A <br>Ordinary <br>Share** | **Total Without <br>Over-Allotment <br>Option** | **Total With Full <br>Over-Allotment <br>Option** |
|  Public offering price | $| $| $|
|  Underwriting Discounts (7%) | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

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We agreed to reimburse the Underwriters, promptly when invoiced, for all of their reasonable, out-of-pocket expenses (including, but not limited to, travel, due diligence expenses, reasonable fees and expenses of their legal counsel, roadshow and background check on the Company's principals) in connection with the performance of their services hereunder not to exceed an aggregate of $225,000, regardless of whether the offering occurs. Additionally, we will provide an expense advance (the "Advance") to the Underwriters of $25,000. The Advance shall be applied towards out-of-pocket accountable expenses and any portion of the Advance not consumed shall be returned to the Company to the extent not actually incurred.

We also agreed to pay to the Underwriters a non-accountable expense allowance equal to one percent (1%) of the gross proceeds received by the Company from the offering.

#### Restrictions on Sale of Securities and Lock-up Agreements
We have agreed that (i) each of the Company's directors, officers and certain shareholders of the Company will enter into lock-up agreements with the Underwriters and agree, for a period of six (6) months from the date of the offering, and (ii) each of the Company and any successors of the Company will agree, for a period of three (3) months from the closing of the offering, that each will not (A) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; or (B) file or caused to be filed any registration statement with the SEC relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company.

#### Right of First Refusal
We agree that that for a period of twelve (12) months from the closing date of the offering, the Company grants Dominari the right (provided the offering is completed) to provide investment banking services to the Company on an exclusive basis in the matters below, for which investment banking services are sought by the Company (such right, the "Right of First Refusal"), which right is exercisable in Dominari's sole discretion. For these purposes, investment banking services shall include, (a) acting as lead or joint-lead manager for any underwritten public offering; (b) acting as lead or joint book-runner and/or lead or joint placement agent, initial purchaser in connection with any private offering of securities of the Company; and (c) acting as financial advisor in connection with any sale or other transfer by the Company, directly or indirectly, of a majority or controlling portion of its capital stock or assets to another entity, any purchase or other transfer by another entity, directly or indirectly, of a majority or controlling portion of the capital stock or assets of the Company, and any merger or consolidation of the Company with another entity. The Right of First Refusal granted may be terminated by the Company for "Cause," which shall mean a material breach by Dominari of this Agreement or a material failure by Dominari to provide the services for this offering.

#### Stabilization, Short Positions and Penalty Bids
In connection with the offering the Underwriter may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions, penalty bids and passive market making in accordance with Regulation M under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit the Underwriter to make bids or purchases for the purpose of pegging, fixing or maintaining the price of the Class A Ordinary Shares, so long as stabilizing bids do not exceed a specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-allotment involves sales by the Underwriter of the Class A Ordinary Shares in excess of the number of Class A Ordinary Shares the Underwriter is obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of Class A Ordinary Shares over-allotted by the Underwriter is not greater than the number of Class A Ordinary Shares that they may purchase in the over-allotment option. In a naked short position, the number of Class A Ordinary Shares involved is greater than the number of Class A Ordinary Shares in the over-allotment option. The Underwriter may close out any covered short position by either exercising their over-allotment option and/or purchasing Class A Ordinary Shares in the open market.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions involve purchases of Class A Ordinary Shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of Class A Ordinary Shares to close out the short position, the Underwriter will consider, among other things, the price of our Class A Ordinary Shares available for purchase in the open market as compared to the price at which they may purchase Class A Ordinary Shares through the over-allotment option. If the Underwriter sell more Class A Ordinary Shares than could be covered by the over-allotment option, a naked short position, the position can only be closed out by buying Class A Ordinary Shares in the open market. A naked short position is more likely to be created if the Underwriter is concerned that there could be downward pressure on the price of the Class A Ordinary Shares in the open market after pricing that could adversely affect investors who purchase in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permit the Underwriter to reclaim a selling concession from a syndicate member when the Class A Ordinary Shares originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In passive market making, market makers in the Class A Ordinary Shares who are the Underwriter or prospective underwriter may, subject to limitations, make bids for or purchases of our Class A Ordinary Shares until the time, if any, at which a stabilizing bid is made.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of the Class A Ordinary Shares or preventing or retarding a decline in the market price of Class A Ordinary Shares. As a result, the price of Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market. These transactions may be effected on the NYSE American or otherwise, and, if commenced, may be discontinued at any time.

#### Determination of Offering Price
We determined the public offering price of the Class A Ordinary Shares we are offering in consultation with the Underwriter based on discussions with potential investors in light of the history and prospects of our company, the stage of development of our business, our business plans for the future and the extent to which they have been implemented, an assessment of our management, the public stock price for similar companies, general conditions of the securities markets at the time of the offering and such other factors as were deemed relevant.

#### Electronic Offer, Sale and Distribution of Securities
A prospectus in electronic format may be delivered to potential investors by the Underwriter. The prospectus in electronic format will be identical to the paper version of such prospectus. Other than the prospectus in electronic format, the information on the Internet sites or through other online services maintained by one or more of the Underwriter is not part of the prospectus or the registration statement of which this Prospectus forms a part.

#### Relationships
The Underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include the sales and trading of securities, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, financing, brokerage and other financial and non-financial activities and services. The Underwriters and their respective affiliates may have, from time to time, performed, and may in the future perform, a variety of such activities and services for us and for persons or entities with relationships with us for which they received or will receive customary fees, commissions and expenses.

In the ordinary course of their various business activities, the Underwriters and their respective affiliates, directors, officers and employees may at any time purchase, sell or hold a broad array of investments, and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own accounts and for the accounts of their customers. Such investment and trading activities may involve or relate to our assets, securities and/or instruments (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with us. The Underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments. In addition, the Underwriters and their respective affiliates may at any time hold, or recommend to clients that they should acquire, long and short positions in such assets, securities and instruments.

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

#### Indemnification
We have agreed to indemnify the several underwriters against certain liabilities, including certain liabilities under the Securities Act. If we are unable to provide this indemnification, we have agreed to contribute to payments the underwriters may be required to make in respect of those liabilities.

#### Application for NYSE American Listing
We will apply to have our Class A Ordinary Shares approved for listing/quotation on the NYSE American under the symbol "SNSC" We will not consummate and close this offering without a listing approval letter from the NYSE American.

#### Selling Restrictions
No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of the Class A Ordinary Shares, or the possession, circulation or distribution of this prospectus or any other material relating to us or the Class A Ordinary Shares, where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither this prospectus nor any other offering material or advertisements in connection with the Class A Ordinary Shares may be distributed or published, in or from any country or jurisdiction except in compliance with any applicable rules and regulations of any such country or jurisdiction.

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

#### EXPENSES RELATING TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and the non-accountable expense allowance, expected to be incurred in connection with this offering by us. With the exception of the SEC registration fee, the FINRA filing fee, and the stock exchange market entry and listing fee, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  Securities and Exchange Commission Registration Fee | US$ | 3811.56 |
|  NYSE American Listing Fee | US$ | 75000.00 |
|  FINRA Filing Fee | US$ | 4640.00 |
|  Legal Fees and Expenses | US$ | 605000 |
|  Accounting Fees and Expenses | US$ | 148943 |
|  Printing Expenses | US$ | 25000 |
|  Miscellaneous Expenses | US$ | 115000 |
|  Transfer Agent Expenses | US$ | 10000 |
|  **Total Expenses** | US$ | 987394.56 |

---

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#### LEGAL MATTERS
Ortoli Rosenstadt LLP is acting as counsel to our company regarding U.S. securities law matters. The validity of the Class A Ordinary Shares offered hereby will be opined upon for us by Harney Westwood & Riegels. Hunter Taubman Fischer & Li LLC is acting as U.S. securities counsel to the Underwriters regarding U.S. securities law matters. Certain legal matters as to New Zealand law will be passed upon for us by Mallett Partners. Ortoli Rosenstadt LLP may rely upon Harney Westwood & Riegels with respect to matters governed by the law of the Cayman Islands and Mallett Partners with respect to matters governed by the law of New Zealand.

#### EXPERTS
The financial statements for each of the two financial years in the period ended June 30, 2024 and June 30, 2025 included in this prospectus have been audited by Fruci & Associates II, PLLC, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon the authority of such firm as experts in accounting and auditing. The office of Fruci & Associates II, PLLC is located at 802 N. Washington\|, Spokane, WA, USA.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules under the Securities Act, covering the Class A Ordinary Shares offered by this prospectus. You should refer to our registration statements and their exhibits and schedules if you would like to find out more about us and about the Class A Ordinary Shares. This prospectus summarizes material provisions of contracts and other documents that we refer you to. Since this prospectus may not contain all the information that you may find important, you should review the full text of these documents.

Immediately upon the completion of this offering, we will be subject to periodic reporting and other informational requirements of the Exchange Act, as applicable to foreign private issuers. Accordingly, we will be required to file reports, including annual reports on Form 20-F, and other information with the SEC. As a foreign private issuer, we are exempt from the rules of the Exchange Act prescribing the furnishing and content of proxy statements to shareholders under the federal proxy rules contained in Sections 14(a), (b) and (c) of the Exchange Act. In addition, holders of more than 10% of our outstanding Class A Ordinary Shares are not subject to the reporting obligations under Section 16(a) of the Exchange Act. However, pursuant to recently enacted legislation, our directors and executive officers will be subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act. As a result, our directors and executive officers will be required to file reports with the SEC on Forms 3, 4 and 5 to disclose their beneficial ownership of, and transactions in, our equity securities. Our directors and executive officers, as well as holders of more than 10% of our outstanding Class A Ordinary Shares, are expected to remain exempt from the short-swing profit recovery provisions of Section 16(b) and the short-sale restrictions of Section 16(c) of the Exchange Act.

The registration statements, reports and other information so filed can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. You can request copies of these documents upon payment of a duplicating fee, by writing to the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference rooms. The SEC also maintains a website that contains reports, proxy statements and other information about issuers, such as us, who file electronically with the SEC. The address of that website is *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

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#### SUNSCOUT HOLDING LIMITED

#### INDEX TO COMBINED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  **Audited Consolidated Financial Statements for the Years Ended June 30, 2025 and 2024** | **Page** |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID No 5525)](#T201) | F-2 |
|  [Combined Balance Sheets](#T202) | F-4 |
|  [Combined Statements of Operations and other Comprehensive Income](#T203) | F-5 |
|  [Combined Statements of Changes in Equity](#T204) | F-6 |
|  [Combined Statements of Cash Flows](#T205) | F-7 |
|  [Notes to Combination Financial Statements](#T206) | F-8 |

---

---

| | |
|:---|:---|
|  **Unaudited Condensed Consolidated Financial Statements for the Six Months Ended December 31, 2025 and 2024** | **Page** |
|  [Combined Balance Sheets](#T207) | F-30 |
|  [Combined Statements of Operations and other Comprehensive Income](#T208) | F-31 |
|  [Combined Statements of Changes in Equity](#T209) | F-32 |
|  [Combined Statements of Cash Flows](#T210) | F-33 |
|  [Notes to Combined Financial Statements](#T211) | F-34 |

---

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#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of <br>SunScout Holding Limited

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of SunScout Holding Limited ("the Company") as of June 30, 2025 and 2024, and the related combined statements of operations and other comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended June 30, 2025, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024 and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

#### Allowance for Doubtful Accounts — See Note 2 to the Financial Statements
*Critical Audit Matter Description*

As discussed in Note 2, the Company maintains an allowance for credit losses in accordance with ASC 326, Financial Instruments — Credit Losses. We identified that the allowance for doubtful accounts as a critical audit matter due to the valuations requiring significant judgement in management's determination of valuation methodology, as well as in the evaluation of observable and unobservable inputs used in determining current expected credit losses.

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*How the Critical Audit Matter Was Addressed in the Audit*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtained and evaluated management's analysis of its current expected credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tested subsequent collections of accounts receivable, evaluating the results for consistency with management's analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For accounts receivable to be settled via future product orders with manufacturer, performed qualitative and quantitative analysis of the narrative provided by management, including testing of approved orders and confirmations directly with the manufacturer.

![](tfruci_sign.jpg)

Fruci & Associates II, PLLC — PCAOB ID #05525<br>We have served as the Company's auditor since 2025.

Spokane, Washington<br>February 12, 2026

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#### SunScout Holding Limited<br>Combined Balance Sheets<br>As of June 30, 2024 and 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  |  | **USD** | **USD** |
|  **ASSETS** |  |  |  |
|  Current Assets |  |  |  |
|  Cash and Cash Equivalents | 2f | 333186 | 418276 |
|  Accounts receivable, net | 4 | 1745835 | 624009 |
|  Inventory | 5 | 32109 | 21874 |
|  Prepaid Expenses |  |  |  |
|  |  | 2111129 | 1064159 |
|  Non-Current Assets |  |  |  |
|  Property, plant and equipment | 6 | 607267 | 605667 |
|  Operating lease right-of-use assets |  | 104602 | 184652 |
|  Intangible assets | 2k | 918802 | 1054192 |
|  Software Development | 2l | 96551 | 58338 |
|  |  | 1727222 | 1902849 |
|  Total Assets |  | 3838350 | 2967007 |
|  **LIABILITIES** |  |  |  |
|  Current Liabilities |  |  |  |
|  Accounts payable | 2n | 233450 | 155857 |
|  Deferred Revenue |  | 106679 | 167006 |
|  Accrued expenses and other current liabilities |  | 79387 | 68770 |
|  Current portion of operating lease liabilities |  | 77277 | 75612 |
|  Other current liabilities |  | 59393 | 43599 |
|  **Total Current Liabilities** |  | 556186 | 510844 |
|  **Non-current Liabilities** |  |  |  |
|  Long-Term Lease Obligation |  | 27324 | 109038 |
|  Long Term Debt | 2o | 2433303 | 2201150 |
|  **Total Non-current Liabilities** |  | 2460627 | 2310188 |
|  **Commitments and Contingencies** |  | 0 | 0 |
|  **Shareholder's Equity** |  |  |  |
|  Class A Ordinary Shares Par Value US$0.0001 Numbers issued 0 |  | 0 | 0 |
|  Class B Ordinary Shares Par Value US$0.0001 Numbers issued 0 |  | 0 | 0 |
|  AOCI |  | 114662 | 97220 |
|  Retained Earnings |  | 706875 | 48755 |
|  **Total Equity** |  | 821537 | 145975 |
|  **Total Liabilities and Equity** |  | 3838350 | 2967007 |

---

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#### SunScout Holding Limited<br>Combined Statements of Operations and other Comprehensive Income<br>For the Years Ended June 30 <sup>th</sup> 2024, and 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  |  | **USD** | **USD** |
|  Revenue | 3 | $4804982 | $2481343 |
|  Cost of Goods Sold | 2g | 2359157 | 1438906 |
|  Gross Profit |  | 2445825 | 1042437 |
|  **Operating Expenses** |  |  |  |
|  Sales and marketing |  | 42311 | 101256 |
|  General and administrative |  | 1055284 | 452747 |
|  Research & Development |  | 118141 | 13123 |
|  Professional Fees |  | 17100 | 48185 |
|  Travel & Entertainment |  | 46110 | 23692 |
|  Depreciation and amortization |  | 179183 | 31027 |
|  **Total Operating Expenses** |  | 1458129 | 670030 |
|  Total Operating Income |  | 987696 | 372407 |
|  Interest Expense |  | 215195 | 39728 |
|  Other Income | 19 | 14146 | 18683 |
|  Income before Taxes |  | 786647 | 351362 |
|  Income Tax |  | 0 | 0 |
|  Net Income |  | 786647 | 351362 |
|  Other Comprehensive Income |  |  |  |
|  Foreign Currency Translation adjustment |  | 17440 | 89740 |
|  Total Other Comprehensive Income |  |  |  |
|  Comprehensive Income |  | 804087 | 441102 |

---

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#### SunScout Holding Limited<br>Combined Statements of Changes in Equity<br>For the Years ended June 30 2024, and 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **no. of <br>Shares** | **Common <br>Stock** | **AOCI** | **Retained <br>Earnings** | **Total <br>Equity** |
|  | **USD** | **USD** | **USD** | **USD** | **USD** |
|  Balance July 1 2023 |  |  | 7481 | 240376 | 247857 |
|  Change in Other Comprehensive Income |  |  | 89740 |  | 89740 |
|  Net Income |  |  |  | 351362 | 351362 |
|  Distributions |  |  |  | (542983) | (542983) |
|  Balance ending June 30 2024 |  | 0 | 97221 | 48755 | 145976 |
|  Change in Other Comprehensive Income |  |  | 17440 |  | 17440 |
|  Net Income |  |  |  | 786647 | 786647 |
|  Distributions |  |  |  | (128526) | (128526) |
|  Balance ending June 30, 2025 |  | 0 | 114661 | 706876 | 821537 |

---

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#### SunScout Holding Limited<br>Combined Statements of Cash flows<br>For the Year ended June 2024, 2025

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **USD** | **USD** |
|  CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
|  Net Income | 786647 | 351362 |
|  Adjustments from Operating Activity: |  |  |
| &nbsp;&nbsp;&nbsp; Provided by operating activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 179183 | 31027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease expense |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable | (1121825) | (621214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | (10235) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids |  | (2777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable | 77592 | (33971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses | 227047 | 69255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Revenue | (60327) | 143933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | 15728 | 42509 |
|  CASH USED FOR OPERATING ACTIVITIES | 93810 | (19876) |
|  CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Payment for the purchase of Property and Equipment | (71608) | (1666693) |
| &nbsp;&nbsp;&nbsp; Payment for Software | (38213) | (58338) |
|  CASH USED FOR INVESTING ACTIVITIES | (109821) | (1725031) |
|  CASH FLOW FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (115324) | (539732) |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of notes payable | 156615 | 2201149 |
| &nbsp;&nbsp;&nbsp; Payments on Notes Payable | (88603) | 0 |
|  CASH USED FOR FINANCING ACTIVITIES | (47312) | 1661417 |
|  NET DECREASE IN CASH | (63323) | (83490) |
|  Effect of Foreign Exchange Rates on cash | (21767) | 42251 |
|  CASH AT BEGINNING OF YEAR | 418276 | 459515 |
|  CASH AT PERIOD END | **333186** | **418276** |
|  CASH PAID FOR IMTEREST |  |  |
| &nbsp;&nbsp;&nbsp; Interest | **47899** | **7023** |
|  NON CASH INVESTING & FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Interest Recapitalized | **216430** | **39885** |
| &nbsp;&nbsp;&nbsp; Vehicles purchased with Debt | **46400** | **0** |

---

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#### SunScout Holding Limited<br>Notes to Combined Financial Statements
**1. ORGANIZATION AND PRINCIPAL ACTIVITIES**

SunScout Holding Limited ("the Company") was incorporated in the Cayman Islands on August 18, 2025. The Company serves as the holding company of the SunScout group (the "Group").

The Group is engaged in the design, development, manufacture, and commercialization of solar-powered robotic equipment and related clean-energy technologies, as well as the provision of solar power systems and engineering services through its operating subsidiaries.

**1.2 BASIS OF COMBINATION AND GROUP STRUCTURE**

The combined financial statements include the accounts of SunScout Holding Limited and its subsidiaries over which the Company exercises control, in accordance with Accounting Standards Codification ("ASC") 810, Consolidation. Control is generally achieved through ownership of a majority voting interest or, in certain circumstances, through variable interest arrangements.

All intercompany balances and transactions have been eliminated in consolidation. Subsidiaries are combined from the date control is obtained and continue to be combined until such control ceases.

As of June 30, 2025, the Company's principal operating subsidiaries included the following:

---

| | | | |
|:---|:---|:---|:---|
|  **Subsidiary Name** | **Country of <br>Incorporation** | **Ownership <br>Interest** | **Principal Activity** |
|  SunScout Limited | New Zealand | 100% | Solar Powered Technology |
|  SunScout New Zealand Limited | New Zealand | 100% | Engineering and Development |
|  Brightway Energy (SunScout USA) | United States | 100% | Solar System Installation |

---

As of June 30, 2025, the Group did not include SunScout Asia Company Limited, which was incorporated subsequent to the reporting period. Other than this post-period incorporation, the Company had no investments in associates or joint ventures, and the Group did not hold any dormant or inactive entities as of that date.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*(a) Basis of Presentation*

The accompanying combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and present the historical combined financial position, results of operations, and cash flows of SunScout Holding Limited (the "Company") and its combined subsidiaries for the periods presented.

SunScout Holding Limited was incorporated as a holding company to combine the ownership and operations of entities comprising the SunScout group. The combined financial statements reflect entities that were under common control during the periods presented and have been prepared using historical carrying values, consistent with the accounting treatment applicable to common-control transactions.

All intercompany balances and transactions have been eliminated in consolidation. The combined financial statements reflect all adjustments that, in management's opinion, are necessary for a fair presentation of the Company's financial position, results of operations, and cash flows for the periods presented.

*(b) Use of Estimates*

The preparation of combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of loss contingencies (see Note#20 commitments and contingencies), and the reported amounts of revenue and expenses during the reporting period.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Significant estimates include, among others, expected credit losses on accounts receivable, inventory valuation (lower of cost and net realizable value), the estimated useful lives of property and equipment, impairment assessments for long-lived assets, valuation allowances for deferred tax assets, and uncertain tax positions. Actual results could differ materially from those estimates.

Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

*(c) Basis of Consolidation*

The accompanying combined financial statements include the accounts of the Company and its subsidiaries in which the Company has a controlling financial interest. For entities that are not variable interest entities ("VIEs"), control is generally established through ownership of a majority voting interest or through other arrangements that provide the Company with the ability to direct the activities that most significantly affect the entity's economic performance.

The Company evaluates its involvement with other entities to determine whether such entities are VIEs in accordance with ASC 810, Consolidation, and consolidates a VIE when the Company is determined to be the primary beneficiary.

All intercompany balances and transactions have been eliminated in consolidation. The results of subsidiaries acquired or disposed of during the year are included in the combined financial statements from the acquisition date through the disposal date, as applicable. All subsidiaries follow accounting policies consistent with those of the Company.

The following subsidiaries are included in the combined financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SunScout Limited — wholly owned subsidiary of SunScout Holding Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brightway Energy Limited — wholly owned subsidiary of SunScout Holding Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SunScout New Zealand Limited — wholly owned subsidiary of SunScout Limited

As of June 30, 2025, management has determined that the Company is not the primary beneficiary of any variable interest entities.

As of and for the years ended June 30, 2025, and June 30, 2024, the Company did not dispose of any subsidiaries and did not lose control of any combined entities.

*(d) Foreign currency translation*

The reporting currency of the Company is the United States dollar ("USD"). The functional currency of the Company's U.S.-based entities is the USD. The functional currency of the Company's New Zealand — based entities is the New Zealand dollar ("NZD").

For entities whose functional currency is not the USD, assets and liabilities are translated into USD at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within shareholders' equity.

Transactions denominated in currencies other than an entity's functional currency are remeasured into the functional currency using exchange rates in effect at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are remeasured at exchange rates in effect at the balance sheet date, with resulting transaction gains and losses recognized in the combined statements of operations.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following exchange rates were used to translate the financial statements of the Company's New Zealand — based entities whose functional currency is the NZD:

---

| | | |
|:---|:---|:---|
|  | **June 30, <br>2025** | **June 30, <br>2024** |
|  Year-end NZD: US$ Exchange Rate | 0.5824 | 0.6050 |
|  Annual average NZD: US$ exchange rate | 0.59076 | 0.6066 |

---

*(e) Fair value measurement*

The Company applies Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements.

ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.

ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:

---

| | |
|:---|:---|
|  Level 1 | inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|  Level 2 | inputs to the valuation methodology include quoted prices for identical or similar assets and liabilities in active markets or in inactive markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|  Level 3 | inputs to the valuation methodology are unobservable and significant to the fair value. |

---

The carrying amounts of the Company's financial instruments approximate their fair values because of their short-term nature. The Company's financial instruments include cash and cash equivalents, accounts receivable, amounts due from related parties, other current assets, short-term bank borrowing, accounts payable, advance from customers, and income tax payables.

*(f) Cash and Cash equivalents*

Cash and cash equivalents consist of cash on hand, deposits held at financial institutions, and highly liquid investments with original maturities of three months or less at the date of purchase.

The Company maintains its cash balances with reputable financial institutions. While cash balances may at times exceed insured limits in certain jurisdictions, management does not believe this results in a significant concentration of credit risk.

Bank overdrafts, if any, are classified as short-term borrowings and are included in current liabilities on the combined balance sheets.

Cash and cash equivalents consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  **Holdings** | **2025** | **2024** |
|  Cash on Hand |  |  |
|  Bank (Operating Accounts) | 91,668 | 226,185 |
|  High Yield Interest Account (Live Oaks) | 241,518 | 192,091 |
|  | 333,186 | 418,276 |

---

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*(g) Accounts Receivable and Allowance for Doubtful Accounts*

Accounts receivable primarily consist of amounts due from customers for goods delivered or services provided in the ordinary course of business. Accounts receivable is recorded at their invoiced amounts and generally do not bear interest.

The Company maintains an allowance for credit losses in accordance with ASC 326, Financial Instruments — Credit Losses, which requires the use of the Current Expected Credit Loss ("CECL") model. Under the CECL model, the Company estimates expected credit losses on accounts receivable based on historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

In developing its estimate of expected credit losses, the Company considers, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical write-off trends and loss experience,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aging of outstanding receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer-specific credit risk and payment history,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions that may affect customers' ability to pay, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable and supportable forecasts related to industry and general economic conditions.

The allowance for credit losses is adjusted each reporting period based on changes in these factors. Accounts receivables are written off when management determines that there is no reasonable expectation of recovery. Recoveries of amounts previously written off are recognized in the period received. The Allowance was calculated as of June 30<sup>th</sup> 2025 and 2024 as $7,999, and $4,443.

*(h) Inventories, net*

Inventories consist primarily of raw materials, work in process, and finished goods held for sale or used in production. Inventories are stated at the lower of cost or net realizable value ("NRV") in accordance with ASC 330, Inventory.

Cost is determined using the weighted-average method and includes the purchase price, inbound freight, handling, and other costs necessary to bring inventory to its present condition and location.

*(i) Property, Plant and Equipment*

Property, plant and equipment ("PP&E") are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Cost includes expenditures directly attributable to the acquisition of an asset and any costs necessary to bring the asset to the condition and location for its intended use.

Major replacements and improvements that extend the useful life or increase the capacity of an asset are capitalized, while routine repairs and maintenance are expensed as incurred.

Estimated useful lives are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plant and equipment: 8 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Office equipment: 6 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vehicles: 5 years

Gains or losses on the disposal of PP&E are recognized in the combined statements of operations in the period in which the asset is derecognized.

PP&E is reviewed for impairment in accordance with the Company's policy for long-lived assets, as described in Note 2(j), whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*(j) Impairment of long*-lived *assets*

Long-lived assets, including property and equipment, intangible assets subject to amortization, and other non-current assets, excluding goodwill, are reviewed for impairment in accordance with ASC 360, Property, Plant, and Equipment, whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable.

Recoverability is assessed at the asset group level based on a comparison of the carrying amount of the asset group to the sum of the undiscounted future cash flows expected to result from the use and eventual disposition of the asset group. If the carrying amount exceeds the undiscounted future cash flows, an impairment loss is recognized.

The impairment loss is measured as the amount by which the carrying amount of the asset group exceeds its estimated fair value. Fair value is determined using appropriate valuation techniques, which may include discounted cash flow analyses or other market-based approaches, as applicable.

The determination of undiscounted future cash flows and fair value requires management to make significant judgments and assumptions, including estimates of future revenues, operating costs, and terminal values. Changes in these estimates and assumptions could materially affect the assessment of recoverability and the amount of any impairment recognized.

*(k) Intangible Assets*

The Company's intangible assets consist primarily of customer relationships and trade names acquired in business combinations. Intangible assets are recorded at cost, or at acquisition-date fair value in the case of business combinations. Intangible assets with finite useful lives are amortized over their estimated useful lives, while intangible assets with indefinite useful lives are not amortized.

The Company does not have any indefinite-lived intangible assets as of June 30, 2025 or June 30, 2024.

*Intangible Assets Subject to Amortization*

Customer relationships and trade names are classified as finite-lived intangible assets. These assets are amortized on a straight-line basis over their estimated useful lives, which management believes reflects the pattern in which the economic benefits of the assets are consumed.

Estimated useful lives are as follows:

Customer relationships: 10 years

Trade names: 10 years

Amortization expense related to intangible assets is included within selling, general and administrative expenses in the combined statements of operations.

*Carrying Amounts of Intangible Assets*

The following table summarizes the gross carrying amounts, accumulated amortization, and net carrying values of intangible assets as of June 30, 2025 (in USD):

---

| | | | |
|:---|:---|:---|:---|
|  **As of June 30<sup>th</sup>, 2025** | **Gross <br>Carrying <br>Amount** | **Accumulated <br>Amortization** | **Net <br>Carrying <br>Amount** |
|  Customer List | $841062 | $(92264) | $748798 |
|  Trade Name | $190950 | $(20946) | $170004 |
|  Total intangible assets, net | $1032012 | $(113210) | $918802 |

---

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Amortization Expense*

Amortization expense for intangible assets was $11,868 and $95,343 for the years ended June 30<sup>th</sup>, 2024, and 2025, respectively.

*(l) Software Development*

The Company capitalizes certain costs related to the development of internal-use software in accordance with ASC 350-40, Internal-Use Software. Capitalization of costs begins when a software project enters the application development stage and the capitalization criteria are met. Costs incurred during the preliminary project stage and costs related to post-implementation activities are expensed as incurred.

Capitalized internal-use software costs primarily include payroll and related costs of employees directly associated with software development and certain external consulting costs. Capitalization ceases when the software is substantially complete and ready for its intended use.

Capitalized internal-use software costs are amortized on a straight-line basis over their estimated useful lives and amortization expense is included within selling, general and administrative expenses in the combined statements of operations.

*(m) Goods and Services Tax:*

Revenues, expenses, assets, and liabilities are recognized net of goods and services tax ("GST"), except to the extent the GST incurred is not recoverable from the applicable taxation authority.

Amounts receivable from, and payable to, taxation authorities in respect of GST are offset and presented on a net basis when the Company has a legally enforceable right of offset. When the net position results in an amount payable to the taxation authority, the balance is included within accrued liabilities. Accordingly, no separate GST receivable is presented on the combined balance sheets as of the reporting dates.

All monetary amounts in the combined financial statements are presented exclusive of GST unless otherwise noted.

*(n) Accounts Payable:*

Accounts payable consist of amounts owed to vendors and service providers for goods and services received in the ordinary course of business. Accounts payable are unsecured, non-interest-bearing obligations that are generally settled within standard commercial payment terms.

Accounts payable include invoiced amounts that have been approved for payment, as well as accrued amounts for goods or services received for which invoices have not yet been received as of the reporting date.

The Company does not maintain any long-term trade payables or financing arrangements with vendors. Payment terms vary depending on the nature of the goods or services provided and the geographic region of the vendor but generally range from 15 to 60 days. The Company is not subject to material concentration risk with respect to its vendor base.

As of June 30, 2024, and June 30, 2025, accounts payable totaled $155,857 and $233,450, respectively.

*(o) Long*-term *Debt:*

As of June 30, 2025, the Company's long-term debt consists primarily of borrowings obtained to finance the acquisition of Brunton Engineering, as well as other term loans and vehicle financing arrangements used to support general business operations.

The borrowing related to the acquisition of Brunton Engineering was obtained under a financing program administered by the New Zealand government and bears a fixed interest rate of 11.84% per annum. The loan is unsecured and is subject to customary repayment terms. Management intends to repay this loan in accordance

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

with its contractual terms and may, subject to market conditions and other considerations, elect to use a portion of the proceeds from a future equity financing, including the Company's planned initial public offering, to reduce or retire this obligation.

Other long-term debt consists of standard commercial term loans and vehicle loans, which bear interest at prevailing market rates and are repayable over their contractual terms. The Company was in compliance with all material debt covenants, if any, as of June 30, 2025.

Long-term debt consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  **Long-Term Loan** | **As of June 30** | **As of June 30** |
|  **Long-Term Loan** | **2025** | **2024** |
|  | (USD) | (USD) |
|  RSPF Loan (Brunton Engineering) | $1997483 | $1854623 |
|  Term Loans | $410241 | $346527 |
|  Vehicle Loans | $25569 | $— |
|  Total long-term debt | $2433303 | $2201150 |

---

*(p) Revenue Recognition*

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when control of the promised goods or services is transferred to the customer.

*Revenue Streams*

The Company's primary revenue streams include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engineering and development services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manufacturing and fabrication of equipment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction and installation of solar energy systems (commercial and residential),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of SunScout products.

*Performance Obligations*

The Company evaluates its contracts to identify performance obligations. In many cases, contracts contain a single performance obligation representing the delivery of an integrated product or service. Activities such as design, fabrication, and installation are not separately distinct in the context of the overall promise to the customer when they are highly interrelated and provide a combined output.

*Engineering and Development Services*

Revenue from engineering and development services, including design, system integration, software development, and prototyping, is recognized over time, as customers simultaneously receive and consume the benefits of the Company's performance.

Payment is due 30 days after invoiced

For longer-term engagements, progress toward completion is measured using the cost-to-cost input method. For shorter-term or milestone-based engagements, revenue is recognized using an output method based on the achievement of defined contractual milestones or deliverables.

*Manufacturing and Fabrication Contracts*

Revenue from customized manufacturing and fabrication contracts is recognized either over time or at a point in time, depending on the terms of the contract.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

Revenue is recognized over time when the manufactured product has no alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. In these cases, progress is measured using the cost-to-cost input method.

When these criteria are not met, revenue is recognized at a point in time, generally upon shipment or delivery of the product to the customer.

Payment is due 30 days after invoiced

*Construction and Installation of Solar Energy Systems*

The Company designs and installs solar energy systems for commercial and residential customers. Each contract is evaluated to determine whether it represents a single performance obligation to deliver a functioning solar system.

In New Zealand Revenue is recognized over time when the customer controls the asset as it is created or enhanced, or when the criteria in ASC 606-10-25-27 are met. In such cases, progress is measured using an input method based on costs incurred relative to total estimated costs.

Payment is due 30 days after invoiced

In our US market Revenue is recognized the day the system is installed on the Property which meets the criteria under ASC 606

Payment is based on 4 stages of completion:

The four payment milestones are:

1: Upon signing of the contract

2: Upon completion of the system design and permit application

3: upon completion of the solar system installation

4: upon interconnection of the solar system to the power grid

When the criteria for over-time recognition are not met, revenue is recognized at a point in time, generally when installation is substantially complete, testing has been performed, and control transfers to the customer, typically upon customer acceptance or interconnection to the utility grid.

Standard warranties associated with these systems are assurance-type warranties and are accounted for in accordance with ASC 460, Guarantees.

*Sales of SunScout Products*

Revenue from the sale of solar-powered lawn care equipment, whether to consumers (B2C) or business customers (B2B), is recognized at a point in time when control transfers to the customer, which generally occurs upon delivery or when the customer takes possession of the product.

Standard warranties associated with these products are assurance-type warranties and are accounted for in accordance with ASC 460.

*Measurement of Progress*

For performance obligations satisfied over time, progress toward completion is measured using the cost-to-cost input method, which management believes best depicts the transfer of control to the customer. Costs included in the measure of progress consist of direct labor, materials, subcontractor costs, and applicable overhead. General and administrative costs are excluded unless specifically recoverable under the contract.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Contract Balances*

Contract assets arise when the Company recognizes revenue in advance of billing the customer. Contract liabilities arise when the Company receives consideration, or has the right to receive consideration, in advance of satisfying performance obligations. Contract assets and contract liabilities are recorded on a contract-by-contract basis and presented in the combined balance sheets.

The contract liabilities at June 30 2025 and 2024 were $34,944 and 25,240. All the balance showing in 2024 was used in 2025, and we have no reason not to believe that the balance at the end of 2025 will not be used in 2026.

*Contract Modifications*

Contract modifications are evaluated in accordance with ASC 606-10-25-10 to determine whether they should be accounted for as a separate contract, a termination and replacement of an existing contract, or as a cumulative catch-up adjustment to revenue.

*Loss Contracts*

If at any time the total estimated costs to complete a contract exceed the total contract consideration, the expected loss is recognized immediately in the combined statements of operations.

*Significant Judgments*

Significant judgments in applying the revenue recognition standard include determining whether performance obligations are satisfied over time or at a point in time; selecting appropriate methods to measure progress toward completion; estimating total contract costs; evaluating enforceable rights to payment; and assessing the accounting treatment for contract modifications.

*(q) Cost of Revenue*

Cost of revenue represents the direct costs incurred in connection with the production and delivery of the Company's products and services.

Cost of revenue excludes selling, general and administrative expenses, research and development costs, and other indirect costs that are not directly attributable to specific revenue-generating activities.

Components of Cost of Revenue

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  **Account** | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Apprenticeship Boost | $(3545) | $266 |
|  Cost of Goods Sold | 1521068 | 1386612 |
|  Inwards Freight | 6042 | 7 |
|  Meal Allowance | 6923 |  |
|  Misc Purchases | 45188 | 7535 |
|  Non charge labour | 69931 | 230 |
|  R&D | 61531 |  |
|  Rework | 5605 |  |
|  Subcontractors | 6638 |  |
|  Travel Expenses |  | 130 |
|  Wages | 447174 | 37261 |
|  Warranty Costs | 142 |  |
|  Workshop | 192460 | 6865 |
|  **Total Cost of Sales** | $2359157 | $1439906 |

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*(r) Government Grants*

The Company receives government grants in the form of cash subsidies from governmental authorities, primarily in New Zealand, to support innovation, technology development, workforce training, and research and development activities.

Government grants are recognized in the combined statements of operations when there is reasonable assurance that the Company has complied with all substantive conditions associated with the grants and that the grants will not be required to be repaid. Grant income is recognized on a systematic basis over the periods in which the related costs are incurred or when the related performance obligations are satisfied, as applicable.

Grants that are directly attributable to specific operating costs are presented as a reduction of the related expense within cost of revenue or operating expenses, consistent with the nature of the underlying costs. Grants that are not directly attributable to specific cost components are presented as other income.

For the years ended June 30, 2025 and 2024, the Company received grant funding of $365,613 and $85,019, respectively. The Company accounts for grant funding as a reduction of the specific operating expenses for which the grants were awarded.

For the year ended June 30, 2024, the full amount of $85,019 was recognized as a reduction of research and development expenses in the combined statement of operations.

For the year ended June 30, 2025, $183,987 of the grant funding received was recognized as a reduction of software development expenses, and the remaining $181,626 was recognized as a reduction of research and development expenses in the combined statement of operations.

---

| | | |
|:---|:---|:---|
|  **R&D** | **2025** | **2024** |
|  Spent on R&D | 302,127 | 98,143 |
|  Grant's Received | 183,987 | 85,019 |
|  Net Expense | 118,140 | 13,124 |

---

Accordingly, amounts received under the Apprenticeship Boost program, which subsidizes employee compensation costs directly associated with revenue-generating activities, are presented as a reduction of cost of revenue in the combined statements of operations.

*(s) Related parties:*

Related parties are defined in accordance with ASC 850, Related Party Disclosures. Related parties include, among others, the Company's affiliates; principal owners; members of management; immediate family members of principal owners and management; entities for which the Company has the ability to exercise significant influence; and entities that are under common control with the Company.

Transactions with related parties are disclosed in the combined financial statements when such transactions occur. Related-party transactions may include, but are not limited to, loans, cost-sharing arrangements, and the provision or receipt of goods and services. All related-party transactions are evaluated to determine appropriate recognition and disclosure in accordance with U.S. GAAP.

*(t) Segment Reporting*

The Company's Chief Executive Officer serves as the Chief Operating Decision Maker ("CODM") for purposes of segment reporting under ASC 280, Segment Reporting. The CODM evaluates operating performance and allocates resources based on discrete financial information prepared and reviewed by product line and service offering.

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Operating Segments*

The Company conducts its operations through business components that engage in revenue-generating activities, incur expenses, and for which discrete financial information is available and regularly reviewed by the CODM. Based on this evaluation, the Company has identified the following operating segments, which also represent its reportable segments:

*SunScout Products*

This segment includes the design, manufacture, sale, and deployment of solar-enabled robotic mowing and related autonomous equipment platforms, including associated accessories and support services.

*Solar and Energy Solutions*

This segment includes solar power development and related solutions, including project development, engineering, procurement, construction management, operations and maintenance services, and, where applicable, long-term power purchase arrangements.

*Engineering and Manufacturing Services*

This segment includes engineering design and manufacturing support activities performed for internal programs and third parties, including prototyping, fabrication, testing, and related engineering services.

Measurement of Segment Results

The accounting policies of the reportable segments are the same as those described in the Summary of Significant Accounting Policies. The measure of segment profit or loss used by the CODM is segment gross margin, defined as segment revenue less segment cost of goods sold and direct segment wages. Segment gross margin is the single measure the CODM uses to evaluate the operating performance of each reportable segment and to make resource allocation decisions. It is the measure most consistent with the measurement principles used in the Company's consolidated financial statements, as it is derived directly from revenue recognized under ASC 606 and costs recognized under U.S. GAAP, without adjustment or modification for segment reporting purposes, consistent with ASC 280-10-50-28A and ASC 280-10-50-28B.

Segment revenue, segment cost of goods sold, and segment direct wages are reviewed by the CODM as the component line items that comprise segment gross margin. These represent the significant segment expense categories regularly provided to the CODM, consistent with ASC 280-10-50-30. Corporate-level expenses, including group finance, legal, governance, and public company readiness costs, are managed on a combined basis and are not allocated to the operating segments.

As at June 30, 2025(USD)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Engineering <br>Product & <br>Services** | **SunScout <br>Products** | **Solar Power <br>Development <br>Solutions** | **Total** |
|  Revenue | 1494603 | 1343052 | 1967328 | 4804983 |
|  Material | 398398 | 0 | 769763 | 1168161 |
|  Direct Labour | 447174 | 0 | 505436 | 952610 |
|  Overhead | 109785 | 61532 | 67070 | 238387 |
|  Segmented gross Margin | 539246 | 1281520 | 625059 | 2445825 |

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

As at June 30, 2024(USD)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Engineering <br>Product & <br>Services** | **SunScout <br>Products** | **Solar Power <br>Development <br>Solutions** | **Total** |
|  Revenue | 172449 | 459041 | 1849853 | 2481343 |
|  Material | 49196 | 0 | 686588 | 735784 |
|  Direct Labour | 37261 | 0 | 614455 | 651716 |
|  Overhead | 11998 | 0 | 39408 | 51407 |
|  Segmented gross Margin | 73994 | 459041 | 509402 | 1042437 |

---

SunScout Products segment revenue for the periods presented arose entirely from a license manufacturing agreement. No Material of Labour expenses were incurred by the company in connection with this revenue.

The Company has adopted ASU 2023-07, Improvements to Reportable Segment Disclosures, effective July 1, 2023. The disclosures in this note reflect the requirements of ASU 2023-07 as applicable to the company's reportable segments.

*Segment Revenue Information*

The following table presents revenue by reportable segment for the periods presented (in USD):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **USD** | **% of total<br>revenues** | **USD** | **% of total<br>revenues** |
|  **Segment (Operating Segment)** |  |  |  |  |
|  Engineering Products and Services | $1494603 | 31.11% | $172449 | 6.95% |
|  SunScout Products (Agreement with Hoffen Asia) | 1343052 | 27.95% | 459041 | 18.50% |
|  Solar Power Development Solutions | $1967328 | 40.94% | $1849853 | 74.55% |
|  **Total revenues** | 4804983 | 100% | 2481343 | 100% |

---

*All of 2024, and 2025 revenue that was calculated under SunScout Products and Services was due to a licensing agreement signed between Hoffen Asia and SunScout Limited, we categorized this revenue under the SunScout Product category because it relates directly to the right to Manufacture the SunScout ECO*

*Geographic Information*

*In addition to reviewing performance by operating segment, the CODM also reviews revenue information by geographic region. Geographic revenue information is presented by customer location in accordance with ASC 280-10-50-41.*

*The following table presents revenue by geographic area for the years ended June 30, 2025, 2024, and 2023:*

---

| | | | |
|:---|:---|:---|:---|
|  **Geographic Region** | **2025** | **2024** | **2023** |
|  New Zealand | $2837655 | $631490 | $0 |
|  Rest of Asia/Pacific | $0 | $0 | $0 |
|  Total Asia/Pacific | $2837655 | $632490 | $0 |
|  United States | $1967328 | $1849853 | $2803314 |
|  Rest of North America | $0 | $0 | $0 |
|  Total North America | $1967328 | $1849853 | $2803314 |
|  Europe | $0 | $0 | $0 |
|  Total Revenue | $4804983 | $2482343 | $2803314 |

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**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

#### Long-Lived Assets by Geographic Area
Long-lived assets consist of property and equipment and right-of-use assets. The Company's long-lived assets are located entirely in New Zealand. Long-lived assets in any individual country other than New Zealand were not material for any period presented.

*(u) Commitments and contingencies*

The Company accounts for loss contingencies in accordance with ASC 450, Contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties, and other matters are recorded when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

If a loss contingency is reasonably possible, or if a loss is probable but the amount cannot be reasonably estimated, the nature of the contingency is disclosed together with an estimate of the possible loss or range of loss, if such an estimate can be made and is material.

Legal costs incurred in connection with loss contingencies are expensed as incurred.

*(v) Recently adopted and issued accounting pronouncements*

The Company monitors new accounting standards updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and assesses their applicability and potential impact on the combined financial statements.

There was no accounting standards adopted during the periods presented that had a material impact on the Company's combined financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220*-40*)*. This ASU enhances disclosure requirements related to the disaggregation of certain income statement expenses. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that adoption of this ASU will have on its combined financial statement disclosures.

**3. REVENUE**

In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company disaggregates revenue by major product and service category, which management believes best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following table presents the disaggregation of the Company's revenues by type of goods and services for the years ended June 30, 2025 and 2024 (in USD):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **USD** | **% of total <br>revenues** | **USD** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 1494603 | 31.11% | 172449 | 6.95% |
|  SunScout Products | 1343052 | 27.95% | 459041 | 18.50% |
|  Solar Power Development Solutions | 1967327 | 40.94% | 1849853 | 74.47% |
|  **Total revenues** | 4804982 | 100.00% | 2481343 | 100.00% |

---

For the years ended June 30, 2025, and June 30, 2024, Hoffman Asia accounted for more than 10% of total revenue in both 2025 and 2024. The company contributed $1,343,052 in 2025 and $459,041 in 2024, representing 27.95% and 18.50% of total revenue, respectively. In 2025, another significant contributor was the New Zealand Defense Force, which generated $450,751 in revenue, accounting for 9.4% of total income.

As of June 30, 2025, the Company's remaining performance obligations were not material, as the majority of contracts are short-term in nature and are expected to be satisfied within twelve months**.**

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**SunScout Holding Limited<br>Notes to Combined Financial Statements**

**4. ACCOUNTS RECEIVABLE, NET**

Accounts Receivable are stated at their gross carrying amounts, net of an allowance for expected credit losses, which is determined in accordance with ASC 326, Financial Instruments — Credit Losses. The allowance reflects management's estimate of expected credit losses based on historical experience, current conditions, and reasonable and supportable forecasts.

As of June 30, 2025 and 2024, accounts receivable consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Gross Accounts Receivable | $1753833 | $628452 |
|  Allowance for credit losses (ASC 326) | $(7999) | $(4443) |
|  Net Accounts Receivables | $1745834 | $624009 |

---

The Company does not have any material concentration of credit risk, as accounts receivable are derived from a diversified customer base, and no single customer accounted for a significant portion of outstanding accounts receivable as of June 30, 2025, or June 30, 2024. As of June 30, 2025 and June 30, 2024, substantially all of the Company's accounts receivable related to amounts due under a license agreement with Hoffen Asia Co., Ltd. The receivable represents an unpaid portion of an upfront license fee. Payment of this amount has been deferred by the Company until funds are required to support inventory procurement and initial production for the SunScout Eco product. The receivables for Hoffen Asia will be recognized when they deliver completed SunScout ECO', for example they have an order from us for 1500 units that will cost roughly $850,000. When these are delivered, we will deduct $850,000 from their outstanding balance. We expect this to be fully cleared off SunScouts books by the end of 2026

**5. INVENTORIES**

Inventories are stated at the lower of cost or net realizable value, as described in Note 2(h). All inventories are held in New Zealand.

As of June 30, 2025 and 2024, inventories consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Finished Goods | $32109 | $21874 |
|  | $32109 | $21874 |

---

**6. PROPERTY AND EQUIPMENT**

Property and equipment are stated at cost, net of accumulated depreciation and impairment, as described in Note 2(i).

As of June 30, 2025 and 2024, property and equipment consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  **(in thousands)** | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Plant and Equipment | $553595 | $575077 |
|  Office Equipment | 20259 | 19415 |
|  Vehicles | 127256 | 24252 |
|  Total Cost | 701110 | 618744 |
|  Less: Accumulated Depreciation | (93844) | (13077) |
|  Less: Impairment loss |  |  |
|  Property, Plant and Equipment, net | $607266 | $605667 |

---

Depreciation expense for the years ended June 30, 2025 and 2024 was $80,767 and $13,077, respectively, and is included in general and administrative expenses in the combined statements of operations.

No impairment losses were recognized for property and equipment during the years ended June 30, 2025 and 2024.

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**SunScout Holding Limited<br>Notes to Combined Financial Statements**

**7. OPERATING LEASE LIABILITIES AND RIGHT OF USE ASSETS:**

The Company leases building facilities under an operating lease from an unrelated third party. The lease commenced on May 31, 2024 and has a non-cancellable term of three years. Lease payments are fixed and do not include variable lease components based on usage, sales, or performance.

At lease commencement, the Company recognized a right-of-use ("ROU") asset and a corresponding operating lease liability, measured at the present value of future lease payments, in accordance with ASC 842, Leases. Operating lease liabilities are presented separately from long-term debt on the combined balance sheets and are not considered debt obligations for purposes of Note 9.

*Lease Assets and Liabilities*

As of June 30, 2025 and 2024, lease assets and liabilities consisted of the following (in USD):

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Right-of-Use Asset, net | $104602 | $184652 |
|  Building Lease Liabilities – Current | $104602 | $184652 |

---

Lease expense and depreciation recognized during the year:

---

| | | |
|:---|:---|:---|
|  | **As of June 30,** | **As of June 30,** |
|  | **2025** | **2024** |
|  | **(USD)** | **(USD)** |
|  Depreciation of ROU Asset | $72923 | $6129 |
|  Interest expense on lease liability | $8800 | $962 |

---

*Lease Expense*

Operating lease cost was recognized on a straight-line basis over the lease term and included in general and administrative expenses in the combined statements of operations. Total operating lease expense for the years ended June 30, 2025 and 2024 was $74,202 and $6,146, respectively.

**8. LONG**-TERM **DEBT MATURITIES**

The table below presents the scheduled contractual principal repayments of the Company's outstanding interest-bearing long-term debt obligations, excluding operating lease liabilities accounted for under ASC 842, as of June 30, 2025 (in USD).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **< 1 year** | **1-3 years** | **3-5 years** | **> 5 years** |
|  Long-term debt | 2433303 | 0 | 0 | 2433303 | 0 |

---

The amounts presented above reflect contractual repayment terms. The Company may elect to repay certain borrowings prior to their contractual maturity dates, subject to available liquidity and financing considerations.

**9. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES**

The Company is exposed to financial risks arising in the ordinary course of business, including credit risk, liquidity risk, and market risk. These risks primarily relate to financial instruments recognized in the combined financial statements and are described in the following sections.

#### 9.a. Credit Risk
Credit risk represents the risk of loss resulting from counterparties' failure to perform under contractual obligations. The Company is exposed to credit risk primarily through cash and cash equivalents, trade receivables, and deposits with financial institutions.

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

#### SunScout Holding Limited<br>Notes to Combined Financial Statements
**9. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES** (cont.)

The Company's maximum exposure to credit risk is limited to the carrying amounts of the financial assets recognized in the combined balance sheet.

Trade receivables are evaluated for impairment in accordance with ASC 326, Financial Instruments — Credit Losses. The Company estimates expected credit losses based on historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

The Company does not have material concentrations of credit risk with respect to any single customer or counterparty.

#### 9.b. Liquidity Risk
The Company's principal liquidity requirements relate to the funding of operating expenses, capital expenditures, and contractual obligations. The Company's liquidity is primarily derived from cash on hand and, where applicable, borrowings under existing credit facilities.

Information regarding the contractual maturities of the Company's significant financial liabilities is disclosed in Note 9.

#### 9.c. Market Risk
The Company is exposed to market risks arising primarily from foreign currency fluctuations and, to a lesser extent, interest rate movements.

*Foreign Currency Risk*

The Company is exposed to foreign currency risk primarily from operating revenues and expenses denominated in currencies other than the Company's presentation currency, the U.S. dollar, principally the New Zealand dollar and Euro.

Foreign currency risk is managed primarily through natural hedging, as a significant portion of foreign-currency revenues are offset by foreign-currency operating costs incurred in the same jurisdictions.

A hypothetical 5% strengthening of the U.S. dollar against these foreign currencies, with all other variables held constant, would decrease profit before income taxes by approximately $47,000. Conversely, a 5% weakening of the U.S. dollar against these foreign currencies would increase profit before income taxes by approximately $47,000. This sensitivity analysis reflects the net impact of transactional foreign currency exposures and excludes the effects of translating the financial statements of foreign subsidiaries.

**(**b) Sensitivity to Product Cost Increases

The Company is exposed to market risk related to the cost of raw materials and products used in its operations. A hypothetical 10% increase in the cost of products, assuming all other factors remain constant, would increase the Company's cost of goods sold by approximately $245,000. This sensitivity analysis is intended for illustrative purposes and does not necessarily reflect the actual impact of future cost changes, which may be influenced by factors such as supply chain fluctuations, vendor pricing, and contractual terms.

#### 9.d. Capital Risk Management
The Company's capital structure consists primarily of equity and, where applicable, interest-bearing debt. The Company manages its capital structure to support ongoing operations and future growth.

As of June 30, 2025, the Company was in compliance with all material externally imposed capital requirements, including debt covenants, where applicable.

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

**SunScout Holding Limited<br>Notes to Combined Financial Statements**

**10. RELATED PARTY TRANSACTIONS AND BALANCES:**

Related parties include the Company's controlling shareholders, directors, executive officers, and entities under common control with such individuals.

During the fiscal years ended June 30, 2025, and 2024, the Company engaged in transactions with related parties primarily consisting of intercompany advances, expense reimbursements, and other routine operating transactions with entities under common ownership. All intercompany transactions and balances between combined entities were eliminated upon consolidation.

From time to time, a controlling shareholder paid certain operating expenses on behalf of the Company in the ordinary course of business, primarily consisting of routine administrative and operating expenses. The Company reimbursed the controlling shareholder for such payments. As of the years ended June 30, 2025 and 2024 the related party transactions were $7,232 and $29,376 were payable to or had been paid by the controlling shareholder on behalf of the Company. These balances were unsecured, non-interest bearing, and had no fixed repayment terms.

Management believes that these related party transactions were conducted on terms consistent with those that would have been obtained in arm's-length transactions with unrelated parties.

**11. INCOME TAXES**

The Company accounts for income taxes in accordance with Accounting Standards Codification ("ASC") 740, Income Taxes, using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their respective tax bases.

#### U.S. Operations
Certain U.S. operations have historically been conducted through entities that were treated as pass-through entities for U.S. federal and applicable state income tax purposes. As a result, taxable income or loss attributable to those entities was generally passed through to the owners and reported on their individual income tax returns, and no entity-level U.S. federal income tax provision was required for those periods.

For purposes of the combined financial statements, income taxes have been accounted for in accordance with ASC 740, and current and deferred income tax assets and liabilities have been recognized to the extent applicable based on the Company's combined tax position.

#### Foreign Operations
The Company operates through subsidiaries in multiple foreign jurisdictions, including New Zealand. Certain subsidiaries prepare local statutory financial information for compliance and tax filing purposes in accordance with local requirements.

For purposes of the combined financial statements, the financial information of all foreign subsidiaries has been adjusted to conform to U.S. GAAP. Accordingly, income taxes for all foreign operations have been accounted for on an accrual basis in accordance with ASC 740, and current and deferred income tax assets and liabilities have been recognized to the extent applicable.

#### Deferred income taxes
Deferred income tax assets and liabilities arise from temporary differences between the carrying amounts of assets and liabilities in the combined financial statements and their respective tax bases. Deferred tax assets are recognized to the extent that management believes it is more likely than not that such assets will be realized. A valuation allowance is recorded when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

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

#### SunScout Holding Limited<br>Notes to Combined Financial Statements
**11. INCOME TAXES** (cont.)

#### Uncertain tax positions
The Company evaluates uncertain tax positions in accordance with ASC 740. Tax positions are recognized only if it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Interest and penalties related to uncertain tax positions, if any, are recognized within income tax expense.

#### Income tax expense
Income tax expense (benefit) consists of current and deferred income taxes and is recognized in the combined statements of operations.

For the years ended June 30, 2025, and June 30, 2024, a reconciliation of the statutory income tax rate to the Company's effective income tax rate is not meaningful due to losses incurred and the pass-through tax status of certain entities. The company is currently unable to estimate the deferred tax position as this is still being considered as part of the overall reorganization of the company.

**12. EARNINGS PER SHARE.**

SunScout Holding Limited was incorporated on August 18, 2025, and had no ordinary shares issued or outstanding during the fiscal year ended June 30, 2025. Accordingly, earnings per share data have not been presented for the period ended June 30, 2025.

Following the Company's incorporation, ordinary shares were issued in connection with the Group reorganization described in Note 22 (Subsequent Events). Earnings per share information will be presented for periods subsequent to the issuance of ordinary shares

At this time there are no convertible securities that would impact the earnings per share calculation.

**13. COMMITMENTS AND CONTINGENCIES**

*Lease commitments*

The Company is a lessee under a non-cancellable lease agreement for production, office, and warehouse facilities in New Zealand with a remaining lease term of approximately three years. The Company's lease obligations are recognized as right-of-use assets and lease liabilities in accordance with ASC 842, Leases. Information regarding the Company's lease liabilities and related commitments is disclosed in Note 8. (Operating Lease Liabilities And Right Of Use Assets)

*Contingencies*

In the ordinary course of business, the Company may be subject to claims, legal proceedings, and other contingencies arising from contractual, employment, or regulatory matters. The Company accrues for loss contingencies when a loss is probable and the amount can be reasonably estimated, in accordance with ASC 450, Contingencies.

As of June 30, 2025 and 2024, and through the issuance date of these financial statements, there were no pending or threatened claims or litigation requiring accrual or disclosure.

*Capital commitments*

As of June 30, 2025 and 2024, and through the issuance date of these financial statements, the Company had no material capital commitments.

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#### SunScout Holding Limited<br>Notes to Combined Financial Statements
**14. RESERVES AND EQUITY STRUCTURE**

#### Equity Structure
SunScout Holding Limited was incorporated on August 18, 2025. As of June 30, 2025, the Company had not issued any ordinary shares. The Company's authorized share capital consists of 500,000,000 ordinary shares with a par value of $0.0001 per share.

No ordinary shares were issued, repurchased, or cancelled during the fiscal year ended June 30, 2025. Accordingly, no share capital or share premium was recorded as of that date.

*Predecessor Equity And Reserves*

The combined financial statements for the period ended June 30, 2025 include the results of operations and accumulated balances of entities that were subsequently contributed to the Company in connection with the Group reorganization described in Note 22 (Subsequent Events). Equity balances presented for periods prior to the issuance of ordinary shares represent accumulated results and reserves of the predecessor entities under common control.

*Accumulated Other Comprehensive Income*

The foreign currency translation reserve represents cumulative translation adjustments arising from the translation of the financial statements of foreign subsidiaries whose functional currencies differ from the Company's presentation currency. The balances of the foreign currency translation reserve as of June 30, 2025 and 2024 were $17,440 and $20,264, respectively.

Distributions reflected above represent distributions made by predecessor entities to their owners prior to the Group reorganization and are not dividends declared by SunScout Holding Limited.

Subsequent to June 30, 2025, the Company undertook equity and capital structure activities in connection with its planned initial public offering, as described in Note 18.

**15. INVESTMENT (EQUITY INTEREST)**

#### Investment in Joint Venture
As of June 30, 2025, the Company did not hold any equity interests in joint ventures, associates, or other investee entities. Accordingly, no investments were accounted for under the equity method for the periods presented.

**16. EMPLOYEE BENEFITS — KEY MANAGEMENT RENUMERATION**

SunScout Holding Limited was incorporated after the fiscal year ended June 30, 2025. As of June 30, 2025, the Company had not employed any key management personnel, and no remuneration expense or accruals relating to key management personnel were recognized in the combined financial statements for the year ended June 30, 2025.

Prior to the incorporation of SunScout Holding Limited, individuals who now serve as key management personnel of the Company were employed by, or provided services to, certain subsidiaries within the combined group. Compensation for those individuals during the periods prior to incorporation was paid by the respective subsidiary entities and is reflected in the combined results of those subsidiaries for the periods presented.

Subsequent to June 30, 2025, the Company entered into employment agreements with certain individuals who will serve as key management personnel of the Company. These agreements were executed after the reporting date and did not give rise to any remuneration expense, accrual, or obligation as of June 30, 2025.

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

#### SunScout Holding Limited<br>Notes to Combined Financial Statements
**16. EMPLOYEE BENEFITS — KEY MANAGEMENT RENUMERATION** (cont.)

The principal terms of these post-balance-sheet employment agreements include the following annual base salaries:

---

| | |
|:---|:---|
|  **Position** | **Annual <br>Base Salary <br>(USD)** |
|  Chief Executive Officer (CEO) | $600000 |
|  Chief Operating Officer (COO) | $360000 |
|  Chief Financial Officer (CFO) | $200000 |
|  Chief Technical Officer (CTO) | $240000 |

---

No remuneration or other benefits were paid, accrued, or payable to key management personnel by SunScout Holding Limited as of June 30, 2025.

**17. SHAREHOLDERS' EQUITY**

*Authorized share capital*

The Company's authorized share capital is US$50,000, divided into 500,000,000 ordinary shares with a par value of US$0.0001 per share, consisting of (i) 450,000,000 Class A ordinary shares and (ii) 50,000,000 Class B ordinary shares.

Each Class A ordinary share entitles the holder to one vote on all matters submitted to a vote of shareholders. Each Class B ordinary share entitles the holder to twenty votes on all matters submitted to a vote of shareholders.

*Issued share capital*

As of June 30, 2025, the Company had no ordinary shares issued or outstanding.

Subsequent to June 30, 2025, and in connection with the Group reorganization described in Note 22 (Subsequent Events), the Company issued an aggregate of 20,000,000 Class A ordinary shares and 15,000,000 Class B ordinary shares at an issue price of US$0.10 per share.

The total subscription price for the issued shares amounted to US$3.5 million. Ordinary shares were issued in exchange for a combination of non-cash and cash consideration, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AE Equity Limited, Solerin Equity Limited, and Jacob van Reenen Pretorius satisfied their subscription obligations through the transfer of their respective equity interests in SunScout Limited to SunScout Holding Limited as part of a common-control reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All other shareholders subscribed for shares for cash at US$0.10 per share, which has been paid or is payable in accordance with the relevant subscription agreements.

*Accounting treatment*

The issuance of ordinary shares in exchange for equity interests in SunScout Limited was accounted for as a common-control transaction. Accordingly, the assets and liabilities acquired were recorded at their historical carrying amounts, and no goodwill was recognized. Any excess of the subscription price over the par value of the ordinary shares issued was recorded as additional paid-in capital.

Cash subscriptions received or receivable in connection with the share issuances were recorded as share capital (par value) and additional paid-in capital upon issuance. Amounts receivable from shareholders at the reporting date, if any, are presented within equity or other receivables, as applicable.

As of the issuance date, all issued shares were fully paid or contractually subscribed, and the remaining authorized shares were unissued and available for future issuance.

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

**18. SHARE-BASED COMPENSATION**

As of June 30, 2025, the Company did not maintain any share-based compensation plans and did not grant any share-based payment awards. Accordingly, no share-based compensation expense was recognized for the year ended June 30, 2025.

**19. COMMITMENTS AND CONTINGENCIES**

In the ordinary course of business, the Company may be subject to commitments and contingencies arising from contractual, legal, regulatory, or other matters. The Company accrues for loss contingencies when a loss is probable and the amount can be reasonably estimated, in accordance with ASC 450, Contingencies.

As of June 30, 2025, the Company had no material commitments or contingencies that required accrual or disclosure in the combined financial statements.

**20. SUBSEQUENT EVENTS**

The Company has evaluated subsequent events in accordance with Accounting Standards Codification ("ASC") 855, Subsequent Events, through the date of issuance of these combined financial statements.

*Corporate reorganization*

Subsequent to June 30, 2025, the Group undertook a corporate reorganization in preparation for a proposed initial public offering. On August 18, 2025, SunScout Holding Limited was incorporated in the Cayman Islands to serve as the ultimate parent holding company of the SunScout Group.

In connection with the reorganization, ownership interests in the Group's operating entities were transferred to SunScout Holding Limited in exchange for the issuance of ordinary shares of the Company. As a result of these transactions, SunScout Holding Limited became the holding company of the Group. The reorganization transactions were undertaken among entities under common control and represent a change in legal ownership and capital structure only.

Accordingly, the reorganization did not result in any adjustment to the combined financial statements for the year ended June 30, 2025.

On September 7, 2025, subsequent to the reporting period, the Company incorporated SunScout Asia Company Limited in Thailand. The entity was formed as part of a planned joint venture structure, with ownership interests to be finalized after the reporting period.

*Brightway Energy LLC*

Brightway Energy LLC is included in the combined financial statements of the Group for the periods presented, as Brightway Energy LLC was under common control with the Group prior to and during the fiscal year ended June 30, 2025.

*Acquisition of Brightway Energy LLC*

On January 9, 2026, the Company entered into the Brightway MPA with its founders, Mr. Marc Cywinski and Mr. Joshua Marotske, pursuant to which the Company acquired 100% of the membership interests in Brightway Energy LLC for an aggregate consideration of US$5.0 million, consisting of US$2.0 million in cash payable within one (1) week following the receipt by the Company of the proceeds from this offering, and US$3.0 million in Class A ordinary shares of the Company, with the number of shares to be issued calculated based on the initial public offering price of the Class A ordinary shares in this offering and issuable six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. The transfer of the membership interests was completed on the date of the Brightway MPA, and Brightway Energy LLC became a wholly owned subsidiary of the Company as of such date. Payment of the purchase consideration is deferred and contingent upon the completion of the Company's initial public offering, subject to alternative settlement arrangements to be agreed by the parties if the offering is not completed by the Long-Stop Date.

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**20. SUBSEQUENT EVENTS** (cont.)

Brightway Energy LLC had been under common control with the Company and combined into the Company's financial statements prior to the execution of the Brightway MPA. Accordingly, the transaction represented a legal ownership reorganization among entities under common control.

*Deed of Conditional Assignment*

On January 9, 2026, Mr. Marc Cywinski and Mr. Joshua Marotske entered into a deed of conditional assignment, pursuant to which Mr. Marc Cywinski conditionally assigned, subject to the completion of this offering, to Mr. Joshua Marotske his entitlements under the Brightway MPA to receive US$1,000,000 in cash and US$1,500,000 in Class A Ordinary Shares (with the number of shares to be issued calculated based on the initial public offering price of the Class A Ordinary Shares in this offering).

As part of the Reorganization undertaken, SunScout Limited became a wholly owned subsidiary of our Company on November 14, 2025. Brightway Energy LLC became a wholly owned subsidiary of our Company on January 9, 2026 upon completion of the Brightway MPA. Post-Reorganization, the Company will become the holding company of the Group.

The Brightway MPA and related arrangements represent a legal reorganization and capital structure transaction and do not provide evidence of conditions that existed as of June 30, 2025. Accordingly, these matters have not resulted in any adjustment to the combined financial statements for the year ended June 30, 2025.

*Other matters*

Subsequent to June 30, 2025, the Company engaged an underwriter in connection with its proposed initial public offering and engaged an independent valuation firm to perform a valuation of the Group.

Other than the matters described above, management determined that no subsequent events occurred that require adjustment to or disclosure in these combined financial statements.

#### Note 21. Acquisition of Brunton Engineering
On May 27, 2024, SunScout New Zealand Limited ("SunScout NZ") acquired 100% of the operating assets of Brunton Engineering (the "Brunton Acquisition"). The acquisition was executed to expand the Company's in-house manufacturing capabilities for SunScout products and to support future production scale.

The purchase consideration for the Brunton Acquisition was US$1,711,034, which was paid in cash at closing. The transaction was accounted for as a business combination in accordance with ASC 805, *Business Combinations*, as the acquired set included inputs and substantive processes capable of producing outputs.

The identifiable assets acquired and liabilities assumed were recorded at their estimated fair values as of the acquisition date. The allocation of the purchase consideration is summarized below:

---

| | |
|:---|:---|
|  **Fair Value of Net Assets Acquired** | **US$** |
|  Tangible assets | 617100 |
|  Intangible asset – customer relationships | 873699 |
|  Intangible asset – tradename | 198361 |
|  Inventory | 21874 |
|  Goodwill | 0 |
|  **Total identifiable net assets acquired** | **1711034** |

---

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#### SunScout Holding Limited<br>Combined Balance Sheets

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31, <br>2025 <br>Unaudited** | **As of<br> June 30, <br>2025** |
|  | **USD** | **USD** |
|  **ASSETS** |  |  |
|  Current Assets |  |  |
|  Cash and Cash Equivalents | 893278 | 333186 |
|  Accounts receivable, net | 2049785 | 1745834 |
|  Inventory | 103032 | 32109 |
|  Prepaid Expenses | 150054 | 0 |
|  | 3196149 | 2111129 |
|  Non-Current Assets |  |  |
|  Property, plant and equipment | 593136 | 607267 |
|  Operating lease right-of-use assets | 78648 | 104602 |
|  Intangible assets | 866606 | 918802 |
|  Software Development | 99151 | 96551 |
|  | 1637541 | 1727222 |
|  Total Assets | 4833690 | 3838350 |
|  **LIABILITIES** |  |  |
|  Current Liabilities |  |  |
|  Accounts payable | 643500 | 233450 |
|  Deferred Revenue | 106606 | 106679 |
|  Accrued expenses and other current liabilities | 217762 | 79387 |
|  Current portion of operating lease liabilities | 46721 | 77277 |
|  Other current liabilities | 46883 | 59393 |
|  **Total Current Liabilities** | 1061472 | 556186 |
|  **Non-current Liabilities** |  |  |
|  Long-Term Lease Obligation | 31934 | 27324 |
|  Long Term Debt | 2431369 | 2433303 |
|  **Total Non-current Liabilities** | 2463303 | 2460627 |
|  Commitments and Contingencies | 0 | 0 |
|  **Shareholder's Equity** |  |  |
|  Common Stock Class A Par Value US$0.0001 Numbers issued 20,000,000 | 0 | 0 |
|  Common Stock Class B Par Value US$0.0001 Numbers issued 0 | 0 | 0 |
|  AOCI | 110234 | 114662 |
|  Retained Earnings | 1198681 | 706874 |
|  **Total Equity** | 1308915 | 821537 |
|  **Total Liabilities and Equity** | 4833690 | 3838350 |

---

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#### SunScout Holding Limited<br>Combined Statements of Operations and other Comprehensive Income<br>For the six-month period ended December 31, 2024, and 2025<br>Unaudited

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **Six months <br>ended <br>December 31, <br>2025** | **Six months <br>ended <br>December 31, <br>2024** |
|  |  | **USD** | **USD** |
|  Revenue |  | $2877136 | $2456246 |
|  Cost of Goods Sold |  | 1689077 | 1498013 |
|  Gross Profit |  | 1188059 | 958233 |
|  **Operating Expenses** |  |  |  |
|  Sales and marketing |  | 8763 | 34278 |
|  General and administrative |  | 427121 | 460493 |
|  Research & Development |  | 0 | 20531 |
|  Professional Fees |  | 22706 | 8801 |
|  Travel & Entertainment |  | 13535 | 26424 |
|  Depreciation and amortization |  | 100540 | 93050 |
|  **Total Operating Expenses** |  | 572665 | 643557 |
|  Total Operating Income |  | 615394 | 314677 |
|  Interest Expense |  | 0 | 0 |
|  Other Income |  | 24622 | 23525 |
|  Income before Taxes |  | 640016 | 338202 |
|  Income Tax |  | 0 | 0 |
|  Net Income |  | 640016 | 338202 |
|  Other Comprehensive Income |  |  |  |
|  Foreign Currency Translation adjustment |  | (4429) | 48502 |
|  Total Other Comprehensive Income |  |  |  |
|  Comprehensive Income |  | 635588 | 386704 |

---

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#### SunScout Holding Limited<br>Combined Statements of Changes in Equity<br>For the Periods ended December 31, 2025, and 2024<br>Unaudited

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **no. of <br>Shares** | **Common <br>Stock** | **AOCI** | **Retained <br>Earnings** | **Total <br>Equity** |
|  |  | **USD** | **USD** | **USD** | **USD** |
|  Balance ending June 30 2024 |  | 0 | 97221 | 48755 | 145976 |
|  Change in Other Comprehensive Income |  |  | (48502) | 7082 | (41420) |
|  Net Income |  |  |  | 338202 | 338202 |
|  Distributions |  |  |  | 29716 | 29716 |
|  Balance ending December 31, 2024 |  |  | 55801 | 416693 | 472474 |
|  Balance ending June 30 2025 |  | 0 | 114661 | 706876 | 821537 |
|  Change in Other Comprehensive Income |  |  | (4428) |  | (4428) |
|  Net Income |  |  |  | 640016 | 640016 |
|  Distributions |  |  |  | (148209) | (148209) |
|  Balance ending December 31, 2025 |  | 0 | 110232 | 1198683 | 1308916 |

---

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#### SunScout Holding Limited<br>Combined Statements of Cash flows<br>For the Periods ended December 31, 2025, and 2024<br>Unaudited

---

| | | |
|:---|:---|:---|
|  | **6 months ended<br> December 31, <br>2025** | **6 months ended<br> December 31, <br>2024** |
|  | **USD** | **USD** |
|  CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
|  Net Income | 640016 | 323507 |
|  Adjustments from Operating Activity: |  |  |
| &nbsp;&nbsp;&nbsp; Provided by operating activity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and Amortization | 100540 | 93050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease expense |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in Operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Receivable | (303950) | (422554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | (70923) | (8826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaids | (150054) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts Payable | 410051 | 29496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Expenses | 138375 | (4994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred Revenue | (73) | (49553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | (43066) | 21402 |
|  CASH USED FOR OPERATING ACTIVITIES | 720916 | (18473) |
|  CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Payment for the purchase of Property and Equipment | (59602) | (37501) |
| &nbsp;&nbsp;&nbsp; Payment for Software | (2600) | 0 |
|  CASH USED FOR INVESTING ACTIVITIES | (62202) | (37501) |
|  CASH FLOW FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | (148209) | (20771) |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of notes payable | 4610 | 0 |
| &nbsp;&nbsp;&nbsp; Payments on Notes Payable | (29097) | (40311) |
|  CASH USED FOR FINANCING ACTIVITIES | (172696) | (61082) |
|  NET DECREASE IN CASH | 486018 | (117057) |
|  Effect of Foreign Exchange Rates on cash | 74074 | 5467 |
|  CASH AT BEGINNING OF YEAR | 333186 | 529866 |
|  CASH AT PERIOD END | **893278** | **418276** |
|  CASH PAID FOR IMTEREST |  |  |
| &nbsp;&nbsp;&nbsp; Interest | **18771** | **21031** |
|  NON CASH INVESTING & FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp; Interest Recapitalized |  |  |
| &nbsp;&nbsp;&nbsp; Vehicles purchased with Debt | 0 | 0 |

---

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

#### SunScout Holding Limited<br>Condensed Notes to Financial Statements
1. ORGANIZATION AND PINCIPAL ACTIVITIES

During the six-month period ended December 31, 2025, the Company continued to implement corporate-level changes associated with its transition to a public-company structure. SunScout Holding Limited was incorporated in the Cayman Islands on August 18, 2025, to serve as the new parent holding company of the SunScout group. The formation of the holding company and related restructuring were accounted for as a common-control transaction and did not result in a change in the basis of accounting for the underlying operating subsidiaries.

Throughout the period, the Company completed internal consolidation activities necessary to align its legal structure with the reporting structure presented in these condensed combined financial statements. These activities included the formal integration of SunScout Limited, SunScout New Zealand Limited, under the newly formed holding company. No changes were made to the ownership interests of the operating subsidiaries, and all intercompany balances and transactions continue to be eliminated in combination.

In addition, the Company advanced its preparations for a potential public offering. Subsequent to December 31, 2025, the Company completed its PCAOB audit for the fiscal year ended June 30, 2025, and submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission. These activities did not have an impact on the Company's condensed combined financial statements for the six-month period ending December 31, 2025.

#### 2 . SIGNIFICANT ACCOUNTING POLICIES
***2. Basis of Presentation***

The accompanying condensed combined financial statements as of December 31, 2025, and for the six-month periods ending December 31, 2025, and 2024 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation have been included and consist only of normal recurring adjustments.

These interim financial statements have been prepared in accordance with U.S. GAAP and the rules of the U.S. Securities and Exchange Commission applicable to interim reporting. Accordingly, they do not include all of the information and footnote disclosures required for annual financial statements and should be read in conjunction with the Company's audited combined financial statements for the years ended June 30, 2025, and 2024 included elsewhere in this registration statement.

The results for the six months ending December 31, 2025, are not necessarily indicative of the results expected for the full fiscal year ending June 30, 2026.

These interim financial statements should be read in conjunction with the audited combined financial statements and related notes for the years ended June 30, 2025, and 2024 included elsewhere in this registration statement

*(b) Use of Estimates*

The preparation of combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of loss contingencies (see Note#13 commitments and contingencies), and the reported amounts of revenue and expenses during the reporting period.

Significant estimates include, among others, expected credit losses on accounts receivable, inventory valuation (lower of cost and net realizable value), the estimated useful lives of property and equipment, impairment assessments for long-lived assets, valuation allowances for deferred tax assets, and uncertain tax positions. Actual results could differ materially from those estimates.

Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

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#### SunScout Holding Limited<br>Condensed Notes to Financial Statements
**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*(c) Basis of Combination*

The accompanying combined financial statements include the accounts of the Company and its subsidiaries in which the Company has a controlling financial interest. For entities that are not variable interest entities ("VIEs"), control is generally established through ownership of a majority voting interest or through other arrangements that provide the Company with the ability to direct the activities that most significantly affect the entity's economic performance.

The Company evaluates its involvement with other entities to determine whether such entities are VIEs in accordance with ASC 810, Consolidation, and consolidates a VIE when the Company is determined to be the primary beneficiary.

All intercompany balances and transactions have been eliminated in consolidation. The results of subsidiaries acquired or disposed of during the year are included in the combined financial statements from the acquisition date through the disposal date, as applicable. All subsidiaries follow accounting policies consistent with those of the Company.

The following subsidiaries are included in the combined financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SunScout Limited — wholly owned subsidiary of SunScout Holding Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Brightway Energy Limited — Fully controlled subsidiary of SunScout Holding Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SunScout New Zealand Limited — wholly owned subsidiary of SunScout Limited

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SunScout Asia Company Limited — 43% owned subsidiary of SunScout Limited

As of December 31, 2025, SunScout Asia did not engage in any business activities and, as a result, was not Reflected in the combined financial statements

As of December 31, 2025, management has determined that the Company is not the primary beneficiary of any variable interest entities.

As of and for the period ended December 31, 2025, and June 30, 2025, the Company did not dispose of any subsidiaries and did not lose control of any combined entities.

*(d) Foreign currency translation*

The reporting currency of the Company is the United States dollar ("USD"). The functional currency of the Company's U.S.-based entities is the USD. The functional currency of the Company's New Zealand — based entities is the New Zealand dollar ("NZD").

For entities whose functional currency is not the USD, assets and liabilities are translated into USD at the exchange rates in effect at the balance sheet date, and revenues and expenses are translated at average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income (loss) within shareholders' equity.

Transactions denominated in currencies other than an entity's functional currency are remeasured into the functional currency using exchange rates in effect at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are measured at exchange rates in effect at the balance sheet date, with resulting transaction gains and losses recognized in the combined statements of operations.

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**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The following exchange rates were used to translate the financial statements of the Company's New Zealand — based entities whose functional currency is the NZD:

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br>2025** | **June 30, <br>2025** | **December 31, <br>2024** |
|  Year-end NZD: US$ Exchange Rate | 0.582 | 0.5824 | 0.5593 |
|  Annual average NZD: US$ exchange rate | 0.583405 | 0.59076 | 0.6000 |

---

*(e) Fair value measurement*

The Company applies Accounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures which defines fair value, establishes a framework for measuring fair value and expands financial statement disclosure requirements for fair value measurements.

ASC Topic 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability (an exit price) on the measurement date in an orderly transaction between market participants in the principal or most advantageous market for the asset or liability.

ASC Topic 820 specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows:

---

| | |
|:---|:---|
|  Level 1 | inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. |
|  Level 2 | inputs to the valuation methodology include quoted prices for identical or similar assets and liabilities in active markets or in inactive markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. |
|  Level 3 | inputs to the valuation methodology are unobservable and significant to the fair value. |

---

The carrying amounts of the Company's financial instruments approximate their fair values because of their short-term nature. The Company's financial instruments include cash and cash equivalents, accounts receivable, amounts due from related parties, other current assets, short-term bank borrowing, accounts payable, advance from customers, and income tax payables.

*(f) Accounts Receivable and Allowance for Doubtful Accounts*

Accounts receivable primarily consist of amounts due from customers for goods delivered or services provided in the ordinary course of business. Accounts receivable is recorded at their invoiced amounts and generally do not bear interest.

The Company maintains an allowance for credit losses in accordance with ASC 326, Financial Instruments — Credit Losses, which requires the use of the Current Expected Credit Loss ("CECL") model. Under the CECL model, the Company estimates expected credit losses on accounts receivable based on historical loss experience, current conditions, and reasonable and supportable forecasts of future economic conditions.

In developing its estimate of expected credit losses, the Company considers, among other factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• historical write-off trends and loss experience,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aging of outstanding receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• customer-specific credit risk and payment history,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions that may affect customers' ability to pay, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable and supportable forecasts related to industry and general economic conditions.

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**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The allowance for credit losses is adjusted each reporting period based on changes in these factors. Accounts receivables are written off when management determines that there is no reasonable expectation of recovery. Recoveries of amounts previously written off are recognized in the period received. The Allowance was calculated as of December 31, 2025, and June 2024 as $11,180, and $7,999.

*(g) Inventories, net*

Inventories consist primarily of raw materials, work in process, and finished goods held for sale or used in production. Inventories are stated at the lower of cost or net realizable value ("NRV") in accordance with ASC 330, Inventory.

Cost is determined using the weighted-average method and includes the purchase price, inbound freight, handling, and other costs necessary to bring inventory to its present condition and location.

*(h) Property, Plant and Equipment*

Property, plant and equipment ("PP&E") are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Cost includes expenditures directly attributable to the acquisition of an asset and any costs necessary to bring the asset to the condition and location for its intended use.

Major replacements and improvements that extend the useful life or increase the capacity of an asset are capitalized, while routine repairs and maintenance are expensed as incurred.

Estimated useful lives are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Plant and equipment: 8 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Office equipment: 6 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vehicles: 5 years

Gains or losses on the disposal of PP&E are recognized in the combined statements of operations in the period in which the asset is derecognized.

PP&E is reviewed for impairment in accordance with the Company's policy for long-lived assets, as described in Note 2(j), whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable.

*(i) Accounts Payable:*

Accounts payable consist of amounts owed to vendors and service providers for goods and services received in the ordinary course of business. Accounts payable are unsecured, non-interest-bearing obligations that are generally settled within standard commercial payment terms.

Accounts payable include invoiced amounts that have been approved for payment, as well as accrued amounts for goods or services received for which invoices have not yet been received as of the reporting date.

The Company does not maintain any long-term trade payables or financing arrangements with vendors. Payment terms vary depending on the nature of the goods or services provided and the geographic region of the vendor but generally range from 15 to 60 days. The Company is not subject to material concentration risk with respect to its vendor base.

As of June 30, 2025, and December 31, 2025, accounts payable totaled $233,450 and $643,501, respectively.

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**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*(j) Revenue Recognition*

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers. Revenue is measured based on the consideration specified in a contract with a customer and is recognized when control of the promised goods or services is transferred to the customer.

*Revenue Streams*

The Company's primary revenue streams include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engineering and development services,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• manufacturing and fabrication of equipment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction and installation of solar energy systems (commercial and residential),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of SunScout products.

*Performance Obligations*

The Company evaluates its contracts to identify performance obligations. In many cases, contracts contain a single performance obligation representing the delivery of an integrated product or service. Activities such as design, fabrication, and installation are not separately distinct in the context of the overall promise to the customer when they are highly interrelated and provide a combined output.

*Engineering and Development Services*

Revenue from engineering and development services, including design, system integration, software development, and prototyping, is recognized over time, as customers simultaneously receive and consume the benefits of the Company's performance.

Payment is due 30 days after invoiced.

For longer-term engagements, progress toward completion is measured using the cost-to-cost input method. For shorter-term or milestone-based engagements, revenue is recognized using an output method based on the achievement of defined contractual milestones or deliverables.

*Manufacturing and Fabrication Contracts*

Revenue from customized manufacturing and fabrication contracts is recognized either over time or at a point in time, depending on the terms of the contract.

Revenue is recognized over time when the manufactured product has no alternative use to the Company, and the Company has an enforceable right to payment for performance completed to date. In these cases, progress is measured using the cost-to-cost input method.

When these criteria are not met, revenue is recognized at a point in time, generally upon shipment or delivery of the product to the customer.

Payment is due 30 days after invoiced

*Construction and Installation of Solar Energy Systems*

The Company designs and installs solar energy systems for commercial and residential customers. Each contract is evaluated to determine whether it represents a single performance obligation to deliver a functioning solar system.

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**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

In New Zealand Revenue is recognized over time when the customer controls the asset as it is created or enhanced, or when the criteria in ASC 606-10-25-27 are met. In such cases, progress is measured using an input method based on costs incurred relative to total estimated costs.

Payment is due 30 days after invoiced

In our US market Revenue is recognized the day the system is installed on the Property which meets the criteria under ASC 606

Payment is based on 4 stages of completion:

The four payment milestones are:

1: Upon signing of the contract

2: Upon completion of the system design and permit application

3: upon completion of the solar system installation

4: upon interconnection of the solar system to the power grid

When the criteria for over-time recognition are not met, revenue is recognized at a point in time, generally when installation is substantially complete, testing has been performed, and control transfers to the customer, typically upon customer acceptance or interconnection to the utility grid.

Standard warranties associated with these systems are assurance-type warranties and are accounted for in accordance with ASC 460, Guarantees.

Revenue from the sale of solar-powered lawn care equipment, whether to consumers (B2C) or business customers (B2B), is recognized at a point in time when control transfers to the customer, which generally occurs upon delivery or when the customer takes possession of the product.

Standard warranties associated with these products are assurance-type warranties and are accounted for in accordance with ASC 460.

*Measurement of Progress*

For performance obligations satisfied over time, progress toward completion is measured using the cost-to-cost input method, which management believes best depicts the transfer of control to the customer. Costs included in the measure of progress consist of direct labor, materials, subcontractor costs, and applicable overhead. General and administrative costs are excluded unless specifically recoverable under the contract.

*Contract Balances*

Contract assets arise when the Company recognizes revenue in advance of billing the customer. Contract liabilities arise when the Company receives consideration, or has the right to receive consideration, in advance of satisfying performance obligations. Contract assets and contract liabilities are recorded on a contract-by-contract basis and presented in the combined balance sheets.

The contract liabilities at December 31, 2025, and June 30, 2024 were $34,920 and 34,944. All the balance showing in 2024 was used in 2025, and we have no reason not to believe that the balance at the end of December 2025 will not be used before June 30, 2026.

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**2. SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*Contract Modifications*

Contract modifications are evaluated in accordance with ASC 606-10-25-10 to determine whether they should be accounted for as a separate contract, a termination and replacement of an existing contract, or as a cumulative catch-up adjustment to revenue.

*Loss Contracts*

If at any time the total estimated costs to complete a contract exceed the total contract consideration, the expected loss is recognized immediately in the combined statements of operations.

*Significant Judgments*

Significant judgments in applying the revenue recognition standard include determining whether performance obligations are satisfied over time or at a point in time; selecting appropriate methods to measure progress toward completion; estimating total contract costs; evaluating enforceable rights to payment; and assessing the accounting treatment for contract modifications.

**3. REVENUE**

In accordance with ASC Topic 606, Revenue from Contracts with Customers, the Company disaggregates revenue by major product and service category, which management believes best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

The following table presents the disaggregation of the Company's revenues by type of goods and services for the period ended December 31, 2025 and June 30, 2025 (in USD):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, and June 30** | **As of December 31, and June 30** | **As of December 31, and June 30** | **As of December 31, and June 30** |
|  | **Period ending December 31, 2025** | **Period ending December 31, 2025** | **Period ending December 31, 2024** | **Period ending December 31, 2024** |
|  | **USD** | **% of total <br>revenues** | **USD** | **% of total <br>revenues** |
|  **Revenues** |  |  |  |  |
|  Engineering Products and Services | 642610 | 22.34% | 987614 | 40.21% |
|  SunScout Products | 268959 | 9.35% | 210000 | 8.55% |
|  Solar Power Development Solutions | 1965567 | 68.32% | 1258632 | 51.24% |
|  **Total revenues** | 2877136 | 100.00% | 2456246 | 100.00% |

---

**4. ACCOUNTS RECEIVABLE, NET**

Accounts receivable, net, were $2,049,785 as of December 31, 2025, compared with $1,745,838 as of June 30, 2025. The increase reflects higher year-end activity from Brightway Energy, which drove additional billings during the latter part of 2025.

The Company evaluates expected credit losses in accordance with ASC 326. Based on current information and management's assessment of customer credit risk, the allowance for credit losses is considered adequate as of December 31, 2025.

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**5. INVENTORIES**

Inventory was $103,032 as of December 31, 2025, compared with $32,109 as of June 30, 2025. The increase primarily reflects the Company's and Auditor's decision, during the audit process, to adjust work-in-process (WIP) to zero, resulting in the reclassification of accumulated WIP costs into cost of goods sold rather than inventory.

This reclassification did not represent a change in accounting estimate or correction of an error.

Inventory consists mainly of components and finished goods used in the Company's solar-powered technology products. Inventory is stated at the lower cost or net realizable value. There were no material inventory write-downs recorded during the period.

**6. PROPERTY AND EQUIPMENT**

Property and equipment totaled $593,136 as of December 31, 2025, compared with $607,267 as of June 30, 2025. The decrease reflects routine depreciation during the period. Depreciation expense for the six months ended December 31, 2025 was $100,540.

The Company did not incur any capital expenditure or record any material disposals of property and equipment during the period. Property and equipment continue to be carried at cost, net of accumulated depreciation, and are depreciated on a straight-line basis over their estimated useful lives.

**7. LEASES**

The Company leases office and operating facilities under non-cancelable operating lease agreements accounted for in accordance with ASC 842, Leases. Operating lease right-of-use ("ROU") assets were $78,648 as of December 31, 2025, compared with $104,602 as of June 30, 2025. The decrease reflects routine amortization of ROU assets during the period.

Operating lease liabilities totaled $78,655 as of December 31, 2025, of which $46,721 was classified as current and $31,934 as non-current, compared with $77,277 current and $27,324 non-current as of June 30, 2025.

Lease expense is recognized on a straight-line basis over the lease term. Total operating lease expense for the six months ended December 31, 2025, was not materially different from the amounts recognized in prior periods.

There were no new leases, no modifications, and no impairments of ROU assets during the six-month period ended December 31, 2025. Future minimum lease payments under existing operating leases are consistent with the amounts disclosed in the Company's audited financial statements for the year ending June 30, 2025.

**8. LONG-TERM DEBT**

Long-term debt was $2,431,369 as of December 31, 2025, compared with $2,433,303 as of June 30, 2025. The slight decrease reflects scheduled repayments made during the six-month period, partially offset by minor additional borrowings.

The Company continues to maintain a $3.0 million convertible loan from the Ministry of Business, Innovation and Employment under the Regional Support & Project Fund. Management currently expects that this loan will be repaid using proceeds from the Company's planned public offering.

There were no modifications to the terms of any outstanding debt arrangements during the six months ended December 31, 2025.

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**9. EQUITY**

Retained earnings increased to $1,198,681 as of December 31, 2025 from $706,874 as of June 30, 2025, reflecting net income of $640,016 for the six months ended December 31, 2025, partially offset by shareholder distributions of $148,209.

No additional equity securities were issued during the period.

**10. EARNINGS PER SHARE.**

Earnings per share ("EPS") are presented in accordance with ASC 260, Earnings Per Share.

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common class A shares outstanding during the period.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock (such stock options, warrants, or convertible securities) were exercised or converted into common stock

Since the Company had no potentially dilutive securities outstanding during the period, diluted EPS is the same as basic EPS.

EPS Calculation:

For the period ending December 31, 2025

---

| | |
|:---|:---|
|  **Description** | **Amount** |
|  Net Income attributable to common shareholders | 640,016 |
|  Weighted average shares outstanding (basic and diluted) | 20,000,000 |
|  Effect of dilutive securities | 0 |
|  Weighted average common shares outstanding – diluted | 20,000,000 |
|  Basic and diluted earnings per share | 0.0320008 |

---

The EPS calculation for December 31, 2024 was not calculated since no shares were issued.

**11. COMMITMENTS AND CONTINGENCIES**

There have been no material changes in the Company's commitments or contingencies from those disclosed in the financial statements audited for the year ended June 30, 2025.

**12. LIQUIDITY**

Cash and cash equivalents increased to $893,278 as of December 31, 2025 from $333,186 as of June 30, 2025. The increase primarily reflects positive operating cash flows generated during the six-month period, driven by higher customer collections and normal working-capital timing. Management believes existing cash and expected operating cash flows are sufficient to meet the Company's liquidity needs for at least the next 12 months.

Operating cash flows for the period reflect normal working-capital fluctuations, including higher year-end billings to Brightway Energy and increased inventory purchases.

**13. SUBSEQUENT EVENTS**

*Acquisition of Brightway Energy LLC*

On January 9, 2026, the Company entered into the Brightway MPA with its founders, Mr. Marc Cywinski and Mr. Joshua Marotske, pursuant to which the Company acquired 100% of the membership interests in Brightway Energy LLC for an aggregate consideration of US$5.0 million, consisting of US$2.0 million in cash payable within one (1) week following the receipt by the Company of the proceeds from this offering, and US$3.0 million in Class A ordinary shares of the

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**13. SUBSEQUENT EVENTS** (cont.)

Company, with the number of shares to be issued calculated based on the initial public offering price of the Class A ordinary shares in this offering and issuable six (6) months after the date of the Company's listing on Nasdaq or the NYSE American. The transfer of the membership interests was completed on the date of the Brightway MPA, and Brightway Energy LLC became a wholly owned subsidiary of the Company as of such date. Payment of the purchase consideration is deferred and contingent upon the completion of the Company's initial public offering, subject to alternative settlement arrangements to be agreed by the parties if the offering is not completed by the agreed long-stop date.

Brightway Energy LLC had been under common control with the Company and combined into the Company's financial statements prior to the execution of the Brightway MPA. Accordingly, the transaction represented a legal ownership reorganization among entities under common control.

*Deed of Conditional Assignment*

On January 9, 2026, Mr. Marc Cywinski and Mr. Joshua Marotske entered into a deed of conditional assignment, pursuant to which Mr. Marc Cywinski conditionally assigned, subject to the completion of this offering, to Mr. Joshua Marotske his entitlements under the Brightway MPA to receive US$1,000,000 in cash and US$1,500,000 in Class A Ordinary Shares (with the number of shares to be issued calculated based on the initial public offering price of the Class A Ordinary Shares in this offering).

As part of the Reorganization undertaken, SunScout Limited became a wholly owned subsidiary of our Company on November 14, 2025. Brightway Energy LLC became a wholly owned subsidiary of our Company on January 9, 2026 upon completion of the Brightway MPA. Post-Reorganization, the Company will become the holding company of the Group.

The Brightway MPA and related arrangements represent a legal reorganization and capital structure transaction and do not provide evidence of conditions that existed as of June 30, 2025. Accordingly, these matters have not resulted in any adjustment to the combined financial statements for the year ended June 30, 2025.

Management has determined that no additional subsequent events require disclosure as of March 9, 2025.

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#### 4,000,000 Class A Ordinary Shares

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| | |
|:---|:---|
|  ![](tdominari_logo.jpg) | ![](trevere_logo.jpg) |

---

Prospectus dated , 2026

Until [•], 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that effect transactions in these Class A Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as an underwriter and with respect to their unsold allotments or subscriptions.

------

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### 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 directors and officers, 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 the consequences of committing a crime, or against the indemnified person's own fraud or dishonesty.

Our Post-Offering Memorandum and Articles of Association will provide that every director (including any alternate director), secretary, assistant secretary, or other officer for the time being and from time to time of our company (but not including our company's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

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

#### Item 7. Recent Sales of Unregistered Securities
The Company was incorporated in the Cayman Islands with limited liability on August 18, 2025. Set forth below is information regarding securities issued by us during the last three years. None of the below described transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

*Founding Transactions*

Upon incorporation on August 18, 2025, the Company issued an aggregate of 20,000,000 ordinary shares, par value US$0.0001 per share, to its founding shareholders for aggregate cash consideration of US$2,000, representing the par value of such shares. Upon incorporation, one ordinary share was issued to Harneys Fiduciary (Cayman) Limited, the Company's registered office provider, solely as a nominee to facilitate the incorporation of the Company, and such share was immediately transferred to Mr. Thomas Grant Harris on August 18, 2025. The other issuances that occurred on August 18, 2025 are as set forth below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Purchaser** | **Securities and Number** | **Date of Issuance** | **Consideration** | **Consideration** |
| 1 | Thomas Grant Harris | 959,999 ordinary shares | August 18, 2025 | US$ | 95.99 |
| 2 | Pct-Holding Limited | 880,000 ordinary shares | August 18, 2025 | US$ | 88.00 |
| 3 | JKM Equity Limited | 920,000 ordinary shares | August 18, 2025 | US$ | 92.00 |
| 4 | 26<sup>th</sup> Mile Limited | 980,000 ordinary shares | August 18, 2025 | US$ | 98.00 |
| 5 | Brillirnt Sino Holdings Limited | 60,000 ordinary shares | August 18, 2025 | US$ | 6.00 |
| 6 | Multi Rise Holdings Limited | 980,000 ordinary shares | August 18, 2025 | US$ | 98.00 |
| 7 | Sanshan Fortune Group Limited | 980,000 ordinary shares | August 18, 2025 | US$ | 98.00 |
| 8 | David Hayden Bennett | 840,000 ordinary shares | August 18, 2025 | US$ | 84.00 |
| 9 | Solerin Equity Limited | 5,360,000 ordinary shares | August 18, 2025 | US$ | 536.00 |
| 10 | Art Alexander Balikin | 400,000 ordinary shares | August 18, 2025 | US$ | 40.00 |
| 11 | AE Equity Limited | 6,600,000 ordinary shares | August 18, 2025 | US$ | 660.00 |
| 12 | BKK Consultants | 1,040,000 ordinary shares | August 18, 2025 | US$ | 104.00 |

---

*Adoption of Dual-Class Share Structure*

On December 6, 2025, the Company effected a reorganization of its share capital in connection with the adoption of a dual-class share structure. As part of this reorganization, all issued and outstanding ordinary shares were cancelled and reissued as Class A Ordinary Shares on a one-for-one basis, with no change to the number of shares held by each

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

shareholder. In addition, on December 6, 2025, the Company issued 7,500,000 Class B Ordinary Shares out of its authorized but unissued share capital to each of AE Equity Limited and Solerin Equity Limited. Except as described above, the Company has not issued or sold any equity securities during the past three years.

#### Item 8. Exhibits and Financial Statement Schedules
**(a) Exhibits**

See Exhibit Index beginning on page II-4 of this registration statement.

The agreements included as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosure that was made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

We acknowledge that, notwithstanding the inclusion of the foregoing cautionary statements, we are responsible for considering whether additional specific disclosure of material information regarding material contractual provisions is required to make the statements in this registration statement not misleading.

**(b) Financial Statement Schedules**

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the combined Financial Statements or the Notes thereto.

#### Item 9. Undertakings
The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.

The undersigned registrant hereby undertakes:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (§230.424(b) of this chapter) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

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

2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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

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4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

5) That, for the purpose of determining any liability under the Securities Act of 1933 to any purchaser, each prospectus filed by the Registrant pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use;

6) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the placement method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

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

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

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

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

7) Insofar as indemnification for liabilities arising under the Securities Act of 1933 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 Securities and Exchange Commission such indemnification is against public policy as expressed in the 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 Act and will be governed by the final adjudication of such issue.

8) That, for purposes of determining any liability under the Securities Act of 1933, (i) the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and (ii) each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  1.1\*\* | Form of Underwriting Agreement  |
|  3.1+ | [Second Amended and Restated Memorandum and Articles of Association of the Registrant, as currently effective](ea026848504ex3-1.htm) |
|  3.2+ | [Third Amended and Restated Memorandum and Articles of Association of the Registrant, expected to become effective immediately prior to the completion of the initial public offering](ea026848504ex3-2.htm) |
|  5.1+ | [Opinion of Harney Westwood & Riegels regarding the validity of Class A Ordinary Shares being registered](ea026848504ex5-1.htm) |
|  8.1+ | [Opinion of Harney Westwood & Riegels regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea026848504ex5-1.htm) |
|  10.1+ | [Regional Strategic Partnership Loan between SunScout New Zealand and the New Zealand Ministry of Business, Innovation and Employment](ea026848504ex10-1.htm) |
|  10.2+ | [2026 Employee Share Incentive Plan](ea026848504ex10-2.htm) |
|  10.3+ | [Brightway Energy LLC Membership Purchase Agreement](ea026848504ex10-3.htm) |
|  10.4+ | [Employment Agreement between the Registrant and Mr. Edwin Cywinski](ea026848504ex10-4.htm) |
|  10.5+ | [Employment Agreement between the Registrant and Mr. Marc Cywinski](ea026848504ex10-5.htm) |
|  10.6+ | [Employment Agreement between the Registrant and Mr. Joshua Marotske](ea026848504ex10-6.htm) |
|  10.7+ | [Employment Agreement between the Registrant and Mr. Jamie Parent](ea026848504ex10-7.htm) |
|  10.8+ | [Director Offer Letter between the Registrant and Mr. Edwin Cywinski](ea026848504ex10-8.htm) |
|  10.9+ | [Independent Director Offer Letter between the Registrant and Mr. Kian Woon Yap](ea026848504ex10-9.htm) |
|  10.10+ | [Independent Director Offer Letter between the Registrant and Mr. Jacob Pretorius](ea026848504ex10-10.htm) |
|  10.11+ | [Independent Director Offer Letter between the Registrant and Mr. Albert McLelland](ea026848504ex10-11.htm) |
|  10.12+ | [SunScout Asia License Manufacturing Agreement and Written Confirmation](ea026848504ex10-12.htm) |
|  10.13+ | [Agreement between SunScout Limited and Ballard Inc.](ea026848504ex10-13.htm) |
|  10.14+ | [R&D Cooperation Proposals between SunScout Limited and Idea Developments Ltd, dated April 29, 2022, November 25, 2022, and February 15, 2023](ea026848504ex10-14.htm) |
|  10.15+ | [Solar Panel Battery Electric Vehicle Development Services Proposal between SunScout Limited and Kahu EV LP, dated June 17, 2024](ea026848504ex10-15.htm) |
|  10.16+ | [ASB Bank Term Loan 007 between ASB Bank Limited, SunScout New Zealand Limited and Mr. Edwin Cywinski](ea026848504ex10-16.htm) |
|  14.1+ | [Code of Ethics of the Registrant](ea026848504ex14-1.htm) |
|  14.2+ | [Insider Trading Policy of the Registrant](ea026848504ex14-2.htm) |
|  21.1+ | [List of Subsidiaries of the Registrant](ea026848504ex21-1.htm) |
|  23.1+ | [Consent of Fruci & Associates, PS](ea026848504ex23-1.htm) |
|  23.2+ | [Consent of Harney Westwood & Riegels (included in Exhibit 5.1)](ea026848504ex5-1.htm) |
|  23.3+ | [Consent of Mallett Partners (included in Exhibit 99.4)](ea026848504ex99-4.htm) |
|  99.1+ | [Audit Committee Charter](ea026848504ex99-1.htm) |
|  99.2+ | [Compensation Committee Charter](ea026848504ex99-2.htm) |
|  99.3+ | [Nomination Committee Charter](ea026848504ex99-3.htm) |
|  99.4+ | [Opinion of Mallett Partners regarding certain matters relating to New Zealand law](ea026848504ex99-4.htm) |
|  99.5+ | [Consent of EverEdge](ea026848504ex99-5.htm) |
|  99.6+ | [Executive Compensation Recovery Policy of the Registrant](ea026848504ex99-6.htm) |
|  99.7+ | [Consent of Mr. Edwin Cywinski](ea026848504ex99-7.htm) |
|  99.8+ | [Consent of Mr. Kian Woon Yap](ea026848504ex99-8.htm) |
|  99.9+ | [Consent of Mr. Jacob Pretorius](ea026848504ex99-9.htm) |
|  99.10+ | [Consent of Mr. Albert McLelland](ea026848504ex99-10.htm) |
|  107+ | [Filing Fee Table](ea026848504ex_fee.htm) |

---

____________

+ Filed herewith

\*\* To be filed by amendment

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in New Zealand, on April 22, 2026.

---

| | |
|:---|:---|
|  **SunScout Holding Limited** | **SunScout Holding Limited** |
|  By: | */s/ Edwin Cywinski* |
|  Name: | Edwin Cywinski |
|  Title: | Chairman, Executive Director and<br>Chief Executive Officer<br>(Principal Executive Officer) |
|  By: | */s/ Jamie Parent* |
|  Name: | Jamie Parent |
|  Title: | Chief Financial Officer<br>(Principal Accounting and Financial Officer) |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Mr. Edwin Cywinski and Mr. Jamie Parent, each acting singly as an attorney-in-fact with full power of substitution, for him or her in any and all capacities, to do any and all acts and all things and to execute any and all instruments which said attorney and agent may deem necessary or desirable to enable the registrant to comply with the Securities Act of 1933, as amended (the "Securities Act"), and any rules, regulations and requirements of the Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of Class A Ordinary Shares of the registrant (the "Shares"), including, without limitation, the power and authority to sign the name of each of the undersigned in the capacities indicated below to the Registration Statement on Form F-1 (the "Registration Statement") to be filed with the Securities and Exchange Commission with respect to such Shares, to any and all amendments or supplements to such Registration Statement, whether such amendments or supplements are filed before or after the effective date of such Registration Statement, to any related Registration Statement filed pursuant to Rule 462(b) under the Securities Act, and to any and all instruments or documents filed as part of or in connection with such Registration Statement or any and all amendments thereto, whether such amendments are filed before or after the effective date of such Registration Statement; and each of the undersigned hereby ratifies and confirms all that such attorney and agent shall do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By: | */s/ Edwin Cywinski* |
|  Name: | Edwin Cywinski |
|  Title: | Chairman, Executive Director and Chief Executive Officer (Principal Executive Officer) |
|  Date: | April 22, 2026 |
|  By: | */s/ Jamie Parent* |
|  Name: | Jamie Parent |
|  Title: | Chief Financial Officer (Principal Accounting and Financial Officer) |
|  Date: | April 22, 2026 |

---

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

#### SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of America, has signed this registration statement or amendment thereto in New York, New York, United States of America on April 22, 2026.

---

| | |
|:---|:---|
|  **COGENCY GLOBAL INC.** | **COGENCY GLOBAL INC.** |
|  By: | */s/ Colleen A. De Vries* |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice-President on behalf of Cogency Global Inc. |

---

## Exhibit 3.1

**Exhibit 3.1**

**The Companies Act (REVISED)**

**OF THE CAYMAN ISLANDS**

**SunScout Holding Limited**

Exempted Company Limited By Shares

---

| |
|:---|
| **Second amended and restated MEMORANDUM** |
| **and articles OF ASSOCIATION** |
| (adopted by a special resolution passed on [date]) |

---

**THE Companies Act (REVISED)<br> OF THE CAYMAN ISLANDS**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**SunScout Holding Limited** 

Exempted Company Limited By Shares

(adopted by a special resolution passed on [date])

---

| | |
|:---|:---|
| 1 | NAME |

---

The name of the Company is SunScout Holding Limited.

---

| | |
|:---|:---|
| 2 | STATUS |

---

The Company is an exempted company limited by shares.

3 REGISTERED OFFICE

The registered office of the Company is at Harneys Fiduciary (Cayman) Limited, 4th Floor, Harbour Place, 103 South Church Street, P.O. Box 10240, Grand Cayman KY1-1002, Cayman Islands or at such other place as the Directors may from time to time decide.

4 OBJECTS AND CAPACITY

Subject to paragraph 9 of this Memorandum, the objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands. The Company is a body corporate capable of exercising all the functions of a natural person of full capacity, irrespective of any question of corporate benefit.

5 SHARE CAPITAL

The share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of a par value of US$0.0001 each, comprising (i) 450,000,000 class A ordinary shares of a par value of US$0.0001 each and (ii) 50,000,000 class B ordinary shares of a par value of US$0.0001 each.

6 LIABILITY OF MEMBERS

The liability of each Member is limited to the amount from time to time unpaid on such Member's Shares.

7 CONTINUATION

The Company may exercise the powers contained in the Companies Act to transfer and be registered by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be de-registered in the Cayman Islands.

8 DEFINITIONS

Capitalised terms used and not defined in this Memorandum of Association shall bear the same meaning as those given in the Articles of Association of the Company.

9 EXEMPTED COMPANY

The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary for the carrying on of its business outside the Cayman Islands.

10 Financial Year

Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31 December in each calendar year and shall begin on 1 January in each calendar year.

**THE Companies Act (REVISED)<br> OF THE CAYMAN ISLANDS**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**SunScout Holding Limited**

Exempted Company Limited By Shares

(adopted by a special resolution passed on [date])

1 DEFINITIONS AND INTERPRETATION

1.1 The Regulations contained in Table A in the First Schedule to the Companies Act do not apply to the Company. In these Articles of
Association, if not inconsistent with the context, the following words and expressions shall have the following meanings:

***Affiliate*** means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity;

***Articles*** means these articles of association of the Company, as amended or substituted from time to time;

***Class A Ordinary Share*** means a class A ordinary share of a par value of US$0.0001 in the capital of the Company and having the rights provided for in these Articles.

***Class B Ordinary Share*** means a class B ordinary share of a par value of US$0.0001 in the capital of the Company and having the rights provided for in these Articles.

***Companies Act*** means the Companies Act (Revised) of the Cayman Islands, as amended or re-enacted from time to time;

***Company*** means SunScout Holding Limited, a Cayman Islands exempted company;

***Director*** means a director of the Company appointed in accordance with these Articles;

***Distribution*** means a distribution, dividend (including an interim dividend) or other payment or transfer of property of the Company on or in respect of a Share (save in respect of its redemption or repurchase);

***Electronic Transactions Act*** means the Electronic Transactions Act (Revised) of the Cayman Islands;

***Founder*** means each of Friedrich Edwin Cywinski and Marc Cywinski, who are the founders of the Company;

***Member*** has the same meaning as in the Companies Act;

***Memorandum*** means the memorandum of association of the Company, as amended or substituted from time to time;

***Officer*** means any person appointed by the Directors to hold an office in the Company;

***Ordinary Resolution*** means a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by a simple majority of the votes cast by such Members as, being entitled to do so, vote in person or, where proxies are allowed,
by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance
with these Articles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed
by one or more of the Members and the effective date of the resolution so adopted shall be the date on which the instrument, or the last
of such instruments, if more than one, is executed.

***Ordinary Share*** means a Class A Ordinary Share or a Class B Ordinary Share;

***Person*** means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity;

***Register of Directors and Officers*** means the register of directors and officers maintained by the Company in accordance with these Articles;

***Register of Members*** means the register of Members referred to in these Articles;

***Registrar*** means the Registrar of Companies of the Cayman Islands and includes the Deputy Registrar of Companies of the Cayman Islands;

***Registered Office*** means the registered office for the time being of the Company;

***Seal*** means any seal which has been duly adopted as the common seal of the Company and includes every duplicate seal;

***Secretary*** means the person appointed to perform any or all of the duties of secretary of the Company, including any assistant secretary;

***Share*** means a share in the share capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share;

***Special Resolution*** means a special resolution passed in accordance with Section 60 of the Companies Act, being a resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) passed by not less than two-thirds of the votes cast by such Members as, being entitled to do so, vote in person or, where proxies
are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of
which notice specifying the intention to propose the resolution as a special resolution has been duly given; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) approved in writing by all of the Members entitled to vote at a general meeting of the Company in one or more instruments each signed
by one or more of the Members and the effective date of the special resolution so adopted shall be the date on which the instrument or
the last of such instruments, if more than one, is executed;

***Treasury Share*** means a Share that has been repurchased, redeemed, surrendered to or otherwise acquired by the Company and not cancelled; and

***Written*** includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange and electronic mail in accordance with the Electronic Transactions Act and in writing shall be construed accordingly.

1.2 In the Memorandum and these Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Cayman Islands law or regulation, is a reference to such law or regulation as amended or re-enacted from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a person includes all legal persons and natural persons; and

with the laws or regulations of any jurisdiction.

1.3 Headings are for ease of reference only and shall be disregarded in interpreting the Memorandum and the Articles.

2 COMMENCEMENT OF BUSINESS

2.1 **Commencement**. The business of the Company may be commenced at such time as determined by the Directors.

2.2 **Commencement Costs and Expenses**. The Directors may pay, out of capital or other money of the Company, all costs and expenses
incurred in the establishment and registration of the Company.

3 REGISTERED SHARES

3.1 **Registered Shares**. The Company shall issue registered Shares only.

3.2 **No Bearer Shares**. The Company is not authorised to issue bearer Shares, convert registered Shares to bearer Shares or exchange
registered Shares for bearer Shares.

4 SHARE CERTIFICATES

4.1 **Share Certificates**. Unless and until the Directors resolve to issue share certificates, no share certificate shall be issued,
and the records of the shareholdings of each Member shall be in uncertified book entry form. If the Directors do resolve to issue share
certificates in respect of any one or more classes of Shares, then every Member holding such Shares shall be entitled, upon written request
only, to a certificate signed by a Director or Secretary, or any other person authorised by a resolution of the Directors, or under the
Seal specifying the number of Shares held by him and the signature of the Director, Secretary or authorised person and the Seal may be
facsimiles or affixed by electronic means pursuant to the Electronic Transactions Act.

4.2 **Indemnity and Replacement**. Any Member receiving a certificate shall indemnify and hold the Company and its Directors and Officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed or, in connection with any
proposed share transfer, a new certificate may be issued, on production of the worn out certificate or on satisfactory proof of its loss
together with such indemnity as may be required by the Directors.

4.3 **Joint Holders**. If several Members are registered as joint holders of any Shares, any one of such Members may give an effectual
receipt for any share certificate.

5 ISSUE OF SHARES

5.1 **Issue**. Subject to the provisions, if any, of the Memorandum and directions given by any Ordinary Resolution and the rights
attaching to any class of existing Shares, the Directors may issue, allot, grant options over or otherwise dispose of Shares (including
any fractions of Shares) and other securities of the Company at such times, to such persons, for such consideration and on such terms
as the Directors may determine.

5.2 **Preferred Shares**. Shares and other securities of the Company may be issued by the Directors with such preferred, deferred or
other special rights, restrictions or privileges whether in regard to voting, Distributions, a return of capital, or otherwise and in
such classes and series, if any, as the Directors may determine.

5.3 **Consideration for Share Issue**. A Share may be issued for consideration in any form, including money, a promissory note or other
written obligation to contribute money or property, real property, personal property (including goodwill and know-how), services rendered
or a contract for future services.

5.4 **Register of Members**. The Register of Members kept by the Company shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a statement of the Shares held by each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the distinguishing numbers of the Shares of each Member (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount paid, or agreed to be considered as paid, on the Shares of each Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on which the name of each person was entered on the register as a Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the date on which any person ceased to be a Member.

5.5 **Commission**. The Company is authorised to pay a commission to any person in consideration of his subscribing or agreeing to
subscribe (whether absolutely or conditionally) for any Shares or procuring or agreeing to procure subscriptions (whether absolute or
conditional) for any Shares.

6 CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES

6.1 Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together as one class on all resolutions submitted
to a vote by the Members. Each Class A Ordinary Share shall entitle the holder thereof to one (1) vote on all matters subject to vote
at general meetings of the Company, and each Class B Ordinary Share shall entitle the holder thereof to twenty (20) votes on all matters
subject to vote at general meetings of the Company.

6.2 Each Class A Ordinary Share confers upon the holder thereof the right to receive distributions and dividends as provided for in these
Articles. Class B Ordinary Shares do not confer upon the holders thereof any rights to receive any dividend or other Distribution made
by the Company or return of capital or the distribution of the surplus assets of the Company.

6.3 In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares. In no event shall Class B Ordinary Shares be
convertible into Class A Ordinary Shares.

6.4 Save and except for voting rights and dividend rights as set out in Articles 6.1 to 6.2 (inclusive), the Class A Ordinary Shares and
the Class B Ordinary Shares shall rank *pari passu* with one another and shall have the same rights, preferences, privileges and
restrictions.

7 VARIATION OF RIGHTS

7.1 **Class Variation**. If, at any time, the share capital of the Company is divided into different classes of Shares, the rights
attached to any class (unless otherwise provided by the terms of issue of the Shares of that class) may be varied with the consent in
writing of the holders of two-thirds of the issued Shares of that class or with the sanction of a Special Resolution passed at a separate
general meeting of the holders of the Shares of the class. To every such separate general meeting the provisions of these Articles relating
to general meetings shall, mutatis mutandis, apply, but so that the necessary quorum shall be one or more persons holding or representing
by proxy one-third of the issued Shares of the class and that any holder of Shares of the class present in person or by proxy may demand
a poll.

7.2 **No Variation on Further Issue**. The rights conferred upon the holders of the Shares of any class shall not, unless otherwise
expressly provided by the terms of issue of the Shares of that class, be deemed to be varied by the creation or issue of further Shares
ranking *pari passu* therewith.

8 REDEMPTION, PURCHASE AND SURRENDER OF SHARES AND TREASURY SHARES

8.1 **Redemption, Purchase and Surrender**. Subject to the provisions of the Companies Act and to the rights attaching to any class
of Share, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares on terms that they are to be redeemed or are liable to be redeemed at the option of the Company or the Member on such
terms and in such manner as the Directors may, before the issue of such Shares, determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner as the Directors determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Companies Act including out
of capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit the surrender of fully paid Shares for no consideration.

8.2 **Effect of Redemption, Purchase and Surrender**. Shares that the Company redeems, purchases, accepts by way of surrender or otherwise
acquires pursuant to Article 8.1 may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be cancelled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be held as Treasury Shares on such terms and in such manner as the Directors determine prior to such acquisition.

8.3 **Treasury Shares**. All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the Company
while it holds the Share as a Treasury Share, other than as set out in this Article. The Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Treasury Shares on such terms and in such a manner as the Directors may determine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer the Treasury Shares in accordance with Article 13.

8.4 **No Participation**. Any Share in respect of which notice of redemption has been given shall not be entitled to participate in
the profits of the Company in respect of the period after the date specified as the date of redemption in the notice of redemption.

8.5 **No other Redemption**. The redemption, purchase or surrender of any Share shall not be deemed to give rise to the redemption,
purchase or surrender of any other Share.

8.6 **Redemption in Kind**. The Directors may, when making payments in respect of redemption or purchase of Shares, if authorised by
the terms of issue of the Shares being redeemed or purchased or with the agreement of the holder of such Shares, make such payments either
in cash or in kind.

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|:---|:---|
| 9 | LIEN |

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9.1 **All Monies Payable**. The Company shall have a first and paramount lien on every Share, whether or not it is a fully paid Share,
for all moneys, whether presently payable or not, called or payable at a fixed time in respect of that Share and for all debts, liabilities
or other obligations owed, whether presently or not, by the Member or by one or more joint Members or by any of their estates to the Company
(together, the Lien Amounts) but the Directors may, at any time, declare any Share to be wholly or in part exempt from this Article. The
Company's lien, if any, on a Share shall extend to all Distributions payable thereon. Any registration of the transfer of a Share
shall operate to extinguish the Company's lien on that Share.

9.2 **Sale**. The Company may sell, in such manner as the Directors think fit, any Shares in which the Company has a lien, but no sale
shall be made unless some amount in respect of which the lien exists is presently payable and the period of fourteen days has elapsed
after the Company has given a notice in writing, stating and demanding payment of such part of the presently payable amount, to the relevant
Member.

9.3 **Registration of Purchase**. The Directors may authorise any person to transfer the Shares sold in accordance with this Article
to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred and he shall not be bound
to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the
sale of the Shares in accordance with this Article.

9.4 **Application of Proceeds**. The proceeds of the sale, net of any costs incurred by the Company in relation to the sale, shall
be applied by the Company in payment of such part of the amount in respect of which the lien exists as is presently payable. The Company
shall retain and have a lien over such part of the remainder of the proceeds as is equal to the Lien Amounts which exist but are not presently
payable by the Member and may apply such proceeds against the Lien Amounts as and when they become payable and the residue shall be paid
to the person entitled to the Shares at the date of the sale.

10 CALLS ON SHARES

10.1 **Calls**. The Directors may, from time to time, make calls upon the Members in respect of some or all of any moneys unpaid on
their Shares, whether in respect of their par value or the premium payable on those Shares; each Member shall (subject to receiving at
least 14 days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called
on his Shares. A call may be required to be paid in instalments. The Directors may revoke or postpone a call at any time.

10.2 **Joint Holders**. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof and the holder
or joint holders of a Share at the time of a call shall remain liable to pay the call on that Share, notwithstanding any subsequent transfer
of the Share being registered by the Company.

10.3 **Interest on Calls**. If a sum called in respect of a Share is not paid before or on the day appointed for payment of that call,
the Member from whom such amount is due shall pay interest upon the sum at such rate as the Directors may determine from the day appointed
for payment of the call to the time of the actual payment. The Directors shall have the discretion to waive payment of any such interest
in full or in part.

10.4 **Fixed Payment Dates**. The provisions contained in these Articles in respect of calls shall apply to payments, whether on account
of the amount of the Share, or by way of premium, to be made on the allotment of a Share or any date fixed on the issue of the Share as
if the same had become payable by virtue of a call duly made and notified.

11 FORFEITURE

11.1 **Failure to pay Call**. If a Member fails to pay any call or instalment of a call in respect of Shares on the day appointed for
payment, the Directors may serve a notice on such Member naming a further date not earlier than the expiration of 14 days from the date
of service on or before which the payment required by the notice is to be made and containing a statement that in the event of non-payment
the Shares, or any of them, will be liable to be forfeited.

11.2 **Forfeiture**. If the requirements of the notice referenced in this Article are not complied with the Company may forfeit the
Shares together with any Distributions declared payable in respect of the forfeited Shares and not paid at any time before tender of payment.

11.3 **No Refund**. The Company is under no obligation to refund any moneys to the Member whose Shares have been forfeited.

11.4 **Sale of Forfeited Share**. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit. The
proceeds of any sale or disposition of the forfeited Share may be received and used by the Company as the Directors determine.

11.5 **Outstanding Liability**. A person whose Shares have been forfeited shall cease to be a Member in respect of the forfeited Shares,
but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him to the
Company in respect of the Shares together with interest.

11.6 **Certificate of Forfeiture**. A certificate in writing under the hand of a Director or Officer stating that a Share has been duly
forfeited on the date stated in the certificate shall be conclusive evidence of the facts stated in the certificate as against all persons
claiming to be entitled to the Share. The Directors may authorize any person to transfer the Shares sold in accordance with this Article
to the purchaser of such Shares. The purchaser shall be registered as the holder of the Shares so transferred and he shall not be bound
to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the
sale of the Shares in accordance with this Article.

11.7 **Fixed Payment Dates**. The provisions of this Article applying to forfeiture for failure to pay any call or instalment of a call
shall apply to the failure to make payments, whether on account of the amount of the Share, or by way of premium, to be made on the allotment
of a Share or any date fixed on the issue of the Share as if the same had become payable by virtue of a call duly made and notified.

12 TRANSMISSION OF SHARES

12.1 **Legal Personal Representative**. The legal personal representative of a deceased sole holder of a Share shall be the only person
recognised by the Company as having any title to the Share. In the case of a Share registered in the names of two or more holders, the
survivors, survivor or the legal personal representatives of the deceased survivor, shall be the only person(s) recognised by the Company
as having any title to the Share.

12.2 **Transmission**. Any person becoming entitled to a Share in consequence of the death or bankruptcy of or any analogous event affecting
a Member (each such event a Transmission Event and each such person a Representative) shall, upon such evidence being produced as may
from time to time be required by the Directors, have the right either to be registered as a Member in respect of the Share or, instead
of being registered himself, to make such transfer of the Share as the Member could have made; but the Directors shall, in either case,
have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by such Member before
the occurrence of a Transmission Event.

12.3 **Pre-Registration Status**. Representatives shall be entitled to the same notices, dividends and other advantages to which he
would be entitled if he were the registered holder of the Share, except that he shall not, before being registered as a Member in respect
of the Share, be entitled in respect of it to exercise any right conferred by membership in relation to meetings of the Company.

12.4 **Requirement for Registration**. The Directors may at any time give notice requiring a Representative to elect either to be registered
himself or to have some person nominated by him become the holder of the Share (but the Directors shall, in either case, have the same
right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before the
Transmission Event). If the notice is not complied with within ninety days the Directors may thereafter withhold payment of all dividends,
bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with.

13 TRANSFER OF SHARES

13.1 **Directors' Consent**. Shares and Treasury Shares are transferable, subject to the consent of the Directors who may, in
their absolute discretion, refuse to consent to any transfer and decline to register the transfer without giving any reason.

13.2 **Instrument of Transfer**. The instrument of transfer shall be in writing in such form as may be acceptable to the Directors and
shall be executed by or on behalf of the transferor and, if required by the Directors, signed by the transferee.

13.3 **Certificates**. Subject to Article 4.2, where the Company has issued a certificate in respect of a Share proposed to be transferred,
the transferor shall lodge, with the instrument of transfer, the original certificate relating to the Share being transferred.

13.4 **Effective Date**. The transfer of a Share is effective when the name of the transferee is entered on the Register of Members.
Until such time, the transferor shall be deemed to remain a Member.

13.5 **Lost Certificate**. If the Directors are satisfied that an instrument of transfer relating to Shares has been signed but that
the instrument has been lost or destroyed, they may, on receipt of such indemnities as they may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) proceed to register the transferee's name in the Register of Members.

13.6 **Notification of Refusal**. Where the Directors refuse to register a transfer of a Share, they shall, within two months after
the date on which the transfer was lodged with the Company, notify the transferee of the refusal.

13.7 **Transfer of Treasury Shares**. The transfer of Treasury Shares may be for valuable consideration or otherwise, and at a discount
to the par value of the Shares.

14 REGISTERED HOLDER DEEMED ABSOLUTE OWNER

14.1 The registered holder of a Share shall be treated as the absolute owner of such Share. No person shall be recognised by the Company
as holding any Share upon trust and the Company shall not register nor be bound by or required to recognise any equitable or other interest
of whatever nature in a Share other than an absolute right to the Share, irrespective of whether the Company has notice of such interest.

15 ALTERATION OF SHARE CAPITAL

15.1 **Increase or Amendment**. The Company may by an Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the share capital by such sum, to be divided into Shares of such amount, and with such rights, privileges, priorities and
restrictions attached to them as the resolution shall prescribe;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to section 13 of the Companies Act, sub-divide its existing Shares, or any of them, into Shares of smaller amounts than is
fixed by the Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any Shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person.

15.2 **Reduction**. Subject to the provisions of the Companies Act and these Articles, the Company may, by a Special Resolution, reduce
its share capital and any capital redemption reserve in any manner.

16 MEETINGS AND CONSENTS OF MEMBERS

16.1 **Meetings**. All meetings of Members shall be referred to as extraordinary general meetings unless the general meeting is an annual
general meeting. The Company may but shall not be obliged to hold an annual general meeting.

16.2 **Directors Convene and Cancel**. The Directors may convene a general meeting at such time and in such manner and place within
or outside the Cayman Islands as the Directors consider necessary or desirable and the Directors may cancel a general meeting with such
notice, in such manner and for such reason as the Directors consider necessary.

16.3 **Members Convene**. Upon the written request of Members entitled to exercise 10% or more of the voting rights in respect of the
matter for which the meeting is requisitioned, any one or more of the Directors shall forthwith proceed to convene a meeting of Members.
The written request of Members to requisition a meeting must state the objects of the meeting and must be signed by the Members requisitioning
the meeting. The written request must be lodged at the Registered Office and may be delivered in counterpart.

16.4 **Failure to Convene**. If the Directors do not proceed to convene a meeting of Members within 21 days of the written request to
requisition a meeting being lodged the requisitionists, or any of them together holding at least half of the voting rights of all of them,
may convene the meeting of Members in the same manner as nearly as possible as that in which a meeting of Members may be convened by a
Director. Where the requisitionists fail to convene the meeting of Members within three months of their right to convene the meeting arising,
the right to convene the meeting of Members shall lapse.

16.5 **Notice of Meeting**. The Director convening a meeting shall give not less than seven days' notice of a meeting of Members
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Members whose names on the date the notice is given appear as Members in the Register of Members and are entitled to vote at
the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Directors.

16.6 **Failure to Give General Notice**. A meeting of Members held in contravention of the requirement to give notice is valid if Members
holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and,
for this purpose, the presence of a Member at the meeting shall constitute waiver in relation to all the Shares which that Member holds.

16.7 **Failure to give Individual Notice**. The inadvertent failure of a Director who convenes a meeting to give notice of a meeting
to a Member or another Director, or the fact that a Member or another Director has not received notice, does not invalidate the meeting.

16.8 **Voting**. No person shall be entitled to vote at any meeting of Members unless he is registered as a Member on the record date
for such meeting and all calls or other moneys payable by him in respect of Shares have been paid at or before the record date. Subject
to any rights and restrictions for the time being attached to any Share, on a poll every Member who is present in person, by its duly
authorised representative or by proxy shall have one (1) vote for each Class A Ordinary Share and twenty (20) votes for each Class B Ordinary
Share of which such Shareholder is the holder.

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| 17 | PROXIES |

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17.1 **Proxies**. A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the Member.

17.2 **Production of Proxies**. The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote. The notice of the meeting may specify an alternative
or additional place or time at which the proxy shall be presented.

17.3 **Form of Proxy**. An instrument appointing a proxy may be in any usual or common form (or such other form as the Directors may
approve) and may be expressed to be for a particular meeting or any adjournment thereof or may appoint a standing proxy until notice of
revocation is received at the Registered Office or at such place or places as the Directors may otherwise specify for the purpose.

17.4 **Joint Ownership and Proxies**. Where Shares are jointly owned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if two or more persons hold Shares jointly, each of them may be present in person or by proxy at a meeting of Members and may speak
as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if two or more of the joint owners are present in person or by proxy they must vote as one.

18 PROCEEDINGS OF SHAREHOLDER MEETINGS

18.1 **Chairman of Member Meeting**. At every meeting of Members, the chairman of the board of Directors shall preside as chairman of
the meeting. If there is no chairman of the board of Directors or if he is not present at the meeting within fifteen minutes of the time
appointed after the meeting or if he is unwilling to act the Directors present shall elect the chairman of the meeting.

18.2 **Adjournment**. The chairman may, with the consent of the meeting, adjourn any meeting from time to time, and from place to place,
but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment
took place.

18.3 **Conference Call**. A Member, or his duly authorised representative or proxy, shall be deemed to be present at a meeting of Members
if he participates by telephone or other electronic means by means of which all the persons participating in the meeting are able to hear
each other.

18.4 **Objections**. No objection shall be raised to the qualification of any voter except at the meeting of members or adjourned meeting
of Members at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection
made in due time shall be referred to the chairman whose decision shall be final and binding on all parties.

18.5 **Casting of Votes**. A Member holding more than one Share need not cast the votes in respect of the Shares held by him in the
same way on any resolution for which a poll is taken. A person appointed as the authorised representative or proxy of a Member may cast
the votes in respect of the Shares for which he is appointed in a like manner.

18.6 **Quorum**. A meeting of Members is duly constituted if, at the commencement of the meeting, there are present in person, through
their authorised representative or by proxy two or more Members entitled to vote on resolutions of Members to be considered at the meeting
except where there is only one Member entitled to vote on resolutions of Members to be considered at the meeting in which case the quorum
shall be one Member. Where a quorum comprises a single Member or proxy, such person may pass a resolution of Members and a certificate
signed by such person accompanied where such person be a proxy by a copy of the proxy instrument shall constitute a valid resolution of
Members.

18.7 **No Quorum**. If within two hours from the time appointed for the meeting a quorum is not present, the meeting, if convened upon
the requisition of Members, shall be dissolved; in any other case it shall stand adjourned to the next business day in the jurisdiction
in which the meeting was to have been held at the same time and place or to such other time and place as the Directors may determine,
and if at the adjourned meeting a quorum is not present within half an hour from the time appointed for the meeting the Members present
shall be a quorum.

18.8 **Polls**. At any meeting of the Members the chairman is responsible for deciding in such manner as he considers appropriate whether
any resolution proposed has been carried or not and the result of his decision shall be announced to the meeting and recorded in the minutes
of the meeting. If the chairman has any doubt as to the outcome of the vote on a proposed resolution, he shall cause a poll to be taken
of all votes cast upon such resolution. If the chairman fails to take a poll then any Member present in person or by proxy who disputes
the announcement by the chairman of the result of any vote may immediately following such announcement demand that a poll be taken and
the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced to the meeting and recorded
in the minutes of the meeting. The minutes of the meeting shall be conclusive evidence of the fact that a resolution was carried or not
without proof of the number or proportion of the votes recorded in favour of or against such resolution. All questions submitted to a
meeting shall be decided by an Ordinary Resolution except where a greater majority is required by these Articles or by the Companies Act.
In the case of an equality of votes, the chairman of the meeting shall be entitled to a second or casting vote.

18.9 **Director Participation**. Directors may attend and speak at any meeting of Members and at any separate meeting of the holders
of any class or series of Shares.

18.10 **Unanimous Written Resolutions**. Any Ordinary Resolution or Special Resolution of Members and any other action that may be taken
by the Members at a meeting may also be taken by a resolution consented to in writing, without the need for any notice, by all Members
who would have been entitled to attend and vote at a meeting called for the purpose of passing such a resolution or taking any other action.
The consent may be in the form of counterparts, each counterpart being signed by one or more Members. If the consent is in one or more
counterparts, and the counterparts bear different dates, then the resolution shall take effect on the latest date borne by the counterparts.

19 APPOINTMENT AND REMOVAL OF DIRECTORS

19.1 **Number of Directors**. The Company may by Ordinary Resolution from time to time fix the maximum and minimum number of Directors
to be appointed but unless such number is fixed as aforesaid the number of Directors shall be unlimited and there shall be no minimum
number of Directors.

19.2 **Appointment of Directors**. Subject to the limits set out in the preceding Article, the Company may by an Ordinary Resolution
appoint any person to be a Director. The Board may, by the affirmative vote of a simple majority of the remaining Directors present and
voting at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board, which may be created in accordance
with Article 19.5.

19.3 **Removal of Directors.** A Director may be removed from office by an Ordinary Resolution (except with regard to the removal of
a Director who is the chairman of the board, who may be removed from office by a Special Resolution), notwithstanding anything in these
Articles or in any agreement between the Company and such Director.

19.4 **Term**. Each Director holds office for the term, if any, fixed by the terms of his appointment or until his earlier death, bankruptcy,
insanity, resignation or removal. If no term is fixed on the appointment of a Director, the Director serves indefinitely until his earlier
death, bankruptcy, insanity, resignation or removal.

19.5 **Vacation**. The office of a Director shall be vacated if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he gives notice in writing to the Company that he resigns the office of Director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he absents himself (without being represented by an alternate Director appointed by him) from three consecutive meetings of the board
of Directors without special leave of absence from the Directors, and they pass a resolution that he has by reason of such absence vacated
office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all the other Directors (being not less than two in number) resolve that he should be removed as a Director.

20 REGISTER OF DIRECTORS AND OFFICERS

20.1 **Details**. The Register of Directors and Officers shall contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are Directors and Officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which each person whose name is entered in the register was appointed as a Director or Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which each person named as a Director or Officer ceased to be a Director or Officer.

21 POWERS OF DIRECTORS

21.1 **Management by Directors**. Subject to the provisions of the Companies Act, the Memorandum, these Articles and any directions
given by an Ordinary Resolution, the business and affairs of the Company shall be managed by, or under the direction or supervision of,
the Directors. The Directors shall have all the powers necessary for managing, and for directing and supervising, the business and affairs
of the Company as are not by the Companies Act, the Memorandum, these Articles or the terms of any Special Resolution required to be exercised
by the Members. No alteration of the Memorandum or these Articles or any direction given by Ordinary Resolution or Special Resolution
shall invalidate any prior act of the Directors that was valid at the time undertaken. A duly convened meeting of Directors at which a
quorum is present may exercise all powers exercisable by the Directors.

21.2 **Good Faith**. Each Director shall exercise his powers for a proper purpose. Each Director, in exercising his powers or performing
his duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.

21.3 **Acting in Vacancy**. The continuing Directors may act notwithstanding any vacancy in their body, but if and for so long as their
number is below any minimum number of Directors fixed by or pursuant to these Articles, the continuing Directors may act for the purpose
of passing a resolution to appoint further Directors to the board of Directors and of convening a meeting of Members to appoint further
Directors but for no other purpose.

21.4 **Indebtedness and Security**. The Directors may exercise all the powers of the Company to incur indebtedness, liabilities or obligations
and to issue debentures, debenture stock, mortgages, bonds and other such securities and to secure indebtedness, liabilities or obligations
whether of the Company or of any third party.

22 PROCEEDINGS OF DIRECTORS

22.1 **Quorum**. The quorum for the transaction of the business of the Directors shall be two (2) if there are two or more Directors,
and shall be one if there is only one Director. A person who holds office as an alternate Director shall be counted in the quorum. A Director
who also acts as an alternate Director shall count twice towards the quorum.

22.2 **Voting**. Subject to the provisions of these Articles, the Directors may regulate their proceedings as they think fit. Questions
arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes, the chairman shall not have a second
or casting vote. A Director who is also an alternate Director shall be entitled to a separate vote on behalf of his appointor in addition
to his own vote.

22.3 **Conference Call**. A person may participate and vote in a meeting of the Directors or committee of Directors by telephone or
other electronic means by means of which all the persons participating in the meeting are able to hear each other. Unless otherwise determined
by the Directors the meeting shall be deemed to be held at the place where the chairman is at the start of the meeting.

22.4 **Unanimous Written Resolution**. A resolution in writing (in one or more counterparts) signed by all the Directors or all the
members of a committee of Directors (an alternate Director being entitled to sign any such resolution on behalf of his appointor) shall
be as valid and effectual as if it had been passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened
and held.

22.5 **Notice of Meetings**. A Director may, or other Officer on the requisition of a Director shall, call a meeting of the Directors
by at least two days' notice in writing to every Director which notice shall set forth the general nature of the business to be considered
unless notice is waived by all the Directors either at, before or after the meeting is held.

22.6 **Chairman of the Board**. The Directors may elect a chairman of their board and determine the period for which he is to hold office;
but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for
holding the same, the Directors present may choose one of their number to be chairman of the meeting.

22.7 **Defects**. Absent fraud, all acts done by any meeting of the Directors or a committee of Directors shall, notwithstanding that
it be afterwards discovered that there was some defect in the appointment of any Director or alternate Director, or that they or any of
them were disqualified, be as valid as if every such person had been duly appointed and qualified to be a Director or alternate Director
as the case may be.

23 PRESUMPTION OF ASSENT

23.1 A Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed
to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written
dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof. Such right
to dissent shall not apply to a Director who voted in favour of such action.

24 DIRECTORS' INTERESTS

24.1 **Other Office**. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine.
A Director may act by himself or his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration
for professional services as if he were not a Director or alternate Director.

24.2 **No Exclusivity**. A Director or alternate Director may be or become a director or other officer of or otherwise interested in
any company promoted by the Company or in which the Company may be interested as shareholder or otherwise, and no such Director or alternate
Director shall be accountable to the Company for any remuneration or other benefits received by him as a director or officer of, or from
his interest in, such other company.

24.3 **Disclosure of Interests**. No person shall be disqualified from the office of Director or alternate Director or prevented by
such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any other contract
or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way interested
be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable to account
to the Company for any profit realised by any such contract or transaction by reason of such Director holding office or of the fiduciary
relation thereby established. A Director (or his alternate Director in his absence) shall be at liberty to vote in respect of any contract
or transaction in which he is interested provided that the nature of the interest of any Director or alternate Director in any such contract
or transaction shall be disclosed by him at or prior to its consideration and any vote thereon.

24.4 **General Notice of Interests**. A general notice that a Director or alternate Director is a shareholder, director, officer or
employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.

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| 25 | MINUTES |

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25.1 The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors,
all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of Directors
including the names of the Directors or alternate Directors present at each meeting.

26 DELEGATION OF DIRECTORS' POWERS

26.1 **Delegation**. The Directors may delegate any of their powers to any committee consisting of one or more Directors. They may also
delegate to any managing director or any Director holding any other executive office such of their powers as they consider desirable to
be exercised by him provided that an alternate Director may not act as managing director and the appointment of a managing director shall
automatically terminate if he ceases to be a Director. Any such delegation may be made subject to any conditions the Directors may impose
and may be revoked or altered. Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles
regulating the proceedings of Directors, so far as they are capable of applying.

26.2 **Committees**. The Directors may establish any committees, local boards or agencies or appoint any person to be a manager or agent
for managing the affairs of the Company and may appoint any person to be a member of such committees or local boards. Any such appointment
may be made subject to any conditions the Directors may impose, and may be revoked or altered. Subject to any such conditions, the proceedings
of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they
are capable of applying.

26.3 **Third Party Delegation**. The Directors may by power of attorney or otherwise appoint any company, firm, person or body of persons,
whether nominated directly or indirectly by the Directors, to be the attorney or authorised signatory of the Company for such purpose
and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Directors under these Articles)
and for such period and subject to such conditions as they may think fit, and any such powers of attorney or other appointment may contain
such provisions for the protection and convenience of persons dealing with any such attorneys or authorised signatories as the Directors
may think fit and may also authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions
vested in him.

26.4 **Officers**. The Directors may appoint such Officers as they consider necessary on such terms, at such remuneration and to perform
such duties, and subject to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified
in the terms of his appointment an officer may be removed by the Directors.

27 ALTERNATE DIRECTORS

27.1 **Alternate Appointment**. Any Director (other than an alternate Director) may by writing in notice to the Company appoint any
other Director, or any other person willing to act, to be an alternate Director.

27.2 **Conduct of Alternates**. An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, and, save as expressly provided herein, to perform all the functions and exercise all of the powers of
his appointor as a Director in his absence.

27.3 **Automatic termination**. An alternate Director shall cease to be an alternate Director if his appointor ceases to be a Director.

27.4 **No Agency**. An alternate Director shall be deemed for all purposes to be a Director and shall alone be responsible for his own
acts and defaults and shall not be deemed to be the agent of the Director appointing him.

28 NO MINIMUM SHAREHOLDING

28.1 The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding
qualification is fixed a Director is not required to hold Shares.

29 REMUNERATION OF DIRECTORS

29.1 **Office Remuneration**. The remuneration to be paid to the Directors, if any, shall be determined by the Directors or by an Ordinary
Resolution. The Directors shall also be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection
with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of
the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company, or to receive
a fixed allowance in respect thereof as may be determined by the Directors, or a combination of such methods.

29.2 **Additional Remuneration**. The Directors may by resolution approve additional remuneration to any Director for any services other
than his ordinary routine work as a Director. Any fees paid to a Director who is also counsel or solicitor to the Company, or otherwise
serves it in a professional capacity shall be in addition to his remuneration as a Director.

29.3 **Pensions**. The Directors, on behalf of the Company, may pay a gratuity or pension or allowance on retirement to any Director
who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to
any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance.

30 INDEMNIFICATION

30.1 **Indemnity and Exclusion of Liability**. Every Director, alternate Director or Officer shall be indemnified out of the assets
of the Company against any liability incurred by him as a result of any act or failure to act in carrying out his functions other than
such liability (if any) that he may incur by his own actual fraud or wilful default. No such Director, alternate Director or Officer shall
be liable to the Company for any loss or damage in carrying out his functions unless that liability arises through the actual fraud or
wilful default of such Director or officer. References in this Article to actual fraud or wilful default mean a finding to such effect
by a competent court in relation to the conduct of the relevant party.

30.2 **Advancement of Expenses**. Expenses, including legal fees, incurred by a Director, alternate Director or Officer, or former Director,
alternate Director or Officer in defending any legal, administrative or investigative proceedings may be paid by the Company in advance
of the final disposition of such proceedings upon receipt of an undertaking by such party to repay the amount if it shall ultimately be
determined that such Director, alternate Director or Officer is not entitled to be indemnified by the Company and upon such terms and
conditions, if any, as the Company deems appropriate.

30.3 **Insurance**. The Company may purchase and maintain insurance in relation to any person who is or was a Director, alternate Director,
Officer or liquidator of the Company, or who at the request of the Company is or was serving as a Director, alternate director, Officer
or liquidator of, or in any other capacity is or was acting for, another body corporate or a partnership, joint venture, trust or other
enterprise, against any liability asserted against the person and incurred by the person in that capacity.

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| 31 | RECORDS |

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31.1 **Registered Office Records**. The Company shall keep the following documents at the Registered Office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Certificate of Incorporation and any Certificate on Change of Name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Memorandum and Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Register of Directors and Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent the Company has created a security interest over any of its assets the Register of Mortgages and Charges required to
be maintained by the Company under Section 54 of the Companies Act.

31.2 **Other Corporate Records**. The Company shall keep the following records at the Registered Office or at such other place or places,
within or outside the Cayman Islands, as the Directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings, Ordinary Resolutions and Special Resolutions of Members and classes of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Register of Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) minutes of meetings and Resolutions of Directors and committees of Directors.

31.3 **Electronic Form**. All of the registers and records kept by the Company under these Articles shall be in written form or either
wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act.

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| 32 | SEAL |

---

32.1 **Use of Seal**. The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the
Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be
signed by at least one person who shall be either a Director or an Officer or other person appointed by the Directors for the purpose.

32.2 **Duplicate Seal**. The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each
of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the
name of every place where it is to be used.

32.3 **Authentication and Filing**. A Director or Officer, representative or attorney of the Company may without further authority of
the Directors affix the Seal over his signature alone to any document required to be authenticated by him under seal or to be filed with
the Registrar of Companies in the Cayman Islands or elsewhere wheresoever.

33 DISTRIBUTIONS

33.1 **Payment of Distributions**. Subject to the Companies Act and these Articles, the Directors may declare and pay out of the funds
of the Company lawfully available for such purpose a Distribution at a time and of an amount they think fit. No Distribution shall be
paid except out of the realised and unrealised profits of the Company, and/or out of the share premium account and/ or as otherwise permitted
by the Companies Act.

33.2 **Ranking**. Except as otherwise provided by the rights attached to Shares, all Distributions shall be declared and paid according
to the par value of the Shares that a Member holds. The Company may pay Distributions in proportion to the amount paid upon each Share
where a larger amount is paid up on some Shares than on others. If any Share is issued on terms providing that it shall rank for Distributions
as from a particular date, that Share shall rank for Distributions accordingly.

33.3 **Deductions**. The Directors may deduct from any Distribution payable to any Member all sums of money, if any, then payable by
him to the Company on account of calls or otherwise.

33.4 **Distribution in Kind**. The Directors may declare that any Distribution be paid wholly or partly by the distribution of specific
assets and in particular of shares, debentures, or securities of any other company or in any one or more of such ways and the Directors
may settle the same as they think expedient and in particular may issue fractional Shares and fix the value for distribution of such specific
assets or any part thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order
to adjust the rights of all Members and may vest any such specific assets in trustees as may seem expedient to the Directors.

33.5 **Payment**. Any Distribution payable in cash in respect of Shares may be paid by electronic funds transfer to the holder or by
cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the registered
address of the holder who is first named on the Register of Members or to such person and to such address as such holder or joint holders
may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent. Any one of two
or more joint holders may give effectual receipts for any Distributions payable in respect of the Shares held by them as joint holders.

33.6 **No Interest**. No Distribution shall bear interest as against the Company and no distribution shall be paid on Treasury Shares.

33.7 **Unclaimed Payments**. Any Distribution which cannot be paid to a Member and/or which remains unclaimed after six months from
the date of declaration of such Distribution may, in the discretion of the Directors, be paid into a separate account in the Company's
name, provided that the Company shall not be constituted as a trustee in respect of that account and the Distribution shall remain as
a debt due to the Member. Any Distribution which remains unclaimed after a period of six years from the date of declaration of such Distribution
shall be forfeited and shall revert to the Company.

34 CAPITALISATIONS

34.1 **Capitalisations**. The Directors may capitalise any sum standing to the credit of any of the Company's reserve accounts (including
share premium account and capital redemption reserve) or to the credit of profit and loss account or otherwise available for distribution
and appropriate such sum to Members in the proportions in which such sum would have been divisible amongst them had the same been a Distribution
of profits by way of dividend and apply such sum on their behalf in paying up in full unissued Shares for issue, allotment and distribution
credited as fully paid-up to and amongst them in the proportions aforesaid. In such event the Directors may make such provisions as they
think fit in the case of Shares becoming distributable in fractions.

35 RECORD DATE

35.1 **Record Date Determination**. For the purpose of determining Members entitled to attend meetings, receive payment of any Distribution
or capitalisation or for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a
stated period which shall not in any case exceed forty days. In lieu of, or apart from, closing the Register of Members, the Directors
may fix in advance or arrears a date as the record date for any such determination of Members provided that the record date for a meeting
may not be earlier than the date of notice of such meeting.

35.2 **No Record Date Chosen**. If the Register of Members is not so closed and no record date is fixed for the determination of Members
entitled to attend meetings, receive payment of a Distribution or capitalisation, the date on which the notice of the meeting is given
or resolution of the Directors declaring such Distribution or capitalisation is adopted, as the case may be, shall be the record date
for such determination of Members.

36 REPRESENTATION

36.1 **Representation of Legal Persons**. The right of any individual to speak for or represent a Member or a Director being a legal
person shall be determined by the law of the jurisdiction where, and by the documents by which, such legal person is constituted or derives
its existence but save where an objection has been raised by a Member or a Director, the Directors shall not be obliged to verify the
rights of individuals purporting to speak for or represent legal persons. In case of doubt, the Directors may in good faith seek legal
advice from any qualified person and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely and
act upon such advice without incurring any liability to any Member or the Company.

37 ACCOUNTS

37.1 **Accounts**. The Company shall keep proper books of account with respect to (a) all sums of money received and expended by the
Company and the matters in respect of which the receipt and expenditure takes place; (b) all sales and purchases of goods by the Company;
and (c) the assets and liabilities of the Company, that in each case, are sufficient to give a true and fair view of the Company's
affairs and to explain its transactions.

37.2 **Inspection**. The Directors shall from time to time determine whether and to what extent and at what times and places and under
what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being
Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except
as conferred by the Companies Act or authorised by the Directors or by an Ordinary Resolution.

37.3 **Financial Information**. The Directors may from time to time cause to be prepared and to be laid before the Company in general
meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law.

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|:---|:---|
| 38 | AUDIT |

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38.1 **Auditor**. The Directors may appoint an auditor of the Company who shall hold office until removed from office by resolution
of the Directors, and may fix his or their remuneration.

38.2 **Access Right**. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for
any audit.

38.3 **Auditor Reports**. Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their
tenure of office at such times as shall be required by the Directors or any meeting of the Members.

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|:---|:---|
| 39 | NOTICES |

---

39.1 **Calculation of Elapsed Time**. Subject to the laws of the Cayman Islands, where any period of time is expressed as required for
the giving of any notice or in any other case where some other action is required to be undertaken within or omitted from being taken
during a specified period of time, the calculation of the requisite period of time will not include the day on which the notice is given
(or deemed to be given) or the day on which the event giving rise to the need to take or omit action occurred, but shall include the day
on which the period of time expires.

39.2 **Delivery of Notices**. Notices shall be in writing and may be given by the Company to any Member either personally or by sending
it by courier, post, fax or e-mail to him or to his address as shown in the Register of Members (or where the notice is given by e-mail
by sending it to the e-mail address provided by such Member). Any notice, if posted from one country to another, is to be sent airmail.
E-mail notices may be sent by e-mail text and/or by way of a document attached to an email in portable document format (PDF) or in Microsoft
Word format and/or by any other method separately agreed between the Company and its Members.

39.3 **Deemed Receipt**. Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of the
notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public
holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre-paying and posting a letter containing a notice, and shall be deemed to have been
received on the fifth day (not including Saturdays or Sundays or public holidays) following the day on which the notice was posted. Where
a notice is sent by fax, service of the notice shall be deemed to have been received on the same day that it was transmitted. Where a
notice is given by e-mail service it shall be deemed to be effected by transmitting the e-mail to the e-mail address provided by the intended
recipient and shall be deemed to have been received on the same day that it was sent, and it shall not be necessary for the receipt of
the e-mail to be acknowledged by the recipient.

39.4 **Notices of General Meeting**. Notice of every general meeting shall be given in any manner hereinbefore authorized to every person
shown as a Member in the Register of Members on the record date for such meeting except that in the case of joint holders the notice shall
be sufficient if given to the joint holder first named in the Register of Members.

40 VOLUNTARY LIQUIDATION

40.1 Subject to the Companies Act, the Company may by a Special Resolution be wound up voluntarily.

41 WINDING UP

41.1 **Distribution of Assets**. Subject to Article 6, if the Company shall be wound up, and the assets available for distribution amongst
the Members shall be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may
be, the losses shall be borne by the Members in proportion to the par value of the Shares held by them. Subject to Article 6, if in a
winding up the assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the share capital
at the commencement of the winding up, the surplus shall be distributed amongst the Members in proportion to the par value of the Shares
held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which there are monies due,
of all monies payable to the Company for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of
Shares issued upon special terms and conditions.

41.2 **Valuation of Assets**. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution and any
other sanction required by the Companies Act, divide amongst the Members in kind the whole or any part of the assets of the Company (whether
they shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall
be carried out as between the Members or different classes of Members. The liquidator may, with the like sanction, vest the whole or any
part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like sanction, shall think
fit, but so that no Member shall be compelled to accept any asset upon which there is a liability.

42 CONTINUATION

42.1 The Company may, subject to the provisions of the Companies Act and with the approval of a Special Resolution, transfer and be registered
by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and be de-registered
in the Cayman Islands.

43 AMENDMENT OF THE MEMORANDUM AND ARTICLES

43.1 Subject to the Companies Act and the rights attaching to any class or series of Shares, the Company may by a Special Resolution change
its name or alter or amend these Articles and/ or the Memorandum in whole or in part.

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

**OF**

**SunScout Holding Limited**

(adopted by a Special Resolution passed on [date] and effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares)

1. The name of the Company is SunScout Holding Limited.

2. The Registered Office of the Company will be situated at the office of Harneys Fiduciary (Cayman) Limited,
4th Floor, Harbour Place, 103 South Church Street, P. O. Box 10240, George Town, Grand Cayman KY1-1002, Cayman Islands, or at such other
location within the Cayman Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity
irrespective of any question of corporate benefit as provided by the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such
Shareholder.

7. The authorised share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of par
value of US$0.0001 each, comprising (a) 450,000,000 Class A Ordinary Shares of par value of US$0.0001 each and (b) 50,000,000 Class B
Ordinary Shares of par value of US$0.0001 each. Subject to the Companies Act and the Articles, the Company shall have power to redeem
or purchase any of its Shares and to increase or reduce its authorised share capital and to sub-divide or consolidate the said Shares
or any of them and to issue all or any part of its capital whether original, redeemed, increased or reduced with or without any preference,
priority, special privilege or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and
so that unless the conditions of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference
or otherwise shall be subject to the powers on the part of the Company hereinbefore provided.

8. The Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered
by way of continuation in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles of Association of the Company.

**THE COMPANIES ACT (REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**THIRD AMENDED AND RESTATED**

 **ARTICLES OF ASSOCIATION**

**OF**

**SunScout Holding Limited**

(adopted by a Special Resolution passed on [date] and effective immediately prior to the completion of the initial public offering of the Company's Class A Ordinary Shares)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent
with the subject or context:

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| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |

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| | |
|:---|:---|
| **"Chairman"** | means the chairman of the Board of Directors; |
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Class A Ordinary Share"** | means an ordinary share of par value of US$0.0001 in the capital of the Company, designated as a Class A Ordinary Shares and having the rights provided for in these Articles; |
| **"Class B Ordinary Share"** | means an ordinary share of par value of US$0.0001 in the capital of the Company, designated as a Class B Ordinary Share and having the rights provided for in these Articles; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means SunScout Holding Limited, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Class A Ordinary Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Person"** | means each of Friedrich Edwin Cywinski and Marc Cywinski, the founders of the Company. |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |

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| | | |
|:---|:---|:---|
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; | means the Electronic Transactions Act (Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; | means the memorandum of association of the Company, as amended or substituted from time to time; |
| **"Ordinary Resolution"** | means a resolution: | means a resolution: |
|  | (a) | passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles (in computing the majority regard shall be had to the number of votes to which each Shareholder is entitled by these Articles); or |
|  | (b) | approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed; |

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| | |
|:---|:---|
| **"Ordinary Share"** | means a Class A Ordinary Share or a Class B Ordinary Share; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| <br> **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of members of the Company maintained in accordance with the Companies Act; |

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---

| | |
|:---|:---|
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

---

(a) passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed;

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| | |
|:---|:---|
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context
may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to "in writing" shall be construed as written or represented by any means reproducible
in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format
for storage or transmission for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the execution of the Articles
themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors may from time to
time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places
as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the
amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time
to time determine and, in the absence of any such determination, the Register shall be kept at the Registered Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for the
time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the approval of the
Shareholders, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether
in certificated form or non-certificated form) to such Persons, in such manner, at such times and on such terms and having such rights
and being subject to such restrictions as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments with respect thereto, at
such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

9. The Directors may authorise the division of Shares into any number of Classes and the different Classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms
as they may think appropriate. Notwithstanding Article 17, the Directors may issue from time to time, out of the authorised share
capital of the Company, series of preferred shares in their absolute discretion and without approval of the Shareholders; provided, however,
before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine, with respect to any
series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such series and the subscription
price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition to any voting rights
provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if
so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends
shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by the Company, and, if so,
the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any part of the assets available
for distribution amongst the Shareholders upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and
the relation which such liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other
series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of a retirement or sinking
fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption
of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions relative to the operation
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable for, shares of
any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the rate or rates of
conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred shares of such series are
outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition
by the Company of, the existing shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue
of any additional shares, including additional shares of such series or of any other class of shares or any other series of preferred
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights, and any
qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares
for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of
his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the
payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay
such brokerage as may be lawful on any issue of Shares.

11. The Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**CLASS A ORDINARY SHARES AND CLASS B ORDINARY SHARES**

12. Holders of Class A Ordinary Shares and Class B Ordinary Shares shall at all times vote together
as one class on all resolutions submitted to a vote by the Shareholders. Each Class A Ordinary Share shall entitle the holder thereof
to one (1) vote on all matters subject to vote at general meetings of the Company, and each Class B Ordinary Share shall entitle
the holder thereof to twenty (20) votes on all matters subject to vote at general meetings of the Company.

13. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time
at the option of the holder thereof. The right to convert shall be exercisable by the holder of the Class B Ordinary Share delivering
a written notice to the Company that such holder elects to convert a specified number of Class B Ordinary Shares into Class A
Ordinary Shares. In no event shall Class A Ordinary Shares be convertible into Class B Ordinary Shares.

14. Any conversion of Class B Ordinary Shares into Class A Ordinary Shares pursuant to these Articles
shall be effected by means of the re-designation of each relevant Class B Ordinary Share as a Class A Ordinary Share. Such conversion
shall become effective (i) in the case of any conversion effected pursuant to Article 13, forthwith upon the receipt by the
Company of the written notice delivered to the Company as described in Article 13 (or at such later date as may be specified in such
notice), or (ii) in the case of any automatic conversion effected pursuant to Article 15, forthwith upon occurrence of the event
specified in Article 15 which triggers such automatic conversion, and the Company shall make entries in the Register to record the
re-designation of the relevant Class B Ordinary Shares as Class A Ordinary Shares.

15. Upon any sale, transfer, assignment or disposition of any Class B Ordinary Share by a Shareholder
to any person who is not the Designated Person or an Affiliate of the Designated Person, or upon a change of ultimate beneficial ownership
of any Class B Ordinary Share to any Person who is not the Designated Person or an Affiliate of the Designated Person, such Class B
Ordinary Share shall be automatically and immediately converted into the same number of Class A Ordinary Share. For the avoidance
of doubt, (i) where a sale, transfer, assignment or disposition involves a change to the legal title to Class B Ordinary Shares,
it shall be effective upon the Company's registration of such sale, transfer, assignment or disposition in its Register, and where
a sale, transfer, assignment or disposition involves a change to the ultimate beneficial ownership or there is otherwise no change to
the legal title to Class B Ordinary Shares, it shall be deemed effective at the time of the change, as determined in good faith by the
Directors in their sole discretion; and (ii) the creation of any pledge, charge, encumbrance or other third party right of whatever
description on any Class B Ordinary Shares to secure a holder's contractual or legal obligations shall not be deemed as a sale,
transfer, assignment or disposition, or a change of ultimate beneficial ownership, unless and until any such pledge, charge, encumbrance
or other third party right is enforced and results in the third party holding legal title to the relevant Class B Ordinary Shares,
in which case all the related Class B Ordinary Shares shall be automatically converted into the same number of Class A Ordinary
Shares. For the purposes of this Article 15, beneficial ownership shall have the meaning set forth in Rule 13d-3 under the United
States Securities Exchange Act of 1934, as amended.

16. Each Class A Ordinary Share confers upon the holder thereof the right to receive dividends as provided
for in these Articles. Class B Ordinary Shares do not confer upon the holders thereof any rights to receive dividend made by the Company.

17. Save and except for voting rights, conversion rights, and dividend rights as set out in Articles 12 to
16 (inclusive), the Class A Ordinary Shares and the Class B Ordinary Shares shall rank *pari passu* with one
another and shall have the same rights, preferences, privileges and restrictions.

**MODIFICATION OF RIGHTS**

18. Whenever the capital of the Company is divided into different Classes the rights attached to any such
Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially and adversely varied
with the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a Special Resolution
passed at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions of these Articles
relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the
necessary quorum shall be one or more Persons holding or representing by proxy at least one-third in nominal or par value amount of the
issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not Present,
those Shareholders who are Present shall form a quorum) and that, subject to any rights or restrictions for the time being attached to
the Shares of that Class, every Shareholder of the Class shall have one vote for each Share of the Class held by him. For the
purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if they consider
that all such Classes would be affected in the same way by the proposals under consideration, but in any other case shall treat them as
separate Classes.

19. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially and
adversely varied by, inter alia, the creation, allotment or issue of further Shares ranking *pari passu* with or subsequent
to them or the redemption or purchase of any Shares of any Class by the Company. The rights of the holders of Shares shall not be
deemed to be materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation,
the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

20. A Shareholder may only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise identified
and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject
to these Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall
have been surrendered and cancelled.

21. Every share certificate of the Company shall bear such legends as may be required under applicable laws,
including the Securities Act.

22. No certificate shall be issued representing shares of more than one class.

23. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
a new certificate representing the same Shares may be issued to the relevant Shareholder upon request, subject to delivery up of the old
certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

24. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders and
if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

25. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject
to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or
otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality
of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the
same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

26. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts
(whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount
lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered holder
of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not presently payable).
The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

27. The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share
on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor
until the expiration of fourteen calendar days after a notice in writing, demanding payment of such part of the amount in respect of which
the lien exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled
thereto by reason of his death or bankruptcy.

28. For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and he shall not be
bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
in the proceedings in reference to the sale.

29. The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

30. Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen calendar days'
notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.
A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

31. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

32. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof,
the Person from whom the sum is due shall pay interest upon the sum at the rate of eight percent per annum from the day appointed for
the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.

33. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account
of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

34. The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between
the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

35. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of
an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors.
No such sum paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend declared in respect of
any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

36. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

37. The notice shall name a further day (not earlier than the expiration of fourteen calendar days from the
date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

38. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

39. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

40. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
amount unpaid on the Shares forfeited.

41. A certificate in writing under the hand of a Director that a Share has been duly forfeited on a date stated
in the certificate shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be entitled to the
Share.

42. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

43. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which
by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

44. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee
is entered in the Register in respect of the relevant Shares. Subject to these Articles, any Shareholder may transfer all or any of his
shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other
form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house
or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to
time.

45. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Directors may in their absolute discretion decline to register any transfer of Shares which is not
fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied
by the certificate for the Shares to which it relates and such other evidence as the Board may reasonably require to show the right of
the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class of
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of
joint holders to whom the Share is to be transferred does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange
may determine to be payable, or such lesser sum as the Board of Directors may from time to time require, is paid to the Company in respect
thereof.

46. The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange
Rules, be suspended at such times and for such periods as the Directors may, in their absolute discretion, from time to time determine;
provided always that, for so long as the Shares are listed on a Designated Stock Exchange that prohibits the closure of the Register or
the transfer books, the Directors shall not close the Register or suspend the registration of transfers.

47. All instruments of transfer that are registered shall be retained by the Company. If the Directors refuse
to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer was lodged with the Company
send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

48. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or
survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as having
any title to the Share.

49. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

50. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership
in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any such Person to
elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety calendar days, the
Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

51. The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of
every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

52. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities and privileges annexed
thereto, as the Company in general meeting may determine.

53. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide its Shares into several classes and without prejudice to any special rights previously conferred
on the holders of existing Shares attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions
or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors may determine
provided always that, for the avoidance of doubt, where a Class of Shares has been authorised by the Company, no resolution of the Company
in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class and determine
such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the Company issues
shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such Shares and where the
equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with the most favourable
voting rights, must include the words "restricted voting" or "limited voting";

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any Person and diminish the amount of its share capital by the amount of the Shares so cancelled.

54. All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in relation to any
consolidation and division under the preceding Article and in particular but without prejudice to the generality of the foregoing may
arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses
of such sale) in due proportion amongst the Shareholders who would have been entitled to the fractions, and for this purpose the Board
may authorise some person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to
the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will
his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

55. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

56. Subject to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act, including out of capital.

57. The purchase of any Share shall not oblige the Company to purchase any other Share other than as may be
required pursuant to applicable law and any other contractual obligations of the Company.

58. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s) (if
any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

59. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

60. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

61. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

**GENERAL MEETINGS**

62. All general meetings other than annual general meetings shall be called extraordinary general meetings.

63. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may (but shall not be obliged to) in each calendar year hold a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as may be determined
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

64. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Chairman or a majority of the Directors (acting by a resolution of the Board) may call general meetings,
and they shall on a Shareholders' requisition forthwith proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Shareholders' requisition is a requisition of Shareholders holding at the date of deposit of the
requisition Shares which carry in aggregate not less than one-tenth (1/10) of the total number of votes attaching to all issued and outstanding
Shares that as at the date of the deposit carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited
at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If there are no Directors as at the date of the deposit of the Shareholders' requisition, or if
the Directors do not within twenty-one (21) calendar days from the date of the deposit of the requisition duly proceed to convene a general
meeting to be held within a further twenty-one (21) calendar days, the requisitionists, or any of them representing more than one-half
of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after
the expiration of three calendar months after the expiration of the said twenty-one (21) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly
as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

65. At least ten (10) days' notice shall be given for any general meeting. Every notice shall be exclusive
of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the day and the
hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such other manner
if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice specified
in this Article has been given and whether or not the provisions of these Articles regarding general meetings have been complied
with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all the Shareholders (or their proxies) entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of two-thirds of the Shareholders having a
right to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person, represented by its duly
authorised representative or proxy.

66. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

67. No business except for the appointment of a chairman for the meeting shall be transacted at any general
meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. One or more Shareholders holding
Shares which carry in aggregate (or representing by proxy) not less than a majority of all votes attaching to all Shares in issue and
entitled to vote at such general meeting Present shall be a quorum for all purposes.

68. If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting shall
be dissolved.

69. If the Directors wish to make this facility available for a specific general meeting or all general meetings
of the Company, attendance and participation in any general meeting of the Company may be by means of Communication Facilities. Without
limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting. The
notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the meeting who wishes
to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including attending and casting
any vote thereat.

70. The Chairman, if any, shall preside as chairman at every general meeting of the Company. If there is no
such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed for holding the meeting
or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside as chairman of that
meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

71. The chairman of any general meeting shall be entitled to attend and participate at any such general meeting
by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the following provisions shall
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable the chairman of the meeting
to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at the meeting shall choose another
Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if no other Director is Present at
the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same
day in the next week and at such time and place as shall be decided by the Board of Directors.

72. The chairman of any general meeting at which a quorum is Present may with the consent of the meeting (and
shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting,
or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.

73. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting,
except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason, upon
notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

74. At any general meeting a resolution put to the vote of the meeting shall be decided by poll.

75. The result of the poll shall be deemed to be the resolution of the meeting.

76. All questions submitted to a meeting shall be decided by an Ordinary Resolution except where a greater
majority is required by these Articles or by the Companies Act. In the case of an equality of votes, the chairman of the meeting shall
be entitled to a second or casting vote.

**VOTES OF SHAREHOLDERS**

77. Subject to any rights and restrictions for the time being attached to any Share, every Shareholder Present
in person or represented by its duly authorised representative or proxy shall have one (1) vote for each Class A Ordinary Share
and twenty (20) votes for each Class B Ordinary Share of which such Shareholder is the holder.

78. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy (or,
if a corporation or other non-natural person, by its duly authorised representative or proxy) shall be accepted to the exclusion of the
votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register.

79. Shares carrying the right to vote that are held by a Shareholder of unsound mind, or in respect of whom
an order has been made by any court having jurisdiction in lunacy, may be voted by his committee, or other Person in the nature of a committee
appointed by that court, and any such committee or other Person may vote in respect of such Shares by proxy.

80. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any,
or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid.

81. Votes may be given either personally or by proxy.

82. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)),
may only appoint one proxy. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney duly
authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer or attorney duly authorised.
A proxy need not be a Shareholder.

83. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

84. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company not less than
48 hours before the time for holding the meeting or adjourned meeting at which the person named in the instrument proposes to vote, provided
that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument
appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered
Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent
out by the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed
to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

85. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as
valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

86. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing
body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of
a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or Director.

**DEPOSITARY AND CLEARING HOUSES**

87. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder
of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as
it thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders provided
that, if more than one Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which
each such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers
on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Shareholder holding the number
and Class of Shares specified in such authorisation, including the right to vote individually.

**DIRECTORS**

88. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than two (2) Directors, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the Directors then in office.
The period for which the Chairman will hold office will also be determined by a majority of all of the Directors then in office. The Chairman
shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present at a meeting of the Board
of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may choose one of their number
to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors present and voting
at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders or re-appointment
by the Board. For so long as required by the rules of the Designated Stock Exchange, the Board shall be divided into no more than three
(3) classes of approximately equal size and tenure, with no individual Director's term exceeding three (3) years, and with at least
a majority of the Directors standing for re-election within every consecutive two-year period.

89. A Director may be removed from office by an Ordinary Resolution, notwithstanding anything in these Articles
or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). A vacancy

vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice of any meeting at which a resolution
to remove a Director shall be proposed or voted upon must contain a statement of the intention to remove that Director and such notice
must be served on that Director not less than ten (10) calendar days before the meeting. Such Director is entitled to attend the
meeting and be heard on the motion for his removal.

90. The Board may, from time to time, and except as required by applicable law or Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine on various
corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

91. A Director shall not be required to hold any Shares in the Company by way of qualification. A Director
who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings.

92. The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

93. The Directors shall be entitled to be paid for their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may
be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

94. Any Director may in writing appoint another Person to be his alternate and, save to the extent provided
otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director,
but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such
Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present
and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his own vote. A Director
may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all purposes to
be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration of such alternate shall be payable
out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

95. Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

96. Subject to the Companies Act, these Articles and any resolutions passed in a general meeting, the business
of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may
exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors
that would have been valid if that resolution had not been passed.

97. Subject to these Articles, the Directors may from time to time appoint any natural person or corporation,
whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company,
including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer,
assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person
or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number
to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases
for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

98. The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant
Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers
as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company
by Ordinary Resolution.

99. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

100. The Directors may from time to time and at any time by power of attorney (whether under Seal or under
hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors,
to be the attorney or attorneys or authorised signatory (any such Person being an "Attorney" or "Authorised Signatory",
respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of
attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing with any such Attorney
or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to delegate all
or any of the powers, authorities and discretion vested in him.

101. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

102. The Directors from time to time and at any time may establish any committees, local boards or agencies
for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or
local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation.

103. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time
remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
without notice of any such annulment or variation shall be affected thereby.

104. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

105. The Directors may from time to time at their discretion exercise all the powers of the Company to raise
or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof,
to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or
obligation of the Company or of any third party.

**THE SEAL**

106. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors
provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form
confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary)
or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every
instrument to which the Seal is so affixed in their presence.

107. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always
that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming
a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors
shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed
in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal
had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence
of any one or more Persons as the Directors may appoint for the purpose.

108. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

109. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive
meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is removed from office pursuant to any other provision of these Articles.

**PROCEEDINGS OF DIRECTORS**

110. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be
entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

111. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors
of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating
in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

112. The quorum necessary for the transaction of the business of the Board may be fixed by the Directors, and
unless so fixed the presence of two (2) Directors then in office shall constitute a quorum. A Director represented by proxy or by an alternate
Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

113. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for
consideration.

114. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office
or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment
or arrangement.

115. Any Director may act by himself or through his firm in a professional capacity for the Company, and he
or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
shall authorise a Director or his firm to act as auditor to the Company.

116. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
of Directors.

117. When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

118. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled
to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided
otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of his appointer),
shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors,
as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or his duly
appointed alternate.

119. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their
number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

120. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may
elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes
after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting.

121. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations
imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present
and in case of an equality of votes the chairman shall have a second or casting vote.

122. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed
and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

123. A Director who is present at a meeting of the Board of Directors at which an action on any Company matter
is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless
he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to
dissent shall not apply to a Director who voted in favour of such action.

**DIVIDENDS**

124. Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from
time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same
out of the funds of the Company lawfully available therefor.

125. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary
Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

126. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors, be
applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may be properly applied,
and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be
invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

127. Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors.
If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such
addresses as the holder may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable
to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect
of such Shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute
a good discharge to the Company.

128. The Directors may determine that a dividend shall be paid wholly or partly by the distribution of specific
assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution.
Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine that cash payment
shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors
think fit.

129. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall
be declared and paid according to the amounts paid up on the Shares, but if and for so long as nothing is paid up on any of the Shares
dividends may be declared and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while
carrying interest, be treated for the purposes of this Article as paid on the Share.

130. If several Persons are registered as joint holders of any Share, any of them may give effective receipts
for any dividend or other moneys payable on or in respect of the Share.

131. No dividend shall bear interest against the Company.

132. Any dividend unclaimed after a period of six calendar years from the date of declaration of such dividend
may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

133. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

134. The books of account shall be kept at the Registered Office, or at such other place or places as the Directors
think fit, and shall always be open to the inspection of the Directors.

135. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book or document of the
Company except as conferred by law or authorised by the Directors, provided that the Shareholders shall receive the annual audited financial
statements of the Company.

136. The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited.

137. The Directors may appoint an auditor of the Company who shall hold office until removed from office by
a resolution of the Directors and may fix his or their remuneration.

138. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the auditors.

139. The auditors shall, if so required by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Shareholders.

140. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

141. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised
reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal with
the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited
as fully paid, of Shares or debentures to which they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders
(by the application of their respective proportions of the reserves resolved to be capitalised) of the amounts or part of the amounts
remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

142. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates upon exercise or
vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates
to such persons that has been adopted or approved by the Directors or the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Shareholders.

**SHARE PREMIUM ACCOUNT**

143. The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry
to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share.

144. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference
between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

145. Except as otherwise provided in these Articles, any notice or document may be served by the Company or
by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a recognised courier service
in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic
mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile to any facsimile
number such Shareholder may have specified in writing for the purpose of such service of notices, or by placing it on the Company's
Website should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given to that one of the
joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.

146. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

147. Any Shareholder Present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

148. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when the letter containing
the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission
to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of its placement on the Company's
Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

149. Any notice or document delivered or sent by post to or left at the registered address of any Shareholder
in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not
the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of
such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document have been removed
from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or
document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

150. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

151. Subject to the relevant laws, rules and regulations applicable to the Company, no Shareholder shall
be entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is
or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in
the opinion of the Board would not be in the interests of the Shareholders of the Company to communicate to the public.

152. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company,
the Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its
affairs to any of its Shareholders including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

153. Every Director (including for the purposes of this Article any alternate Director appointed pursuant
to the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from time to time of the
Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own 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 duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such Indemnified Person 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. To the extent permissible under applicable
laws, the Shareholders waive any claim or right of action that they may have, both individually and on the Company's behalf, against
any Director in relation to any action or failure to take action by such Director in the performance of his or her duties with or for
the Company, except in respect of any dishonesty, willful default or fraud of such Director.

154. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of the Company shall be invested;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement
or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge
of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

155. Unless the Directors otherwise prescribe, the financial year of the Company shall end on 30 June in
each calendar year and shall begin on 1 July in each calendar year.

**NON-RECOGNITION OF TRUSTS**

156. No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall
not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any
other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register.

**WINDING UP**

157. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the
Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species or in kind the whole or any part
of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets
and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as
the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any asset upon which
there is a liability.

158. If the Company shall be wound up, and the assets available for distribution amongst the Shareholders shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution
amongst the Shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up,
the surplus shall be distributed amongst the Shareholders in proportion to the par value of the Shares held by them at the commencement
of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company
for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special terms
and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

159. Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution
alter or amend these Articles in whole or in part.

**FIXING RECORD DATE**

160. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may fix in advance a record date for
such determination; provided, however, that, for so long as the Shares are listed on a Designated Stock Exchange that prohibits the closure
of the Register or the transfer books, the Directors shall not close the Register or suspend the registration of transfers for any period.

161. The Directors may fix in advance a date as the record date for any such determination of those Shareholders
that are entitled to receive notice of, attend or vote at a meeting of the Shareholders and for the purpose of determining those Shareholders
that are entitled to receive payment of any dividend the Directors may, at or within ninety calendar days prior to the date of declaration
of such dividend, fix a subsequent date as the record date for such determination.

162. If no record date is fixed for the determination of those Shareholders entitled to receive notice of,
attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment of a dividend, the date on which
notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend is adopted, as the case may
be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders that are entitled to receive
notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination shall apply to any
adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

163. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance
of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister
the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and
may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

164. The Directors, or any service providers (including the officers, the Secretary and the registered office
provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
any information regarding the affairs of the Company including without limitation information contained in the Register and books of the
Company.

## Exhibit 5.1

**Exhibit 5.1**

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|:---|:---|
| ![](ea026848504_ex5-1img1.jpg) | Harney Westwood & Riegels <br> 14th Floor, Alexandra House<br> 18 Chater Road<br> Central <br> Hong Kong <br> Tel: +852 5806 7800 <br> Fax: +852 5806 7810 |

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21 April 2026

068049.0001 **SunScout Holding Limited**

4th Floor, Harbour Place

103 South Church Street, P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

Dear Sir or Madam

**SunScout Holding Limited (the *Company*)**

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form F-1 (the ***Registration Statement***), including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***), relating to the public offering by the Company (the ***Offering***) of 4,000,000 class A ordinary shares of par value of US$0.0001 each (the ***Class A Ordinary Shares***), including an option to issue up to an aggregate of additional 600,000 Class A Ordinary Shares to cover the over-allotment option to be granted to the underwriters (collectively, the ***IPO Shares***).

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not verified.

Based solely upon the foregoing examinations and assumptions and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

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| | |
|:---|:---|
| 1 | **Existence and Good Standing**. The Company is an exempted company duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. It is a separate legal entity and is subject to suit in its own name. |

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| | |
|:---|:---|
| 2 | **Authorised Share Capital**. Based on our review of the M&A (as defined in Schedule 1), the authorised share capital of the Company will be US$50,000 divided into 500,000,000 ordinary shares of par value of US$0.0001 each, comprising (a) 450,000,000 class A ordinary shares of par value of US$0.0001 each and (b) 50,000,000 class B ordinary shares of par value of US$0.0001 each, when the M&A becomes effective. |

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|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| Y Fan \| SG Gray \| IC Groark \| SO Karolczuk \| PM Kay \| MW Kwok<br> WPT Lee \| IN Mann \| BP McCosker \| R Ng \| PJ Sephton | <br> Anguilla \| Bermuda \| British Virgin Islands<br> Cayman Islands \| Cyprus \| Dubai \| Hong Kong \| Jersey<br> London \| Luxembourg \| Shanghai \| Singapore<br> harneys.com |

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| | |
|:---|:---|
| 3 | **Valid Issuance of IPO Shares.** The allotment and issue of the IPO Shares as contemplated by the Registration Statement have been duly authorised and the IPO Shares will, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, be validly issued, fully paid and non-assessable. |

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| | |
|:---|:---|
| 4 | **Cayman Islands Law**. The statements under the headings "Material Tax Considerations – Cayman Islands Tax Considerations", "Enforceability of Civil Liabilities", and "Description of Share Capital" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Registration Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement under the headings "Enforceability of Civil Liabilities" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under section 7 of the Securities Act or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

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| |
|:---|
| Yours faithfully |
| */s/ Harney Westwood & Riegels* |
| **Harney Westwood & Riegels** |

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**Schedule 1**

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 18 August 2025.

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| | |
|:---|:---|
| 2 | A copy of the third amended and restated memorandum and articles of association of the Company to be adopted by a special resolution of the Company (the ***M&A***). |

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3 Copies of the register of directors and officers of the Company and the register of members of the Company provided to us on 19 March 2026.

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| | |
|:---|:---|
| 4 | The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands (the ***Court Register***) via the Court's Digital System (as defined in Schedule 3) conducted on 20 April 2026 (the ***Court Search Date***). |

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| | |
|:---|:---|
| 5 | A copy of the written resolutions of the sole director of the Company passed on 21 April 2026 (the ***Resolutions***). |

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6 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies of the Cayman Islands dated 13 April 2026.

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| | |
|:---|:---|
| 7 | A copy of the certificate issued by the sole director of the Company dated 21 April 2026, a copy of which is attached hereto (the ***Director's Certificate***). |

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8 A copy of the Registration Statement filed with the Commission on 21 April 2026.

(1 to 7 above are the ***Corporate Documents***, and 1 to 8 above are the ***Documents***).

**Schedule 2**

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, and all copies of Documents are true and correct copies. |

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| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

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| | |
|:---|:---|
| 4 | **No Steps to Wind-up**. The sole director and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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| | |
|:---|:---|
| 5 | **Court Search.** The Court Register examined by us via the Court's Digital System on the Court Search Date, constitutes a complete record of the proceedings for such period before the Grand Court of the Cayman Islands. |

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| | |
|:---|:---|
| 6 | **Resolutions**. The Resolutions have been duly executed by or on behalf of the sole director, and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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| | |
|:---|:---|
| 7 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

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**Schedule 3**

Qualifications

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| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

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| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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| | |
|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Law have been paid and the Registrar of Companies has no knowledge that the Company is in default under the Law. |

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| | |
|:---|:---|
| 5 | **Court Search.** The search of the Court Register has been undertaken on a digital system made available through the Grand Court of the Cayman Islands (the ***Court's Digital System***), and through inadvertent errors or delays in updating such digital system (and/or the Court Register from which the digital information is drawn) may not constitute a complete record of all proceedings as at the Court Search Date and in particular may omit details of very recent filings. The search of the Court Register would not reveal, amongst other things, any writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim or third party notice (***Originating Process***) filed with the Grand Court of the Cayman Islands which, pursuant to the rules of the Grand Court of the Cayman Islands or best practice of the Clerk of the Courts' office, should have been entered in the Court Register but was not in fact entered in the Court Register (properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant to the practice of the Clerk of the Courts' office). |

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| | |
|:---|:---|
| 6 | **Economic Substance.** We have undertaken no enquiry and express no view as to the compliance of the Company with the International Tax Co-operation (Economic Substance) Act (Revised). |

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**Annex**

**Director's Certificate**

**SunScout Holding Limited**

**incorporated in the Cayman Islands**

**Company No. 424721**

(the ***Company***)

**Director's Certificate**

This certificate is given by the undersigned in his capacity as a duly authorised director of the Company to Harney Westwood & Riegels in connection with a legal opinion in relation to the Company (the ***Legal Opinion***). Capitalised terms used in this certificate have the meaning given to them in the Legal Opinion.

1 Harney Westwood & Riegels may rely on the statements made in this certificate as a basis for the Legal Opinion.

2 I, the undersigned, am the sole director of the Company duly authorised to issue this certificate. Under the constitutional documents of the Company, the business and affairs of the Company are conducted by the board of directors of the Company.

3 I, the undersigned, confirm in relation to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the second amended and restated memorandum and articles of association of the Company adopted by a special
resolution of the Company passed on 8 April 2026 remain in full force and effect and are otherwise unamended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the third amended and restated memorandum and articles of association of the Company to be adopted by
a special resolution of the Company will become effective immediately prior to the completion of the initial public offering of the Company's
Class A Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Resolutions were executed by the sole director of the Company in the manner prescribed in the articles
of association of the Company, the signature(s) and initial(s) thereon are those of a person or persons in whose name the resolutions
have been expressed to be signed, are in full force and effect at the date hereof and have not been amended, varied or revoked in any
respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there is no contractual or other prohibition (other than as arising under Cayman Islands law) binding
on the Company prohibiting it from allotting and issuing the IPO Shares or otherwise performing its obligations under the Registration
Statement.

You may assume that all of the information in this certificate remains true and correct unless and until you are notified otherwise in writing.

[*Signature page to follow*]

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| |
|:---|
| */s/ Edwin Cywinski* |
| Friedrich Edwin CYWINSKI |
| Sole Director |
| 21 April 2026 |

---

## Exhibit 10.1

**Exhibit 10.1**

![](ea026848504_ex10-1img1.jpg)

**REGIONAL STRATEGIC PARTNERSHIP FUND**

 **CONVERTIBLE LOAN AGREEMENT**

BETWEEN

**MINISTRY OF BUSINESS, INNOVATION AND EMPLOYMENT**

AND

**SUNSCOUT NEW ZEALAND LIMITED**

FOR

**SUNSCOUT PRODUCT DEVELOPMENT PROJECT**

**PART 1: TRANSACTION-SPECIFIC TERMS**

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| | | |
|:---|:---|:---|
| ***KEY TERMS*** | ***KEY TERMS*** |  |
| 1 | **Parties** | ***MINISTRY*** |
|  |  | The Sovereign in right of New Zealand, acting by and through the Ministry of Business, Innovation and Employment (**Ministry**).<br>***Borrower***<br> ****<br> SunScout New Zealand Limited (formerly Brightway Energy Limited), NZBN 9429048418324, registration number 8044476, with registered office at 83 Johnstone Drive, Fitzherbert, Palmerston North, 4410, New Zealand (**Borrower**).<br>***Guarantor***<br>SunScout Limited, NZBN 9429050858057, registration number 8484393, with registered office at 83 Johnstone Drive, Fitzherbert, Palmerston North, 4410, New Zealand (**Guarantor**). |
| 2 | **Background** | Through Kānoa - the Regional Economic Development and Investment Unit (**Kānoa**), the Ministry is responsible for administering the Regional Strategic Partnership Fund, which aims to create more productive, resilient, inclusive, sustainable and Māori-enabling economies in regional New Zealand.<br>The Borrower is a limited liability company established pursuant to the Companies Act 1993, and has developed a 100% solar-powered robotic lawn mower, intended to be a substitute for fossil fuel-powered lawnmowers.<br>The Borrower has sought a funding contribution from the Ministry for the purposes of the Project described below. The Ministry has agreed to contribute funding by way of a convertible loan on the terms and conditions of this Loan Agreement (**Agreement**).<br>The Borrower has agreed that the Amounts Outstanding may be Converted into ordinary shares in the Borrower as provided in this Agreement.<br>The transaction-specific terms of this Agreement are set out in this **Part 1**, including some defined terms. Additional defined terms and rules of interpretation and the full general terms and conditions are set out in **Part 2**. |
| 3 | **Project** | The Facility will be used in part to fund the acquisition of Brunton Engineering Limited, the assets and business (**Project Assets**) of which will be transferred to the Borrower (the **Acquisition**), and otherwise to repay debt of and provide working capital for the Borrower, for the purposes of the design and operation of a re-fitted production plant to assemble solar-powered robotic lawnmowers in Palmerston North(the **Project**). |
| **Facility** | **Facility** |  |
| 4 | **Facility Limit** | $3,000,000 in total (**Facility Limit**), plus capitalised interest. |
| 5 | **Loan Drawdown Availability Period** | Drawdowns can be made during the period commencing on (and including) the date of Financial Close, to (and including) the date that is three (3) months after the Scheduled Practical Completion Date (**Availability Period**). |
| 6 | **Drawdown** | The Borrower may draw down the Facility in accordance with clause 3 (*Conditions of Advances*) of Part 2. |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

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| | | |
|:---|:---|:---|
| 7 | **Interest Rate** | 11.84% per annum (the **Interest Rate**) (**Fixed Rate**). |
| 8 | **Payment of interest** | Each anniversary of the first Drawdown Date up to (and including) the Maturity Date is an "**Interest Payment Date**".<br>For each Interest Period, interest will accrue at the Interest Rate on the Principal Amount and is payable in arrears on the corresponding Interest Payment Date, in accordance with clause 7 (*Interest*) of Part 2.<br>The Borrower will make payments of interest by direct credit to the Ministry's nominated bank account (as may be advised from time to time).<br>Interest accruing in the period from the first Drawdown Date to the second Interest Payment Date will be capitalised and added to the Principal Amount on the last day of each Interest Period, and such capitalised interest will then itself bear interest during subsequent Interest Periods. |
| 9 | **Interest Periods** | Each **Interest Period** is a period of 12 months ending on (but not including) an Interest Payment Date.<br>The first Interest Period commences on (and includes) the first Drawdown Date, and each subsequent Interest Period commences on (and includes) the last day of the previous Interest Period.<br>The last Interest Period ends on the Maturity Date. |
| 10 | **Default Rate** | The Interest Rate, plus 5% per annum. |
| 11 | **Repayment** | In addition to payments of interest pursuant to item 8 (*Payment of interest*), the Borrower will repay the Principal Amount by making five (5) equal annual payments to the Ministry. Each such payment will be: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made on an Interest Payment Date, commencing on the third Interest Payment Date, and on each subsequent Interest Payment Date thereafter;
and

(b) applied
 in repayment of the outstanding Principal Amount.

Following the end of the Availability Period, the Ministry will provide to the Borrower a repayment schedule setting out the amounts to be repaid by the Borrower, the manner in which such payments are to be made, and the dates on which such payments are to be made (the **Repayment Schedule**).<br>The Borrower will repay all Amounts Outstanding in full on the Maturity Date.<br>The Amounts Outstanding (or part of them) may be repaid by Conversion in accordance with Schedule 3. The Relevant Amounts Outstanding (as defined in Schedule 3) shall be deemed to be repaid on the Conversion Date.<br>

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

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| | | |
|:---|:---|:---|
| 12.0 | **Maturity Date** | The date that is seven (7) years following the first Drawdown Date (the **Maturity Date**). |
| 13.0 | **Conversion of Facility** | The Ministry may elect to Convert some or all of the Amounts Outstanding into Conversion Shares in accordance with the terms set out in Schedule 3. |
| 14.0 | **Security** | The Facility will be secured by the Borrower in favour of the Ministry by the following: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● registered first or second-ranking general security deed or agreement,
as required by the Ministry, to be granted by the Borrower in favour of the Ministry in respect of all of its present and after-acquired
property; and

● guarantee by the Guarantor for all obligations of the Borrower,

(each a **Security Document** and together the **Security Documents**).

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| | | |
|:---|:---|:---|
| 15 | **Co-Funding** | The Borrower will contribute and/or procure the following co-funding, which must be at least 50% of the Project Costs, in accordance with the Project Budget: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● From the Guarantor: $3,000,000 excluding GST or at least 50% of the
Project Costs, in the form of cash (the **Co-Funding**).

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| | | |
|:---|:---|:---|
| 16.0 | **Key Personnel** | Edwin Cywinski (**Project Manager**); |
|  |  | (the **Key Personnel**). |
| 17.0 | **Land** | 112 Kaimanawa Street, Kelvin Grove, Palmerston North 4414, and all buildings and improvements on that land, as set out in Record of Title 67978 and as described in the Lease (the **Land**). |
| 18.0 | **Acquisition Contract(s)** | The **Acquisition Contract(s)** is/are: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the agreement for sale and purchase of the Project Assets between the
Borrower as purchaser and Brunton Engineering Limited as vendor; or

● any other agreement for sale and purchase of assets by which the Borrower,
with the Ministry's consent (not to be unreasonably withheld), acquires the necessary assets to carry out the Project.

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| | | |
|:---|:---|:---|
| 19 | **Operating Documents** | The following documents shall constitute **Operating Documents**: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the lease over the Land between the Borrower as lessee and Woodsmyth Limited as lessor (the **Lease**);

● the
funding agreement dated 11 May 2023 between Callaghan Innovation and the Guarantor

● the contract between the Borrower and MAF Digital Laboratory for ongoing
product development;

● the distribution agreement for the Asia-Pacific market between the
Borrower and Steelfort Engineering Company Limited or an alternative distributor;

● any other material agreement in relation to the operation of the Project
Asset(s) entered into by the Borrower with the Ministry's consent.

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

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| | | |
|:---|:---|:---|
| 20 | **Additional Transaction Documents** | The following documents shall constitute **Additional Transaction Documents**: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the landlord direct deed in relation to the Lease between Woodsmyth
Limited, the Borrower and the Ministry;

● the priority deed in the form required by the Ministry between the
Borrower, the Ministry; and

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| | | |
|:---|:---|:---|
|  | ◌ | Venture Capital Bank (if Venture Capital Bank provides Additional Permitted Financial Indebtedness) agreeing that the Ministry's security will rank in priority; and/or |
|  | ◌ | a New Zealand registered bank which provides Additional Permitted Financial Indebtedness to the Borrower. |
| ● | the Shareholders' Agreement in a form satisfactory to the Ministry. | the Shareholders' Agreement in a form satisfactory to the Ministry. |

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| | | |
|:---|:---|:---|
| 21.0 | **Financial Year** | The financial year of the Borrower, ending on 31 March (the **Financial Year**). |
| 22.0 | **Additional Permitted<br> Financial Indebtedness** | **Additional Permitted Financial Indebtedness** means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a loan facility of up to $500,000 from Venture Capital Bank; and/or

● a loan facility with a New Zealand registered bank,

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| | | |
|:---|:---|:---|
|  |  | but in aggregate, such facility or facilities must not exceed NZ$1,000,000 unless otherwise approved by the Ministry. |
| 23.0 | **Additional Permitted Security** | **Additional Permitted Security** means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any security for a facility from Venture Capital Bank, provided that the maximum amount secured by such security is no greater than $500,000, and where such security ranks behind the Ministry's security under a priority arrangement in form and substance satisfactory to the Ministry; and/or

● any security for a facility with a New Zealand registered bank provided that the maximum amount secured by such security is no greater than $1,000,000, and where such security is provided subject to a priority arrangement in form and substance satisfactory to the Ministry,

---

| | | |
|:---|:---|:---|
|  |  | provided that the aggregate exposure of the Borrower and the Guarantor in respect of such Financial Indebtedness is no greater than $1,000,000 |
| 24.0 | **Scheduled Practical Completion Date** | The date that is one (1) year after the first Drawdown Date (the **Scheduled Practical Completion Date**). |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

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| | | |
|:---|:---|:---|
| 25 | **Additional Conditions to Advances** | **Additional Conditions to Advances** means: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In respect of the first Advance the Borrower has provided evidence to the Ministry's satisfaction that immediately following the first Advance being drawn down by the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Acquisition will be completed and that all the Project Assets will be transferred to the Borrower; and

(b) all indebtedness of Brunton Engineering Limited will have been repaid except to the extent that it comprises Additional Permitted Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● In respect of each Advance other than the first Advance, the Borrower has provided evidence to the Ministry's satisfaction that the conditions in (a) and (b) of the above bullet point have been satisfied;

● the Borrower has contributed at least $2,000,000 in equity contributions to the Project as Co-Funding;

● The Borrower has provided a schedule of invoices for the claimed Eligible Costs in accordance with the Project Budget and that are to be recovered from the relevant Advance, with which the Ministry is satisfied;

● The Ministry is satisfied (in its absolute discretion) with the amount of Co-Funding that has been paid into the Project Account and/or used to meet Eligible Costs in accordance with the Project Budget; and

● For Advances which in aggregate exceed the first $2,000,000 of the Facility Limit, the Ministry is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the first $2,000,000 of the Facility Limit, no more than $1,400,000 has been used to fund the Acquisition; and

(b) the Guarantor has carried out a capital raise (subsequent to and separate from any capital raise carried out as part of the Co-Funding for the first $2,000,000 of the Facility Limit) and has secured equity Co-Funding of at least $1,000,000 (or otherwise that the Guarantor has been unable to raise $1,000,000, but the Borrower and the Guarantor have procured and paid into the Project Account at least $1,000,000 by a combination of equity Co-Funding and bank debt).

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| | | |
|:---|:---|:---|
| 26 | **Additional Undertakings** | The Borrower undertakes to comply with the following **Additional Undertakings**: |

---

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| | | |
|:---|:---|:---|
| ● | to complete the Acquisition, and to fund the Acquisition with a maximum of $1,400,000 drawn from the Facility (within that limit, the Ministry consents to this use of proceeds for the purpose of clause 2.2 (*Purpose*) in Part 2); or | to complete the Acquisition, and to fund the Acquisition with a maximum of $1,400,000 drawn from the Facility (within that limit, the Ministry consents to this use of proceeds for the purpose of clause 2.2 (*Purpose*) in Part 2); or |
| ● | to complete the leasing of the Land and set-up of a new assembly line for the manufacturing of the SunScout products; | to complete the leasing of the Land and set-up of a new assembly line for the manufacturing of the SunScout products; |
| ● | to use reasonable endeavours to deliver broader procurement outcomes (where appropriate) through the Project, including for example: | to use reasonable endeavours to deliver broader procurement outcomes (where appropriate) through the Project, including for example: |
|  | o | participation of Māori businesses and local firms to deliver goods, services and capital works to support improved supplier diversity and local opportunity; |
|  | o | supporting local people into local job opportunities and improved conditions for workers to improve wellbeing in regions; and |
|  | o | supporting the transition to a net zero emissions economy and reduction in waste to support meeting the Government's goals. |
| It will also be an Additional Undertaking that the Borrower and the Guarantor undertake to procure that the Shareholders' Agreement is not amended, restated, varied, and/or replaced without the Ministry's approval, such approval not to be unreasonably withheld. | It will also be an Additional Undertaking that the Borrower and the Guarantor undertake to procure that the Shareholders' Agreement is not amended, restated, varied, and/or replaced without the Ministry's approval, such approval not to be unreasonably withheld. | It will also be an Additional Undertaking that the Borrower and the Guarantor undertake to procure that the Shareholders' Agreement is not amended, restated, varied, and/or replaced without the Ministry's approval, such approval not to be unreasonably withheld. |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

---

| | | | |
|:---|:---|:---|:---|
| 27 | **Additional Events of Default** | For purposes of clauses 17.4, 17.5, 17.6, 17.7, 17.9, 17.11, 17.12, 17.13, 17.14, 17.16 or 17.17 of Part 2, respectively, references to a "Related Party" shall refer to the Guarantor only. | For purposes of clauses 17.4, 17.5, 17.6, 17.7, 17.9, 17.11, 17.12, 17.13, 17.14, 17.16 or 17.17 of Part 2, respectively, references to a "Related Party" shall refer to the Guarantor only. |
|  |  | For purposes of clauses 17.1 (*Obligations under Finance Documents*), 17.3 (*Negative Undertakings*), and 17.8 (*Change in Control*), "the Borrower" shall mean each of the Borrower and the Guarantor. | For purposes of clauses 17.1 (*Obligations under Finance Documents*), 17.3 (*Negative Undertakings*), and 17.8 (*Change in Control*), "the Borrower" shall mean each of the Borrower and the Guarantor. |
| 28 | **Events of Review** | Each of the events and circumstances set out below is an **Event of Review:** | Each of the events and circumstances set out below is an **Event of Review:** |
|  |  | ● | the Borrower moving the Project to a location different from the one set out in the Project description in item 3 (*Project*); |
|  |  | ● | the Project falling more than 90 days behind schedule, based on the Project Plan provided to the Ministry as a Condition Precedent; |
|  |  | ● | completion of the Acquisition being delayed beyond the Expiry Date , or the sale and purchase agreement listed in item 20 (*Additional Transaction Documents*) being terminated; and |
|  |  | ● | the occurrence of an Insolvency Event in respect of Brunton Engineering Limited prior to the later of Financial Close or the completion of the Acquisition. |
| 29 | **Conditions Precedent** | The Borrower will deliver the following documents to the Ministry, each in form, substance and manner satisfactory to the Ministry in its sole discretion: | The Borrower will deliver the following documents to the Ministry, each in form, substance and manner satisfactory to the Ministry in its sole discretion: |
|  |  | ● | a duly executed original of the Agreement; |
|  |  | ● | a duly executed original or certified copy of each Security Document; |
|  |  | ● | evidence that the security interests created under the Security Documents have been registered; |
|  |  | ● | a duly executed copy of each Operating Document; |
|  |  | ● | evidence that any Additional Permitted Financial Indebtedness satisfies the requirements of item 22; |
|  |  | ● | a duly executed original of each Additional Transaction Documents; |
|  |  | ● | a certificate of a director of each of the Borrower and the Guarantor, in the form set out in Schedule 2, attaching the documents referred to in that certificate; |
|  |  | ● | written confirmation that all necessary Authorisations have been obtained and copies of those Authorisations; |
|  |  | ● | a complete set of consolidated financial accounts and forecasts, including consolidated cashflow, profit and loss and balance sheet forecasts, with revenue assumptions, in relation to the Borrower and the Guarantor; |
|  |  | ● | a complete set financial accounts and forecasts for Brunton Engineering Limited; |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

---

| | |
|:---|:---|
| ● | a copy of the Project Budget evidencing the payments profile and which sets out how amounts drawn under the Facility and the Co-Funding will be applied in order to meet the Project Costs; |
| ● | confirmation from the Project Manager as to the Project Budget and payments profile for the Project; |
| ● | a copy of each of the Acquisition Contract(s), duly executed and supported by evidence that each of the conditions precedent under such Acquisition Contract have been satisfied and that such Acquisition Contract is unconditional, except for any conditions precedent that can only be satisfied contemporaneously with the initial Advance; |
| ● | evidence of the establishment of the Project Account with a bank acceptable to the Ministry; |
| ● | evidence that at least $2,000,000 has been raised as Co-Funding by capital raise and paid into the Project Account (or otherwise evidence satisfactory to the Ministry that adequate Co-Funding has been paid into the Project Account); |
| ● | evidence of support for the Project from the Accelerate25 implementation programme; |
| ● | written evidence as to the Borrower's and the Guarantor's intellectual property policies and protection strategy; |
| ● | a document detailing the key milestones of the Project and corresponding due dates, by reference to the Acquisition Contract(s) and the intended use of the Project Assets once the Acquisition is completed (**Project Plan**); |
| ● | copies of certificate(s) of currency confirming that the insurances required to be taken out in accordance with this Agreement have been taken out and are in full force and effect as at the date of this Agreement and that the Ministry's interest is noted if required by the Ministry; |
| ● | all searches and title documents to the satisfaction of the Ministry; and |
| ● | such other document, assurance or information as the Ministry may, by notice to the Borrower, require. |
| It will also be a Condition Precedent that the Ministry confirm that it has obtained all necessary approvals to enter into the Transaction Documents, including: | It will also be a Condition Precedent that the Ministry confirm that it has obtained all necessary approvals to enter into the Transaction Documents, including: |
|  | the approval of the relevant Ministers of the Crown; and |
|  | approvals under any relevant legislation, including the Public Finance Act 1989. |
| The above conditions are together the **Conditions Precedent.** | The above conditions are together the **Conditions Precedent.** |
| The Conditions Precedent must be satisfied by the date that is six (6) months after the date of this Agreement, unless otherwise agreed in writing with the Ministry (the **Expiry Date).** | The Conditions Precedent must be satisfied by the date that is six (6) months after the date of this Agreement, unless otherwise agreed in writing with the Ministry (the **Expiry Date).** |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

---

| | | | |
|:---|:---|:---|:---|
| 30.0 | **Contact Person** | Ministry's Contact Person: | Borrower's Contact Person: |
|  |  | Name: Anup Mohan | Name: Edwin Cywinski |
|  |  | Email: Anup.Mohan@mbie.govt.nz | Email: edwin.cywinski@brightwayenergy.com |
|  |  | Telephone: +64 (0)4 897 6662 | Telephone: 027 2300 946 |
|  |  | Kānoa Contract Number: R06.08666 |  |
|  |  |  | Guarantor's Contact Person: |
|  |  |  | Name: Edwin Cywinski |
|  |  |  | Email: edwin.cywinski@brightwayenergy.com |
|  |  |  | Telephone: 027 2300 946 |
| 31.0 | **Address for Notices** | To the Ministry: | To the Borrower: |
|  |  | 15 Stout Street, | 83 Johnstone Drive |
|  |  | PO Box 1473 | Fitzherbert |
|  |  | Wellington 6140 | Palmerston North 4410 |
|  |  |  | Attention: Edwin Cywinski |
|  |  | Attention: Kānoa – Regional Economic Development and Investment Unit | Email: edwin.cywinski@brightwayenergy.com |
|  |  | Email: KānoaMonitor@mbie.govt.nz |  |
|  |  |  | To the Guarantor: |
|  |  |  | 83 Johnstone Drive |
|  |  |  | Fitzherbert |
|  |  |  | Palmerston North 4410 |
|  |  |  | Attention: Edwin Cywinski |
|  |  |  | Email: info@sunscout.co.nz |

---

---

| | | | |
|:---|:---|:---|:---|
| ***SIGNATURES*** | | |  |
| **Signatures** | **SIGNED** for an on behalf of the **SOVEREIGN IN RIGHT OF NEW ZEALAND** by the person named below, being a person duly authorised to enter into obligations on behalf of the Ministry of Business, Innovation and Employment: | **SIGNED** for an on behalf of the **SOVEREIGN IN RIGHT OF NEW ZEALAND** by the person named below, being a person duly authorised to enter into obligations on behalf of the Ministry of Business, Innovation and Employment: | **SIGNED** for and on behalf of the **BORROWER** by the persons named below, being duly authorised to enter into obligations on behalf of the Borrower: |
|  | ![](ea026848504_ex10-1img2.jpg) | ![](ea026848504_ex10-1img2.jpg) | /s/ Edwin Cywinski |
|  | Name: | Name: | Name: Edwin Cywinski |
|  | Position: | Deputy Chief Executive and Head of<br> Kānoa - RDU | Position: Director |
|  | Date: 22 september 2023 | Date: 22 september 2023 | Date: |
|  |  |  | **SIGNED** for and on behalf of the **GUARANTOR** by the persons named below, being duly authorised to enter into obligations on behalf of the Guarantor: |
|  |  |  | /s/ Edwin Cywinski |
|  |  |  | Name: Edwin Cywinski |
|  |  |  | Position: Director |
|  |  |  | Date: |
|  |  |  | /s/ Marc Cywinski |
|  |  |  | Name: Marc Cywinski |
|  |  |  | Position: Director |
|  |  |  | Date: |

---

RSPF Loan Agreement for Sunscout Product Development Project with Kānoa, MBIE

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** | **1** |
| **2** | **THE FACILITY** | **11** |
| **3** | **CONDITIONS OF ADVANCES** | **12** |
| **4** | **PAYMENT** | **12** |
| **5** | **REPAYMENT** | **13** |
| **6** | **PREPAYMENT AND CANCELLATION** | **13** |
| **7** | **INTEREST** | **14** |
| **8** | **TAXES** | **15** |
| **9** | **INTELLECTUAL PROPERTY** | **15** |
| **10** | **INDEMNITIES** | **15** |
| **11** | **COSTS AND EXPENSES** | **16** |
| **12** | **GENERAL REPRESENTATIONS** | **16** |
| **13** | **REPRESENTATIONS CONTINUING** | **19** |
| **14** | **GENERAL UNDERTAKINGS** | **20** |
| **15** | **NEGATIVE UNDERTAKINGS** | **26** |
| **16** | **INFORMATION UNDERTAKINGS** | **28** |
| **17** | **EVENTS OF DEFAULT** | **31** |
| **18** | **EVENTS OF REVIEW** | **34** |
| **19** | **ASSIGNMENT** | **34** |
| **20** | **PAYMENT MECHANICS** | **35** |
| **21** | **SET-OFF** | **36** |
| **22** | **CONTACT PERSONS** | **36** |

---

i

---

| | | |
|:---|:---|:---|
| **23** | **NOTICES** | **36** |
| **24** | **CALCULATIONS AND CERTIFICATES** | **36** |
| **25** | **PARTIAL INVALIDITY** | **36** |
| **26** | **REMEDIES AND WAIVERS** | **37** |
| **27** | **AMENDMENTS AND WAIVERS** | **37** |
| **28** | **INCONSISTENCY** | **37** |
| **29** | **CONFIDENTIALITY** | **37** |
| **30** | **ANTI-MONEY LAUNDERING** | **38** |
| **31** | **TERMINATION AND SURVIVAL** | **39** |
| **32** | **COUNTERPARTS** | **39** |
| **33** | **RELATIONSHIP** | **39** |
| **34** | **GOVERNING LAW** | **39** |
| **SCHEDULE 1: DRAWDOWN NOTICE** | **SCHEDULE 1: DRAWDOWN NOTICE** | **40** |
| **SCHEDULE 2: FORM OF DIRECTOR CERTIFICATE** | **SCHEDULE 2: FORM OF DIRECTOR CERTIFICATE** | **41** |
| **SCHEDULE 3: CONVERSION TERMS** | **SCHEDULE 3: CONVERSION TERMS** | **45** |

---

ii

**PART 2: GENERAL TERMS AND CONDITIONS**

---

| | |
|:---|:---|
| 1 | **DEFINITIONS AND INTERPRETATION** |

---

1.1 **Definitions** 

In this Agreement, unless the context requires otherwise:

 

*Acquisition* has the meaning given in Part 1.

 

*Acquisition Contract* means each contract relating to the acquisition of assets for the purpose of the Project entered into between the Borrower and a counterparty set out in Part 1 or entered into with the prior written consent of the Ministry.

 

*Additional Conditions to Advances* has the meaning given in Part 1.

*Additional Permitted Financial Indebtedness* has the meaning given in Part 1.

*Additional Permitted Security* has the meaning given in Part 1.

*Additional Transaction Documents* has the meaning given in Part 1.

 

*Additional Undertakings* has the meaning given in Part 1.

 

*Advance* means each loan advance made or to be made available to, or at the request of, the Borrower under the Facility or, as the context may require, the principal amount of that Advance outstanding from time to time.

 

*Agreement* has the meaning given in Part 1.

 

*Amounts Outstanding* means, at any date, the Principal Amount, together with any accrued and unpaid interest and other amounts then due and payable by the Borrower to the Ministry.

 

*Annual Budget* has the meaning given in clause 16.1(e).

 

*Authorisation* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 consent, authorisation, registration, filing, lodgement, agreement, notarisation, certificate,
 permission, licence, approval, authority or exemption from, by or with a Governmental Agency
 or required by any law (including any consent under the Resource Management Act 1991); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 relation to anything which will be fully or partly prohibited or restricted by law if a Governmental
 Agency intervenes or acts in any way within a specified period after lodgement, filing, registration
 or notification, the expiry of that period without intervention or action.

 

*Availability Period* has the meaning given in Part 1.

 

*Borrower* has the meaning given in Part 1.

*Business Day* means any day not being a Saturday or Sunday or public holiday within the meaning of section 44 of the Holidays Act 2003;

 

*Change in Control* means an event or series of events which result in any person (acting alone) or group of persons (acting in concert) acquiring or ceasing to have the ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 control more than 50% percent of the voting shares in a person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to
 appoint and/or remove the majority of the members of the governing body of a person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 otherwise control or having the power to control the affairs and policies of a person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to
 be in a position to derive the whole or a majority of the benefit of a person.

 

*Co-Funding* has the meaning given in Part 1.

 

*Conditions Precedent* has the meaning given in Part 1.

 

*Contact Person(s)* means, in respect of the Ministry and the Borrower, the persons specified in Part 1.

 

*Conversion* means the conversion of some or all of the Amounts Outstanding into Conversion Shares in accordance with the conversion terms in Schedule 3, and *Convert* and *Converted* shall have corresponding meanings.

 

*Conversion Date* has the meaning given in Schedule 3.

*Conversion Price* has the meaning given in Schedule 3.

*Conversion Shares* has the meaning given in Schedule 3.

*Cost Overruns* means any costs incurred or expected to be incurred in relation to the Project which are not provided for in the Project Budget.

 

*Default* means an Event of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Transaction Documents or any combination of any of the foregoing) be an Event of Default.

 

*Default Rate* has the meaning given in Part 1.

 

*Distribution* means a distribution as defined in section 2 of the Companies Act 1993, and includes any reduction of capital (including a redemption by a company of its own shares), any acquisition by a company of any share in itself or in its holding company, and any financial assistance provided by a company to enable another person to acquire any such share.

 

*Drawdown Date* means the date of an Advance, being the date on which an Advance is or is to be made.

*Drawdown Notice* means a notice substantially in the form set out in Schedule 1 (*Drawdown Notice*).

 

*Eligible Costs* means the actual costs reasonably incurred by the Borrower in delivering the Project on or after the date of this Agreement until the end of the Availability Period.

 

*Environmental Law* means any law or regulation relating to the environment, land or water use, noise, smell, pollution or contamination, toxic or hazardous substances, waste disposal or conservation (including the Resource Management Act 1991) and any Authorisation, consent or notice under any such law.

 

*Event of Default* means event or circumstance specified as such in clause 17 (*Events of Default*).

 

*Event of Review* has the meaning given in Part 1.

 

*Expiry Date* has the meaning given in Part 1.

 

*Facility* means the loan facility made available on the terms of this Agreement, as set out in Part 1.

 

*Facility Limit* has the meaning given in Part 1.

 

*Finance Documents* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 Drawdown Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each
 Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 Repayment Schedule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other document designated as a Finance Document by the Ministry.

 

*Financial Close* means the date on which the Ministry issues the confirmation referred to in clause 3.1 (*Conditions Precedent*).

 

*Financial Indebtedness* means any indebtedness (whether present or future, actual or contingent) for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 money borrowed or raised by any means (including amounts owing under any finance lease, any
 redeemable shares, and any deferred payment for the acquisition of assets or services payable
 more than 90 days after acquisition) and debit balances with banks or financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 derivative transaction entered into in connection with protection against or benefit from
 fluctuation in any rate or price (and, when calculating the value of any derivative transaction,
 only the marked to market value must be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 guarantee, security or other commitment designed to assure any creditor against loss in respect
 of any Financial Indebtedness described in paragraphs (a), (b), (d) and (e) of this definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter
 of credit or any other instrument issued by a bank or financial institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other financial accommodation.

 

*Financial Year* has the meaning given in Part 1*.*

 

*Fixed Rate* has the meaning given in Part 1.

*GAAP* means generally accepted accounting principles in New Zealand.

 

*Governmental Agency* means any government or governmental, intergovernmental, supranational, semi-governmental or judicial entity or authority including any local council or regional authority, any agency or department, any self-regulatory body or organisation established under statute, any stock exchange and any other regulatory, monetary or accountancy body.

 

*GST* means goods and services tax under the Goods and Services Tax Act 1985 and any other tax of a similar nature.

 

*Guarantor* has the meaning given in Part 1, and means each of them or all of them, as the context requires.

 

*Insolvency Event* means, in relation to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 statutory manager is appointed or any step is taken to appoint, or with a view to appointing,
 a statutory manager (including a recommendation in that regard by the Financial Markets Authority
 or any other governmental agency) under the Corporations (Investigation and Management) Act
 1989, or an associated person (as that term is defined in the Corporations (Investigation
 and Management) Act 1989 of it is declared at risk pursuant to the provisions of the Corporations
 (Investigation and Management) Act 1989;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 for the purpose of a solvent reconstruction or amalgamation on terms approved in writing
 by the Ministry, an application or an order is made, proceedings are commenced, a resolution
 is passed or an application to a court is made (other than any frivolous or vexatious application,
 proceeding or resolution which is withdrawn or dismissed within 10 Business Days) for the
 winding up or dissolution of that person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an
 application is made (other than any frivolous or vexatious application, proceeding or resolution
 which is withdrawn or dismissed within 10 Business Days) to a court for an order appointing
 a liquidator or provisional liquidator in respect of that person, or one of them is appointed,
 whether or not under an order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that
 person is declared or states that it is insolvent, is unable to pay its debts when they fall
 due or is presumed unable to pay its debts in accordance with section 287 of the Companies
 Act 1993;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except
 for the purpose of a solvent reconstruction or amalgamation on terms approved in writing
 by the Ministry, that person ceases, suspends or threatens to cease or suspend the conduct
 of all or substantially all of its business or disposes of or threatens to dispose of substantially
 all of its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) except
 for the purpose of a solvent reconstruction or amalgamation on terms approved in writing
 by the Ministry, that person enters into, or resolves to enter into, a scheme of arrangement,
 administration, compromise or composition with or assignment for the benefit of its creditors
 or a class of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) that
 person stops or suspends or threatens to stop or suspend payment of all or a class of its
 debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an
 order is made requiring that person to pay any debts of another person that is in liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 step is taken for the appointment of a receiver, receiver and manager or similar officer
 of it or all or any of its assets and undertakings or an encumbrancer takes possession of,
 or a receiver or receiver and manager is appointed to, all or substantially all of the assets
 and undertakings of that person or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a
 distress, expropriation, attachment or other execution is levied or enforced upon, or commenced
 (other than any frivolous or vexatious application, proceeding or resolution which is withdrawn
 or dismissed within 10 Business Days) against all or substantially all of the assets of that
 person and is not discharged or stayed within 10 Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) anything
 analogous or having a substantially similar effect to any of the events specified above occurs
 with respect to that person under the laws of any applicable jurisdiction.

 

*Interest Payment Date* has the meaning given in Part 1.

 

*Interest Period* has the meaning given in Part 1.

 

*Interest Rate* has the meaning given in Part 1. a

 

*Key Personnel* means the persons specified in Part 1.

 

*Land* has the meaning given in Part 1.

 

*Lease* has the meaning given in Part 1.

 

*Material Adverse Effect* means a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 business, operation, property, prospects or condition (financial or otherwise) of the Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 ability of the Borrower to observe or perform its obligations under any Transaction Document;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Ministry's rights or remedies under, or the validity or enforceability of, or the intended
 priority of any security held by the Ministry under, any Finance Document,

and *Material Adverse Change* is to be construed accordingly.

 

*Material Variation* means any variation which on its own or together with any other variation or variations results in, or is likely to result in the Project Budget (taking into account all variations) being exceeded or the Project being materially delayed, or any variation that amends the scope, specifications or function of the Project.

*Maturity Date* has the meaning given in Part 1.

 

*Ministry* has the meaning given in Part 1.

 

*Operating Costs* means all costs and expenses incurred by the Borrower in connection with the operation of the Project and the maintenance, repair and reinstatement of the Project assets but excluding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) tax
 other than GST;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest
 and principal payable under this Agreement and any amount payable under any other Permitted
 Financial Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) depreciation
 and all other non-cash charges, amortisations of intangibles and similar accounting entries.

 

*Operating Documents* has the meaning given in Part 1.

 

*Part 1* means Part 1 (*Transaction-Specific Terms*) of this Agreement.

*Part 2* means Part 2 (*General Terms and Conditions*) of this Agreement.

*Permitted Disposal* means a disposal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) made
 in the ordinary course of the ordinary business of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) required
 by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on
 arm's length terms of assets in exchange for other assets comparable or superior as
to type, value and quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of
 worn out or obsolete assets on arm's length terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 other disposals agreed to in writing by the Ministry.

*Permitted Financial Indebtedness* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Financial Indebtedness that has been notified to the Ministry prior to the date of this Agreement
 and that the Ministry has consented to in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial
 Indebtedness under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 Additional Permitted Financial Indebtedness, if any is specified in Part 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 other Financial Indebtedness incurred with the prior written consent of the Ministry.

 

*Permitted Security* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 security that has been notified to the Ministry prior to the date of this Agreement and that
 the Ministry has consented to in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 security under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 security created with the prior written consent of the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 security in relation to personal property acquired by a person in the ordinary course of
 its ordinary business, and which meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is given by a buyer in favour of a seller of the personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it
 secures (and only secures) all or part of the purchase price for the personal property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 is discharged within 60 days of its creation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 lien arising by operation of law and in the ordinary course of business, provided that the
 debt secured by it is not overdue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 cash management, netting or set-off arrangement entered into by the Borrower in the ordinary
 course of its banking arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 security in relation to personal property that is created or provided for by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 transfer of an account receivable or chattel paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 lease for a term of more than 1 year; or

(iii) a commercial consignment, <br>that does not secure payment or performance of an obligation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 Additional Permitted Security, if any is specified in Part 1.

 

*Plans* means the plans and specifications for the Project.

 

*Post-Project Completion Outcomes Report* has the meaning given in clause 16.1(g).

*PPSA* means the Personal Property Securities Act 1999.

 

*Practical Completion* means the date that is six (6) months after the date on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Acquisition is completed and the Borrower has sole legal title of the Project Assets, free
 of all interests other than expenses permitted under the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 manufacturing facilities on the Land have been retooled for the assembly of solar- powered
 robotic lawnmowers.

 

*Principal Amount* means, at any date, the aggregate principal amount of all Advances outstanding as at that date plus all capitalised interest (if any).

 

*Progress Report* has the meaning given in clause 16.1(a).

 

*Project* has the meaning given in Part 1.

 

*Project Account* means a Project-specific bank account to be used solely for the purpose of receiving Advances and the Co-Funding and to pay Project Costs.

 

*Project Asset(s)* means the assets to be acquired in order to complete the Acquisition.

 

*Project Budget* means a breakdown of budgeted cashflows and costs relating to the Project for both the acquisition and operating phases, and including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 updated balance sheet, profit and loss and cashflow forecast for the relevant Financial Year;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) details
 of any Co-Funding and a provision of an acceptable level of contingency sums, broken down
 on a monthly basis, and approved by the Ministry.

 

*Project Costs* means the total costs of the Project as set out in the Project Budget.

 

*Project Manager* has the meaning given in Part 1.

 

*Project Plan* has the meaning given in Part 1.

 

*Related Party* means, in relation to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 Subsidiary of the Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 company which is related (as defined by section 2(3) of the Companies Act 1993) to the Borrower
 or any Subsidiary of the Borrower, any shareholder of the Borrower and any director of the
 Borrower and, in relation to any such shareholder or director, any relative of that person
 as defined in section 2(1) of the Companies Act 1993.

 

*Repayment Schedule* has the meaning given in Part 1.

*Revenue* means all amounts of whatever kind and from whatever source that fall to be credited to the profit and loss account of the Borrower determined in accordance with GAAP.

 

*Review Notice* has the meaning given in clause 18.1(a).

 

*RSPF Impact Reporting* and *RSPF Impact Report(s)* have the meanings given in clause 16.1(b).

 

*Scheduled Practical Completion Date* has the meaning given in Part 1.

 

*Security Document(s)* has the meaning given in Part 1 and includes any other specific security documents as determined by the Ministry at any time to be required in order to guarantee or secure the Borrower's obligations under this Agreement.

 

*Shareholders' Agreement* means the shareholders' agreement of the Guarantor to be entered into by the applicable parties in a form satisfactory to the Ministry and as amended, restated, varied, and/or replaced from time to time in accordance with this Agreement.

 

*Subsidiary* means any company or entity that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a subsidiary (as defined in section 5 of the Companies Act
1993) of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) considered, in accordance with GAAP, to be a subsidiary or
an "in substance subsidiary" of the Borrower.

 

*Transaction Document* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Acquisition Contract(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Operating Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Additional Transaction Document, if any is specified
in Part 1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other document designated as such in writing by the Ministry
and the Borrower.

 

*Transfer* has the meaning given in clause 19.2.

 

*Variation* means any variation to the Project, the Plans, the Project Budget, the Project Costs for the Project contemplated by the Project Budget and/or an Acquisition Contract.

1.2 References

In this Agreement, unless the context requires otherwise:

 

*an agreement* includes a contract, deed, licence, undertaking and other agreement or legally enforceable arrangement (in each case, whether or not in writing, present and future), and includes that agreement as amended, assigned, novated or substituted from time to time, except to the extent prohibited by a Transaction Document; *assets or property* includes the whole and any part of the relevant person's business, assets (including leased assets), undertaking, revenues and rights (in each case, present and future), and reference to any property includes any legal or equitable interest in it;

*costs or expenses* includes all expenses, losses, claims, costs (including legal costs on a solicitor and own client basis), disbursements, taxes, travel expenses, out of pocket expenses, commissions, charges and audit, investigative or administrative costs;

 

*disposal* includes any sale, assignment, exchange, transfer, loan, lease, surrender of lease, licence or parting with possession of, or the granting of any option, right of interest, the payment of money (including a distribution by way of dividend) or any agreement for any of the foregoing (but excludes any such transaction which is a security), and *acquisition* and *acquire* are to be construed accordingly;

 

*financial statements* means the financial statements of the Borrower;

 

*guarantee* includes any indemnity, letter of credit, letter of comfort, bond, suretyship or other agreement, the economic effect of which is to provide security, or otherwise assume responsibility, for the indebtedness, obligations, solvency or financial condition of another person;

 

*indebtedness* includes any obligation (whether present or future, actual or contingent, secured or unsecured, joint or several, as principal, surety or otherwise) relating to the payment of money;

a *person* includes any individual, a body corporate, an association of persons (whether corporate or not), a trust, government, a state or agency of a state and any other entity (in each case, whether or not having separate legal personality) or two or more of them and any reference to a particular person or entity includes a reference to that person's or entity's executors, administrators, successors, substitutes (including by novation) and assigns;

a *regulation* includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any Governmental Agency, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

 

*right* includes any consent, power, remedy, authority, discretion or cause of action;

 

*security* includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any present or future mortgage, charge, encumbrance, lien,
pledge, finance lease, sale and lease-back, sale and repurchase, flawed asset arrangement, title retention arrangement, charge or similar
interest imposed by statute, or any other arrangement of any nature having similar economic effect to a security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
present or after acquired interest in personal property that is a security interest for the purposes of the PPSA,

and *security interest* is to be construed accordingly;

*shareholder* has the meaning given to that term in the Companies Act 1993;

*tax* includes any present or future tax, levy, impost, duty or other charge, deduction or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) imposed, assessed or levied by or on behalf of any Governmental Agency; and *writing* includes an email communication and any means of reproducing words in a tangible and permanently visible form.

1.3 Construction

In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unless a contrary indication appears, a reference to a time
of day is a reference to New Zealand time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) headings and the table of contents are for ease of reference
only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) $, NZ$ and NZ dollars denote the lawful currency of New Zealand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the singular includes the plural and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference to *including*, *for example* or *such as*, when introducing an example, does not limit the meaning of the words to which the example relates to that example or examples
of a similar kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a Default and/or Event of Default is continuing until it has
been waived in writing by, or remedied to the satisfaction of, the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a party to this Agreement or another agreement includes its
successors and its permitted assigns and transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any reference to a *law* or legislation includes a modification
and re-enactment of, legislation enacted in substitution for, and a regulation, order-in-council and other instrument from time to time
issued or made under, that law or legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a clause in this Part 2 refers to a transaction-specific
term in Part 1 that is not detailed then any reference to the term in such clause of Part 2, but only to the extent of such term, shall
be deemed not to apply.

2 THE FACILITY

2.1 The Facility

Subject to the terms of this Agreement, the Ministry makes available to the Borrower a term loan facility in an aggregate amount equal to the Facility Limit (the **Facility**).

2.2 Purpose

The Borrower must apply all amounts borrowed by it to fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Eligible Costs incurred in accordance with the Project Budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other costs approved in writing by the Ministry.

3 CONDITIONS OF ADVANCES

3.1 Conditions Precedent

The Borrower may not deliver any Drawdown Notice unless the Ministry has confirmed receipt of (or waived the requirement to receive) all of the documents and other evidence listed as Conditions Precedent. The Ministry will notify the Borrower promptly on being so satisfied.

3.2 Conditions to Advances

The Ministry will only be obliged to make an Advance available if, on the date the Drawdown Notice is received and on the proposed Drawdown Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all reporting to be delivered to the Ministry in accordance with clause 16 (*Information Undertakings*)
have been received in form and substance satisfactory to the Ministry and any questions that the Ministry has in relation to that reporting
has been satisfactorily answered by the Borrower or its advisors (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default or Default is continuing or would be likely to result from the proposed Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each representation in clause 12 (*General Representations*) is true in all respects and not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately after the Advance is made, the principal amount of all Advances made under the Facility will not exceed the Facility Limit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) certification from a director of the Borrower that the requested Advance will be applied in accordance with clause 2.2
(*Purpose*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) certification from a director of the Borrower that all agreed Co-Funding has been received in the Project Account and applied in accordance
with the Project Budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Additional Conditions to Advances, if any are specified in Part 1, have been met to the satisfaction of the Ministry.

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|:---|:---|
| 4 | PAYMENT |

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4.1 Delivery of a Drawdown Notice

The Borrower may utilise the Facility by delivery to the Ministry of a duly completed Drawdown Notice not later than 12.00pm on a Business Day that is at least eleven Business Days prior to the proposed Drawdown Date. The Drawdown Notice must be submitted to Kānoamonitor@mbie.govt.nz and copied to the Ministry's Contact Person.

4.2 Completion of a Drawdown Notice

The Drawdown Notice is irrevocable (unless otherwise agreed by the Ministry) and must specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Drawdown Date, which must be a Business Day during the Availability Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the Advance, which must not cause the relevant Facility Limit to be exceeded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all other matters as specified in the form of Drawdown Notice in Schedule 1 (*Drawdown Notice*).

4.3 Availability

The Borrower may not request any more than one Advance (being a minimum of $10,000) under a Facility in each calendar month unless otherwise agreed with the Ministry.

4.4 Consolidation of Advances

On each Drawdown Date, the Advance made on that date will be consolidated and treated as a single Advance with each other Advance.

5 REPAYMENT

5.1 Repayment of Amounts Outstanding

The Borrower must repay the Amounts Outstanding under the Facility at the times and in the manner specified in Part 1. No amounts repaid under this Agreement may be re- borrowed.

6 PREPAYMENT AND CANCELLATION

6.1 Voluntary cancellation

The Borrower may, if it gives the Ministry not less than three Business Days (or such shorter period as the Ministry may agree) prior notice, cancel the whole or any part (being a minimum amount of $10,000) of the unused portion of a Facility.

6.2 Voluntary prepayment of Principal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, if it gives the Ministry not less than three Business Days (or such shorter period as the Ministry may agree) prior
notice, prepay the whole or any part of the Principal Amount (but, if in part, being an amount not less than $10,000 or such other amount
as the Ministry may agree).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any amount so prepaid will be applied in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, to the payment of interest accrued and payable but remaining outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, to the extent of any balance, to the payment of any scheduled repayments of the Principal Amount that have become payable
but remain outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, to the extent of any balance, to the payment of any repayments of the Principal Amount scheduled for after the date of such
prepayment, and as between such scheduled repayments, from the earliest to the latest repayment date.

6.3 Restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice of cancellation or prepayment given by the Borrower under this clause 6 must be irrevocable
and must specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount
of that cancellation or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any repayment under this Agreement must be made together with accrued interest, if any, on the amount prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amounts repaid under this Agreement may be re-borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower must not repay or prepay all or any part of the Principal Amount or cancel all or any part
of a Facility except at the times and in the manner expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No amount of a Facility cancelled under this Agreement may be subsequently reinstated.

6.4 Mandatory Prepayment

The Borrower must pay to the Ministry in repayment of the Principal Amount the net proceeds of insurance claims (other than claims in respect of business interruption, public liability, personal injury, directors and officers liability, other third party liability and workers compensation insurance), to the extent that those proceeds are not committed to be applied to reinstate or replace assets in respect of which those moneys were received, to meet a liability in respect of which those moneys were received or that the Borrower is required to pay to its senior lenders in accordance with the relevant facility agreement, within six months after receipt and, if so committed, applied within 12 months of receipt. Available proceeds are net of (i) tax incurred or reserved for or in respect of the claim or the event giving rise to the claim; (ii) closure, removal, relocation, reorganisation and restructure costs incurred prior to, in connection with or as a consequence of the claim or the event giving rise to the claim; and (iii) all other reasonable costs associated with the claim or the event giving rise to the claim.

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| | |
|:---|:---|
| 7 | INTEREST |

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7.1 Payment of interest

The Borrower must pay accrued interest on the Principal Amount under the Facility at the times and in the manner specified in Part 1.

7.2 Accrual

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on the Principal Amount will accrue from (and including) the first Drawdown Date to (but excluding) the date on which all
Amounts Outstanding are repaid and/or Converted in full, at the rate and in the manner specified in Part 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interest will accrue daily on the Principal Amount and will be calculated on the basis of a year of 365
days and the actual number of days elapsed in the relevant Interest Period.

7.3 Default interest

If the Borrower does not pay, when due, an amount payable by it under a Finance Document, then, without prejudice to its other obligations, the Borrower will pay interest on that overdue amount (including interest payable under this clause) calculated from its due date to the date of its receipt by the Ministry (after as well as before judgment), compounded and payable at intervals set out at Part 1 or otherwise as selected by the Ministry at its discretion. This obligation to pay default interest arises without the need for a notice or demand. The rate of default interest will be the Default Rate.

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| | |
|:---|:---|
| 8 | TAXES |

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8.1 **GST** 

If any supply by the Ministry to the Borrower in relation to any Finance Document will, at the time of supply, be subject to GST, the Borrower will pay to the Ministry an amount equal to the applicable GST in addition to the consideration for that supply.

9 INTELLECTUAL PROPERTY

9.1 The Ministry acknowledges that the Borrower and its licensors own all pre-existing intellectual property which they contribute to
the Project, and all new intellectual property which they create in the course of the Project.

9.2 The Borrower grants an irrevocable, perpetual, royalty-free, sub-licensable licence to the Ministry to use all reports provided by
the Borrower under this Agreement.

9.3 If the Ministry Transfers (as defined in clause 19.2) this Agreement in accordance with clause 19
(*Assignment*), the Borrower grants, on and from the effective date of such Transfer (as defined in clause 19.2),
an irrevocable, perpetual, royalty-free, sub-licensable licence to the Ministry to use all reports provided by the Borrower under this
Agreement.

9.4 The Borrower warrants that it has obtained (or will obtain, prior to creation of each relevant work) all rights and permissions necessary
to enable the grant and exercise of the licence in clauses 9.2 and 9.3 without
infringing the intellectual property rights of any third party.

10 INDEMNITIES

10.1 Indemnities

The Borrower must, within three Business Days of demand, indemnify the Ministry against any cost, loss or liability incurred by the Ministry as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the occurrence or continuance of a Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a failure by the Borrower to pay any amount due under a Finance Document on its due date or in NZ$;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) acting or relying on any notice, request or instruction (including by way of email communication) which it believes to be genuine,
correct and appropriately authorised in respect of the Project or the Transaction Documents , having made any enquiries that are reasonable
in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Borrower's, or any of its personnel or subcontractors', or any Related Party's negligence, wilful default, fraud
or dishonesty in respect of the Project or the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Borrower, or any of the Borrower's personnel or subcontractors, or any Related Party holding itself or themselves out as
acting on behalf of the Ministry in respect of the Project or the Transaction Documents.

10.2 Survival of indemnities

The above indemnities survive the termination of this Agreement and payment of all indebtedness due under the Transaction Documents.

11 COSTS AND EXPENSES

11.1 The Borrower will promptly, and within three Business Days of demand, pay the Ministry all legal fees and other costs and expenses
incurred by the Ministry in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the extent that they have been pre-agreed in writing with the Ministry, the preparation, negotiation, printing, execution, registration
and administration of each Transaction Document including those executed after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each amendment to, waiver or consent in respect of, or discharge of, a Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the exercise, protection, investigation or enforcement of the Ministry's rights under a Transaction Document.

11.2 No fees are payable by the Borrower to the Ministry where prepayments are made in accordance with clause 6
of this Part 2.

12 GENERAL REPRESENTATIONS

Each of the Borrower and the Guarantor makes the representations and warranties set out in this clause 12 to the Ministry.

12.1 Status

It is a company, duly incorporated and validly existing under the laws of New Zealand with power, capacity and authority to own its assets and carry on its business as it is being conducted.

12.2 Binding obligations

Its obligations under each Transaction Document are legal, valid, binding and enforceable obligations subject to general principles of law relating to enforceability of documents.

12.3 Non-conflict with other obligations

Its entry into and performance of, and the transactions contemplated by, the Transaction Documents do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) contravene any law, regulation or authorisation applicable to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with its constitutional documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conflict with any agreement or instrument binding upon it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exceed any limitation on, or constitute an abuse of, the powers of its directors.

12.4 Power and authority

It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Transaction Documents and the transactions contemplated by those Transaction Documents.

12.5 Authorisations

All Authorisations required:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the validity and enforceability of the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for it to conduct its business, trade and ordinary activities, have been obtained or effected and are in full force and
effect (or, in each case, will be when required).

12.6 Ownership

Except as otherwise notified to the Ministry on or before the date of this Agreement, it is, and will at all times be, the sole legal and beneficial owner of the Project Asset(s) and all of its other assets that are used in connection with the Project.

12.7 No Default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Event of Default is continuing or might reasonably be expected to result from the making of the Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is binding
on it or to which its assets are subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 No misleading information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All information provided by it to the Ministry in connection with the Transaction Documents is true, complete
and accurate and is not misleading in any material respect as at the date it was provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no facts or circumstances that have not been disclosed to the Ministry that would make the information referred to in paragraph
(a) above untrue or misleading in any material respect.

12.9 Full disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is not aware of any facts relating to it, the Transaction Documents nor any other matter in connection with them, which would,
or would be reasonably likely to, adversely affect the decision of the Ministry in entering into the Finance Documents that have not been
disclosed to the Ministry in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has disclosed to the Ministry all matters known to it (in relation to the Project, the Borrower or its personnel) that could reasonably
be expected to have an adverse effect on the reputation, good standing or goodwill of the Ministry.

12.10 Financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Its latest financial statements as delivered to the Ministry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) include those most recently prepared for the last period and as at the last date for which financial statements have been prepared,
and include copies of all documents required by law to accompany them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) were prepared in accordance with GAAP consistently applied unless disclosed to the Ministry in writing to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) give a true and fair view of its financial condition and operations as at the date and for the period to which they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) discloses or provides for all liabilities, obligations or commitments (contingent or otherwise) as at the date of the financial statements
including all costs (unrealised or anticipated) associated with the absolution of all liabilities, obligations or commitments (contingent
or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) include a true and complete copy of any auditor's report, if the Borrower's financial statements are audited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) are signed by two directors (or one, if there is only one director).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no Material Adverse Change since the last date as at which the latest financial statements were prepared, or, to the
extent no financial statements have been prepared, since the date of this Agreement.

12.11 No Insolvency Event

No Insolvency Event has occurred in respect of it.

12.12 No security interests

No security interest exists over or affects, nor is there any agreement to give or permit to exist, any security interest over or affecting, any of its assets other than a Permitted Security.

12.13 Pari Passu

The Borrower's obligations under this Agreement will rank at least *pari passu* with its other unsecured obligations, subject to any obligations preferred by law.

12.14 Not trustee

Except as disclosed to the Ministry prior to the date of this Agreement, it is not a trustee of any trust or settlement and it does not enter into any Transaction Document, or hold any property, as a trustee.

12.15 No proceedings pending or threatened

No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect have been started or, to the best of its knowledge and belief, threatened against it.

12.16 No breach of laws

It is not in breach of any law binding upon it, and it is in compliance in all material respects with all applicable consents and Authorisations and other requirements (including any certificates of compliance, resource and buildings consents and orders) under all Environmental Laws and directives in relation to the Land.

12.17 Financial Indebtedness

It does not have any Financial Indebtedness outstanding other than Permitted Financial Indebtedness.

12.18 Transaction Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each representation given by the Borrower in each Transaction Document is true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no side agreements or variations in relation to any Transaction Document other than those disclosed to, and consented to
by, the Ministry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Transaction Document has been entered into for fair market value and all obligations under each Transaction
Document are on arm's length commercial terms.

12.19 No Notices

To the best of its knowledge, no notices, orders or planning proposals have been issued in respect of the Land by any local body, government or other authority having jurisdiction in respect of the Land other than notices the requirements of which have been complied with or have been disclosed to the Ministry.

12.20 Environmental Law

To the best of its knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there are no circumstances which have given rise, or may give rise, to a material claim against it, a requirement of material expenditure
or a requirement to cease or vary any material activity under or as a result of any Environmental Law or any consents and approvals required
under such law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no activity currently or previously conducted on the Land breaches any environmental law or any order or direction made under such
law, results in any environmental liability or otherwise constitutes an environmental hazard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no contaminant is present on or adjacent to the Land which has given rise or may give rise, to a material claim against it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no fact or circumstance exists in relation to the Land which may result in any occupier or controller of the Land being served with
orders, notices or directions or being subject to a penalty or fine under any Environmental Law or liable for the cost of clean-up or
other treatment of any contaminant on the Land.

13 REPRESENTATIONS CONTINUING

13.1 Representations continuing

The Borrower and the Guarantor acknowledge that the representations in clause 12 will be deemed to be repeated on each Drawdown Date and on each Interest Payment Date so long as this Agreement remains in effect by reference to the facts and circumstances then existing, except that each reference to financial statements is to be construed as a reference to the latest available financial statements of the Borrower and the Guarantor.

14 GENERAL UNDERTAKINGS

14.1 Authorisations

The Borrower and the Guarantor must promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain, comply with and do all that is necessary to maintain in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on request by the Ministry, supply certified copies to the Ministry of,

any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Transaction Documents required in respect of, and to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation, of any Transaction Document.

14.2 Compliance with laws

Each of the Borrower and the Guarantor must duly and promptly comply with all laws applicable to it.

14.3 Transaction Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Borrower and the Guarantor must execute, and procure that each other relevant party thereto duly and properly executes,
the Transaction Documents at the times and in the manner provided in the Transaction Documents so that those agreements are, on execution,
legal, valid and binding obligations, enforceable in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Borrower and the Guarantor must comply with its obligations under each Transaction Document to which it is a party.

14.4 Use of the Facility

The Borrower must use the Facility solely in accordance with clause 2.2 (*Purpose*).

14.5 Conduct of business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower must pay all its Financial Indebtedness when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower must comply with all consents and all obligations binding on it by law, contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower must keep proper books of account recording its business and activities to a standard required of a prudent operator
in equivalent circumstances.

14.6 Maintenance of corporate existence

The Borrower must do all things necessary to maintain its corporate existence and must not transfer its jurisdiction of incorporation or place of domicile for taxation purposes without the prior written consent of the Ministry.

14.7 Insurance

The Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insure and keep insured (with reputable insurers acceptable to the Ministry (acting reasonably)) all its
insurable assets (including its inventory) against loss or damage by such causes as should be insured against (including earthquake, explosion,
theft, fire and flood protection) in accordance with good commercial
practice (including, but not limited to, public liability insurance, building and improvements full replacement/reinstatement insurance
and business continuity/interruption insurance);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly deliver to the Ministry a copy of each certificate of currency, each insurance policy undertaken in accordance with this
clause and any variations made from time to time if requested by the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly pay when due all premiums and other amounts and do all other things necessary to maintain the insurances, and not do anything
or permit anything to be done, or not done, which would prejudice any of the insurances required by the Transaction Documents or any claims
thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as soon as practicable after becoming aware of the same, notify the Ministry of any proposed cancellation of an insurance policy or
reduction in the amount payable under any insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately rectify any matter, thing or circumstance that is likely to materially prejudice any of the policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) apply all claim proceeds to the extent that the proceeds are in respect of the Project, including prior to the Acquisition being completed,
at all times to reinstate the relevant asset, unless otherwise approved by the Ministry or in accordance with clause 6.4
(*Mandatory Prepayment*).

14.8 Information to be true

Each of the Borrower and the Guarantor must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that all information provided by it to the Ministry (including in connection with the Transaction Documents after the date
of this Agreement) is true in all material respects as at the date that information is provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not omit to state any fact or circumstance that would make that information untrue or misleading in any material respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that all projections and forecasts made by it are prepared in good faith based upon what it believes to be reasonable assumptions.

14.9 Environmental Laws

The Borrower must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) comply with all Environmental Laws effecting its operation or its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) inform the Ministry of any material breach of an Environmental Law, or any notice or order received by it under an Environmental Law,
that could affect it or its property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Ministry has reasonable cause to believe that the Borrower is in breach of any Environmental Laws, provide the Ministry on
request with environmental audits and reports in respect of its property, in a form and from an independent consultant acceptable to the
Ministry; if such audit and report show no breach of any Environmental Law, the Ministry shall reimburse the Borrower
for any reasonable costs incurred by the Borrower in the preparation of such audits and reports, while in all other cases, the Borrower
shall pay such costs.

14.10 Change of business

The Borrower will not engage in any business or activity other than those directly related to the Project Asset(s) and the Project unless approved by the Ministry.

14.11 Pay taxes

The Borrower must file all tax returns as required by law, and pay and discharge all taxes, assessments and governmental charges payable by it or on its property prior to the date that penalties become payable except only to the extent that those taxes, assessments or governmental charges are being contested in good faith by appropriate proceedings and adequate reserves are set aside for their payment.

14.12 Key Personnel

The Borrower will ensure that the Key Personnel undertake their respective roles in connection with the Project as specified in Part 1, except as otherwise approved in writing by the Ministry. If any Key Personnel become unavailable to perform their role, the Borrower must promptly notify the Ministry and arrange replacement Key Personnel acceptable to the Ministry.

14.13 Board Meetings and Project Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If requested in writing by the Ministry, the Borrower will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide reasonable notice to the Ministry of all board meetings in relation to the Project, Project management group meetings and
Project governance group meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide copies of all documents and notices to be tabled at the board meetings in relation to the Project, Project management group
meetings and Project governance group meetings to the Ministry no later than a reasonable period prior to the meetings, and the minutes
of those meetings within a reasonable period after each meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Ministry may appoint observers who will be entitled to attend and speak at all board meetings in relation to the Project, Project
management group meetings and Project governance group meetings (but will not be entitled to vote on any matter at those meetings).

14.14 Inspections and Site Visits

The Borrower must allow the Ministry and its representatives to inspect the Land and/or the Project Asset(s) on reasonable notice from the Ministry to the Borrower, and during usual business hours unless otherwise agreed by the Parties.

14.15 Media and Communications

The Borrower and the Guarantor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will, before making any media statements or press releases regarding the Project, consult with the Ministry, and will obtain the Ministry's
prior approval to make any such statements or releases, such approval not to be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will refer any enquiries from the media or any other person about the terms or performance of this Agreement to the
Ministry's Contact Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will acknowledge the Ministry as a source of funding in all publications (including any digital presence) and publicity regarding
the Project, in accordance with the Kānoa Funding Acknowledgement Guidelines on the website: Funding
acknowledgement guidelines (growregions.govt.nz),
and obtain the Ministry's approval of the form and wording of the acknowledgement prior to including the acknowledgement in the
publication or publicity (as the case may be), such approval not to be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will, if requested by the Ministry, establish or erect temporary and/or permanent signage (which may be in the form of a plaque) at
the site of the Project acknowledging the Ministry as a source of funding for the Project. The Ministry may provide such signage and the
Ministry will consult with the Borrower and the Guarantor in respect of a suitable location for such signage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) do not have the right to enter into any commitment, contract or agreement on behalf of the Ministry or any associated body, or to
make any public statement or comment on behalf of the Ministry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) must direct all correspondence with the Ministry under this clause 14.15 to
the Ministry's Contact Person, copied
to Kānoacomms@mbie.govt.nz.

14.16 Co-Funding

The Borrower and the Guarantor must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that during the term of this Agreement the Co-Funding is and remains available to the Borrower to be applied towards the Project
on the same terms and conditions approved by the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all steps necessary to ensure that all Co-Funding in the form of equity is called for and received by the Borrower or the Guarantor
in accordance with the Project Budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately notify the Ministry if it becomes aware of any circumstances that may result in the Co-Funding (or any part of the Co-Funding)
not being available to the Borrower to be applied towards the Project.

14.17 Health and Safety

Without limiting its other obligations under this Agreement, the Borrower will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consult, cooperate and coordinate with the Ministry to the extent required by the Ministry to ensure that the Ministry and the Borrower
will each comply with their respective obligations under the Health and Safety at Work Act 2015 as they relate to this Agreement and the
Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) perform its, and ensure that the contractors perform their, obligations under this Agreement and the Project (as applicable) in compliance
with its and their obligations under the Health and Safety at Work Act 2015;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) comply with all directions of the Ministry relating to health, safety, and security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately report or copy to the Ministry any material health and safety incident or injury, any other incident or injury notified
to WorkSafe New Zealand – Mahi Haumaru Aotearoa and any notice issued to the Borrower under the Health and Safety at Work Act 2015,
in each case to the extent that it relates to the Project and/or the Borrower.

14.18 Further assurance

Each of the Borrower and the Guarantor must promptly, and at its own cost, do all such acts or execute all such agreements (including assignments, transfers, notices and instructions) and will procure that its subsidiaries do all such acts/execute all such agreements as may be necessary (as the Ministry may specify, in such form as the Ministry may reasonably require) for the exercise of any rights, powers and remedies of the Ministry provided by or pursuant to the Transaction Documents or by law.

**PROJECT UNDERTAKINGS**

14.19 Project Account

The Borrower and the Guarantor must maintain the Project Account until Practical Completion, and will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that any Advances under the Facility, all Project Costs and all Co-Funding are credited and debited from the Project Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the Project Account is maintained as a separate account and that no costs other than Project Costs are debited from the
Project Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not close or otherwise change the Project Account without the Ministry's consent.

14.20 Project

The Borrower must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) operate the Project Asset(s) and carry out the Project by exercising that degree of skill, care, diligence, efficiency, prudence and
foresight and operating practice that would reasonably and ordinarily be expected of a skilled, experienced and competent supplier engaged
in the same type of undertaking as that of the Borrower under the same or similar circumstances and in accordance with each Acquisition
Contract, the Project Budget, all Plans, all applicable consents and Authorisations required under any law or regulation of any competent
authority and all statutory requirements (including the Resource Management Act 1991, the Construction Contracts Act 2002 and the Building
Act 2004);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) inform the Ministry as soon as it becomes aware of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any delays to the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any proposal to vary the nature, scope, quality, design or sequence of the Project or the cost of or time for performance under any
Acquisition Contract or any related contract (including any proposal to accelerate, terminate or make any claim thereunder); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other change to an Acquisition Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not, except with the Ministry's prior written consent, enter into any material agreement in connection with the Acquisition,
other than each Acquisition Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) notify the Ministry within 20 Business Days if any contingency amount is used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not make or agree to any Material Variations to the scope of the Project or the Plans without the Ministry's prior written
 consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) immediately notify the Ministry of any request for an extension of time with regard to the whole or any part of the Project and for
any other consent, waiver or amendment under or in connection with an Acquisition Contract or any related document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not undertake any development of the Land other than the Project as contemplated by the Acquisition Contract, Plans and Project Budget
and as approved by the Ministry.

14.21 Cost Overruns

The Borrower must ensure that any Cost Overrun (including as incurred or expected to be incurred in connection with any Variation) is funded by it (other than by using all or part of any Advance) unless otherwise agreed by the Ministry in writing.

14.22 Acquisition Contract(s)

The Borrower must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not, except with the prior written consent of the Ministry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept any early termination of or exercise any right to rescind, cancel or terminate an Acquisition Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) do or omit to do any act or thing which would entitle the counterparty to either terminate or regard an Acquisition Contract as terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) waive or agree to waive any provisions of an Acquisition Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make or agree to make any Material Variation to an Acquisition Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) dismiss or change a party to an Acquisition Contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) enter into any other contract for the acquisition of assets with any party in connection with the Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take such action and institute and maintain all such proceedings as may be necessary or expedient to preserve or protect the interests
of the Borrower or the Ministry in or under each Acquisition Contract.

14.23 Practical Completion

The Borrower must ensure that Practical Completion of the Project occurs no later than three months after Scheduled Practical Completion.

14.24 Building Standards

To the extent within its control, the Borrower must ensure that on Practical Completion all buildings and improvements on the Land are 100% compliant with all applicable building standards.

14.25 Maintenance of Borrower's Assets

The Borrower shall maintain or procure the maintenance of the Project Asset(s) and all of its assets in accordance with best industry practice and in accordance with any requirements from the manufacturer, including paying all operating expenses in a timely manner.

14.26 Operating Documents

The Borrower must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not, except with the prior written consent of the Ministry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept any early termination of or exercise any right to rescind, cancel or terminate an Operating Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) do or omit to do any act or thing which would entitle the counterparty to an Operating Document to either terminate or regard an Operating
Document as terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) waive or agree to waive any provisions of an Operating Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) make or agree to make any variation to an Operating Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) dismiss or change a counterparty to an Operating Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) enter into any other contract with any party in connection with the operation or management of the Project Asset(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) assign, transfer or novate any interest under any Operating Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) exercise all of its rights and take such action and institute and maintain all such proceedings as may be necessary or expedient to
preserve or protect the interests of the Borrower under each Operating Document.

15 NEGATIVE UNDERTAKINGS

15.1 Negative pledge

The Borrower, the Guarantor, and each Subsidiary must not create or permit to subsist any security over any of its assets other than Permitted Security.

15.2 Disposals

The Borrower and the Guarantor must not dispose of any part of their assets other than a Permitted Disposal.

15.3 Shares

Each of the Borrower, the Guarantor, and each Subsidiary must not acquire its own shares, issue any new shares or exercise any option to redeem its shares, and may not issue any class of shares other than ordinary shares except with the prior written consent of the Ministry.

15.4 Merger

Each of the Borrower and the Guarantor must not enter into any amalgamation, demerger, merger or corporate reconstruction other than a solvent amalgamation or reconstruction approved by the Ministry in writing.

15.5 Financial Indebtedness

The Borrower, the Guarantor, and each Subsidiary must not incur or permit to remain outstanding any Financial Indebtedness except Permitted Financial Indebtedness.

15.6 Capital Expenditure

The Borrower and the Guarantor must not undertake any projects (other than the Project) that require material capital expenditure, except with the prior written consent of the Ministry.

15.7 Constitutional Documents

The Borrower and the Guarantor must not alter the terms of its constitutional documents, except with the prior written consent of the Ministry.

15.8 Distributions

The Borrower must not make any Distribution except with the prior written consent of the Ministry.

15.9 Related Party transactions

Each of the Borrower and the Guarantor must not enter into any transaction with any Related Party other than in the ordinary course of ordinary business and for fair market value on arm's length commercial terms except with the prior written consent of the Ministry.

15.10 Acquisitions

The Borrower and the Guarantor must not acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest in them) without the prior written consent of the Ministry.

15.11 Loans and guarantees

The Borrower and the Guarantor must not make or allow to subsist any loans, grant any credit (except in the ordinary course of ordinary business, or Permitted Financial Indebtedness) or give or allow to remain outstanding any guarantee or indemnity (except any indemnity as required under any of the Transaction Documents, agreed in writing by the Ministry or that are given by the Borrower or Guarantor in the ordinary course of business) to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any person.

15.12 Reputation

The Borrower and the Guarantor will not at any time do anything that could reasonably be expected to have an adverse effect on the reputation, good standing or goodwill of the Ministry. The Borrower will keep the Ministry informed of any matter known to the Borrower which could reasonably be expected to have such an effect.

15.13 Trustee

Each of the Borrower and the Guarantor must not become a trustee of any trust.

15.14 Authorisations

Each of the Borrower and the Guarantor must not apply to vary or change any resource consents, building consent, planning approvals or any other Authorisations or approvals obtained in relation to the Project without the Ministry's prior written consent.

15.15 Financial Year

Neither the Borrower nor the Guarantor will not amend its Financial Year without the prior approval of the Ministry (such approval not to be unreasonably withheld).

16 INFORMATION UNDERTAKINGS

16.1 Reports

The Borrower will provide the Ministry with the following reports and certificates unless otherwise agreed with the Ministry:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Progress Reports: During the Availability Period, with each Drawdown Notice (and if no Drawdown Notice is issued during a calendar
month, on the last day of that calendar month), and within one month following Practical Completion, a progress report (**Progress Report**)
which will include at least:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a description and analysis of actual progress of the Project against planned progress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) images of the progress of the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cost update (including actual to date and cost to completion for each milestone and the Project); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement of the Advances and other funding received, spent and unspent (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) RSPF Impact Reporting: The Borrower undertakes to use reasonable endeavours to provide to the Ministry reporting at the times and
in the format required by the Ministry on the impacts of the RSPF financing (**RSPF Impact Reporting**), including that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first RSPF Impact Report will be due on the Ministry's request six months following the first
Drawdown Date, and reports will be due every six months until the Maturity Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) RSPF Impact Reports will cover the following reporting areas:

**#** **Reporting Area**

1. Innovation

2. Business Capability

3. Networks

4. Staff

5. Environment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Annual accounts: As soon as they are available, but in any event within 120 Business Days after the end of each Financial Year, consolidated
annual financial statements for the Borrower and the Guarantor (with such financial statements being audited, if the relevant entity prepares
audited financial statements, or if required by the Ministry), prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Quarterly management accounts: Within 45 days after the last date of each quarter, a management report for the Borrower for the quarter
ending on that date, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its unaudited financial statements for the quarter ending on that date together with a report on the performance of the Project during
the preceding 3 months, including a comparison of actual to budget performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a report detailing any amounts spent during that quarter and their source of funding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a forecast of the projected Revenue and Operating Costs for the next 12 months from that date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other information reasonably required by the Ministry to monitor the performance of the Project during that period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Annual Budget *:* Prior to the start of each Financial Year, an annual budget (the **Annual Budget**) for the Borrower for
that Financial Year in a form acceptable to the Ministry which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) include a forecast cash flow statement for the Borrower (which shall include a breakdown of projected Project Costs (prior to Practical
Completion) and Operating Costs and Revenue (following Practical Completion));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) include a description of the key assumptions supporting the Annual Budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be signed by two directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Updated Project Budget: At the same time as providing the Annual Budget, a revised and updated Project Budget prepared on the same
basis as the previous Project Budget but by reference to the facts, forecasts, assumptions and circumstances then existing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A post-project report, due 12 months after the last day of the Availability Period (unless otherwise agreed in writing with the Ministry),
which includes the following information (**Post-Project Completion Outcomes Report**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) how the financing made under this Agreement enabled the Borrower to achieve impacts included under RSPF Impact Reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) how the financing made under this Agreement and the Project has brought wider benefits to the region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) information on broader procurement outcomes (if any are set out in item 26 of Part 1 (*Additional Undertakings*));
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other information that may be required by the Ministry.

16.2 Ongoing information

The Borrower must provide the Ministry with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly upon receipt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material notice given or received by it in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Land, the Project Asset(s) or insurance in respect of the Land or the Project Asset(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material correspondence issued by it to, or received by it from, any local body, government or other authority having jurisdiction
in respect of the Land;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all material notices, invoices and other communications received by it from a counterparty to an Acquisition
Contract, Operating Document or Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly and within 7 days of request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) details of any current pending or threatened litigation, claim, arbitration or administrative proceeding which, had it been current
or pending or threatened as at the date of this Agreement, would have rendered the representation in clause 12.15
(*No proceedings pending or threatened*) incorrect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such further information regarding the financial condition, assets, business and operations of the Borrower or the Project as the
Ministry may request.

16.3 Notification of changes to Project

If there have been any changes to the Project which may materially affect the Project Budget, an Annual Budget and/or might be considered by the Ministry to adversely affect the repayment of the Facility by the due date, the Borrower must promptly provide the Ministry with an updated Project Budget and acquisition programme for the Project or Annual Budget detailing the effect of such change.

16.4 Notification of Default

The Borrower must notify the Ministry of the occurrence of any Default, Event of Default or Event of Review immediately upon becoming aware of it (giving full details of it and of any steps taken or to be taken as a result) and upon receipt or a written request to that effect, confirm that, save as notified to the Ministry, no such event has occurred.

17 EVENTS OF DEFAULT

Each of the events or circumstances set out in clause 17 (other than clause 17.20 (*Acceleration*)) is an Event of Default.

17.1 Obligations under Finance Documents

The Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) does not pay on the due date any amount payable pursuant to a Finance Document in the manner and currency required, except where such
failure is of a technical or administrative nature and is remedied within 2 Business Days of such failure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fails to comply with any of its other obligations under a Finance Document, and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in respect in respect of any such breach or omission which is capable of being remedied, such breach or omission is not remedied within
20 Business Days of the earlier of the date the Borrower became aware of such breach and the date that notice of the breach or omission
was given by the Ministry to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in respect of any such breach or omission which cannot be remedied, the Borrower has remedied the relevant circumstances or event
giving rise to or resulting from that breach (to the satisfaction of the Ministry) within 20 Business Days of the earlier of the date
the Borrower became aware of such breach and the date that notice of the breach or omission was given by the Ministry to the Borrower;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to satisfy within the time stipulated by the Ministry anything which the Ministry makes or has made a condition of its waiving compliance
with a condition precedent or amending a Transaction Document.

17.2 Breach of Insurance Requirements

The Borrower breaches the undertakings set out in clause 14.7 (*Insurance)*.

17.3 Negative Undertakings

The Borrower breaches any of the undertakings set out in clause 15 (*Negative Undertakings*).

17.4 Breach of Transaction Document

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (b) below, the Borrower or any Related Party does not comply with any provision of any Transaction Document (other
than those referred to in clause 17.1 (*Obligations under Finance Documents*) to clause 17.3
(*Negative undertakings*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 20 Business
Days of the Ministry giving notice to the Borrower or, if earlier, the Borrower becoming aware of the failure to comply.

17.5 Misrepresentation

Any representation, warranty or statement made or deemed to be made by the Borrower or any Related Party in any Transaction Document or any other document delivered by or on behalf of the Borrower under or in connection with any Transaction Document or related to the Project is or proves to have been incorrect or misleading in any respect when made or deemed to be made and, if the circumstances giving rise to the misrepresentation are capable of remedy, such circumstances are not remedied within 20 Business Days of the earlier of the Borrower or the Related Party becoming aware of the representation, warranty or statement being incorrect or misleading or receipt of written notice from the Ministry to the Borrower or the Related Party to remedy the default.

17.6 Cross default

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness (other than under the Finance Documents) of the Borrower, the Related Party or any Subsidiary is not paid
when due nor within any originally applicable grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any creditor of the Borrower, the Related Party or any Subsidiary becomes entitled to declare any Financial Indebtedness of the Borrower
or any Subsidiary due and payable prior to its specified maturity as a result of an event of default (however described).

17.7 Insolvency

An Insolvency Event occurs in relation to the Borrower, the Related Party or any Subsidiary.

17.8 Change in Control

A Change in Control in respect of the Borrower without the prior written consent of the Ministry.

17.9 Repudiation

Any provision of any Transaction Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ceases to have effect in whole or in part, other than by performance or as permitted by its terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes wholly or partly void, voidable, invalid or unenforceable (other than by reason only of a party waiving its rights), or the
performance of any such provision becomes illegal, or the Borrower or any Related Party,
or any person on their behalf, makes any allegation or claim to that effect (if in each case the Ministry is of the view that any matter
in (a) or (b) above has, or is likely to have, a Material Adverse Effect).

17.10 Transaction Documents

An event of default or termination event (however described) occurs under a Transaction Document other than this Agreement.

17.11 Compulsory acquisition

All or any material part of the Borrower's or any Related Party's property is compulsorily acquired by or by order of a Governmental Agency or under law and reasonable compensation has not been paid by the Governmental Agency, or any steps are taken to effect any of the same.

17.12 Amalgamation

The board of the Borrower or any Related Party passes a resolution for, or in contemplation of, an amalgamation of the Borrower or the Related Party with another company.

17.13 Cessation of business

The Borrower or any Related Party ceases, or threatens to cease, to conduct all or a substantial part of its business.

17.14 Litigation

The Borrower or any Related Party is party to any litigation, tax claim or administrative or arbitration proceedings or to any dispute with any local body, government or other authority having jurisdiction in respect of the Land which in the reasonable opinion of the Ministry has, or is reasonably likely to have, a Material Adverse Effect if adversely determined.

17.15 Material Adverse Effect

Any event or circumstance or series of events or circumstances arises, whether related or not, which the Ministry believes has, or is reasonably likely to have, a Material Adverse Effect.

17.16 Illegality

It is, or will become, unlawful for the Borrower or any Related Party to comply with any of its obligations under a Transaction Document in any material respect.

17.17 Environmental Law

The Borrower or any Related Party is charged, prosecuted or issued with a restraining order or clean up notice under any Environmental Law in respect of the Project which the Ministry considers would be likely to give rise to a material claim against it.

17.18 Abandonment

The Borrower abandons the Project, is unable to complete the Project or has no intention of resuming or restarting the Project and, for the avoidance of doubt, "abandoned" for this purpose shall not include any temporary stop of the Project or similar.

17.19 Authorisations and Environmental Law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower is in breach of any Authorisation or Environmental Law or directives in relation to the Land; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any consent or Authorisation that is required in connection with the Project is lapsed, cancelled or is not renewed for any reason.

17.20 Acceleration

On and at any time after the occurrence of an Event of Default the Ministry may by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Facility whereupon the Facility will immediately be cancelled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare that all amounts accrued or outstanding under the Finance Documents, be immediately due and payable (or payable on demand),
whereupon they will become immediately due and payable (or payable on demand); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise all or any of its rights under any Finance Document or at law.

18 EVENTS OF REVIEW

18.1 Consequences of an Event of Review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence of an Event of Review, the Ministry may review the Facility (and the conditions on which it is made available).
The Ministry will notify the Borrower or the Guarantor of any such review by serving a notice specifying the relevant Event of Review
(**Review Notice**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of a Review Notice, the Borrower and the Guarantor must enter into negotiations with the Ministry in good faith with
a view to agreeing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any action to be taken by the Borrower or the Guarantor to remedy and/or overcome the effects of the relevant Event of Review on terms
acceptable to the Ministry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms on which the Ministry is willing to continue to make the Facility available to the Borrower (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If within 21 days of the date of the Review Notice, the parties cannot agree the terms and conditions on which the Facility will continue
to be made available, the Ministry will be entitled to terminate the Facility at the expiration of that period and require the repayment
of all Amounts Outstanding under the Finance Documents by a date not earlier than 45 days from the date of the Review Notice.

19 ASSIGNMENT

19.1 Neither the Borrower nor the Guarantor may assign, transfer, novate or otherwise dispose or deal with all or any part of its rights
or obligations under a Transaction Document without the prior written consent of the Ministry.

19.2 The Ministry may assign, transfer, novate or otherwise dispose of or deal with (each a **Transfer** and "Transfers"
and "Transferred" has a corresponding meaning) all or any of its rights and obligations under all or any of the Transaction
Documents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) another Governmental Agency or any entity which constitutes the "Crown" as defined in the Public Finance Act 1989 or any
entity referred to in paragraph (c) of that definition (a **Crown Party**), without the consent of the Borrower or the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other person with the Borrower's or the Guarantor's consent (not to be unreasonably withheld).

19.3 The Borrower and the Guarantor hereby consent to any Transfer to a Crown Party and will be bound by any
such Transfer on and from the effective date specified in the notification of the Transfer provided by the Ministry to the Borrower and
the Guarantor. The Borrower and the Guarantor agree to sign promptly on request any document reasonably requested by the Ministry to confirm
or give effect to any such Transfer.

19.4 Without limiting clause 19.2, if the Ministry notifies the Borrower or the Guarantor that it has Transferred
all or any of its rights and obligations under all or any of the Transaction Documents to a Crown Party, then, with effect from the effective
date specified in such notification, each of the Ministry, the Borrower and the Guarantor agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Ministry is released from all obligations and liabilities under or in respect of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Crown Party will perform and observe all obligations and liabilities under or in respect of the Transaction Documents and be entitled
to all of the rights and entitlements of the Ministry under and in respect of the Transaction Documents as if it was named in the Transaction
Documents instead of the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all of the obligations and liabilities of the Borrower and the Guarantor under or in respect of the Transaction Documents that were
owed to the Ministry will be owed to the Crown Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it will comply with any other matter specified in the notification related to such Transfer which is necessary or desirable for ensuring
the effective Transfer of all rights and obligations to the transferee.

19.5 Disclosure

The Ministry may at any time disclose to a proposed assignee, transferee or novatee any information which relates to, or was furnished in connection with, the Transaction Documents.

20 PAYMENT MECHANICS

20.1 Payments to the Ministry

On each date on which the Borrower is required to make a payment under a Finance Document, the Borrower must make the same available to the Ministry for value on the due date, at the time and to such account specified by the Ministry.

20.2 Partial payments

If the Ministry receives a payment that is insufficient to discharge all the amounts then due and payable by the Borrower under the Transaction Documents, the Ministry may apply that payment towards the obligations of the Borrower under the Transaction Documents in such order as the Ministry determines (in its sole discretion).

20.3 Payments to be free and clear

All payments to be made by the Borrower under the Transaction Documents must be calculated and be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) free of any restriction or condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) free and clear of and (except to the extent required by law) without any deduction or withholding for
or on account of tax or on any other account, whether by way of set-off, counterclaim or otherwise.

20.4 Business Days

Any payment which is due to be made on a day that is not a Business Day must be made on the next Business Day.

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|:---|:---|
| 21 | SET-OFF |

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The Borrower authorises the Ministry to apply, without prior notice or demand, any amount owing or due by the Ministry to the Borrower in connection with any Finance Document or the Project in or towards satisfaction of any unpaid indebtedness due by the Borrower to the Ministry in connection with any Finance Document or the Project. For this purpose, the Ministry is authorised to accelerate the date for payment of any such amount owing by the Ministry to the Borrower.

22 CONTACT PERSONS

All matters or enquiries regarding this Agreement will be directed to each party's contact person set out in Part 1.

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|:---|:---|
| 23 | NOTICES |

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Each notice or other communication given under this Agreement (each a *notice*) will be in writing and delivered personally or sent by post or email to the address of the relevant Party set out in Part 1 or to any other address from time to time designated for that purpose by at least 10 Business Days' prior written notice to the other party. A notice under this Agreement is deemed to be received if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Delivery**: delivered personally, when delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Post**: posted, 5 Business Days after posting or, in the case of international post, 7 Business Days after posting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Email**: sent by email:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if sent between the hours of 9am and 5pm (New Zealand time) on a Business Day, at the time of transmission; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if subclause (i) does not apply, at 9am (New Zealand time) on the Business Day most immediately after the time of sending, provided that an email is not deemed received unless (if
receipt is disputed) the party giving notice produces a printed copy of the email which evidences that the email was sent to the email
address of the party given notice.

24 CALCULATIONS AND CERTIFICATES

Any certification or determination by the Ministry of a rate or amount under any Transaction Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

25 PARTIAL INVALIDITY

If, at any time, any provision of the Transaction Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

26 REMEDIES AND WAIVERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of the Ministry under the Finance Documents are cumulative and not exclusive of any rights or remedies provided by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a single or partial exercise by the Ministry of any right does not preclude further exercises of that right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the exercise of any particular right will not preclude or waive the exercise of any other right.

27 AMENDMENTS AND WAIVERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A waiver by the Ministry of any right under a Finance Document will only be effective to the extent expressly stated in writing by
an authorised person on behalf of the Ministry. A failure by the Ministry to act, or a delay by the Ministry in exercising, or a non-exercise
by the Ministry of, any right does not operate as a waiver of that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment to this Agreement will be effective unless it is in writing and signed by an authorised person on behalf of the Ministry
and the Borrower.

28 INCONSISTENCY

In the event of any inconsistency between the provisions of this Agreement and the provisions of any other Transaction Document, the provisions of this Agreement will prevail.

29 CONFIDENTIALITY

29.1 Confidentiality

Subject to clause 29.2 and 29.3, each party will maintain each other party's confidential information in confidence. However, this will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a party from using or disclosing any information with the written prior consent of the other party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use or disclosure of information that has become generally known to the public other than through a breach of a Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a party from disclosing information to its personnel, its professional advisors or its senior lenders with a need to know, so long
as the relevant personnel, professional advisors and senior lenders use the information solely to enable that party to perform its obligations
and/or take the intended benefit of its rights under this Agreement, and so long as they are informed of the confidential nature of the
information and in the case of the Borrower and the Guarantor, it receives an acknowledgement from its personnel, professional advisors
or senior lenders that they acknowledge, and will comply with, the confidentiality obligations in this Agreement as if they were party
to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosure required by any law, or any compulsory order or requirement issued pursuant to any law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Ministry from using or disclosing to any third party any report licensed under clause 9.2 or clause
9.3, provided that prior to any such disclosure the Ministry removes all information that is commercially
sensitive to the Borrower or its contractors from the relevant work.

The parties agree that the Finance Documents and the terms thereunder constitute confidential documents of the Ministry.

29.2 Ministry's ability

The Borrower and the Guarantor acknowledge and agree that nothing in this Agreement

restricts the Ministry's ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) discuss, and provide all information in respect of, any matters concerning the parties, the Project or this Agreement with any Minister
of the Crown, any other government agency or any of their respective advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) meet its obligations under any constitutional or parliamentary convention (or other obligation at law) of or in relation to the New
Zealand Parliament, the New Zealand House of Representatives or any of its Committees, any Minister of the Crown, or the New Zealand Auditor-General,
including any obligations under the "no surprises" policy advised by Ministers of the Crown; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) publicise and report on the loan funding, including the Borrower's name, the amount and duration of the loan funding and a brief
description of the Project, on websites, in media releases, in general announcements or in annual reports.

29.3 Official Information Act 1982

The Borrower and the Guarantor acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the contents of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information provided to the Ministry,

may be official information in terms of the Official Information Act 1982 and, in line with the purpose and principles of the Official Information Act 1982, this Agreement and such information may be released to the public unless there is good reason, in terms of the Official Information Act 1982, to withhold it.

30 ANTI-MONEY LAUNDERING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower agrees that the Ministry may delay, block or refuse to process any transaction without incurring any liability if the
Ministry suspects that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transaction may breach any laws or regulations in New Zealand or any other country or any other prohibitions that may be applicable
to the Ministry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transaction involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly,
to any person that is subject to sanctions imposed by the United States, the United Nations, the European Union or any country; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transaction may directly or indirectly involve the proceeds of, or be applied, for the purposes of, conduct which is unlawful
in New Zealand or any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower must provide all information to the Ministry which the Ministry requires in order to manage its money-laundering, terrorism-financing
or economic and trade sanctions risk or to comply with any laws or regulations in New Zealand or any other country. The Borrower agrees
that the Ministry may disclose any information concerning the Borrower to any law enforcement, regulatory agency or court where required
by any such law or regulation in New Zealand or any other country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Borrower has disclosed that it is acting in a trustee capacity or on behalf of another party, the Borrower warrants that
it is acting on its own behalf in entering into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower represents and warrants to the Ministry that the processing of any transaction by the Ministry in accordance with the
Borrower's instructions will not breach any laws or regulations in New Zealand or any other country or involve any sanctioned person.

31 TERMINATION AND SURVIVAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement terminates on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if Financial Close has not occurred by the Expiry Date, the Expiry Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the date on which the Ministry is satisfied that all Amounts Outstanding have been repaid in full and no further Amounts Outstanding
are capable of arising.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clauses 9 (*Intellectual Property*), 10 (*Indemnities*), 14.15
(*Media and Communications*) and 16 (*Information Undertakings*) survive expiry or termination of
this Agreement, along with any other parts of this Agreement necessary to give effect to those provisions. Expiry or termination of this
Agreement does not affect any accrued rights, including any rights in respect of a breach of this Agreement or Event of Default that occurred
before expiry or termination.

32 COUNTERPARTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in any number of counterparts (including scanned and emailed copies). So long as each party has received
a counterpart signed by each of the other party, the counterparts together constitute a binding and enforceable agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where the Borrower or the Guarantor has transmitted to the Ministry an electronic copy of this Agreement (whether by email or otherwise)
the Ministry is entitled to rely on the contents of that electronic copy as accurately reproducing the original and on that electronic
copy (including the signatures) being authentic and complete.

33 RELATIONSHIP

No legal partnership, employer-employee, principal-agent or joint venture relationship is created or evidenced by this Agreement.

34 GOVERNING LAW

This Agreement is governed by New Zealand law, and the parties submit to the exclusive jurisdiction of the courts of New Zealand.

**SCHEDULE 1: DRAWDOWN NOTICE**

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|:---|:---|
| To: | [*Ministry*] |
| From: | [*Borrower*] |
| Date: |  |

---

Dear Sirs / Madams

**LOAN AGREEMENT DATED [ ] BETWEEN THE MINISTRY AND [INSERT NAME OF BORROWER] (THE *AGREEMENT*)**

**Kānoa Contract Number:**

1 We refer to the Agreement. This is a Drawdown Notice. Terms defined in the Agreement have the same meaning in this Drawdown Notice unless given a different meaning in this Drawdown Notice.

2 We wish to drawdown the Advance on the following terms:

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| | |
|:---|:---|
| Proposed Drawdown Date: | [ Drafting Note: *A date no less than 11 Business Days after the date of this Notice* ] (or, if that is not a Business Day, the next Business Day) |
| Amount: | [X] |

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3 We confirm that each condition specified in clause 3.2 of the Agreement (*Conditions to Advances*) is satisfied on the date of this Drawdown Notice.

4 The proceeds of this Advance should be credited to the Project Account, being [*account*].

5 This Drawdown Notice is irrevocable.

Yours faithfully

authorised signatory for

[*Borrower*]

**SCHEDULE 2: FORM OF DIRECTOR CERTIFICATE**

To: Ministry of Business, Innovation and Employment <br> [Legal advisor]

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| | |
|:---|:---|
| Re: | **Loan Agreement: [insert name of Project]** |

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I, **[ ]**, a director of [*insert full legal name of borrower*] (*the Company*) certify as follows:

1 Board Resolutions

1.1 The board of directors of the Company (*the Board*) has passed resolutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approving the transactions (including conversion of amounts owing by the Company into ordinary shares in the Company) (*the Transactions*)
contemplated by the documents listed in the schedule below (*the Documents*), and the Documents themselves; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorising execution of the Documents by the Company in the manner in which they have actually been executed.

1.2 The resolutions were duly passed either in writing signed by all of the directors of the Company entitled to receive notice of a meeting
of the Board, or at a properly convened meeting of the Board in respect of which all quorum requirements were duly observed.

1.3 The Board resolutions remain in full force and effect.

2 Directors' Interested Transactions

2.1 To the best of my knowledge and belief and having made due enquiry of all other of the Company's directors, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) none of the directors of the Company (as defined in section 126 of the Companies Act 1993 (*the Act*)) is interested (as that
term is defined in section 139 of the Act) in the Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where one or more of the Company's directors is, or may be, interested in the Transactions, the Transactions have been disclosed
to all shareholders of the Company, and all of the Company's entitled persons have agreed in writing (pursuant to section 107(3)
of the Act) to the Company's entry into and performance of the Documents and the Transactions (so that nothing in sections 140 and
141 of the Act will apply to the Transactions).

3 Corporate Benefit

In approving the Documents and the Transactions, the Board, after taking into account all relevant factors, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) considers that the Company is receiving fair value under them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has resolved that the Company's entry into and performance of the Documents and the Transactions is in the best interests of the Company;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) considers that (pursuant to the express provision in the Company's constitution) the Company's entry into and performance
of the Documents and the Transactions is in the best interests of the Company's holding company
and, if the Company is not a wholly owned subsidiary of the Company's holding company, prior agreement to the Company's entry
into and performance of the Documents and the Transactions has been obtained from all of the Company's shareholders other than the
holding company.

4 Shareholder Action

It has been determined either:

4.1 that the Transactions do not constitute a "Major Transaction" for the purpose of section 129 of the Act; or

4.2 that the Transactions are a "Major Transaction" for the purpose of section 129 of the Act, and all of the shareholders of the Company have by special
resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) approved the Documents and the Transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) confirmed, approved and ratified the resolutions of the Board referred to above.

4.3 The shareholders of the Company have unanimously ratified and approved the resolutions of the Board after full disclosure by the directors
of the Company of all relevant interests.

5 Due execution

Each of the Documents has been properly executed by the Company.

---

| | |
|:---|:---|
| 6 | Solvency |

---

6.1 I am not aware of any liquidation proceedings which have been commenced or are intended to be commenced by any person against the
Company, or which are intended or anticipated by the Company.

6.2 Having taken into account all relevant factors (including, in the case of a guarantee, all rights of contribution and subrogation
to which the Company would be entitled if called upon to perform its obligations and the solvency of the guaranteeing and guaranteed parties)
the Board is of the view that the value of the consideration or benefit received by the Company under the Transactions is not less than
the value of the consideration provided (or to be provided) by the Company.

6.3 After making due enquiry, the Board is of the view that the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is able to pay its due debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not engaged or about to engage in business for which its financial resources are unreasonably small;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will be able to perform its obligations under the Documents and the Transactions when required to do so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will not become unable to pay its due debts as a result of the Documents and the Transactions.

7 Financial Assistance

The Transactions do not include or involve any provision by the Company (directly or indirectly) of financial assistance in connection with the purchase of any shares issued or to be issued by the Company or its holding company.

8 Constitution

Either the Company does not have a constitution, or the constitution of the Company held on its record as maintained at the office of the Registrar of Companies at **[place]** as at **[date]** is complete and includes all alterations to date.

9 Conversion

The Company has taken all action necessary for the issue of ordinary shares in the Company to the Ministry or its nominee on in accordance with the terms of the Documents.

---

| | |
|:---|:---|
| Signed by | Date: |
| Director |  |

---

**Schedule of Documents**

**[complete]**

**SCHEDULE 3: CONVERSION TERMS**

**General**

1. In the event of any inconsistency between the provisions of this Schedule 3 and the remainder of this Agreement, this Schedule 3 will
prevail.

2. In this Schedule 3:

Accession Deed *means the accession deed (however described) under which the Ministry agrees to be bound by the provisions of the Shareholders' Agreement*.

 

*Conversion* means the conversion of some or all of the Amounts Outstanding into Conversion Shares in accordance with the conversion terms in this Schedule 3, and *Convert* and *Converted* shall have corresponding meanings.

 

*Conversion Date* means the date that is fifteen (15) Business Days following the date on which the Ministry provides a Conversion Notice to the Guarantor pursuant to this Schedule 3.

 

*Conversion Notice* means a notice of election to Convert given under paragraph 3 of this Schedule 3 by the Ministry to the Guarantor.

 

*Conversion Price* means the lowest price per ordinary share at which ordinary shares in the Guarantor are to be issued under the Qualifying Equity Financing, less 15%.

 

*Conversion Shares* means ordinary shares in the Guarantor which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rank equally with, and have all of the same rights (including as to voting) as all ordinary shares in the Guarantor on issue immediately
prior to the Conversion Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are fully paid, with no calls or other amounts payable on them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) are subject to the provisions of the Shareholders' Agreement and the Companies Act 1993, including any rights of pre-emption
or other restrictions on transfer.

 

*Qualifying Equity Financing* means any issue of shares by the Guarantor (or any of a series of related share issuances by the Guarantor) after Financial Close where the Guarantor raises capital equal to or greater than $2,000,000, excluding the Seed Funding Capital Raise.

 

*Relevant Amounts Outstanding* means the amount of the Amounts Outstanding being Converted as specified in the relevant Conversion Notice.

 

*Seed Funding Capital Raise* means the capital raise by the Guarantor currently being undertaken or soon to be undertaken (at the date of this Agreement) whereby the Guarantor is seeking to raise $2,000,000 through the issue of shares.

**Conversion**

3. The Borrower will promptly notify the Ministry in writing of any Qualifying Equity Financing and, on the
giving of such notification, provide the Ministry with a then current copy of the Shareholders' Agreement.

4. Once notified by the Borrower of a Qualifying Equity Financing, the Ministry may, in its sole discretion, elect to Convert by notifying
its election to the Guarantor in writing (via a **Conversion Notice**). A Conversion Notice must be provided to the Guarantor within
3 months of a date that the Ministry is notified of a Qualifying Equity Financing (exclusive of that date), time being strictly of the
essence (**Conversion Period**). If a Conversion Notice is not received by the Guarantor before 5pm on the final day of the Conversion
Period the Ministry shall be deemed to have elected not to Convert any of the Loan at that time.

5. If the Ministry elects to Convert in accordance with paragraph 3 of this Schedule 3 then the following
provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to the Ministry having complied with clause 4(c), the Guarantor will issue to the Ministry or
its nominee on the Conversion Date a number of Conversion Shares equal to the quotient of **A** divided by **B**, where:

**A** = an amount equal to the Relevant Amounts Outstanding; and

**B** = the applicable Conversion Price,

by entering the name of the Ministry or its nominee in the Guarantor's share register as holder of the Conversion Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the Conversion Date, subject to the Guarantor fully complying with the terms set out in this Schedule
3 and the Ministry having complied with clause 4(c):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower's obligation to repay the Relevant Amounts Outstanding will be immediately and irrevocably terminated and the Borrower
will be deemed to have applied the Relevant Amounts Outstanding in satisfaction of the Ministry's obligation to pay the aggregate
subscription amount for the Conversion Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Ministry is taken to have irrevocably directed that the Relevant Amounts Outstanding is to be applied by the Borrower as provided
for in this paragraph 5(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an amount equal to the Relevant Amounts Outstanding shall be deemed to be a debt owed by the Borrower to the Guarantor in consideration
of the issue by the Guarantor of the Conversion Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Conversion Shares will be fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on or prior to the Conversion Date the Ministry will agree, or will procure that its nominee agrees, to be bound by the Guarantor's
shareholders' agreement with effect on and from the Conversion Date, by delivering an executed Accession Deed to the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for the purposes of any calculations made under this Schedule 3 all figures must be rounded to 4 decimal places (with halves being
rounded up), and if the total number of Conversion Shares to be issued to the Ministry or its nominee includes a fraction of a Conversion
Share, that fraction of a Conversion Share will be disregarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the rights attaching to Conversion Shares issued as a result of Conversion take effect on the Conversion Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Guarantor will do, or procure that, all other necessary steps are taken for the issue of the Conversion Shares to the Ministry
or its nominee in accordance with this Schedule 3.

## Exhibit 10.2

**Exhibit 10.2**

**SUNSCOUT HOLDING LIMITED**

**2026 SHARE INCENTIVE PLAN**

**ARTICLE 1**

**PURPOSE**

The purpose of this SunScout Holding Limited 2026 Share Incentive Plan (the "Plan") is to promote the success and enhance the value of SunScout Holding Limited (the "Company") by linking the personal interests of the members of the Board, Employees and Consultants who contribute to the success of the Company to those of Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate, attract, and retain the services of members of the Board, Employees and Consultants upon whose judgment, interests and special efforts the successful conduct of the Company's operation is largely dependent.

**ARTICLE 2**

**DEFINITIONS AND CONSTRUCTION**

Wherever the following terms are used in the Plan, they shall have the meanings specified below, unless the context clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. "<u>Administrator</u>" shall mean the entity that conducts the general administration of the Plan as provided in Article 10. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons pursuant to Section 10.6, or as to which the Board has assumed, the term "Administrator" shall refer to such person(s) unless the Committee or the Board has revoked such delegation or the Board has terminated the assumption of such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. "<u>Applicable Accounting Standards</u>" shall mean Generally Accepted Accounting Principles in the United States, International Financial Reporting Standards, or such other accounting principles or standards as may apply to the Company's financial statements under Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "<u>Applicable Laws</u>" shall mean (i) the laws of the Cayman Islands as they relate to the Company and its Shares; (ii) 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 orders of any jurisdiction applicable to Awards granted to residents; and (iii) the rules of any applicable securities exchange, national market system or automated quotation system on which the Shares are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. "<u>Article</u>" shall mean an article of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. "<u>Articles of Association</u>" shall mean Company's Amended and Restated Memorandum of Association and Articles of Association, as such may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. "<u>Award</u>" shall mean an Option, an Employee Shares Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Plan (collectively, "<u>Awards</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. "<u>Award Agreement</u>" shall mean any written notice, agreement, terms and conditions, contract or other instrument or document evidencing the grant of an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as the Administrator shall determine consistent with the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. "<u>Board</u>" shall mean the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. "<u>Cause</u>" shall mean (unless otherwise expressly provided in the applicable Award Agreement or another applicable contract with the Holder that defines such term for purposes of determining the effect that a "for cause" termination has on the Holder's Awards) a termination of employment or service based upon a finding by the Service Recipient, acting in good faith and based on its reasonable belief at the time, that the Holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has been negligent in the discharge of his or her duties to the Service Recipient, has refused to perform stated or assigned duties or is incompetent in or (other than by reason of a Disability or analogous condition) incapable of performing those duties;

(b) has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information;

(c) has breached a fiduciary duty, or materially violated any other duty, law, rule, regulation or policy of the Service Recipient; or has been convicted of, or plead guilty or *nolo contendere* to, a felony or misdemeanor (other than minor traffic violations or similar offenses);

(d) has materially breached any of the provisions of any agreement with the Service Recipient;

(e) has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Service Recipient; or

(f) has improperly induced a vendor or customer to break or terminate any contract with the Service Recipient or induced a principal for whom the Service Recipient acts as agent to terminate such agency relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. "<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. "<u>Committee</u>" shall mean the Compensation Committee of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. "<u>Company</u>" shall mean SunScout Holding Limited, an exempted company incorporated under the laws of the Cayman Islands with limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. "<u>Consultant</u>" shall mean any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser 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 (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. "<u>Corporate Transaction</u>" shall mean any of the following transactions, provided, however, that the Committee shall determine under (f) and (g) whether multiple transactions are related, and its determination shall be final, binding and conclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an amalgamation, arrangement, consolidation or scheme of arrangement in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated or which following such transaction the holders of the Company's voting securities immediately prior to such transaction own fifty percent (50%) or more of the surviving entity;

(b) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities pursuant to a tender or exchange offer made directly to the Company's shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the individuals who, as of the Effective Date, are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least fifty percent (50%) of the Board; provided, that if the election, or nomination for election by the Company's shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board.

(d) the sale, transfer or other disposition of all or substantially all of the assets of the Company (other than to a Parent or Subsidiary);

(e) the completion of a voluntary or insolvent liquidation or dissolution of the Company;

(f) any reverse takeover, scheme of arrangement, or series of related transactions culminating in a reverse takeover or scheme of arrangement (including, but not limited to, a tender offer followed by a reverse takeover) in which the Company survives but (A) the Shares of the Company outstanding immediately prior to such transaction are converted or exchanged by virtue of the transaction into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such transaction culminating in such takeover or scheme of arrangement, but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction; or

(g) acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company's outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction.

(h) Notwithstanding anything in the foregoing to the contrary, with respect to compensation (A) that is subject to Section 409A of the Code and (B) for which a Corporate Transaction would accelerate the timing of payment thereunder, the term "Corporate Transaction" shall mean an event that is both (x) a Corporate Transaction (as defined above) and (y) a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the assets of the Company, as defined in Section 409A of the Code and authoritative guidance thereunder, but only to the extent necessary to comply with Section 409A of the Code as determined by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. "<u>Deferred Share</u>" shall mean a right to receive Shares awarded under Section 7.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. "<u>Director</u>" shall mean a member of the Board, as constituted from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. "<u>Disability</u>", unless otherwise defined in an Award Agreement, shall mean that the Holder qualifies to receive long-term disability payments under the Service Recipient's long-term disability insurance program, as it may be amended from time to time, to which the Holder provides services regardless of whether the Holder is covered by such policy. If the Service Recipient to which a Holder provides service does not have a long-term disability plan in place, "Disability" shall mean that the Holder is unable to carry out the responsibilities and functions of the position held by the Holder by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. A Holder will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. "<u>Dividend Equivalent</u>" shall mean a right to receive the equivalent value (in cash or Shares) of dividends paid on Shares, awarded under Section 7.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. "<u>Effective Date</u>" shall have the meaning set forth in Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. "<u>Eligible Individual</u>" shall mean any person who is an Employee, a Consultant or a Non-Employee Director, as determined by the Committee; provided, however, that Awards shall not be granted to Consultants or Non-Employee Directors who are resident of any country which pursuant to Applicable Laws does not allow grants to non-employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. "<u>Employee</u>" shall mean any person who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a Director's fee by a Service Recipient shall not be sufficient to constitute "employment" by the Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. "<u>Employee Shares Option</u>" shall mean a right to purchase Shares at a specified exercise price granted to an Employee of the Company under Article 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. "<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. "<u>Fair Market Value</u>" shall mean, as of any date, the value of Shares determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Shares are listed on one or more established and regulated securities exchanges, national market systems or automated quotation system on which Shares are listed, quoted or traded, 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 (as determined by the Committee) 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 Committee deems reliable;

(b) If the Shares are not listed on an established securities exchange, notational market system or automated quotation system, but are regularly quoted by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted 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 Committee deems reliable; or

(c) In the absence of an established market for the Shares of the type described in (a) and (b), above, the Fair Market Value thereof shall be determined by the Committee in good faith and in its discretion by reference to (i) the placing price of the latest private placement of the Shares and the development of the Company's business operations and the general economic and market conditions since such latest private placement, (ii) other third party transactions involving the Shares and the development of the Company's business operation and the general economic and market conditions since such sale, (iii) an independent valuation of the Shares, or (iv) such other methodologies or information as the Committee determines to be indicative of Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. "<u>Holder</u>" shall mean a person who has been granted an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. "<u>Incentive Option</u>" shall mean an Option that is intended to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. "<u>Non-Employee Director</u>" shall mean a Director of the Company who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. "<u>Non-Qualified Option</u>" shall mean an Option that is not an Incentive Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. "<u>Option</u>" shall mean a right to purchase Shares at a specified exercise price, granted under Article 5. An Option shall be either a Non-Qualified Option or an Incentive Option; provided, however, that Incentive Options may only be granted to Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. "<u>Parent</u>" shall mean any entity whether domestic or foreign, in an unbroken chain of entities ending with the Company, if each of the entities other than the first entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. "<u>Plan</u>" shall mean this SunScout Holding Limited 2026 Share Incentive Plan, as it may be amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. "<u>Restricted Shares</u>" shall mean Shares awarded under Article 6 that is subject to certain restrictions and may be subject to risk of forfeiture or repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. "<u>Restricted Share Units</u>" shall mean the right to receive Shares awarded under Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. "<u>Rule 16b-3</u>" shall mean Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. "<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. "<u>Service Recipient</u>" shall mean the Company, any Parent or Subsidiary of the Company to which an Eligible Individual provides services as an Employee, Consultant or as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. "<u>Share</u>" shall mean a Class A Ordinary Share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. "<u>Share Appreciation Right</u>" shall mean a share appreciation right granted under Article 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. "<u>Share Payment</u>" shall mean (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. "<u>Subsidiary</u>" shall mean any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing more than fifty percent (50%) of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by a company or other entity in connection with a Corporate Transaction; provided, however, that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. "<u>Termination of Service</u>" shall mean,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to a Consultant, the time when the engagement of a Holder as a Consultant to a Service Recipient is terminated for any reason, with or without Cause, including, without limitation, by resignation, discharge, death or retirement, but excluding terminations where the Consultant simultaneously commences or remains in employment or service with the Company or any Subsidiary.

(b) As to a Non-Employee Director, the time when a Holder who is a Non-Employee Director ceases to be a Director for any reason, with or without Cause, including, without limitation, a termination by resignation, failure to be elected, death or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

(c) As to an Employee, the time when the employee-employer relationship between a Holder and the Service Recipient is terminated for any reason, with or without Cause, including, without limitation, a termination by resignation, discharge, death, Disability or retirement, but excluding terminations where the Holder simultaneously commences or remains in employment or service with the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrator, in its sole discretion, shall determine the effect of all matters and questions relating to Terminations of Service, including, without limitation, the question of whether a Termination of Service resulted from a discharge for Cause and all questions of whether particular leaves of absence constitute a Termination of Service; <u>provided</u>, <u>however</u>, that, with respect to Incentive Options and Awards subject to Section 409A of the Code, unless the Administrator otherwise provides in the terms of the Award Agreement or otherwise, a leave of absence, change in status from an employee to an independent contractor or other change in the employee-employer relationship shall constitute a Termination of Service only if, and to the extent that, such leave of absence, change in status or other change interrupts employment for the purposes of Section 422(a)(2) or 409A of the Code and the then applicable regulations and revenue rulings under said Sections. For purposes of the Plan and subject to the requirements of Section 409A of the Code, a Holder's employee-employer relationship or consultancy relations shall be deemed to be terminated in the event that the Subsidiary employing or contracting with such Holder ceases to remain a Subsidiary following any merger, sale of securities or other corporate transaction or event (including, without limitation, a spin-off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. "<u>Trading Date</u>" shall mean the closing of the first sale to the general public of the Shares pursuant to an effective registration statement under Applicable Laws, which results in the Shares being publicly traded on one or more established stock exchanges or national market systems.

**ARTICLE 3**

**SHARES SUBJECT TO THE PLAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Number of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b) and Section 12.1, the aggregate number of Shares which may be issued or transferred pursuant to Awards under the Plan is fifteen percent (15%) of the number of fully-diluted Shares outstanding as of the date of the Company's initial public offering (the "<u>Initial Share Reserve</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that an Award terminates, expires, or lapses for any reason, or is settled in cash and not Shares, then any Shares subject to the Award shall again be available for the grant of an Award pursuant to the Plan. Shares delivered by the Holder or withheld by the Company upon the exercise of any Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). If any Shares forfeited by the Holder or repurchased by the Company are again returned to the Company, these shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). To the extent permitted by Applicable Laws, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the Company, any Parent or any Subsidiary shall not be counted against Shares available for grant pursuant to the Plan; *provided*, that such assumed or substituted awards issued in connection with the assumption of, or in substitution for, any outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of Shares available for Awards of Incentive Options under the Plan. Additionally, in the event that a company acquired by the Company, any Parent or any Subsidiary or with which the Company, any Parent or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Eligible Individuals prior to such acquisition or combination. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not be counted against the Shares available for issuance under the Plan. Notwithstanding the provisions of this Section 3.1(b), (i) no more than three (3) times of the Initial Share Reserve may be issued pursuant to the exercise of Incentive Options and (ii) no Shares may again be optioned, granted or awarded if such action would cause an Incentive Option to fail to qualify as an incentive stock option under Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shares Distributed</u>. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares (subject to Applicable Laws) or Shares purchased on the open market.

**ARTICLE 4**

**GRANTING OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Participation</u>. The Administrator may, from time to time, select from among all Eligible Individuals, those to whom an Award shall be granted and shall determine the nature and amount of each Award, which shall not be inconsistent with the requirements of the Plan. No Eligible Individual shall have any right to be granted an Award pursuant to the Plan, and the granting of an Award in one year shall not be deemed the right to receive a grant of an Award in any subsequent year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Award Agreement</u>. Each Award shall be evidenced by an Award Agreement. Award Agreements evidencing Incentive Options shall contain such terms and conditions as may be necessary to meet the applicable provisions of Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Jurisdictions</u>. Notwithstanding any provision of the Plan to the contrary, in order to comply with the laws in the jurisdictions in which the Service Recipients operate or have Eligible Individuals, or in order to comply with the requirements of any securities exchange, the Administrator, in its sole discretion, shall have the power and authority to: (a) determine which Subsidiaries shall be covered by the Plan; (b) determine which Eligible Individuals are eligible to participate in the Plan; (c) modify the terms and conditions of any Award granted to Eligible Individuals to comply with Applicable Laws; (d) establish subplans and modify exercise procedures and other terms and procedures, to the extent such actions may be necessary or advisable (any such subplans and/or modifications shall be attached to the Plan as appendices); *provided, however*, that no such subplans and/or modifications shall increase the share limitations contained in Section 3.1; and (e) take any action, before or after an Award is made, that it deems advisable to obtain approval or comply with any Applicable Laws including necessary local governmental regulatory exemptions or approvals or listing requirements of any such securities exchange. Notwithstanding the foregoing, the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Stand-Alone and Tandem Awards</u>. Awards granted pursuant to the Plan may, in the sole discretion of the Administrator, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards.

**ARTICLE 5**

**OPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>General</u>. The Committee is authorized to grant Options to Eligible Individuals on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise Price</u>. The exercise price per Share subject to an Option shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however*, that no Option may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to an Option may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable exchange rule and Section 409A of the Code), a downward adjustment of the exercise prices of Options mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Vesting</u>. The period during which the right to exercise, in whole or in part, an Option vests in the Holder shall be set by the Administrator and the Administrator may determine that an Option may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipient or any other criteria selected by the Administrator. At any time after grant of an Option, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which an Option vests. No portion of an Option which is unexercisable at a Holder's Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Time and Conditions of Exercise</u>. The Administrator shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting and that a partial exercise must be with respect to a minimum number of shares. The Administrator shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Partial Exercise</u>. An exercisable Option may be exercised in whole or in part. However, an Option shall not be exercisable with respect to fractional shares and the Administrator may, in its discretion, require that, by the terms of the Option, a partial exercise must be with respect to a minimum number of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Manner of Exercise</u>. All or a portion of an exercisable Option shall be deemed exercised upon delivery of all of the following to the Secretary of the Company, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Option, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Option or such portion of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all Applicable Laws or regulations, and the rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance including, without limitation, placing legends on share certificates and issuing stop-transfer notices to agents and registrars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the event that the Option shall be exercised pursuant to Section 9.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Option, as determined in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Option, or portion thereof, is exercised, in a manner permitted by Sections 9.1 and 9.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Term</u>. The term of any Option granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A or Section 422 of the Code and regulations and rulings thereunder, in its sole discretion, the Administrator may extend the term of any outstanding Option, and may extend the time period during which vested Options may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Option relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Evidence of Grant</u>. All Options shall be evidenced by an Award Agreement between the Company and the Holder. The Award Agreement shall include such additional provisions as may be specified by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Incentive Options</u>. Incentive Options may be granted to Employees of the Company, a Parent or Subsidiary of the Company (which qualify as a parent or subsidiary corporation under Sections 424(e) and (f) of the Code respectively). Incentive Options may not be granted to Non-Employee Directors or Consultants. The terms of any Incentive Options granted pursuant to the Plan, in addition to the requirements of Section 5.1, must comply with the following additional provisions of this Section 5.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Expiration of Option</u>. An Incentive Option may not be exercised to any extent by anyone after the first to occur of the following events, unless otherwise approved by the Administrator in a separate resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Ten years from the date it is granted, unless an earlier time is set in the Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Three months after the Holder's Termination of Service as an Employee (save in the case of termination on account of Disability or death); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) One year after the date of the Holder's Termination of Service on account of disability or death. Upon the Holder's Disability or death, any Incentive Options exercisable at the Holder's Disability or death may be exercised by the Holder's legal representative or representatives, by the person or persons entitled to do so pursuant to the Holder's last will and testament, or, if the Holder fails to make testamentary disposition of such Incentive Option or dies intestate, by the person or persons entitled to receive the Incentive Option pursuant to the applicable laws of descent and distribution as determined under Applicable Laws.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Right to Exercise</u>. During a Holder's lifetime, an Incentive Option may be exercised only by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Substitute Awards</u>. Notwithstanding the foregoing provisions of this Article 5 to the contrary, in the case of an Option that is a Substitute Award, the price per share of the shares subject to such Option may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Substitution of Share Appreciation Rights</u>. The Administrator may provide in the Award Agreement evidencing the grant of an Option that the Administrator, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option; *provided*, that such Share Appreciation Right shall be exercisable with respect to the same number of Shares for which such substituted Option would have been exercisable.

**ARTICLE 6**

**AWARD OF RESTRICTED SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Award of Restricted Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Restricted Shares to Eligible Individuals, and shall determine the amount of, and the terms and conditions, including the restrictions applicable to each award of Restricted Shares, which terms and conditions shall not be inconsistent with the Plan, and may impose such conditions on the issuance of such Restricted Shares as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator shall establish the purchase price, if any, and form of payment for Restricted Shares; *provided, however*, that such purchase price shall be no less than the par value of the Shares to be purchased, unless otherwise permitted by Applicable Laws. In all cases, legal consideration shall be required for each issuance of Restricted Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Rights as Shareholders</u>. Subject to Section 6.4, upon issuance of Restricted Shares, the Holder shall have, unless otherwise provided by the Administrator, all the rights of a shareholder with respect to said shares, subject to the restrictions in his or her Award Agreement, including the right to receive all dividends and other distributions paid or made with respect to the shares; *provided, however*, that, (i) such dividends shall be withheld by the Company for the Holder's account and shall be subject to vesting and forfeiture to the same degree as the Restricted Shares to which such dividends relate and (ii) in the sole discretion of the Administrator, any extraordinary distributions with respect to the Shares shall be subject to the restrictions set forth in Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Restrictions</u>. All Restricted Shares (including any shares received by Holders thereof with respect to Restricted Shares as a result of share dividends, share splits or any other form of recapitalization) shall, in the terms of each individual Award Agreement, be subject to such restrictions and vesting requirements as the Administrator, in its sole discretion, shall provide. Such restrictions may include, without limitation, restrictions concerning voting rights and transferability and such restrictions may lapse separately or in combination at such times and pursuant to such circumstances or based on such criteria as selected by the Administrator, including, without limitation, criteria based on the Holder's duration of employment, directorship or consultancy with the Service Recipient, or other criteria selected by the Administrator. By action taken after the Restricted Shares are issued, the Administrator may, on such terms and conditions as it may determine to be appropriate, accelerate the vesting of such Restricted Shares by removing any or all of the restrictions imposed by the terms of the Award Agreement. Restricted Shares may not be sold or encumbered until all restrictions are terminated or expire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Repurchase or Forfeiture of Restricted Shares</u>. If no price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Holder's rights in unvested Restricted Shares then subject to restrictions shall lapse, and such Restricted Shares shall be surrendered to the Company and cancelled without consideration. If a purchase price was paid by the Holder for the Restricted Shares, upon a Termination of Service the Company shall have the right to repurchase from the Holder the unvested Restricted Shares then subject to restrictions at a cash price per share equal to the price paid by the Holder for such Restricted Shares or such other amount as may be specified in the Award Agreement. The Administrator in its sole discretion may provide that in the event of certain events the Holder's rights in unvested Restricted Shares shall not lapse, such Restricted Shares shall vest and shall be non-forfeitable, and if applicable, the Company shall not have a right of repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Certificates for Restricted Shares</u>. Restricted Shares granted pursuant to the Plan may be evidenced in such manner as the Administrator shall determine. Certificates or book entries evidencing Restricted Shares must include an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Shares, and the Company may, in its sole discretion, retain physical possession of any share certificate until such time as all applicable restrictions lapse.

**ARTICLE 7**

**AWARD OF DIVIDEND EQUIVALENTS, DEFERRED SHARES, SHARE PAYMENTS, RESTRICTED SHARE UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Dividend Equivalents</u>. Dividend Equivalents may be granted by the Administrator based on dividends declared on the Shares subject to an Award, to be credited as of dividend payment dates during the period between the date an Award is granted to a Holder and the date such Award vests, is exercised, is distributed or expires, as determined by the Administrator. Dividend Equivalents shall be subject to vesting and forfeiture to the same degree as the Award to which such Dividend Equivalents relate. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such limitations as may be determined by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Share Payments</u>. The Administrator is authorized to make Share Payments to any Eligible Individual. The number or value of Shares of any Share Payment shall be determined by the Administrator and may be based upon any other criteria, including service to the Service Recipients, determined by the Administrator. Share Payments may, but are not required, to be made in lieu of base salary, bonus, fees or other cash compensation otherwise payable to such Eligible Individual.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Deferred Shares</u>. The Administrator is authorized to grant Deferred Shares to any Eligible Individual. The number of Deferred Shares shall be determined by the Administrator and may be based on any specific criteria, including service to the Service Recipients, as the Administrator determines, in each case on a specified date or dates or over any period or periods determined by the Administrator. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or other conditions or criteria set by the Administrator. Unless otherwise provided by the Administrator, a Holder of Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Award has vested and the Shares underlying the Award has been issued to the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Restricted Share Units</u>. The Administrator is authorized to grant Restricted Share Units to any Eligible Individual. The number and terms and conditions of Restricted Share Units shall be determined by the Administrator. The Administrator shall specify the date or dates on which the Restricted Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate, including service to the Service Recipients, in each case on a specified date or dates or over any period or periods, as the Administrator determines. The Administrator shall specify, or permit the Holder to elect, the conditions and dates upon which the Shares underlying the Restricted Share Units which shall be issued, which dates shall not be earlier than the date as of which the Restricted Share Units vest and become nonforfeitable and which conditions and dates shall be subject to compliance with Section 409A of the Code, to the extent applicable to the Holder. Restricted Share Units may be paid in cash, Shares or both, as determined by the Administrator. On the distribution dates, the Company shall issue to the Holder one unrestricted, fully transferable Shares (or the Fair Market Value of one such Share in cash) for each vested and nonforfeitable Restricted Share Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Exercise or Purchase Price</u>. The Administrator may establish the exercise or purchase price of Deferred Shares, shares distributed as a Share Payment award or shares distributed pursuant to a Restricted Share Unit award; *provided, however*, that the value of the consideration shall not be less than the par value of the Shares underlying such Award, unless otherwise permitted by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Exercise upon Termination of Service</u>. A Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award is exercisable or distributable only while the Holder is an Employee, Director or Consultant, as applicable. The Administrator, however, in its sole discretion may provide that the Dividend Equivalent award, Deferred Share award, Share Payment award and/or Restricted Share Unit award may be exercised or distributed subsequent to a Termination of Service in certain events, subject to compliance with Section 409A of the Code, to the extent applicable to the Holder.

**ARTICLE 8**

**AWARD OF SHARE APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Grant of Share Appreciation Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Share Appreciation Rights to Eligible Individuals from time to time, in its sole discretion, on such terms and conditions as it may determine consistent with the Plan. The term of any Share Appreciation Right granted under the Plan shall not exceed ten years. Except as limited by the requirements of Section 409A of the Code and regulations and rulings thereunder, the Administrator may extend the term of any outstanding Share Appreciation Right, and may extend the time period during which vested Share Appreciation Rights may be exercised, in connection with any Termination of Service of the Holder, and may amend any other term or condition of such Share Appreciation Right relating to such a Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Share Appreciation Right shall entitle the Holder (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Fair Market Value per share on the date of exercise of the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Administrator may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The exercise price per Share subject to a Share Appreciation Right shall be determined by the Administrator and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares; *provided, however,* that no Share Appreciation Right may be granted to an individual subject to taxation in the United States at less than the Fair Market Value on the date of grant, without compliance with Section 409A of the Code, or the Holder's consent. The exercise price per Share subject to a Share Appreciation Right may be amended or adjusted in the absolute discretion of the Administrator, the determination of which shall be final, binding and conclusive. For the avoidance of doubt, to the extent not prohibited by Applicable Laws (including any applicable securities exchange rule), a downward adjustment of the exercise prices of Share Appreciation Rights mentioned in the preceding sentence shall be effective without the approval of the Company's shareholders or the approval of the affected Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of an Share Appreciation Right that is a Substitute Award, the price per share of the Shares subject to such Share Appreciation Right may be less than the Fair Market Value per share on the date of grant, *provided*, that the excess of: (a) the aggregate Fair Market Value (as of the date such Substitute Award is granted) of the Shares subject to the Substitute Award, over (b) the aggregate exercise price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction giving rise to the Substitute Award, such fair market value to be determined by the Administrator) of the shares of the predecessor entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate exercise price of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Share Appreciation Right Vesting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The period during which the right to exercise, in whole or in part, a Share Appreciation Right vests in the Holder shall be set by the Administrator and the Administrator may determine that a Share Appreciation Right may not be exercised in whole or in part for a specified period after it is granted. Such vesting may be based on service with the Service Recipients, or any other criteria selected by the Administrator. At any time after grant of a Share Appreciation Right, the Administrator may, in its sole discretion and subject to whatever terms and conditions it selects, accelerate the period during which a Share Appreciation Right vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No portion of a Share Appreciation Right which is unexercisable at Termination of Service shall thereafter become exercisable, except as may be otherwise provided by the Administrator either in the Award Agreement or by action of the Administrator following the grant of the Share Appreciation Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Manner of Exercise</u>. All or a portion of an exercisable Share Appreciation Right shall be deemed exercised upon delivery of all of the following to the Administrator, or such other person or entity designated by the Administrator, or his, her or its office, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A written or electronic notice complying with the applicable rules established by the Administrator stating that the Share Appreciation Right, or a portion thereof, is exercised. The notice shall be signed by the Holder or other person then entitled to exercise the Share Appreciation Right or such portion of the Share Appreciation Right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such representations and documents as the Administrator, in its sole discretion, deems necessary or advisable to effect compliance with all applicable provisions of the Securities Act and any other federal, state or foreign securities laws or regulations. The Administrator may, in its sole discretion, also take whatever additional actions it deems appropriate to effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Share Appreciation Right shall be exercised pursuant to this Section 8.3 by any person or persons other than the Holder, appropriate proof of the right of such person or persons to exercise the Share Appreciation Right, in the sole discretion of the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Full payment of the exercise price and applicable withholding taxes to the share administrator of the Company for the Shares with respect to which the Share Appreciation Right, or portion thereof, is exercised, in a manner permitted by Section 9.1 and 9.2.

**ARTICLE 9**

**ADDITIONAL TERMS OF AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Payment</u>. The Administrator shall determine the methods by which payments by any Holder with respect to any Awards granted under the Plan shall be made, including, without limitation: (a) cash or check, (b) Shares (including, in the case of payment of the exercise price of an Award, Shares issuable pursuant to the exercise of the Award) or Shares held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences under Applicable Accounting Standards, in each case, having a Fair Market Value on the date of delivery equal to the aggregate payments required, (c) following the Trading Date, delivery of a notice that the Holder has placed a market sell order with a broker with respect to Shares then issuable upon exercise or vesting of an Award, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate payments required, *provided*, that payment of such proceeds is then made to the Company upon settlement of such sale, or (d) other form of legal consideration acceptable to the Administrator in its sole discretion. The Administrator shall also determine the methods by which Shares shall be delivered or deemed to be delivered to Holders. Notwithstanding any other provision of the Plan to the contrary, no Holder shall be permitted to make payment with respect to any Awards granted under the Plan to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Tax Withholding</u>. No Shares shall be delivered under the Plan to any Holder until such Holder has made arrangements acceptable to the Administrator for the satisfaction of any income, employment, social welfare or other tax withholding obligations under Applicable Laws. Each Service Recipient shall have the authority and the right to deduct or withhold, or require a Holder to remit to the applicable Service Recipient, an amount sufficient to satisfy federal, state, local and foreign taxes (including the Holder's employment, social welfare or other tax obligations) required by Applicable Laws to be withheld with respect to any taxable event concerning a Holder arising as a result of the Plan. The Administrator may in its sole discretion and in satisfaction of the foregoing requirement allow a Holder to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the surrender of Shares). The number of Shares which may be so withheld or surrendered shall be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase up to the maximum expected aggregate amount of such liabilities based on the maximum statutory withholding rates for tax purposes that are applicable to such taxable income, provided that such withholding does not result in adverse tax or accounting consequences to the Company. The Administrator shall determine the Fair Market Value of the Shares, consistent with Applicable Laws, for tax withholding obligations due in connection with a broker-assisted cashless Option or Share Appreciation Right exercise involving the sale of shares to pay the Option or Share Appreciation Right exercise price or any tax withholding obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Transferability of Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in Section 9.3(b):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Award under the Plan may be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent of the Administrator, as required under applicable domestic relations laws, unless and until such Award has been exercised, or the Shares underlying such Award have been issued, and all restrictions applicable to such Shares have lapsed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Award or interest or right therein shall be liable for the debts, contracts or engagements of the Holder or his successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of Applicable Law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) During the lifetime of the Holder, only the Holder may exercise an Award (or any portion thereof) granted to him under the Plan, unless it has been disposed of pursuant to applicable domestic relations law. After the death of the Holder, any exercisable portion of an Award may, prior to the time when such portion becomes unexercisable under the Plan or the applicable Award Agreement, be exercised by his personal representative or by any person empowered to do so under the deceased Holder's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 9.3(a), the Administrator, in its sole discretion, may determine to permit a Holder to transfer an Award other than an Incentive Option to certain persons or entities related to the Holder, including but not limited to members of the Holder's family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Holder's family and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Administrator may establish, including the following conditions: (i) an Award transferred shall not be assignable or transferable other than by will or the laws of descent and distribution; (ii) an Award transferred shall continue to be subject to all the terms and conditions of the Award as applicable to the original Holder (other than the ability to further transfer the Award); and (iii) the Holder and the permitted transferee shall execute any and all documents requested by the Administrator, including, without limitation documents to (A) confirm the status of the transferee as a permitted transferee, (B) satisfy any requirements for an exemption for the transfer under Applicable Laws and (C) evidence the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Section 9.3(a), a Holder may, in the manner determined by the Administrator, designate a beneficiary to exercise the rights of the Holder and to receive any distribution with respect to any Award upon the Holder'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 Holder, 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 Holder is married and resides in a community property jurisdiction, a designation of a person other than the Holder's spouse as his or her beneficiary with respect to more than 50% (or such other percentage as specified under Applicable Law) of the Holder's interest in the Award shall not be effective without the prior written or electronic consent of the Holder's spouse. If no beneficiary has been designated or survives the Holder, payment shall be made to the person entitled thereto pursuant to the Holder's will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Holder at any time provided the change or revocation is filed with the Administrator prior to the Holder's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Conditions to Issuance of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book entries evidencing Shares pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance of such Shares is in compliance with all Applicable Laws and the Shares are covered by an effective registration statement or applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or Committee may require that a Holder make such reasonable covenants, agreements, and representations as the Board or Committee, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Share certificates delivered pursuant to the Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with all Applicable Laws. The Administrator may place legends on any Shares certificate or book entry to reference restrictions applicable to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Administrator shall have the right to require any Holder to comply with any timing or other restrictions with respect to the settlement, distribution or exercise of any Award, including a window-period limitation, as may be imposed in the sole discretion of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No fractional Shares shall be issued and the Administrator shall determine, in its sole discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding down.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any Applicable Laws, the Company shall not deliver to any Holder certificates evidencing Shares issued in connection with any Award and instead such Shares shall be recorded in the books of the Company (or, as applicable, the Administrator or the transfer agent of the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Forfeiture Provisions</u>. Pursuant to its general authority to determine the terms and conditions applicable to Awards under the Plan, the Administrator shall have the right to provide, in the terms of Award Agreement made under the Plan, or to require a Holder to agree by separate written instrument, that: (a)(i) any proceeds, gains or other economic benefit actually or constructively received by the Holder upon any receipt or exercise of the Award, or upon the receipt or resale of any Shares underlying the Award, must be paid to the Company, and (ii) the Award shall terminate and any unexercised portion of the Award (whether or not vested) shall be forfeited, if (b)(i) a Termination of Service occurs prior to a specified date, or within a specified time period following receipt or exercise of the Award, or (ii) the Holder at any time, or during a specified time period, engages in any activity in competition with the Company, or which is inimical, contrary or harmful to the interests of the Company, as determined by the Administrator in its discretion, or (iii) the Holder incurs a Termination of Service for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Applicable Currency</u>. Unless otherwise required by Applicable Laws, or as determined in the discretion of the Administrator, all Awards shall be designated in U.S. dollars. A Holder may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Holder resides in accordance with Applicable Laws, including foreign exchange control laws and regulations. In the event the exercise price for an Award is paid in Singapore dollars or another foreign currency, as permitted by the Administrator, the amount payable will be determined by conversion from U.S. dollars at the exchange rate as selected by the Administrator on the date of exercise.

**ARTICLE 10**

**ADMINISTRATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Administrator</u>. The Committee shall administer the Plan and, unless otherwise provided by the Board, shall consist of two or more members of the Board who have been appointed by the Board (or such greater number as may be required by Applicable Laws), each of whom shall be a "non-employee director" within the meaning of Rule 16b-3 or any successor rule of similar import and, to the extent required by an applicable securities exchange, an "independent director" within the meaning of such applicable securities exchange. Each Committee shall have such authority and be responsible for such functions as the Board has assigned to it in accordance with the Articles of Association. If no Committee has been appointed, the entire Board shall administer the Plan. Any reference to the Board in the Plan shall be construed as a reference to the Committee (if any) to whom the Board has assigned a particular function. Notwithstanding the foregoing, (a) the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Non-Employee Directors and (b) the Board or Committee may delegate its authority hereunder to the extent permitted by Section 10.6, except to the extent prohibited by Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Duties and Powers of Committee</u>. It shall be the duty of the Committee to conduct the general administration of the Plan in accordance with its provisions. The Committee shall have the power to interpret the Plan and the Award Agreement, and to adopt such rules for the administration, interpretation and application of the Plan as are not inconsistent therewith, to interpret, amend or revoke any such rules and to amend any Award Agreement; *provided* that the rights or obligations of the Holder of the Award that is the subject of any such Award Agreement are not affected adversely by such amendment, unless the consent of the Holder is obtained or such amendment is otherwise permitted under Section 11.10. Any such grant or award under the Plan need not be the same with respect to each Holder. Any such interpretations and rules with respect to Incentive Options shall be consistent with the provisions of Section 422 of the Code. In its sole discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan except with respect to matters which under Applicable Laws are required to be determined in the sole discretion of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Action by the Committee</u>. Unless otherwise established by the Board or in any charter of the Committee, a majority of the Committee shall constitute a quorum and the acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by all members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of a Service Recipient, the Company's independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Authority of Administrator</u>. Subject to any specific designation in the Plan and the requirements of Applicable Laws, the Administrator has the exclusive power, authority and sole discretion to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate Eligible Individuals to receive Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Determine the type or types of Awards to be granted to each Eligible Individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determine the number of Awards to be granted and the number of Shares to which an Award will relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not limited to, the date of grant, the exercise price, grant price, or purchase price, any reload provision, any restrictions or limitations on the Award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof, and any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Administrator in its sole discretion determines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in cash, Shares, other Awards, or other property, or an Award may be canceled, forfeited, or surrendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prescribe the form of each Award Agreement, which need not be identical for each Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decide all other matters that must be determined in connection with an Award, including without limitation, cancel or redeem an outstanding Award (including but not limited to an outstanding Option with an exercise price exceeding the Fair Market Value of the underlying Shares), in exchange for cash, another Award or a combination of Awards, on terms and conditions the Administrator determines and communicates to the Holder of such outstanding Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan, including the establishment of any "blackout period";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Adjust the exercise price per Share subject to an Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Decisions Binding</u>. The Administrator's interpretation of the Plan, any Awards granted pursuant to the Plan, any Award Agreement and all decisions and determinations by the Administrator with respect to the Plan are final, binding, and conclusive on all parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Delegation of Authority</u>. To the extent permitted by Applicable Laws, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more officers of the Company the authority to grant or amend Awards or to take other administrative actions pursuant to Article 10; *provided, however*, that in no event shall an officer be delegated the authority to grant Awards to, or amend Awards held by officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. Any delegation hereunder shall be subject to the restrictions and limits that the Board or Committee specifies at the time of such delegation, and the Board may at any time rescind the authority so delegated or appoint a new delegatee. At all times, the delegatee appointed under this Section 10.6 shall serve in such capacity at the pleasure of the Board and the Committee.

**ARTICLE 11**

**MISCELLANEOUS PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Effective Date</u>. The Plan has been adopted and approved by the Board. The Plan will be effective as of the date it is approved by the Board (the "Effective Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Expiration Date</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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment, Suspension or Termination of the Plan</u>. Except as otherwise provided in this Section 11.3, at any time and from time to time, the Administrator may amend, suspend or terminate the Plan; *provided, however*, that (a) to the extent necessary and desirable to comply with Applicable Laws, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) unless the Company decides to follow home country practice, shareholder approval is required for any amendment to the Plan that (i) increases the number of Shares available under the Plan (other than any adjustment as provided by Article 12), (ii) permits the Administrator to extend the term of the Plan or the exercise period for an Option or Share Appreciation Right beyond ten years from the date of grant, or (iii) results in a material increase in benefits or a change in eligibility requirements. Except as provided in the Plan or any Award Agreement, no amendment, suspension or termination of the Plan shall, without the consent of the Holder, impair any rights or obligations under any Award theretofore granted or awarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>No Shareholders Rights</u>. Except as otherwise provided herein, a Holder shall have none of the rights of a shareholder with respect to Shares covered by any Award until the Holder becomes the record owner of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Paperless Administration</u>. In the event that the Company establishes, for itself or using the services of a third party, an automated system for the documentation, granting or exercise of Awards, such as a system using an internet website or interactive voice response, then the paperless documentation, granting or exercise of Awards by a Holder may be permitted through the use of such an automated system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Effect of Plan upon Other Compensation Plans</u>. The adoption of the Plan shall not affect any other compensation or incentive plans in effect for a Service Recipient. Nothing in the Plan shall be construed to limit the right of a Service Recipient: (a) to establish any other forms of incentives or compensation for Eligible Individuals, or (b) to grant or assume options or other rights or awards otherwise than under the Plan in connection with any proper corporate purpose including without limitation, the grant or assumption of options in connection with the acquisition by purchase, lease, merger, consolidation or otherwise, of the business, securities or assets of any corporation, partnership, limited liability company, firm or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Compliance with Laws</u>. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Shares and the payment of money under the Plan or under Awards granted or awarded hereunder are subject to compliance with all Applicable Laws (including but not limited to securities law and margin requirements), and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company, be necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the person acquiring such securities shall, if requested by the Company, provide such assurances and representations to the Company as the Company may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by Applicable Laws, the Plan and Awards granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Titles and Headings, References to Sections of the Code or Exchange Act</u>. The titles and headings of the sections in the Plan are for convenience of reference only and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. References to sections of the Code or the Exchange Act shall include any amendment or successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Governing Law</u>. The Plan and any agreements hereunder shall be administered, interpreted and enforced under the internal laws of the Cayman Islands without regard to conflicts of laws thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Section 409A</u>. To the extent that the Administrator determines that any Award granted under the Plan is 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 Award Agreements shall be interpreted in accordance with Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations 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 Department of Treasury guidance (including such 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 are 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 Department of Treasury guidance and thereby avoid the application of any penalty taxes under such Section. Notwithstanding the foregoing or anything elsewhere in the Plan or an Award Agreement to the contrary, if a Holder is a "specified employee" as defined in Section 409A of the Code at the time of Termination of Service with respect to an Award, then solely to the extent necessary to avoid the imposition of any additional tax under Section 409A of the Code, the commencement of any payments or benefits under the Award shall be deferred until the date that is six (6) months plus one (1) day following the date of the Holder's Termination of Service or, if earlier, the Participant's death (or such other period as required to comply with Section 409A). The Company makes no representations or warranties as to an Award's tax treatment under Section 409A of the Code or otherwise. No Service Recipient will have any obligation under this Section 11.10 or otherwise to avoid the taxes, penalties or interest under Section 409A of the Code with respect to any Award and will have no liability to any Holder or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>No Rights to Awards</u>. No Eligible Individual 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 Eligible Individuals, Holders or any other persons uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>No Right to Employment or Services</u>. Nothing in the Plan or any Award Agreement shall interfere with or limit in any way the right of the Service Recipient to terminate any Holder's employment or services at any time, nor confer upon any Holder any right to continue in the employ or service of any Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <u>Unfunded Status of Awards</u>. The Plan is intended to be an "unfunded" plan for incentive compensation. With respect to any payments not yet made to a Holder pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Holder any rights that are greater than those of a general creditor of the Company or any Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <u>Indemnification</u>. To the extent allowable pursuant to Applicable Laws, each member of the Committee or of the Board shall be indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him or her; *provided* he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Articles of Association, as a matter of Applicable Law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <u>Relationship to other Benefits</u>. No payment pursuant to the Plan shall be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of any Service Recipient except to the extent otherwise expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 <u>Expenses</u>. The expenses of administering the Plan shall be borne by the Service Recipients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17 <u>Claw-back Provisions</u>. All Awards (including any proceeds, gains or other economic benefit the Holder actually or constructively receives upon receipt or exercise of any Award or the receipt or resale of any Shares underlying the Award) will be subject to any Company claw-back policy, including any claw-back policy adopted to comply with Applicable Laws (including without limitation, Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder) as set forth in such claw-back policy or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 <u>Section 16 Compliance</u>. The provisions of this Plan are intended to ensure that no transaction under this Plan is subject to (and not exempt from) the short-swing recovery rules of Section 16(b) of the Exchange Act ("Section 16(b)"). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to this Plan to be exempt (pursuant to Rule 16b-3) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 <u>Subsidiary Employees</u>. In the case of a grant of an Award to any Employee of a Subsidiary of the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the Subsidiary will transfer the Shares to the Employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of this Plan. All Shares underlying Awards that are forfeited or cancelled shall revert to the Company.

**ARTICLE 12**

**CHANGES IN CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Adjustments</u>. In the event of any distribution, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, reorganization of the Company, including the Company becoming a subsidiary in a transaction not involving a Corporate Transaction, spin-off, recapitalization 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 and equitable adjustments, if any, to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan (including, but not limited to, adjustments of the limitations in Section 3.1 and substitutions of shares in a parent or surviving company); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto); and (c) the grant or exercise price per Share for any outstanding Awards under the Plan. The form and manner of any such adjustments shall be determined by the Administrator in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Corporate Transactions</u>. Except as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator, if a Corporate Transaction occurs, all outstanding Awards shall be converted, assumed, or replaced by a successor as provided in Section 12.3. To the extent a Holder's Awards are not converted, assumed, or replaced by a successor as provided in Section 12.3, such Awards shall vest and become fully exercisable and all forfeiture restrictions on such Awards shall lapse, unless otherwise provided in any Award Agreement or any other written agreement entered into by and between the Company and a Holder, or as approved by the Administrator. Upon, or in anticipation of, a Corporate Transaction, the Administrator may in its sole discretion provide for (a) any and all Awards outstanding hereunder to terminate at a specific time in the future and shall give each Holder the right to exercise such Awards during a period of time as the Administrator shall determine, (b) either the cancellation of any Award for an amount of cash, property, or a combination thereof with an aggregate value equal to the amount that could have been attained upon the exercise of such Award or realization of the Holder's rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, (i) if as of such date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Holder's rights, then such Award may be terminated by the Company without payment and (ii) in the case of a Corporate Transaction with respect to which holders of Shares receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Administrator that the value of an Option or Share Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Share Appreciation Right shall conclusively be deemed valid)), or (c) the replacement of such Award with other rights or property selected by the Administrator in its sole discretion or the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate adjustments as to the number and kind of Shares and exercise prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Assumption of Awards — Corporate Transactions</u>. In the event of a Corporate Transaction, each Award may be assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise in an individual Award Agreement, an Award will be considered assumed if the Award either is (a) assumed by the successor entity or Parent thereof or replaced with a comparable award (as determined by the Administrator) with respect to capital shares (or equivalent) of the successor entity or Parent thereof or (b) replaced with a cash incentive program of the successor entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, with any performance targets deemed achieved at the greater of target and actual performance (as such performance targets are determined by the Administrator immediately prior to the Corporate Transaction). If an Award is assumed in a Corporate Transaction, then such Award, the replacement award or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon termination of the Holder's employment or service with all Service Recipients within twelve (12) months of the Corporate Transaction without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Outstanding Awards — Other Changes</u>. In the event of any other change in the capitalization of the Company or corporate change other than those specifically referred to in this Article 12, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on the date on which such change occurs and in the per share grant or exercise price of each Award as the Administrator may consider appropriate to prevent dilution or enlargement of rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>No Other Rights</u>. Except as expressly provided in the Plan, no Holder shall have any rights by reason of any subdivision or consolidation of shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the Plan or pursuant to action of the Administrator under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of Shares subject to an Award or the grant or exercise price of any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Section 409A</u>. Notwithstanding anything in this Section 12 to the contrary: (i) any adjustments made pursuant to this Section 12 to Awards that constitute a "nonqualified deferred compensation plan" within the meaning of Section 409A of the Code shall be made in compliance with the requirements of Section 409A of the Code, and (ii) any adjustments made pursuant to this Section 12 to Awards that do not constitute a "nonqualified deferred compensation plan" subject to Section 409A of the Code shall be made in such a manner as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code.

**SunScout Holding Limited**

**<u>RSU Award Agreement</u>**

This Award Agreement is made and entered into by and between:

&nbsp;&nbsp;&nbsp;&nbsp;1. SunScout Holding Limited (the "Company"), and

2. the individual named below (the "Participant").

**<u>DEFINITIONS</u>**:

All capitalized terms herein shall have the same meaning as set out in the Plan.

---

| | |
|:---|:---|
| Participant: | [Name**]** |
| Plan: | The SunScout Holding Limited Share Incentive Plan adopted [•], 2026, which is attached hereto and which forms an integral part of this Award Agreement. |
| Total RSUs: | [Total number of RSUs granted] |

---

This RSU Award Agreement is made pursuant to the terms of the Plan. Terms used in this Agreement which are defined in the Plan shall have the same meaning as set forth in the Plan.

1. **<u>Grant of RSUs</u>.** The Company hereby grants to Participant Restricted Share Units ("RSUs") in a number equal to the Total RSUs listed above. Each RSU entitles the Participant, subject to the terms and conditions of the Plan and this Award Agreement, to receive one Class A Ordinary Share of the Company.

2. **<u>Vesting of RSUs</u>**. The vesting period for the Total RSUs is on the date falling 24 months from the date of the Listing.

"Listing" means the listing of SunScout Holding Limited on any Recognised Exchange.

"Recognised Exchange" means such securities exchange as SunScout Holding Limited may conduct its Listing on, including, without limitation, the Singapore Exchange Securities Trading Limited, Hong Kong Stock Exchange, New York Stock Exchange and National Association of Securities Dealers Automated Quotation Securities Market (NASDAQ).

3. **<u>Exercise and Participant actions</u>**. Unless terminated or cancelled in accordance with Paragraph 5 below, the RSUs will exercise as set out in the Plan. In connection with the exercise, the Participant shall do all such things and sign all such documents which are required in order for the Company to be able to deliver any shares or similar ownership units.

4. **<u>Code Section 409A</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RSUs granted pursuant to this Award Agreement are intended to comply with or be exempt from Code Section 409A, and ambiguous provisions hereof, if any, shall be construed and interpreted in a manner consistent with such intent. No payment, benefit or consideration shall be substituted for any grants of RSUs hereunder if such action would result in the imposition of taxes under Code Section 409A. Notwithstanding anything in this Award Agreement to the contrary, if the grant of RSUs hereunder would result in the imposition of an additional tax under Code Section 409A, that grant of RSUs shall be reformed, to the extent permissible under Code Section 409A, to avoid imposition of the additional tax, and no such action shall be deemed to adversely affect the Participant's rights to RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Participant is identified by the Company as a "specified employee" within the meaning of Code Section 409A(a)(2)(B)(i) on the date on which the Participant has a "separation from service" (other than due to death) within the meaning of Treasury Regulation § 1.409A-1(h), any grant of RSUs hereunder payable or settled on account of a separation from service that is deferred compensation subject to Code Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant's separation from service, (2) the date of the Participant's death, or (3) such earlier date as complies with the requirements of Code Section 409A.

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5. **<u>Termination, Participant on leave and death of Participant</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Termination of Employment. A "Leaver" is someone who leaves his or her position as an Employee, voluntarily or involuntarily, but for reasons other than due to a lawful termination by the employer for breach of contract by the Participant. This includes situations where a Participant ceases to be an Employee of the Company Group as the result of the employer no longer being a Group Company. For a Leaver, RSUs which have vested at the date the Participant sent or received his or her notice (or the Participant is otherwise put on notice), are kept and will be exercised pursuant to the Plan. Any RSUs which, at the time the Leaver sent or received his or her notice, have not vested will stand as cancelled without any further liability for any Group Company. For a Participant who is not a Leaver and who otherwise leaves his or her position as an Employee, all RSUs shall stand as cancelled on the date such Participant sent or received his or her notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cancellation. Notwithstanding anything to the contrary in this Paragraph 5, in the event that a Leaver either wilfully engages in a material breach of his or her ongoing obligations to employer, including obligations of confidentiality or non-solicitation, or publically disparages or otherwise brings a Group Company's name or reputation into disrepute, the Committee shall be entitled to cancel all vested RSUs granted to such Leaver. Cancellation of vested RSUs by the Committee pursuant to this Sub-paragraph 5(b) shall occur on written notice to the effected Leaver, which notice shall be given within sixty (60) days of a Group Company discovering the facts giving rise to such cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination due to death. In the event of the death of the Participant, those of the Participant's RSUs which are vested at the time of death shall continue in force and shall be exercised by the Participant's heir pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Leave period. For the avoidance of doubt, the rights granted to the Participant under this Plan shall be effective if the Participant is on a statutory leave of absence pursuant to the Employment Act 1968 of Singapore, the Child Development Co-Savings Act 2001 of Singapore, or such other applicable legislation as may be in force from time to time. The rights granted to the Participant under this Plan shall also be effective if Participant's non-statutory personal leave of absence was less than three consecutive months and such leave was approved by the management of Participant's business unit in accordance with the Company's rules, regulations, policies and procedures (the "Approved Leave of Absence"). The rights granted to the Participant shall be cancelled as soon as the Approved Leave of Absence has exceeded three consecutive months.

6. **<u>Severability.</u>** In the event that any provision in this Award Agreement shall be invalid or unenforceable, such provision shall be severed from and such invalidity or unenforceability shall not be construed to have any effect on the remaining provisions of this Award Agreement. This Award Agreement shall be construed as to its fair meaning and not for or against either party.

7. **<u>Taxes</u>.** The Participant shall be fully liable for any and all tax liabilities imposed upon the Participant pursuant to an Award and any and all rights conferred to the Participant under an Award Agreement, including but not limited to, taxes imposed by the exercise and settlement of RSUs and delivery of shares or similar ownership units in the Company. The Company (or relevant Group Company) will pay applicable payroll tax, if any. The Company will declare any Award or delivery of shares or similar ownership units on the basis of an Award Agreement to the Singaporean and/or other relevant tax authorities in accordance with applicable laws at all times.

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8. **<u>Personal data</u>.** The Participant hereby agrees and consents to the Company and any Group Company collecting, using, disclosing and/or processing the Participant's personal data provided or received by the Company and/or any Group Company pursuant to this Award Agreement and the Plan for the purposes of (a) granting, issuing and/or repurchasing RSUs; (b) administering and facilitating any dividends and/or distributions that the Participant may be entitled to receive; (c) providing the Company's shareholders with information on the Company's RSU holders; and (d) any other purpose necessary for administering, facilitating and operating the RSU program under this Award Agreement and the Plan (collectively, the "Purposes"). The Participant also agrees and consents to the the transfer of Participant's personal data to companies within the Company Group or a third party administrator (whether inside or outside of Singapore) for the Purposes.

9. **<u>Securities Law regulations</u>.** The Company's Class A Ordinary Shares are listed on a stock exchange in the United States and the Company has registered with the U.S. Securities and Exchange Commission. There are certain laws, rules and regulations that apply to the subscription, sale and purchase of such an entity's securities, including but not limited to insider trading rules and notification obligations. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such rules and to abide by the same.

Furthermore, the Company has adopted an Insider Trading Policy, which policy may be amended from time to time in the Company's sole discretion (the "Insider Trading Policy"). The Insider Trading Policy applies to all Company Group employees trading in the Company's securities. Each Participant is obliged, and is personally responsible, to make him or her self familiar with such the Insider Trading Policy and any other related Company rules and to abide by the same.

The Committee may adopt additional rules and procedures regarding the exercise of RSUs from time to time, provided that such rules and procedures are consistent with the provisions of this Plan or required by law. By executing this Award Agreement, Participant accepts and agrees to the Insider Trading Policy and the rules adopted by the Committee from time to time.

10. **<u>Assignability</u>.** Unless otherwise determined by the Committee or set forth in the Plan, no Award or any other benefit under this Award Agreement shall be assignable or otherwise transferable. Any attempted assignment of an Award or any other benefit under the Plan in violation of this Paragraph 10 shall be null and void.

11. **<u>Restrictions</u>.** No delivery of shares or similar ownership units shall be made unless the Company is satisfied based on the advice of its counsel that such delivery will be in compliance with applicable law.

12. **<u>Governing Law; Disputes</u>**. Any grant of RSUs and this Award Agreement shall be governed by and construed in accordance with laws of Singapore, without regard to its choice of law principles. Any dispute, controversy or claim arising out of, in connection with or relating to any Award of RSUs, the Award Agreement and the Plan shall be settled by arbitration in Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (SIAC) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The arbitrator may allocate all or part of the costs of the arbitration, including the fees of the arbitrator and the reasonable attorneys' fees of the prevailing party. The award of the arbitration tribunal shall be final and binding. Judgment on the award may be entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

13. **<u>Incorporation of Plan; Complete Agreement</u>.** This Award Agreement and the Plan constitutes the entire agreement between the parties with respect to its subject matter, and supersedes all other prior or contemporaneous agreements and understandings, whether oral or written.

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SIGNED ON , 2026 BY AND BETWEEN:

 **[●]** 

 BY:

 Designation: Director

Page 4 of 4

## Exhibit 10.3

**Exhibit 10.3**

**AGREEMENT FOR PURCHASE AND SALE**

**OF**

**MEMBERSHIP INTERESTS**

**1.** **PARTIES** 

This membership purchase agreement (the "Agreement") is made as of January 9, 2026 (the "Transfer Date"), by and between:

(a) *SunScout Holding Limited*, an exempted company incorporated
under the laws of the Cayman Islands, with its registered office at 4th Floor, Harbour Place, 103 South Church Street, Grand Cayman KY1-1002,
Cayman Islands ("Buyer" or "SunScout"); and

(b) *Marc Cywinski* and *Joshua Marotske*, the members
and beneficial owners of *Brightway Energy LLC*, a limited liability company organized under the laws of the State of Delaware and
operating in the Commonwealth of Massachusetts (collectively, the "Sellers").

SunScout and the Sellers are referred to individually as a "Party" and collectively as the "Parties."

2. RECITALS

A. The Sellers are the lawful owners of all issued and outstanding
membership interests of Brightway Energy LLC (the "Company"), which conducts solar-energy and related engineering operations
in Massachusetts;

B. The Sellers desire to sell, and SunScout desires to acquire,
one hundred percent (100 %) of the membership interests in the Company and all associated rights and powers as a member of the Company
whether such rights and powers are derived under the Company's certificate of formation or operating agreement, the Delaware Limited
Liability Company Act, as may be amended from time to time, or otherwise, including without limitation all economic rights, including
the right to receive any distributions, and all voting rights (the "Interests"), thereby effecting a transfer of legal ownership
of the Company to SunScout, subject to the terms of this Agreement;

C. As of the date of this Agreement, the Buyer intends to complete
its initial public offering ("IPO") and listing of its securities on the NYSE American or the Nasdaq Stock Market in 2026
(the "Listing"); and

D. In consideration of the mutual covenants and agreements hereinafter
set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto
agree as follows:

3. SALE AND PURCHASE

3.1 Sale and Transfer

Subject to the terms and conditions set forth herein, the Sellers hereby agree to sell, assign, convey, and transfer to SunScout, and SunScout agrees to purchase from the Sellers, (i) all of the Sellers' right, title, and interest in the Interests thereby effecting a transfer of the Company to SunScout, and (ii) all goodwill of the Company including its business, operations, tangible and intangible assets, intellectual property, trade names, customer contracts, supplier relationships, permits, and other rights owned or used by the Company, free and clear of all liens, claims, and encumbrances, except as otherwise provided in this Agreement

3.2 Excluded Items

Notwithstanding the foregoing, the Sellers shall remain responsible for any taxes, obligations, and liabilities of the Company arising from acts or omissions occurring prior to the Transfer Date, to the extent such items are not already reflected in the consolidated financial statements of the SunScout group.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 Transfer Date

The Parties agree that the sale of the Interests shall be completed on the Transfer Date, with payment of the Purchase Price (as defined herein) by the Buyer deferred and contingent upon the completion of SunScout's IPO and Listing, subject to the alternative settlement provisions set forth in <u>Annex 1</u> hereto, pursuant to which the Parties agree to negotiate in good faith on an alternative settlement if such Listing does not occur by twelve months from the date hereof. From and after the Transfer Date, SunScout shall be the sole legal and beneficial owner of the Interests and the Business.

4. PURCHASE PRICE AND PAYMENT TERMS

4.1 The total purchase price for the Interests shall be US$5,000,000
(the "Purchase Price"), to be satisfied in a combination of US$2,000,000 in cash (the "Cash Consideration") and
US$3,000,000 (the "Share Valuation") in in class A ordinary shares, par value US$0.0001 per share (the "Class A Ordinary
Shares"), of SunScout Holding Limited (such shares being, the "Consideration Shares"), in the proportions and on the
terms set out in <u>Annex 1</u> to this Agreement.

5. PROFITS, CASH, AND LIABILITIES

5.1 The Parties acknowledge and agree that, prior to and following
the execution of this Agreement, the Company has been and will remain under common control with SunScout and has been consolidated into
the SunScout group for accounting and financial reporting purposes.

5.2 This Agreement effects a transfer of legal ownership of the
Interests only and does not alter the historical or ongoing consolidation of the Company into the SunScout group. The Parties intend
for this transaction to be treated as a taxable sale of the Interests. Sellers represent that they have consulted with tax advisors and
will take appropriate positions for tax reporting purposes consistent with such intent.

5.3 For the avoidance of doubt, all profits, losses, income,
expenses, assets, liabilities, and cash flows of the Company have been and shall continue to be included in the consolidated financial
statements of the SunScout group.

5.4 Notwithstanding the foregoing, the Sellers shall remain responsible
for any taxes, liabilities, or obligations of the Company arising from acts or omissions occurring prior to the date of this Agreement
to the extent not reflected in the consolidated financial statements of the SunScout group.

6. REPRESENTATIONS AND WARRANTIES

6.1 By the Sellers

The Sellers represent and warrant that:

(a) They are the sole legal and beneficial owners of all membership
interests in the Company, free of any encumbrances;

(b) The Company is duly organized, validly existing, and in good
standing under Delaware law, and authorized to conduct business in Massachusetts and has full corporate power and authority to carry
on its business as it has been and is currently conducted;

(c) The Company has complied with all applicable laws and tax
obligations up to the Transfer Date

(d) Seller has full power and authority to enter into this Agreement,
to carry out their obligations under this Agreement and any other Transaction Documents to which they are a party, and to consummate
the contemplated transactions of Seller. The execution and delivery by Seller of this Agreement, the performance of their obligations
and the consummation of the contemplated transactions have been duly authorized by all requisite action on the part of Seller. This Agreement
has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement constitutes
a legal, valid and binding obligation of Seller enforceable against them in accordance with its terms; and

(e) There are no pending or threatened legal proceedings against
the Company as of the date hereof.

6.2 By the Buyer

SunScout represents and warrants that:

(a) It is duly incorporated and validly existing under the laws
of the Cayman Islands;

(b) It has full corporate power and authority to enter into and
perform this Agreement, to carry out its obligations hereunder and thereunder, and to consummate the transactions contemplated hereby
and thereby. The execution and delivery by Buyer of this Agreement, the performance by Buyer of its obligations and the consummation
by Buyer of the contemplated transactions have been duly authorized by its board of directors (the "Board"). This Agreement
has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement constitutes
a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms; and

(c) The issuance of the Consideration Shares to the Sellers pursuant
to this Agreement, when issued in accordance with the terms hereof and applicable law, will be duly authorized, validly issued, and fully
paid and non-assessable.

7. CONDITIONS TO PAYMENT AND ISSUANCE

The obligations of SunScout to pay the Purchase Price and issue the Consideration Shares shall be subject to:

(a) the completion of SunScout's IPO and Listing; and

(b) adoption of corporate approvals by the Board in connection
with such payment and issuance of the Purchase Price and Consideration Shares.

For the avoidance of doubt, the satisfaction of the foregoing conditions shall not affect the validity or effectiveness of the transfer of the Interests by the Company pursuant to this Agreement.

8. GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflict-of-law principles. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts of New York.

9. MISCELLANEOUS

9.1 Entire Agreement

This Agreement, including Annex 1, constitutes the entire understanding between the Parties and supersedes all prior discussions or agreements, whether written or oral.

9.2 Severability .

If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable the term or provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the contemplated transactions are consummated as originally contemplated to the greatest extent possible.

9.3 Successors and Assigns .

This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. The Buyer may assign its rights or obligations under this Agreement without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, the Buyer may assign its rights or obligations under this Agreement to a wholly-owned subsidiary of the Buyer without the prior written consent of Seller. No assignment shall relieve the assigning party of any of its obligations under this Agreement.

9.2 Amendments and Modification; Waiver.

No amendment to this Agreement shall be effective unless made in writing and signed by both Parties. No waiver by any party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by the written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver of this Agreement; nor shall any single or partial exercise of any right, remedy, power or privilege under this Agreement preclude any other or further exercise of this Agreement or the exercise of any other right, remedy, power or privilege.

9.3 **Counterparts** 

This Agreement may be executed in counterparts and by electronic signature, each of which shall be deemed an original.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be executed as of the Transfer Date by their respective officers thereunto duly authorized.

For and on behalf of

**SunScout Holding Limited**

---

| | |
|:---|:---|
| By: | /s/ Friedrich Edwin Cywinski |
| Name: | Friedrich Edwin Cywinski |
| Title: | Director |
| Date: | January 9, 2026 |

---

For and on behalf of

**Brightway Energy LLC (Sellers)**

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Joshua Marotske | By: | /s/ Marc Cywinski |
| Name: | Joshua Marotske | Name: | Marc Cywinski |
| Date: | January 9, 2026 | Date: | January 9, 2026 |

---

**ANNEX 1 – PAYMENT AND SHARE ISSUANCE TERMS**

1. Payment Schedule

**1.1** **Total Consideration** 

The total Purchase Price of US$5,000,000 shall be satisfied as follows:

(a) US$2,000,000 in cash, payable within one (1) week following
receipt of proceeds from the closing of SunScout's IPO (the "Payment Date"), of which US$1,000,000 shall be payable
to each of Marc Cywinski and Joshua Marotske; and

(b) the Consideration Shares, having an aggregate value of the
Share Valuation, are to be issued six (6) months after the listing date (the "Issuance Date"), of which number of Consideration
Shares having a value of the Share Valuation as of the date of the IPO shall be issued to each of Marc Cywinski and Joshua Marotske.

1.2 IPO Long Stop Date and Alternative Settlement

If SunScout's IPO has not occurred on or before December 31, 2026 (or such later date as may be agreed in writing by SunScout and the Sellers), the Parties shall promptly and negotiate in good faith to agree on an alternative settlement mechanism for the outstanding Purchase Price. Such alternative settlement may include, without limitation: (a) deferred cash payment in one or more tranches; (b) issuance of equivalent equity securities in SunScout or a successor listed entity; or (c) a combination of cash and equity consideration, in each case on terms mutually agreed by the Parties.

2. Share Issuance Mechanics

2.1 **Valuation Basis** 

The number of Consideration Shares to be issued on the Issuance Date shall be calculated as $3,000,000 divided by the IPO price per Class A Ordinary Share. The share count shall be subject to proportional adjustment for any stock splits, reverse splits, stock dividends, recapitalizations, or other similar events. However, the share count shall not be adjusted for (a) equity issuances to employees pursuant to equity incentive plans approved by the Board, (b) equity issuances in connection with acquisitions or capital raises approved by the Board, or (c) equity issuances in the ordinary course of business.

2.2 Issuance Date

The Consideration Shares shall be issued to the Sellers on the Issuance Date and shall be fully paid, non-assessable, and free of any liens.

2.3 Registration and Restrictions

(a) The Consideration Shares shall be issued in reliance on one
or more exemptions from registration under the Securities Act of 1933, as amended, and shall be restricted until such shares are registered
or otherwise become exempt from restriction.

(b) The Parties agree that the Sellers shall not have any demand
registration rights with respect to the Consideration Shares and, accordingly, SunScout shall have no obligation to file any registration
statement solely for the offer or sale of the Consideration Shares.

2.4 Lock-Up

The Sellers shall comply with any lock-up restrictions applicable to and imposed on all principal shareholders, directors and officers pursuant to an underwriting agreement by and between the underwriters of SunScout and SunScout in connection with SunScout's IPO and Listing or otherwise agreed by SunScout in connection with such IPO and Listing.

3. Closing and Title Transfer

3.1 The transfer of the Interests shall be completed on the Transfer
Date. The Sellers shall execute and deliver all transaction documents necessary to effect the transfer of the Interests as of the Transfer
Date.

4. Default and Remedies

4.1 **Failure to Pay Timely Cash Consideration** 

If SunScout fails to pay the Cash Consideration by the Payment Date, interest shall accrue at 8% per annum on the unpaid balance until the Cash Consideration is paid in full.

## Exhibit 10.4

**Exhibit 10.4**

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (the "Agreement") is made and entered into on August 18, 2025, by and between Edwin Cywinski (the "Executive", or "Employee") and SunScout Holding Limited, a Cayman Islands company (the "Company").

WHEREAS, the Executive has been the Chief Executive Officer of the Company since August 18, 2025 (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

<u>Article I.</u> <u>Employment; Responsibilities; Compensation</u>

Section 1.01 Employment. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for an initial term of three (3) years from the Effective Date ("Initial Term"). The Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or he, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "Term".

Section 1.02 Responsibilities; Loyalty

(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Executive Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion of the Company.

(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

Section 1.03 Compensation.

(a) The Company will pay Employee an annual base salary at a rate of US$600,000 per annum (the "Base Salary") commencing on the Effective Date, payable in accordance with the Company's regular payroll policy for salaried employees. Payment of the Base Salary shall be deferred until the closing of the Company's initial public offering on NYSE American or such other recognized stock exchange (the "IPO Closing Date"), at which time all accrued and unpaid Base Salary shall be paid in a single lump sum within thirty (30) days of the IPO Closing Date. If the Term is terminated "For Cause" pursuant to Article III hereof or is otherwise shorter than a full contract year, then the Base Salary for any partial year will be prorated and paid through the date of termination based on the number of days elapsed in such year during which services were actually performed by Employee, and the Company shall have no further obligation to pay the Employee's Base Salary following the date of termination. Notwithstanding anything herein to the contrary, the Company shall not be obligated to pay Employee the Base Salary during any period in which Employee has exhausted Employee's paid time off and is either (a) receiving short-term or long-term disability benefits under any policy or program maintained by the Company, (b) on family or medical leave, or (c) is unable to perform Employee's essential job duties by reason of a physical or Family mental incapacity or disability with or without a reasonable accommodation. The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.

(b) In addition, Executive shall be entitled to the following performance-based equity compensation, subject to approval of the Board or its Compensation Committee and achievement of the Key Performance Indicators ("KPIs") set out in Schedule A attached hereto:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual Equity Bonus: 1.0% of the Company's issued and outstanding Class A Ordinary Shares as of
the date of closing of the Company's initial public offering ("IPO") on NYSE American or another recognized stock exchange
("Closing Date") per year; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) IPO Success Bonus: 5.0% of the gross capital raised in the IPO, payable in Class A Ordinary Shares of
the Company (valued at the IPO offering price per Class A Ordinary Share). The shares shall be issued within thirty (30) days following
the closing of the IPO, subject to applicable securities laws and stock exchange rules.

All equity awards shall be made in accordance with the Company's equity incentive or compensation plan and shall be subject to applicable securities laws, listing rules, and the Company's insider trading and executive compensation recovery policies.

Section 1.04 Executive Compensation Recovery Policy. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.04 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

<u>Article II.</u> <u>Confidential Information; Post-Employment Obligations; Company Property</u>

Section 2.01 Company Property. As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

Section 2.02 Confidential Information; Non-Disclosure.

(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

Section 2.03 Non-Competition Obligations.

(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) United States, (2) New Zealand, and (3) any geographic area in which the Company is conducting any material amount of business during the Term, and for which he has material responsibilities or about which he has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

Section 2.04 Non-Solicitation of Executives. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

<u>Article III.</u> <u>Termination of Employment</u>

Section 3.01 Termination of Employment.

(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, <u>provided</u> that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

(b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d- 3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a Chief Executive Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than 50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

<u>Article IV.</u> <u>Miscellaneous</u>

Section 4.01 Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

Section 4.02 Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

Section 4.03 Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

Section 4.04 Amendment. This Agreement may be amended only by writing signed by Executive and by the Company.

Section 4.05 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW.

Section 4.06 Jurisdiction. Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 4.07 Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

Section 4.08 Counterparts; No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

Section 4.09 Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| SunScout Holding Limited | SunScout Holding Limited |
| By: | /s/ Jamie Parent |
|  | Jamie Parent |
|  | Chief Financial Officer |
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| /s/ Edwin Cywinski | /s/ Edwin Cywinski |
| Edwin Cywinski | Edwin Cywinski |

---

**<u>Schedule A</u>**

**Key Performance Indicators (KPIs) for Chief Executive Officer**

This KPI Schedule forms part of the Employment Agreement between SunScout Holding Limited (the "Company") and **Edwin Cywinski** (the "Executive"). The KPIs set out below will be used to measure the Executive's performance, reviewed annually by the Board or its delegated Committee.

1. Strategic Leadership

● **Strategy Execution**: Delivery of the Company's Board-approved strategic plan, with progress milestones achieved on time.

● **Growth Initiatives**: Expansion into new markets, products, or partnerships in line with agreed growth strategy.

● **M&A/Partnerships**: Identification and execution of accretive acquisitions, alliances, or joint ventures as approved by the Board.

2. Financial Stewardship (CEO-level accountability)

● **Budget Delivery**: Achieve annual performance within ±5% of Board-approved budget for revenue and EBITDA.

● **Capital Allocation**: Effective prioritization of investments to maximize return on capital.

● **Investor Confidence**: Maintain positive engagement with institutional investors and analysts, as assessed by the Chair of the Board.

3. Governance & Stakeholder Relations

● **Board Relations**: Timely, accurate, and transparent reporting to the Board; 100% compliance with governance obligations.

● **Stakeholder Engagement**: Positive relationships maintained with regulators, government bodies, and key external stakeholders.

● **Reputation & ESG**: Maintain or improve the Company's reputation for sustainability, governance, and ethical leadership.

4. Leadership & People

● **Executive Team Development**: Build and retain a high-performing executive leadership team.

● **Succession Planning**: Ensure succession plans are in place for all executive roles.

● **Culture & Engagement**: Maintain strong employee engagement scores and alignment with Company values.

● **Retention**: Voluntary turnover of key senior staff kept below 10% per annum.

5. Operational Oversight

● **Operational Effectiveness**: Ensure major functions (finance, technology, operations, sales, customer service) deliver against approved KPIs.

● **Risk Management**: Maintain an effective risk management framework, ensuring all critical risks are identified and mitigated.

● **Crisis Management**: Effective leadership through any unforeseen operational, regulatory, or reputational events.

6. Value-Linked KPIs (Company Performance Outcomes – Shared Across Executive Team)

● **Profitability KPI**: Achieve net profit margin of at least 10% annually, in line with Board-approved targets.

● **Free Cash Flow KPI**: Deliver free cash flow within ±5% of budget forecast.

● **Market Capitalization KPI**: Maintain average market capitalization at least 20% above IPO listing value during the measurement period.

● **EPS KPI**: Support year-on-year growth in diluted earnings per share of at least 15%.

## Exhibit 10.5

**Exhibit 10.5**

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (the "Agreement") is made and entered into on October 16, 2025, by and between Marc Cywinski (the "Executive", or "Employee") and SunScout Limited, a Cayman Islands company (the "Company").

WHEREAS, the Executive has been the Chief Operations Officer of the Company since August 01, 2025 (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

<u>Article I.</u> <u>Employment; Responsibilities; Compensation</u>

Section 1.01 Employment. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for an initial term of three (3) years from the Effective Date ("Initial Term"). The Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or he, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "Term".

Section 1.02 Responsibilities; Loyalty

(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Operations Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion of the Company.

(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

Section 1.03 Compensation.

(a) The Company will pay Employee an annual base salary at a rate of US$360,000 per annum (the "Base Salary") commencing on the date of this Agreement, payable in accordance with the Company's regular payroll policy for salaried employees. No Base Salary or other compensation shall accrue or be payable for any period prior to the date of this Agreement, notwithstanding that the Term is stated to commence on the Effective Date. If the Term is terminated "For Cause" pursuant to Article III hereof or is otherwise shorter than a full contract year, then the Base Salary for any partial year will be prorated and paid through the date of termination based on the number of days elapsed in such year during which services were actually performed by Employee, and the Company shall have no further obligation to pay the Employee's Base Salary following the date of termination. Notwithstanding anything herein to the contrary, the Company shall not be obligated to pay Employee the Base Salary during any period in which Employee has exhausted Employee's paid time off and is either (a) receiving short-term or long-term disability benefits under any policy or program maintained by the Company, (b) on family or medical leave, or (c) is unable to perform Employee's essential job duties by reason of a physical or Family mental incapacity or disability with or without a reasonable accommodation. The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.

(b) In addition, Executive shall be entitled to the following performance-based equity compensation, subject to approval of the Board or its Compensation Committee and achievement of the Key Performance Indicators ("KPIs") set out in Schedule A attached hereto: an annual equity bonus: 1.0% of the Company's issued and outstanding ordinary shares as of the date of closing of the Company's initial public offering ("IPO") on Nasdaq or another recognized stock exchange ("Closing Date") per year.

All equity awards shall be made in accordance with the Company's equity incentive or compensation plan and shall be subject to applicable securities laws, listing rules, and the Company's insider trading and executive compensation recovery policies.

Section 1.04 Executive Compensation Recovery Policy. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.04 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

<u>Article II.</u> <u>Confidential Information; Post-Employment Obligations; Company Property</u>

Section 2.01 Company Property. As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

Section 2.02 Confidential Information; Non-Disclosure.

(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

Section 2.03 Non-Competition Obligations.

(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) United States, (2) New Zealand, and (3) any geographic area in which the Company is conducting any material amount of business during the Term, and for which he has material responsibilities or about which he has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

Section 2.04 Non-Solicitation of Executives. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

<u>Article III.</u> <u>Termination of Employment</u>

Section 3.01 Termination of Employment.

(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, <u>provided</u> that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

(b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a Chief Operations Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than 50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

<u>Article IV.</u> <u>Miscellaneous</u>

Section 4.01 Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

Section 4.02 Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

Section 4.03 Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

Section 4.04 Amendment. This Agreement may be amended only by writing signed by Executive and by the Company.

Section 4.05 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW.

Section 4.06 Jurisdiction. Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 4.07 Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

Section 4.08 Counterparts; No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

Section 4.09 Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| SunScout Limited | SunScout Limited |
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Chief Executive Officer |
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| /s/ Marc Cywinski | /s/ Marc Cywinski |
| &nbsp;&nbsp;&nbsp;Marc Cywinski | &nbsp;&nbsp;&nbsp;Marc Cywinski |

---

**<u>Schedule A</u>**

**Key Performance Indicators (KPIs) for Chief Operations Officer**

This KPI Schedule forms part of the Employment Agreement between SunScout Limited (the "Company") and **Marc Cywinski** (the "Executive"). The KPIs set out below will be used to measure the Executive's performance, reviewed annually by the Board or its delegated Committee.

1. Operational Efficiency & Delivery

&nbsp;&nbsp;&nbsp;&nbsp;· **Operational Execution**: Achievement of annual production
and delivery volumes in line with Board-approved forecasts (±5%).

&nbsp;&nbsp;&nbsp;&nbsp;· **Cost Efficiency**: Reduction of unit production costs
year-on-year, targeting at least a 5% efficiency improvement annually.

&nbsp;&nbsp;&nbsp;&nbsp;· **Supply Chain Performance**: On-time supplier delivery >95% and supply chain disruptions resolved within agreed lead times.

&nbsp;&nbsp;&nbsp;&nbsp;· **Customer Fulfilment**: 98%+ of customer orders delivered in full and on time (DIFOT).

2. Quality & Service

&nbsp;&nbsp;&nbsp;&nbsp;· **Product Quality**: Maintain defect rate below 1% of
shipped units.

&nbsp;&nbsp;&nbsp;&nbsp;· **Service Response**: Average customer service response
times <24 hours.

&nbsp;&nbsp;&nbsp;&nbsp;· **Customer Satisfaction**: Maintain Net Promoter Score
(NPS) of 50+ or equivalent measure of customer satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;· **Warranty Costs**: Warranty and service costs kept below
2% of sales revenue.

3. Compliance, Safety & ESG

&nbsp;&nbsp;&nbsp;&nbsp;· **Workplace Safety**: Lost time injury frequency rate
(LTIFR) maintained at zero.

&nbsp;&nbsp;&nbsp;&nbsp;· **Compliance**: 100% compliance with operational, environmental,
and labour regulations across all regions.

&nbsp;&nbsp;&nbsp;&nbsp;· **Sustainability**: Achievement of Board-approved sustainability
targets for waste, recycling, and energy efficiency.

4. People & Capability

&nbsp;&nbsp;&nbsp;&nbsp;· **Retention**: Voluntary turnover in operations function
not exceeding 10% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;· **Training & Development**: Completion of mandatory
training for 100% of staff in operations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Employee Engagement**: Satisfactory employee engagement
scores within operations.

&nbsp;&nbsp;&nbsp;&nbsp;· **Succession Planning**: Identification and development of successors for key operational roles.

5. Strategic & Cross-Functional Contribution

&nbsp;&nbsp;&nbsp;&nbsp;· **Scalability**: Implementation of operational systems
and processes to support scaling of production and distribution across multiple geographies.

&nbsp;&nbsp;&nbsp;&nbsp;· **Collaboration**: Effective cross-functional collaboration
with CTO (product readiness) and CFO (cost and budget control).

&nbsp;&nbsp;&nbsp;&nbsp;· **Operational Readiness**: Ensure facilities, supply chains,
and systems are in place to support new market launches on schedule.

6. Value-Linked KPIs (Company Performance Outcomes – Shared
Across Executive Team)

&nbsp;&nbsp;&nbsp;&nbsp;· **Profitability KPI**: Achieve net profit margin of at
least 10% annually, in line with Board-approved targets.

&nbsp;&nbsp;&nbsp;&nbsp;· **Free Cash Flow KPI**: Deliver free cash flow within
±5% of budget forecast.

&nbsp;&nbsp;&nbsp;&nbsp;· **Market Capitalization KPI**: Maintain average market
capitalization at least 20% above IPO listing value during the measurement period.

&nbsp;&nbsp;&nbsp;&nbsp;· **EPS KPI**: Support year-on-year growth in diluted earnings per share of at least 15%.

## Exhibit 10.6

**Exhibit 10.6**

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (the "Agreement") is made and entered into on October 16, 2025, by and between Joshua Marotske (the "Executive", or "Employee") and SunScout Limited, a Cayman Islands company (the "Company").

WHEREAS, the Executive has been the Chief Technical Officer of the Company since August 01, 2025 (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

<u>Article I.</u> <u>Employment; Responsibilities; Compensation</u>

Section 1.01 Employment. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for an initial term of three (3) years from the Effective Date ("Initial Term"). The Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or he, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "Term".

Section 1.02 Responsibilities; Loyalty

(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Technical Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities maybe modified from time to time in the sole discretion of the Company.

(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

Section 1.03 Compensation.

(a) The Company will pay Employee an annual base salary at a rate of US$240,000 per annum (the "Base Salary") commencing on the date of this Agreement, payable in accordance with the Company's regular payroll policy for salaried employees. No Base Salary or other compensation shall accrue or be payable for any period prior to the date of this Agreement, notwithstanding that the Term is stated to commence on the Effective Date. If the Term is terminated "For Cause" pursuant to Article III hereof or is otherwise shorter than a full contract year, then the Base Salary for any partial year will be prorated and paid through the date of termination based on the number of days elapsed in such year during which services were actually performed by Employee, and the Company shall have no further obligation to pay the Employee's Base Salary following the date of termination. Notwithstanding anything herein to the contrary, the Company shall not be obligated to pay Employee the Base Salary during any period in which Employee has exhausted Employee's paid time off and is either (a) receiving short-term or long-term disability benefits under any policy or program maintained by the Company, (b) on family or medical leave, or (c) is unable to perform Employee's essential job duties by reason of a physical or Family mental incapacity or disability with or without a reasonable accommodation. The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.

(b) In addition, Executive shall be entitled to the following performance-based equity compensation, subject to approval of the Board or its Compensation Committee and achievement of the Key Performance Indicators ("KPIs") set out in Schedule A attached hereto: an annual equity bonus: 0.83% of the Company's issued and outstanding ordinary shares as of the date of closing of the Company's initial public offering ("IPO") on Nasdaq or another recognized stock exchange ("Closing Date") per year for three (3) consecutive years.

All equity awards shall be made in accordance with the Company's equity incentive or compensation plan and shall be subject to applicable securities laws, listing rules, and the Company's insider trading and executive compensation recovery policies.

Section 1.04 Executive Compensation Recovery Policy. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.04 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

<u>Article II.</u> <u>Confidential Information; Post-Employment Obligations; Company Property</u>

Section 2.01 Company Property. As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

Section 2.02 Confidential Information; Non-Disclosure.

(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

Section 2.03 Non-Competition Obligations.

(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) United States, (2) New Zealand, and (3) any geographic area in which the Company is conducting any material amount of business during the Term, and for which he has material responsibilities or about which he has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

Section 2.04 Non-Solicitation of Executives. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

<u>Article III.</u> <u>Termination of Employment</u>

Section 3.01 Termination of Employment.

(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, <u>provided</u> that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

(b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a Chief Technical Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than 50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

<u>Article IV.</u> <u>Miscellaneous</u>

Section 4.01 Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

Section 4.02 Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

Section 4.03 Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

Section 4.04 Amendment. This Agreement may be amended only by writing signed by Executive and by the Company.

Section 4.05 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW.

Section 4.06 Jurisdiction. Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 4.07 Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

Section 4.08 Counterparts; No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

Section 4.09 Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| SunScout Limited | SunScout Limited |
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Chief Executive Officer |
| AGREED AND ACCEPTED: | AGREED AND ACCEPTED: |
| /s/ Joshua Marotske | /s/ Joshua Marotske |
| Joshua Marotske | Joshua Marotske |

---

**<u>Schedule A</u>**

**Key Performance Indicators (KPIs) for Chief Technical Officer**

This KPI Schedule forms part of the Employment Agreement between SunScout Limited (the "Company") and **Joshua Marotske** (the "Executive"). The KPIs set out below will be used to measure the Executive's performance, reviewed annually by the Board or its delegated Committee.

1. Product Development & Delivery

● **Product Roadmap Delivery**: Execution of the Board-approved technology roadmap, with at least 90% of milestones delivered on time and within budget.

● **Time-to-Market**: New product introduction timelines achieved within ±10% of plan.

● **Market Readiness**: Achievement of commercial readiness (prototype → pilot → production) for agreed product lines within scheduled timelines.

2. Innovation & Intellectual Property

● **Patent Portfolio**: Filing of new patents or protection of proprietary IP in line with the Company's innovation strategy (minimum 2 new filings per year).

● **Technology Differentiation**: Delivery of features or capabilities that clearly differentiate SunScout products against leading competitors (as assessed by the Board).

● **R&D Investment Efficiency**: Achievement of targeted ratio of successful prototypes to market-ready products.

3. Quality, Safety & Reliability

● **Product Quality**: Maintain warranty claims or product defect rate below 1% of units shipped.

● **Safety Compliance**: 100% compliance with international safety standards relevant to robotics and solar (e.g., IEC/ANSI/ISO).

● **Field Reliability**: Achieve minimum uptime of 95% across deployed units, as reported by customer service and fleet management systems.

4. Team & Capability Development

● **Talent Retention**: Voluntary turnover within the engineering and R&D function not exceeding 10% per annum.

● **Key Roles Filled**: Recruitment and retention of all critical technical roles within agreed timeframe.

● **Employee Engagement**: Satisfactory employee engagement/satisfaction scores within the R&D/engineering team.

● **Capability Building**: Implementation of structured training and development programs for engineers and technicians.

5. Strategic & Cross-Functional Contribution

● **Collaboration with CFO & COO**: Effective support of cost-optimized product designs and scalable production.

● **Technology Scalability**: Ensure all new products/platforms are designed for scalable global production and serviceability.

● **Customer Alignment**: Active participation in key customer engagements to ensure technology roadmap aligns with market requirements.

6. Value-Linked KPIs (Company Performance Outcomes – Shared Across Executive Team)

● **Profitability KPI**: Achieve net profit margin of at least 10% annually, in line with Board-approved targets.

● **Free Cash Flow KPI**: Deliver free cash flow within ±5% of budget forecast.

● **Market Capitalization KPI**: Maintain average market capitalization at least 20% above IPO listing value during the measurement period.

● **EPS KPI**: Support year-on-year growth in diluted earnings per share of at least 15%.

## Exhibit 10.7

**Exhibit 10.7**

**<u>EMPLOYMENT AGREEMENT</u>**

This Employment Agreement (the "Agreement") is made and entered into on October 31, 2025, by and between Jamie Parent (the "Executive", or "Employee") and SunScout Limited, a Cayman Islands company (the "Company").

WHEREAS, the Executive has been the Chief Financial Officer of the Company since August 01, 2025 (the "Effective Date").

WHEREAS, the Company and the Executive desire to enter into this Agreement to memorialize the terms and conditions of the Executive's employment with the Company starting on the date hereof.

NOW, THEREFORE, in consideration of the premises, the mutual covenants and representations contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

<u>Article I. Employment; Responsibilities; Compensation</u>

Section 1.01 Employment. Subject to <u>ARTICLE 3</u>, the Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, in accordance with this Agreement, for an initial term of three (3) years from the Effective Date ("Initial Term"). The Initial Term shall automatically be extended one additional year unless either party gives written notice to the other party 60 days prior to expiration of the Initial Term that it or he, as applicable, does not wish to extend this Agreement. Executive's continued employment after the expiration of the Initial Term shall be in accordance with and governed by this Agreement, unless modified by the parties to this Agreement in writing. For purposes of this Agreement the Initial Term and any extended term shall be referred to as the "Term".

Section 1.02 Responsibilities; Loyalty

(a) Subject to the terms of this Agreement, Executive is employed in the position of Chief Financial Officer of the Company, and shall perform the functions and responsibilities of that position. Additional or different duties may be assigned by the Company from time to time. Executive's position, job descriptions, duties and responsibilities may be modified from time to time in the sole discretion of the Company.

(b) Executive shall devote the whole of Executive's professional time, attention and energies to the performance of Executive's work. Executive agrees to comply with all policies of the Company, if any, in effect from time to time, and to comply with all laws, rules and regulations, including those applicable to the Company.

Section 1.03 Compensation.

(a) The Company will pay Employee an annual base salary at a rate of US$200,000 per annum (the "Base Salary") commencing on the date of this Agreement, payable in accordance with the Company's regular payroll policy for salaried employees. No Base Salary or other compensation shall accrue or be payable for any period prior to the date of this Agreement, notwithstanding that the Term is stated to commence on the Effective Date. If the Term is terminated "For Cause" pursuant to Article III hereof or is otherwise shorter than a full contract year, then the Base Salary for any partial year will be prorated and paid through the date of termination based on the number of days elapsed in such year during which services were actually performed by Employee, and the Company shall have no further obligation to pay the Employee's Base Salary following the date of termination. Notwithstanding anything herein to the contrary, the Company shall not be obligated to pay Employee the Base Salary during any period in which Employee has exhausted Employee's paid time off and is either (a) receiving short-term or long-term disability benefits under any policy or program maintained by the Company, (b) on family or medical leave, or (c) is unable to perform Employee's essential job duties by reason of a physical or Family mental incapacity or disability with or without a reasonable accommodation. The Compensation shall also be subject to the approval of Company's Board of Directors and/or Compensation Committees.

(b) In addition, Executive shall be entitled to the following performance-based equity compensation, subject to approval of the Board or its Compensation Committee and achievement of the Key Performance Indicators ("KPIs") set out in Schedule A attached hereto:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual
Equity Bonus: 0.5% of the Company's issued and outstanding ordinary shares as of the date of closing of the Company's
initial public offering ("IPO") on Nasdaq or another recognized stock exchange ("Closing Date") per year for
three (3) years, such that Executive shall hold an aggregate of 2.5% of the Company's issued ordinary shares (calculated as of
the Closing Date) after three years of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) IPO
Success Bonus: 1% of the Company's issued and outstanding ordinary shares (calculated as of the Closing Date), to be granted
upon the successful listing of the Company's ordinary shares on Nasdaq or another recognized stock exchange.

All equity awards shall be made in accordance with the Company's equity incentive or compensation plan and shall be subject to applicable securities laws, listing rules, and the Company's insider trading and executive compensation recovery policies.

Section 1.04 Executive Compensation Recovery Policy. Any compensation paid to the Executive shall be subject to recovery by the Company, and the Executive shall be required to repay such compensation, if (a) such recovery and repayment is required by applicable law or (b) either in the year such compensation is paid, or within the three (3) year period thereafter the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirement under applicable securities laws and the Executive is either (i) a named executive officer or (ii) an employee who is responsible for preparation of the Company's financial statements. The parties agree that the repayment obligations set forth in this Section 1.04 shall only apply to the extent repayment is required by applicable law, or to the extent the Executive's compensation is determined to be in excess of the amount that would have been deliverable to the Executive taking into account any restatement or correction of any inaccurate financial statements or materially inaccurate performance metric criteria.

<u>Article II. Confidential Information; Post-Employment Obligations; Company Property</u>

Section 2.01 Company Property. As used in this Article II, the term the "Company" refers to the Company and each of its direct and indirect subsidiaries. All written materials, records, data and other documents relating to Company business, products or services prepared or possessed by Executive during Executive's employment by the Company are the Company's property. All information, ideas, concepts, improvements, discoveries and inventions that are conceived, made, developed or acquired by Executive individually or in conjunction with others during Executive's employment (whether during business hours and whether on Company's premises or otherwise) that relate to Company business, products or services are the Company's sole and exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals, models, specifications, computer programs, maps and all other documents, data or materials of any type embodying such information, ideas, concepts, improvements, discoveries and inventions are Company property. At the termination of Executive's employment with the Company for any reason, Executive shall return all of the Company's documents, data or other Company property to the Company.

Section 2.02 Confidential Information; Non-Disclosure.

(a) Executive acknowledges that the business of the Company is highly competitive and that the Company will provide Executive with access to Confidential Information. Executive acknowledges that this Confidential Information constitutes a valuable, special and unique asset used by the Company in its business to obtain a competitive advantage over competitors. Executive further acknowledges that protection of such Confidential Information against unauthorized disclosure and use is of critical importance to the Company in maintaining its competitive position. Executive agrees that Executive will not, at any time during or after Executive's employment with the Company, make any unauthorized disclosure of any Confidential Information of the Company, or make any use thereof, except in the carrying out of Executive's employment responsibilities to the Company. Executive also agrees to preserve and protect the confidentiality of third-party Confidential Information to the same extent, and on the same basis, as the Company's Confidential Information.

(b) For purposes hereof, "Confidential Information" includes all non-public information regarding the Company's business operations and methods, existing and proposed investments and investment strategies, financial performance, compensation arrangements and amounts (whether relating to the Company or to any of its employees), contractual relationships, business partners and relationships (including customers and suppliers), strategies, business plans and other confidential information that is used in the operation, technology and business dealings of the Company, regardless of the medium in which any of the foregoing information is contained, so long as such information is actually confidential and proprietary to the Company.

Section 2.03 Non-Competition Obligations.

(a) Executive acknowledges and agrees that as an employee and representative of the Company, Executive will be responsible for building and maintaining business relationships and goodwill with current and future operating partners, investors, partners and prospects on a personal level. Executive acknowledges and agrees that this responsibility creates a special relationship of trust and confidence between the Company, Executive and these persons or entities. Executive also acknowledges that this creates a high risk and opportunity for Executive to misappropriate these relationships and the goodwill existing between the Company and such persons. Executive acknowledges and agrees that it is fair and reasonable for the Company to take steps to protect itself from the risk of such misappropriation.

(b) Executive acknowledges and agrees that, in exchange for his agreement in SECTION 2.03(c) below, he will receive substantial, valuable consideration from the Company upon the execution of this Agreement and during the course of this Agreement, including, (i) Confidential Information and access to Confidential Information, (ii) compensation and other benefits and (c) access to the Company's prospects.

(c) During the Non-Compete Term and provided that the Company has made all severance payments provided for herein (to the extent applicable), Executive will not, directly or indirectly, provide the same or substantially the same services that he provides to the Company to any Business Enterprise in the Market Area (as defined below) without prior written consent, which will not be unreasonably withheld. This includes working as an agent, consultant, employee, officer, director, partner or independent contractor or being a shareholder, member, joint venturer or equity owner in, any such Business Enterprise; PROVIDED, HOWEVER, that the foregoing shall not restrict Executive from holding up to 5% of the voting power or equity of one or more Business Enterprises.

(d) For purposes of hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "BUSINESS ENTERPRISE" means any corporation, partnership, limited liability company, sole proprietorship, joint venture or other business association or entity (other than the Company) engaged in the business of autonomous, solar-powered robotic mowers and related solar energy solutions in the Market Area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "MARKET AREA" means: (1) United States, (2) New Zealand, and (3) any geographic area in which the Company is conducting any material amount of business during the Term, and for which he has material responsibilities or about which he has material Confidential Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "NON-COMPETE TERM" means in the case of termination for any reason, the period from the Effective Date to the date ending 2 years following the date of termination.

Section 2.04 Non-Solicitation of Executives. During the Non-Compete Term, Executive will not, either directly or indirectly, call on, solicit or induce any other executive or officer of the Company or its affiliates with whom Executive had contact, knowledge of, or association with in the course of employment with the Company to terminate his employment, and will not assist any other person or entity in such a solicitation; PROVIDED, HOWEVER, that with respect to soliciting any executive or officer whose employment was terminated by the Company or its affiliates, or general solicitations for employment not targeted at current officers or employees of the Company or its affiliates, the foregoing restriction shall not apply.

<u>Article III. Termination of Employment</u>

Section 3.01 Termination of Employment.

(a) Executive's employment with the Company shall be terminated (i) immediately upon the death of Executive without further action by the Company, (ii) upon Executive's Permanent Disability without further action by the Company, (iii) by the Company for Cause, (iv) by Executive without Good Reason, (v) by the Company without Cause or by Executive for Good Reason, including by the Company without Cause or by Executive for Good Reason within 12 months following a Change of Control, provided that, in the case of clause (v), the terminating party must give at least 30 days' advance written notice of such termination. For purposes of this ARTICLE III, "date of termination" means the date of Executive's death, the date of Executive's Permanent Disability, or the date of Executive's separation from service with the Company, as applicable.

(b) For purposes hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "CAUSE" shall include (A) continued failure by Executive to perform substantially Executive's duties and responsibilities (other than a failure resulting from Permanent Disability) that is materially injurious to the Company and that remains uncorrected for 10 days after receipt of appropriate written notice from the Board; (B) engagement in willful, reckless or grossly negligent misconduct that is materially injurious to Company or any of its affiliates, monetarily or otherwise; (C) except as provided by (D), the indictment of Executive with a crime involving moral turpitude or a felony; (D) the indictment of Executive for an act of criminal fraud, misappropriation or personal dishonesty; or (E) a material breach by Executive of any provision of this Agreement that is materially injurious to the Company and that remains uncorrected for 10 days following written notice of such breach by the Company to Executive identifying the provision of this Agreement that Company determined has been breached. For purposes of (C) and (D), if the criminal charge is subsequently dismissed with prejudice or the Executive is acquitted at trial or on appeal then the Executive will be deemed to have been terminated without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "CHANGE OF CONTROL" means the occurrence of any one or more of the following events that occurs after the Effective Date:

1) Any "person" (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the "EXCHANGE ACT")) becomes a "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of then outstanding securities of the Company; provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the stockholders of the Company, immediately prior to the transaction, will beneficially own, immediately after the transaction, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the parent corporation would be entitled in the election of directors; or

2) The consummation of (A) a merger or consolidation of the Company with another corporation where the stockholders of the Company, immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such stockholders to more than 50% of all votes to which all stockholders of the surviving corporation would be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "GOOD REASON" shall mean one or more of the following conditions arising not more than six months before Executive's termination date without Executive's consent: (A) a material breach by the Company of any provision of this Agreement; (B) assignment by the Board or a duly authorized committee thereof to Executive of any duties that materially and adversely alter the nature or status of Executive's position, job descriptions, duties, title or responsibilities from those of a Chief Financial Officer, or eligibility for Company compensation plans; (C) requirement by the Company for Executive to relocate to a primary place of business which is more than 50 miles away from the Executive's primary place of business as of the Effective Date of this Agreement; or (D) a material reduction in Executive's Base Salary in effect at the relevant time. Notwithstanding anything herein to the contrary, Good Reason will exist only if Executive provides notice to the Company of the existence of the condition otherwise constituting Good Reason within 90 days of the initial existence of the condition, and the Company fails to remedy the condition on or before the 30th day following its receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "PERMANENT DISABILITY" shall mean Executive's inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. Executive will be deemed permanently disabled if determined to be totally disabled by the Social Security Administration or if determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of this paragraph.

(c) If Executive's employment is terminated under any of the foregoing circumstances, all future compensation to which Executive is otherwise entitled and all future benefits for which Executive is eligible, other than those already earned but which is unpaid, shall cease and terminate as of the date of termination, except as specifically provided in this ARTICLE III.

<u>Article IV. Miscellaneous</u>

Section 4.01 Notices. All notices and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, mailed by certified mail (return receipt requested) or sent by overnight delivery service, or electronic mail, or facsimile transmission.

Section 4.02 Severability and Reformation. If any one or more of the terms, provisions, covenants or restrictions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions shall remain in full force and effect, and the invalid, void or unenforceable provisions shall be deemed severable. Moreover, if any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be reformed by limiting and reducing it to the minimum extent necessary, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

Section 4.03 Assignment. This Agreement shall be binding upon and inure to the benefit of the heirs and legal representatives of Executive and the permitted assigns and successors of the Company, but neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by Executive (except by will or by operation of the laws of intestate succession) or by the Company, except that the Company may assign this Agreement to any successor (whether by merger, purchase or otherwise), if such successor expressly agrees to assume the obligations of the Company hereunder.

Section 4.04 Amendment. This Agreement may be amended only by writing signed by Executive and by the Company.

Section 4.05 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND GOVERNED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO RULES RELATING TO CONFLICTS OF LAW.

Section 4.06 Jurisdiction. Each of the parties hereto hereby irrevocably consents and submits to the exclusive jurisdiction of the state and federal courts located in NEW YORK in connection with any proceeding arising out of or relating to this Agreement or the transactions contemplated hereby and waives any objection to venue in NEW YORK. In addition, each of the parties hereto hereby waives trial by jury in connection with any claim or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

Section 4.07 Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes in all respects any prior or other agreement or understanding, written or oral, between the Company or any affiliate of the Company and Executive with respect to such subject matter, including the Employment Agreement.

Section 4.08 Counterparts; No Electronic Signatures. This Agreement may be executed in two or more counterparts, each of which will be deemed an original. For purposes of determining whether a party has signed this Agreement or any document contemplated hereby or any amendment or waiver hereof, only a handwritten signature on a paper document or a facsimile transmission of a handwritten original signature will constitute a signature, notwithstanding any law relating to or enabling the creation, execution or delivery of any contract or signature by electronic means.

Section 4.09 Construction. The headings and captions of this Agreement are provided for convenience only and are intended to have no effect in construing or interpreting this Agreement. The language in all parts of this Agreement shall be in all cases construed in accordance to its fair meaning and not strictly for or against the Company or Executive. The words "include," "includes," and "including" will be deemed to be followed by "without limitation."

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first written above:

---

| | |
|:---|:---|
| SunScout Holding Limited | SunScout Holding Limited |
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Executive Director and Chief Executive Officer |

---

---

| | |
|:---|:---|
| AGREED AND ACCEPTED: |  |
| /s/ Jamie Parent | 10/20/2025 |
| Jamie Parent |  |

---

**<u>Schedule A</u>**

**Key Performance Indicators (KPIs) for Chief Financial Officer**

This KPI Schedule forms part of the Employment Agreement between SunScout Limited (the "Company") and Jamie Parent (the "Executive"). The KPIs set out below will be used to measure the Executive's performance, reviewed annually by the Board or its delegated Committee.

**1. Financial Reporting & Compliance**

● Timeliness of Reporting: All quarterly, half-year, and annual financial statements filed within statutory deadlines (100% compliance).

● Accuracy of Reporting: No material restatements required; audit adjustments limited to non-material reclassifications.

● Audit Outcome: Annual external audit results in an unqualified (clean) audit opinion.

● Regulatory Compliance: Full compliance with SOX/internal control requirements and all applicable listing rules and securities regulations.

**2. Capital Management & Liquidity**

● Liquidity Management: Maintain minimum cash runway equivalent to 12 months of operating expenses, unless otherwise approved by the Board.

● Forecast Accuracy: Budget/forecast variance for revenue and expenses within ±5% on a quarterly rolling basis.

● Debt Compliance: Zero breaches of banking covenants or credit facilities.

● Working Capital Efficiency: Achievement of Board-approved targets for accounts receivable days, accounts payable days, and inventory turnover.

**3. Investor Relations & Market Confidence**

● Disclosure Obligations: All investor communications, earnings releases, and regulatory disclosures delivered on time and in compliance with listing rules.

● Investor Engagement: Positive feedback from analysts and institutional investors (as assessed by the Chair of the Board or Nomination/Remuneration Committee).

● Capital Markets Profile: Maintain or improve the Company's debt profile and credit rating (where applicable).

**4. Governance & Risk Management**

● Risk Framework: Annual review and update of financial risk management framework completed and approved by the Board.

● Internal Audit: 100% of high/critical findings addressed within agreed remediation timelines.

● Regulatory Standing: No regulatory fines, penalties, or sanctions attributable to the finance function.

**5. Leadership & Team Performance**

● Team Retention: Voluntary turnover within the finance function not exceeding 10% per annum.

● Key Roles Filled: Recruitment and retention of all critical finance and compliance roles within agreed timeframe.

● Team Engagement: Achievement of satisfactory employee engagement/satisfaction scores (as benchmarked annually).

● Process Efficiency: Monthly financial close cycle reduced to five (5) working days and maintained thereafter.

**6. Value-Linked KPIs (Company Performance Outcomes)**

● Profitability KPI: Achieve net profit margin of at least 10% annually, in line with Board-approved targets.

● Free Cash Flow KPI: Deliver free cash flow within ±5% of budget forecast.

● Market Capitalization KPI: Maintain average market capitalization at least 20% above IPO listing value during the measurement period.

● EPS KPI: Support year-on-year growth in diluted earnings per share of at least 15%.

## Exhibit 10.8

**Exhibit 10.8**

**AGREEMENT**

**April 20, 2026**

**Re: Director Offer Letter – Mr. Edwin Cywinski,**

Dear **Mr. Edwin Cywinski, SunScout Holding Limited**, a Cayman Islands limited liability company (the "Company" or "we"), acknowledges your continuing service as an Executive Director of the Company, a position you have held since the formation of the Company on August 18, 2025. This letter agreement (the "Agreement") sets out the terms and conditions governing your continued service as an Executive Director from and after the Commencement Date (as defined below). The terms of this Agreement shall take effect upon the Company's listing on the NYSE American (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Executive Director and such other duties as are reasonably contemplated by you holding office as an Executive Director of the Company or which may reasonably be assigned to you by the Board from time to time, (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>[Reserved]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As an Executive Director, you will not receive any additional compensation for your services as an Executive Director, as your compensation is governed by the terms of your employment agreement with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions**") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Executive Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Executive Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| **SunScout Holding Limited** | **SunScout Holding Limited** |
| By: | */s/ Jamie Parent* |
|  | Jamie Parent |
|  | Chief Financial Officer |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| */s/ Edwin Cywinski* | */s/ Edwin Cywinski* |
| Name: | Edwin Cywinski |

---

## Exhibit 10.9

**Exhibit 10.9**

![](ea026848504_ex10-9img1.jpg)

**AGREEMENT**

**12 March 2026**

**Re: Independent Director Offer Letter – Mr. Kian Woon Yap,**

Dear **Mr. Yap, SunScout Holding Limited**, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall begin upon Company's listing on the NYSE American (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director and such other duties as are reasonably contemplated by you holding office as an independent director of the Company or which may reasonably be assigned to you by the Board from time to time, including being member of the Audit, Renumeration and Nomination committees of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive monthly compensation of USD$5,000, payable on the 16th day of each month commencing one (1) month after the Commencement Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

![](ea026848504_ex10-9img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions**") and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

![](ea026848504_ex10-9img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

**SunScout Holding Limited**

---

| | |
|:---|:---|
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Executive Director and Chief Executive Officer |

---

**AGREED AND ACCEPTED:**

---

| | |
|:---|:---|
| /s/ Kian Woon Yap | /s/ Kian Woon Yap |
| Name: | Kian Woon Yap |

---

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

## Exhibit 10.10

**Exhibit 10.10**

![](ea026848504_ex10-10img1.jpg)

**AGREEMENT**

**12 March 2026**

**Re: Independent Director Offer Letter – Mr. Jaco Pretorius,**

Dear **Mr. Pretorius, SunScout Holding Limited**, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall begin upon Company's listing on the NYSE American (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director and such other duties as are reasonably contemplated by you holding office as an independent director of the Company or which may reasonably be assigned to you by the Board from time to time, including being member of the Audit, Renumeration and Nomination committees of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive monthly compensation of USD$5,000, payable on the 16th day of each month commencing one (1) month after the Commencement Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

![](ea026848504_ex10-10img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

**SunScout Holding Limited**

---

| | |
|:---|:---|
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Executive Director and Chief Executive Officer |

---

**AGREED AND ACCEPTED:**

---

| | |
|:---|:---|
| /s/ Jaco Pretorius | /s/ Jaco Pretorius |
| Name: | Jaco Pretorius |

---

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

## Exhibit 10.11

**Exhibit 10.11**

![](ea026848504_ex10-11img1.jpg)

**AGREEMENT**

**12 March 2026**

**Re: Independent Director Offer Letter – Mr. Albert Mc Lelland,**

Dear **Mr. Mc Lelland, SunScout Holding Limited**, a Cayman Islands limited liability company (the "Company" or "we"), is pleased to offer you a position as an Independent Director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as an Independent Director, this letter agreement (the "Agreement") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall begin upon Company's listing on the NYSE American (the "Commencement Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon the Commencement Date and shall continue for a period of one year from the Commencement Date subject to the provisions in Section 9 below or until your successor is duly elected and qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director and such other duties as are reasonably contemplated by you holding office as an independent director of the Company or which may reasonably be assigned to you by the Board from time to time, including being chairman of the audit committee and member of the Renumeration and Nomination committees of the Board (hereinafter, your "Duties"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Compensation</u>.** As compensation for your services to the Company, you will receive monthly compensation of USD$5,000, payable on the 16th day of each month commencing one (1) month after the Commencement Date.

In addition to the monthly cash retainer, you will also be entitled to receive ordinary shares in the Company with a value equivalent to USD$3,333.33 for each calendar month of service completed (the "Share Compensation"). The Share Compensation will accrue on a monthly basis but will be issued as a single allotment of ordinary shares upon the completion of twelve (12) consecutive months of service, calculated using the fair market value of the Company's ordinary shares at the time of issuance. For the avoidance of doubt, in the event of termination of service or resignation prior to the completion of twelve (12) consecutive months, the Share Compensation accrued through the effective date of such termination or resignation shall be issued on a pro rata basis based on completed months of service.

Expense Reimbursement. The Company shall reimburse Director for reasonable out of pocket expenses incurred in connection with attendance at meetings of the Board of Directors or any committee thereof and in the performance of Director's duties, including reasonable travel and related expenses, in accordance with the Company's applicable policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Policy</u>.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors' insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assignment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "Confidential Information" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentiality</u>.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownership</u>.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know-how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, "**Inventions"**) and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resignation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board (including any failure to elect you for an ensuing term at any annual meeting of the Board).You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("Resignation"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governing Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire Agreement; Amendment; Waiver; Counterparts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>**. The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("Losses"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowledgement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

![](ea026848504_ex10-11img1.jpg)

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

**SunScout Holding Limited**

---

| | |
|:---|:---|
| By: | /s/ Edwin Cywinski |
|  | Edwin Cywinski |
|  | Executive Director and Chief Executive Officer |

---

**AGREED AND ACCEPTED:**

---

| | |
|:---|:---|
| /s/ Albert McLelland | /s/ Albert McLelland |
| Name: | Albert McLelland |

---

4th Floor, Harbour Place \| 103 South Church Street \| Grand Cayman KY1-1002 \| Cayman Islands

## Exhibit 10.12

**Exhibit 10.12**

**License**<br> **Manufacturing**<br> **Agreement**<br>**relating to SunScout (Thailand)**<br> **Limited**<br> **________________________________________**<br>**SunScout Limited (Principal)**<br> **SunScout (Thailand) Limited (Manufacturer)**<br>

License Manufacturing Agreement \| Page 1

---

| | |
|:---|:---|
| **Distribution Agreement** | **Distribution Agreement** |
| **Agreed terms** | **5** |
| **1. Defined terms and interpretation** | **5** |
| 1.1 Defined terms | 5 |
| 1.2 Interpretation | 7 |
| **2. Appointment** | **8** |
| 2.1 Appointment | 8 |
| 2.2 Sales to Customers | 8 |
| 2.3 Non-competition | 9 |
| **3. Term** | **9** |
| 3.1 Term | 9 |
| **4. Principal's obligations** | **9** |
| 4.1 Sale of the Products | 9 |
| 4.2 General | 10 |
| **5. Revenue targets** | **10** |
| 5.1 Acknowledgment of reliance | 10 |
| 5.2 Review of Revenue Targets | 11 |
| 5.3 Failure to meet Revenue Targets | 11 |
| 5.4 Failure of remedy plan | 11 |
| **6. Forecasts and ordering** | **11** |
| 6.1 Forecasts | 11 |
| 6.2 Orders | 12 |
| **7. Delivery and Importation** | **12** |
| 7.1 Delivery of confirmed purchase orders | 12 |
| 7.2 Importation of the Products | 12 |
| **8. Prices and payment** | **12** |
| 8.1 Prices | 12 |
| 8.2 Taxes | 13 |
| 8.3 Invoicing and payment | 13 |
| 8.4 Method of Payment and Currency | 13 |
| 8.5 Interest | 13 |
| 8.6 Bank guarantee | 13 |
| 8.7 No commission | 14 |
| **9. Terms of business** | **14** |
| 9.1 Terms | 14 |
| 9.2 Risk | 14 |
| 9.3 Title | 14 |
| 9.4 Sale as agent | 14 |
| 9.5 Cessation of right to sell | 15 |
| 9.6 Information | 15 |
| 9.7 Rights of the Manufacturer | 15 |
| **10. Quality and returns** | **15** |
| 10.1 Quality | 15 |

---

License Manufacturing Agreement \| Page 2

---

| | |
|:---|:---|
| 10.2 Checking and return of the Products | 15 |
| **11. Compliance with applicable Laws** | **16** |
| 11.1 Performance of obligations subject to applicable laws | 16 |
| 11.2 The Principal's compliance obligations | 16 |
| 11.3 The Principal to obtain permits | 16 |
| **12. Reports and meetings** | **17** |
| 12.1 Monthly sales report | 17 |
| 12.2 Six monthly report | 17 |
| 12.3 Meetings | 17 |
| 12.4 Contact person | 18 |
| **13. Warranties** | **18** |
| 13.1 No warranties regarding the Products | 18 |
| 13.2 Mutual warranties | 18 |
| **14. Intellectual Property Rights** | **18** |
| 14.1 Ownership | 18 |
| 14.2 Use of Intellectual Property Rights | 18 |
| 14.3 The Manufacturer's conduct | 19 |
| 14.4 Infringement | 19 |
| 14.5 Compliance | 20 |
| **15. Confidentiality** | **20** |
| 15.1 Confidentiality | 20 |
| 15.2 Exclusions | 21 |
| 15.3 Further acknowledgment | 21 |
| 15.4 Personnel | 21 |
| 15.5 Return of information | 21 |
| **16. Liability** | **22** |
| 16.1 The Manufacturer's exclusion of liability | 22 |
| 16.2 The Manufacturer's limitation of liability | 22 |
| 16.3 The Principal's indemnity | 22 |
| 16.4 Exception | 22 |
| 16.5 Indemnity Claim | 23 |
| 16.6 Conduct of Indemnity Claim | 23 |
| 16.7 The Manufacturer's reputation | 23 |
| 16.8 Mitigation | 23 |
| **17. Force majeure** | **23** |
| 17.1 Event | 23 |
| 17.2 Termination | 24 |
| **18. Termination** | **24** |
| 18.1 Termination | 24 |
| 18.2 Conduct upon termination | 24 |
| 18.3 Outstanding orders | 25 |
| 18.4 Remittance of funds | 25 |
| 18.5 Survival | 25 |
| **19. Notices** | **25** |
| 19.1 Form of Notice | 25 |
| 19.2 Deemed receipt | 25 |

---

License Manufacturing Agreement \| Page 3

---

| | |
|:---|:---|
| **20. Dispute resolution** | 26 |
| 20.1 No proceedings | 26 |
| 20.2 Dispute Notice | 26 |
| 20.3 Referral to chairpersons | 26 |
| 20.4 Mediation | 26 |
| **21. General** | **26** |
| 21.1 Governing Law | 26 |
| 21.2 Assignment and subcontracting | 26 |
| 21.3 Waiver | 26 |
| 21.4 Further Assurances | 27 |
| 21.5 Independent contractor | 27 |
| 21.6 Entire agreement | 27 |
| 21.7 Severable provision | 27 |
| 21.8 Counterparts | 27 |
| **Schedule 1 - Reference Terms** | **28** |
| **Schedule 2 - Intellectual Property** | **29** |
| **Schedule 3 - Customers** | **34** |
| **Schedule 4 - The Products** | **35** |
| **Schedule 5 - Prices** | **37** |
| **Signing page** | **38** |

---

License Manufacturing Agreement \| Page 4

---

| | |
|:---|:---|
| **Details** |  |
| **Date** | **01.05.2024** |
| **Parties** |  |
| Name | **SunScout Limited** |
| Short name | **Principal** |
| Notice details | 83 Johnstone Drive, Palmerston North 4410, New Zealand |
| Email | info@sunscout.co.nz |
| Attention | Edwin Cywinski |
| Name | **SunScout (Thailand) Limited** |
| Short name | **Manufacturer** |
| Notice details | Abdulrahim Place #2804, 990 Rama IV Road, Bangkok 10500, Thailand. |
| Email | angkana@hoffenasia.com |
| Attention | Angkana Jermphiphut |

---

**Background**

A The Principal has developed proprietary technology which is embedded in its Products and the Products are sold and distributed globally.

B The Principal wishes to appoint the Manufacturer as the exclusive manufacturer of the Products in the Territory.

C The parties have agreed to enter into this Agreement to set out the terms and conditions on which the Manufacturer will act as a manufacturer of the Products in the Territory.

**Agreed terms**

**1.** **Defined terms and interpretation** 

**1.1** **Defined terms** 

In this Agreement, unless the context otherwise requires:

**Agreement** means this agreement including all of its schedules.

**Business Day** means any day of the week, other than a Saturday or a Sunday, on which registered banks are open for business in Thailand.

**Confidential Information** means the Principal Confidential Information and/or the Manufacturer Confidential Information.

**Commencement Date** means the date specified in Schedule 1 as the Commencement Date.

**Contract Period** means the term of this Agreement specified in Schedule 1 as the Contract Period.

**Customers** means the customers specified in Schedule 3

**Manufacturer Confidential Information** means information that is not Principal Confidential Information and that the Manufacturer notifies to the Principal as being confidential.

License Manufacturing Agreement \| Page 5

**Force Majeure Event** affecting a party means anything outside that party's reasonable control which adversely affects that party's ability to perform its obligations under this Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an act of God or public enemy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) natural disasters, including earthquakes, volcanic eruptions,
floods, storms and lightning strikes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) explosions, fires, destruction of machines, destruction of
factories, and of any kind of similar installations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) adverse weather conditions for which provisions could not
reasonably have been made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) sabotage, riot, civil disturbance, insurrection, epidemic,
national emergency (whether in fact or Law) or act of war (whether declared or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an act or omission of any officer or agent of any Government
Authority not directly or indirectly arising from any act or omission by the party, its agents, representatives or advisors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) governmental restraint, expropriation, prohibition, intervention,
direction or embargo; and

**Government Authority** means any national, local or regional body, government or other regulatory authority or officer having jurisdiction or authority over or in respect of the Territory and/or the Products.

**Incoterms 2020** means the International Chamber of Commerce <u>official rules</u> for the interpretation of trade terms, as amended from time to time.

**Insolvency Event** means, in relation to a party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a liquidator is appointed in respect of the party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a receiver, administrator, trustee and manager (or any of
them) (including a statutory manager) is appointed in respect of all or any of its property and such receiver or administrator fails,
within 30 days of his or her appointment, to advise the other party that the receiver or administrator will adopt and comply with the
terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that party is, becomes, or is deemed to be, bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that party makes an assignment for the benefit of, or enters
into or makes any arrangement or composition with, its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a resolution is passed, or any proceeding is commenced, for
the winding up or liquidation of that party (other than for the purposes of a solvent reconstruction); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any event analogous to the events described in (a) – (e) occurs in relation to that party
 under the laws of the Territory.

**Intellectual Property Rights** means all rights and interests in and to the trade marks, inventions, patents, designs, copyrights, moral rights, plant variety rights, database rights, know-how and confidential information, business names, trade names, service marks, trade dress and livery, domain names, layout designs, software (including, without limitation, in source and object codes) and any similar rights in any part of the world, including any registration of such rights and applications for such registrations.

License Manufacturing Agreement \| Page 6

**Law** means any statute, regulation, bylaw, ordinance or subordinate legislation in force from time to time, the common law and the law of equity (if applicable), and any applicable direction, policy, permission, consent, licence, rule, undertaking or order over or in respect of the Territory and/or the Products that is binding on a party and that is made or given by any Government Authority.

**Products** means the products which are to be distributed by the Distributor pursuant to the terms of this Agreement, particulars of which are set out in Schedule 4, together with any other products as may be agreed in writing by the parties from time to time.

**Product Specifications** means the specifications for each Product, as set out in Schedule 4.

**Related Person** means any person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the Principal or the Manufacturer (as the context requires). A person controls another person if the person, directly or indirectly, has the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appoint a majority of the directors or trustees of the
other person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise direct or cause the direction of the management,
policies or powers of the other person,

whether through the ownership of voting securities, by deed of trust, by appointment of directors or trustees, by contract or otherwise.

**Revenue Targets** means the targets for sales of the Products in the Territory by the Suppier set out in accordance with clause 5.1(b) and specified in Schedule 1, or agreed under clause **Error! Reference source not found.** or 5.2.

**Principal Confidential Information means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all information, know-how and Intellectual Property Rights
in relation to the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all information concerning the business and affairs of the
Principal which is obtained or received by the Distributor as a result of the discussions leading up to, the entering into or the performance
of this Agreement, and the existence and terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all information provided by the Principal to the Manufacturer
under clause 12; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all other information treated by the Principal as confidential,
including all trade secrets, formulas, processes, ideas and inventions, specifications, designs, financial or business information, market
research and pricing strategies,

regardless of its form and whether the person receiving the information becomes aware of it before or after the date of this Agreement.

**Term** means the term of this Agreement as set out in clause 3.1.

**Territory** means the territories specified in Schedule 1.

**Trade Marks** means the trade marks specified in Schedule 2.

**Trade Term** means a trade term specified in Incoterms 2020 and set out in Schedule 1.

**1.2** **Interpretation** 

In this Agreement, unless the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing one gender include any other gender;

License Manufacturing Agreement \| Page 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the singular include the plural and vice
versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms "including", "includes" and
"include" include the words "without limitation" after those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a reference to a document or instrument includes the document
or instrument as novated, amended or replaced from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reference to a person includes the Principal, the Manufacturer,
other corporations, body of persons (whether incorporated or unincorporated), partnership, governmental or local authority or agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to clauses, paragraphs and Schedules are references
to clauses and paragraphs of, and Schedules to, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Schedules, and the provisions in such Schedules, have
the same effect as if set out in the body of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where words or expressions are defined, other parts of speech
and grammatical forms of that word or expression have corresponding meanings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reference to dollars, US$ or $ is a reference to USA currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if a day on or by which an obligation must be performed or
an event must occur is not a Business Day, the obligation must be performed or the event must occur on or by the next Business Day;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any reference to any statute or regulations is a reference
to that statute or those regulations as amended or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reference to "Trade Marks" is to all of them
or any of them as the context requires; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) an obligation not to do something includes an obligation
not to permit or assist any other person to do so, whether directly or indirectly.

**2.** **Appointment** 

**2.1** **Appointment** 

The Principal hereby appoints the, and the Manufacturer accepts the appointment, as the exclusive Manufacturer of the Products in the Territory, subject to the terms and conditions of this Agreement.

**2.2** **Sales to Customers** 

Notwithstanding the provisions of clause 2.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Principal reserves the exclusive right to market and
sell the Products in the Territory directly to the Customers. Except where clause 2.2(b) applies the Manufacturer will not sell or attempt
to sell any of the Products to the Customers, unless the Manufacturer has first obtained the Principal's prior written consent to do
so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Principal may, if it is unable to do so itself, request
the Manufacturer to sell the Products to a Customer and the Manufacturer shall comply with that request unless, and then only to the
extent, it does not have a sufficient quantity of the Products available for supply to the relevant Customer. The price charged to the
Customer for such of the Products will be as agreed by the Principal and the Manufacturer on a case by case basis.

License Manufacturing Agreement \| Page 8

**2.3** **Non-competition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer shall not promote, distribute or sell its
own or any third party products in the Territory which compete with the Products, or which are of the same or a similar type or description
as the Products, unless the Manufacturer has requested and obtained the Principal's prior written consent to do so (which the Principal
may grant or withhold at its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any consent granted by the Principal under clause 2.3(a)
shall be limited to the specific product or products in respect of which the consent is granted and, in granting its consent, the Principal
shall be entitled to impose any condition it deems fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manufacturer acknowledges that when selling products
of the same or a similar type or description as the Products (as permitted under this clause 2.3), the Manufacturer will give priority
to the Products.

**3.** **Term** 

**3.1** **Term** 

This Agreement commences on the Commencement Date and remains effective perpetually.

---

| | |
|:---|:---|
| **4** | **Principal's obligations** |

---

**4.1** **Sale of the Products** 

The Principal will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times act in good faith and use its best endeavours
to [increase and maximise/actively promote] the sale of the Products within the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase the Products, distributed in the Territory, only
from the Manufacturer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) attend regular meetings with the Manufacturer and provide
reports as set out in clause 12;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) comply with all applicable Laws, regulations, standards,
awards, ordinances, by-laws or orders applicable to any aspect of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) maintain in the Territory a knowledgeable, experienced, skilled,
competent and efficient team of people to handle the marketing, sale, delivery and merchandising of the Products throughout the Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) use its best endeavours to keep the Manufacturer informed
of competitor's prices and products similar to the Products sold in the Territory, import tariffs, local taxes and any other information
that may be useful to the Manufacturer in connection with the sale of the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) maintain an efficient and regular service for the distribution,
delivery and sale of the Products throughout the Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) sell the Products in the Territory at prices determined by
the Principal after consultation with the Manufacturer with the aim of optimising sales of the Products in the Territory (in a manner
consistent with the Principal's marketing and brand position) and the Manufacturer's revenue from its role under this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) implement trade and consumer promotional activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not enter into any arrangement with any sub-manufacturer,
or third party for the manufacturing of Products for distribution in the Territory;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) promptly provide the Manufacturer with details of any complaint
received by the Principal relating to the Products and inform the Manufacturer immediately of any reported or suspected problems arising
from or in relation to the manufacturing of the Products, and assist the Manufacturer with any enquiries concerning a reported or suspected
problem.

**4.2** **General** 

The Manufacturer will at all times:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain sufficient inventory of the Products to meet its
customers' orders of the Products, based on the Principal's estimate of its customers' requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use, and use its best endeavours to ensure that all third
parties supplied by the Manufacturer use, appropriate rotation, storage and merchandising procedures for the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) store the Products only in storage facilities that are enclosed,
secure, weatherproof, that protect the Products from damage and that incorporate standards of safety and protection against theft and
fire that are reasonable taking into account generally accepted industry standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) permit the Principal or its duly authorised representatives,
on reasonable notice and during normal business hours, to enter the Manufacturer's premises or any other location at which the Products
are stored and inspect the condition of the Products and otherwise inspect the facilities where such the Products are stored;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) regularly update the Principal on any significant development
or trend in relation to the Products manufacturing cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) consult with the Principal on, and provide the Principal
with, all inventory and stock rotation policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) conduct its business operations in accordance with the highest
business standards and in a manner to reflect credit on the Principal and the Manufacturer and in accordance with all applicable Laws
and requirements of any Government Authority;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) request guidance from the Principal about any information
or detail regarding the quality or composition of the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not incur any costs or expenses on behalf of the Principal,
except with its express written approval.

**5.** **Revenue targets** 

**5.1** **Acknowledgment of reliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal acknowledges that the Manufacturer has entered
into this Agreement in reliance on the Principal's representations that it will be able to meet the Revenue Targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Principal will use its best endeavours to meet and exceed
the Revenue Targets set out in Schedule 1.

License Manufacturing Agreement \| Page 10

**5.2** **Review of Revenue Targets** 

If the Principal fails to meet a Revenue Target, and the Principal provides evidence which shows that the failure was directly attributable to delays or failures by the Manufacturer to deliver the Products, then the Principal and the Manufacturer will meet and, acting reasonably and in good faith, seek to agree revised Revenue Targets for that year and future years taking into account the delayed and failed deliveries.

**5.3** **Failure to meet Revenue Targets** 

If the Principal fails to meet a Revenue Target on one or more occasions for 6 consecutive months, unless the failure was the result of a Force Majeure Event or the Manufacturer reasonably anticipates that the Principal will fail to meet a Revenue Target, the Manufacturer may give notice in writing to the Principal, setting out the nature of the Manufacturer's concerns (**Revenue Target notice**). On receipt of the Revenue Target notice, the Principal will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) meet with the Manufacturer to review the reasons why the
Principal did not meet, or is unlikely to meet (as applicable), the Revenue Target;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if requested by the Manufacturer, prepare and submit to the
Manufacturer for its approval (not to be unreasonably withheld) a remedy plan setting out how the Principal considers the likely failure
to meet the Revenue Target, and/or any future failure to meet a Revenue Target, can be avoided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Manufacturer approves the plan submitted under
clause 5.3(b), comply with that plan, together with any other requirements notified by the Manufacturer (acting reasonably).

**5.4** **Failure of remedy plan** 

If following 6 months of the Principal's receipt of a Revenue Target notice, the Manufacturer is not confident that the Principal will meet the Revenue Target,] the Manufacturer may do any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) terminate this Agreement by giving 3 months' written notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) terminate the exclusive nature of this Agreement and appoint
one or more other Distributors within the Territory in addition to the Principal;] or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) withdraw all or any discounts in respect of the Products
previously agreed between the parties for the next 12 month period.

**6.** **Forecasts and ordering** 

**6.1** **Forecasts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal shall, on the 3rd Business Day of the first
month immediately following the date this Agreement is signed, deliver to the Manufacturer an initial written forecast of its monthly
requirements for the Products for the period of 6 months following that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By the 3rd Business Day of each subsequent month, the Principal
will deliver to the Manufacturer an updated written forecast of its monthly requirements for the Products for the following 6 month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Principal shall act in good faith and use its best endeavours
to provide the Manufacturer with accurate forecasts. However, the parties acknowledge that forecasts provided under this clause 6.1 are
estimates only and the Principal shall not be obliged to purchase the quantity of the Products forecast

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**6.2** **Orders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal shall order the Products by delivering purchase
orders to the Manufacturer for the Manufacturer's acceptance in accordance with the procedure agreed by the Principal and the Manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchase orders shall specify the type and quantity of the
Products ordered, the delivery details for the purchase order, the date the Products are required to be delivered and other relevant
information or instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manufacturer will endeavour to ensure that the lead time
(i.e. the time between a requested delivery date and the Manufacturer's receipt of a purchase order) is as long as practicable, but in
any event no shorter than 12 weeks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manufacturer will, no later than 5 Business Days after
the Manufacturer receives the purchase order, notify the Principal whether the Manufacturer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accepts the purchase order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) proposes changes to the purchase order, in which case the
Principal and the Manufacturer will endeavour to agree changes to the purchase order as soon as practicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) declines the purchase order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Failure by the Manufacturer to give notice under clause 6.2(d)
does not represent or imply acceptance of a purchase order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A purchase order will not be binding unless and until its
acceptance has been confirmed in writing to the Manufacturer by the Principal.

**7.** **Delivery and Importation** 

**7.1** **Delivery of confirmed purchase orders** 

The Manufacturer will despatch the Products in confirmed purchase orders within a reasonable timeframe so as to enable the Products to leave or arrive at the place nominated in the purchase order by the nominated date and mode of transport set out in the purchase order.

**7.2** **Importation of the Products** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer for the import of the Products into the
Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manufacturer shall be liable for any taxes, duties, levies,
import charges and any other fees or costs relating to the export of the Products from Thailand or the import of the Products into the
Territory.

**8.** **Prices and payment** 

**8.1** **Prices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The prices for the Products are those specified in the Manufacturer's
price list at the time the Manufacturer confirms its acceptance of a purchase order, which as at the date of this Agreement are set out
in Schedule 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manufacturer will give the Principal no less than 30
days' prior written notice of any changes to the prices of the Products.

License Manufacturing Agreement \| Page 12

**8.2** **Taxes** 

The prices are exclusive of all sales or any other taxes, duties or levies applicable to the Products and payable in Thailand. All such taxes, duties or levies are the Principal's responsibility. The Principal is not entitled to withhold or deduct from any amount payable to the Manufacturer under this Agreement on account of any taxes, duties or levies. The Manufacturer may charge the Principal any taxes (including any goods and services or value-added taxes), duties, levies, tariffs, charges, fees or other costs which it incurs (whether incurred in the Territory, the tax jurisdiction of the Manufacturer, or elsewhere) in connection with the sale of the Products to the Principal (but not including any taxes imposed on the Manufacturer's overall net income).

**8.3** **Invoicing and payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer will provide the Principal with a written
invoice in US$ for all the Products supplied (and any other taxes, duties, levies, charges, fees or other costs or amounts that are payable
by the Principal to the Manufacturer) no later than 3 days after the end of a month for all the Products shipped by the Manufacturer
in that month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Principal shall pay invoices issued by the Manufacturer
in full no later than 14 days after receipt of a valid invoice.

**8.4** **Method of Payment and Currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal will pay all invoices in US$ by irrevocable
electronic funds transfer to an account nominated by the Manufacturer (or such other means as is agreed to by the parties). The Principal
shall comply at all times with any currency and exchange regulations applying to the payment of invoices for the Products.

**8.5** **Interest** 

If the Principal fails to pay any amount due to the Manufacturer by the due date for payment, the Manufacturer is entitled (without prejudice to any other right or remedy it may have whether under the terms of this Agreement or at Law) to charge interest on the outstanding amount at the rate of 5 per cent per annum (net of any withholding taxes that may apply on the interest) above the Manufacturer's bank's overdraft rate in force from time to time, calculated on a daily basis from the date the payment became due until the date actual payment is made in full.

**8.6** **Bank guarantee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer may require the Principal to put in place,
with a bank satisfactory to the Manufacturer, an unconditional bank guarantee in favour of the Manufacturer, and the Principal shall
put the bank guarantee in place as soon as requested by the Manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the bank guarantee shall be determined by
the Manufacturer but shall not exceed the Principal's credit limit set by the Manufacturer at the time of the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a bank guarantee is in place, the Manufacturer may enforce
the bank guarantee (in whole or in part) if the Principal fails to pay any invoice when due. In doing so, the Manufacturer may recover
any amount that is due to it from the Principal under this Agreement (including interest on unpaid amounts and any costs or expenses
incurred by the Manufacturer in relation to the unpaid amounts).]

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**8.7** **No commission** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer shall not make any claim against the Principal
or its Related Persons for any commission, fee or other payment relating to the sale of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manufacturer agrees and accepts that its sole compensation
for the sale of the Products will be the profits it makes from such sales of the Products in accordance with this Agreement.

**9.** **Terms of business** 

**9.1** **Terms** 

Except to the extent that it is inconsistent with this Agreement, the Trade Term shall apply to all purchase orders unless otherwise agreed in a purchase order.

**9.2** **Risk** 

The risk in the Products will pass to the Principal at the time the Products are [delivered by the Manufacturer to the Principal.

**9.3** **Title** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Title in the Products for which the Manufacturer has accepted
a purchase order does not pass to the Principal until the Manufacturer has received the purchase price in full in accordance with this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Until title in the Products passes to the Principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Principal is a bailee of the Products only, and acquires
no legal or beneficial right in the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Principal will not supply or resell the Products to any
person other than in the ordinary course of the Principal's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Principal supplies or resells the Products to
any person, then the Principal holds all proceeds of such supply or resale of the Products in a separate account on trust for, and as
fiduciary for, the Manufacturer immediately after they are received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Principal must ensure that the Products are stored separately
from any other Products and in a manner which makes them readily identifiable as the Manufacturer's Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Principal will not give, permit or allow any person
to have or acquire a security interest in the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Principal will insure the Products for their full replacement
value with an insurer approved by the Manufacturer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Principal will not remove, cover or deface any identifying
mark on the Products.

**9.4** **Sale as agent** 

Subject to this clause 9, the Principal is permitted by the Manufacturer to agree to sell the Products in which title has not yet passed to the Principal on the express condition that such an agreement to sell shall specify that the Principal is selling the Products as agent of, and bailee for, the Manufacturer.

License Manufacturing Agreement \| Page 14

**9.5** **Cessation of right to sell** 

The Principal's right to possession of, and its authority to sell, the Products ceases immediately prior to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Insolvency Event; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a landlord entering into possession of any premises occupied
by the Principal.

**9.6** **Information** 

The Principal will keep full details and inventory of the Products it holds and make this information available to the Manufacturer (or its representatives) on request.

**9.7** **Rights of the Manufacturer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an event described in clause 9.5 occurs, the Manufacturer
(or its representatives) may enter upon any premises occupied by the Principal where the Products are stored or where they are reasonably
thought to be stored for the purpose of recovery of the Products and may repossess the same without hindrance by the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Principal hereby irrevocably grants to the Manufacturer
a right of access to enter onto premises occupied by the Principal for the purpose of recovery of such Products.

**10.** **Quality and returns** 

**10.1** **Quality** 

The Products delivered to the Principal shall comply with the relevant Product Specifications.

**10.2** **Checking and return of the Products** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 5 Business Days after the Products are deemed
to be delivered to the Principal in accordance with the purchase order, the Principal may inspect all or a sample of the Products to
determine whether the Products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conform with the Product Specifications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) are of the type and quantity specified in the relevant confirmed
purchase order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, following an inspection of the Products, the Principal
discovers that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Products delivered do not conform with the Product Specifications;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the type and quantity of the Products delivered do not conform
with the type and quantity specified in the relevant confirmed purchase order,

(in either case, a "**Non-Conforming Delivery**") the Principal must immediately notify the Manufacturer of the details of the non-conformance (a "**Non-Conforming Delivery Notice**) and provide such evidence as the Manufacturer reasonably requires of the non-conformance, but in any event no later than 10 Business Days after the Products are deemed to be delivered to the Principal in accordance with the order.

License Manufacturing Agreement \| Page 15

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Supplier receives a Non-Conforming Delivery Notice,
the Supplier will, at its option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of the Products that do not meet the Product Specifications
or that are not the Products specified in the relevant confirmed purchase order, arrange for the affected Products to be returned to the Manufacturer
at the Manufacturer's expense and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) replace the Products that are returned with conforming or
the correct Products (as the case may be); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) reimburse the Principal for the price of the Products that
are returned (if the Principal has paid the relevant invoice) or issue a credit note for the price of the Products returned (if the Principal
has not paid the relevant invoice); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) offer the Principal:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a discount on the price of the non-conforming Products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a refund of the Products that are missing from the delivery;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the option to pay the price for the incorrect Products that
were delivered instead of the price for the Products that were supposed to be delivered,

in which case the option chosen by the Principal shall represent the Principal's sole remedy for the non-conformance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Principal's sole remedy for any Non-Conforming Delivery
is the remedy set out in this clause 10.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Products will be deemed to be accepted at the close of the 10<sup>th</sup> Business Day after
 the Products are deemed to be delivered to the Principal in accordance with the purchase
 order, unless a notice of Non-Conforming Delivery Notice has been given pursuant to clause
 11.2(b) prior to that date.

**11.** **Compliance with applicable Laws** 

**11.1** **Performance of obligations subject to applicable laws** 

Any obligation to be performed in accordance with this Agreement shall apply only to the extent that such obligation is not inconsistent with applicable Laws in the Territory.

**11.2** **The Principal's compliance obligations** 

The Principal shall comply with all applicable Laws in the Territory which relate to the purchase, importation, promotion, marketing, storage, packaging, labelling, distribution and sale of the Products and to the performance of its obligations under this Agreement.

**11.3** **The Principal to obtain permits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of giving effect to clause 11.1, the Principal
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) hold and maintain in good standing any necessary licences,
permits, authorisations, consents, registrations and approvals required by or from any Government Authority in connection with the purchase,
importation, promotion, marketing, storage, packaging, labelling, distribution and sale of the Products in the Territory and to the performance
of the Principal's obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply in its own name or in the name of the Supplier (but
only with the prior written authorisation of the Supplier) for any necessary health registrations, consents, authorisations, licences,
permits or approvals, or renewals of them, required by health authorities or any other Government Authority in connection with the activities
to be performed under this Agreement.

License Manufacturing Agreement \| Page 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise agreed in writing, the costs of obtaining
and maintaining any such licences, permits, authorisations, approvals, registrations and consents referred to in clause 11.3(a) shall
be met by the Principal.

**12.** **Reports and meetings** 

**12.1** **Monthly sales report** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Principal will, by the 5<sup>th</sup> Business Day of each month, when providing the forecast
 required under clause 6.1, submit to the Manufacturer a written sales report detailing sales
 of the Products by the Principal for the previous calendar month and for the year to date,
 and such other information as the Manufacturer may reasonably request in respect of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The form of the report shall be as agreed by both parties
or, if agreement cannot be reached, in the form specified by the Principal.

**12.2** **Six monthly report** 

The Principal will, by the fifth Business Day of March and September in each year, submit to the Manufacturer a written report containing the following information in respect of the previous six calendar months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) analysis of sales for each Product by the i compared with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the initial forecast prepared in accordance with clause 6.1
which was submitted at the beginning of the relevant six month period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sales results for the corresponding period in the previous
year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) changes in the market for the Products in the Territory and
the structure of that market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) customer feedback regarding the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) analysis of economic, market, political or legal information
considered by the Principal as relevant to marketing and sales of the Products in the Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the position of like products sold by competitors of the
Manufacturer in the Territory and the competitors' market shares and pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such other matters as are reasonably requested by the Manufacturer
from time to time.

**12.3** **Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Representatives of the parties will meet regularly to discuss
matters raised by either party in relation to this Agreement and each party's performance of its obligations under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The meetings shall take place at such dates, times and places
as are agreed by the parties or, if a date, time and place cannot be agreed, then at such dates, times and places as are reasonably specified
by the Manufacturer, but in any event not less than once every six months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party will provide the other with a written notice of
the matters that party wishes to discuss at such meetings no less than 14 Business Days before each meeting.

License Manufacturing Agreement \| Page 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties will ensure that their representatives who attend
such meetings have the relevant knowledge and authority in relation to matters to be discussed at such meetings and to agree any actions
decided on at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the parties agree to meet in person to discuss any matter
relating to this Agreement, each party will bear its own costs in relation to travelling to, and attending such meetings.

**12.4** **Contact person** 

Each party must nominate a person to be the principal point of contact between them in relation to matters arising under this Agreement.

**13.** **Warranties** 

**13.1** **No warranties regarding the Products** 

Except as expressly provided in this Agreement, and to the full extent permitted by law, the Supplier expressly excludes all express or implied warranties and representations regarding the Products and their use (including without limitation their merchantability or fitness for any particular purpose).

**13.2** **Mutual warranties** 

Each party warrants to the other that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution and delivery of this Agreement has been properly
authorised by all necessary corporate action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has full corporate power and lawful authority and the
legal power to execute and deliver this Agreement and to perform or cause to be performed its obligations under this Agreement.

**14.** **Intellectual Property Rights** 

**14.1** **Ownership** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer acknowledges and agrees that all existing
and future Intellectual Property Rights that relate to or subsist or reside in the Trade Marks and the Products (including any improvements
to the Products) are the sole property of the Principal or a Related Person of the Principal. All goodwill arising from the use of the
Trade Marks by the Manufacturer accrues for the exclusive benefit of the Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specified in clause 14.2, the Manufacturer acknowledges
and agrees that it has no rights in respect of any Intellectual Property Rights that relate to or subsist or reside in the Products.

**14.2** **Use of Intellectual Property Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Principal grants the Manufacturer a personal, non-transferable,
revocable, royalty free licence to use the Intellectual Property Rights solely to the extent necessary for the Manufacturer to manufacture
and supply the Products to the Principal and/or its nominated distributors in the Territory during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manufacturer will not transfer, assign or sub-licence
any of its rights under clause 14.2(a).

License Manufacturing Agreement \| Page 18

**14.3** **The Manufacturer's conduct** 

The Manufacturer will use the Trade Marks solely for the purposes set out in clause 14.2(a) and in relation to the Trade Marks will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) faithfully reproduce the Trade Marks on all display advertising,
property, vehicles and stationery in the manner stipulated by the Principal and in accordance with the Principal's directions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) submit to the Principal in full colour all proposed use of

Marks, get-up designs and display advertising and the like are used, shall obtain the prior written approval of the Principal for their
use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) at all times ensure and maintain the distinctiveness and
reputation of the Trade Marks (as determined by the Principal) and the Manufacturer shall cease or modify any use of the Trade Marks
not consistent with such requirements as the Principal may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ensure that, if requested by the Principal, use of the Trade
Marks is accompanied by words indicating that the Trade Marks are the registered trade marks of the Principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) not at any time do, or permit to be done, any act or thing
which will in any way impair the rights and title of the Principal and/or its Related Persons in and to the Trade Marks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) not include the Trade marks in whole or part in any company
name, business name, domain name or similar thing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) not during or after the Term, directly or indirectly, challenge
or contest, or call into question, or raise any question concerning the validity or ownership of the Trade Marks or any registration
or registrations of the Trade Marks in the Territory or elsewhere;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not during or after the Term, directly or indirectly, register
or obtain for its own or another's use such trade marks or other designs or names similar to the Trade Marks in connection with its own
business or otherwise, without the prior written consent of the Principal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) make use of the Trade Marks only for the purposes authorised
in this Agreement and not in any other way, in particular, shall not use the Trade Marks in any way which would tend to allow them to
become generic, lose their distinctiveness, become liable to mislead the public, or be materially detrimental to or inconsistent with
the good name, goodwill, reputation and image of the Principal and its Related Persons.

**14.4** **Infringement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manufacturer will promptly notify the Principal in writing
of any possible infringement or illegal use of the Trade Marks or any other Intellectual Property Rights that relate to or subsist or
reside in the Products of which the Manufacturer becomes aware, and in doing so will provide the Principal with all relevant information
regarding the possible infringement or illegal use at the reasonable cost of the Manufacturer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Principal has the right but no obligation, at its own
expense, to commence proceedings or take other action in the Territory regarding the possible infringement or illegal use of a Trade
Mark or any of its other Intellectual Property Rights. Any money paid or damages or costs awarded as a result is for the Principal's
benefit. The Manufacturer will give the Principal any assistance reasonably requested by the Principal in relation to any proceedings
commenced or other action taken in the Territory regarding the possible infringement or illegal use of a Trade Mark or any of the Supplier's
other Intellectual Property Rights.

License Manufacturing Agreement \| Page 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manufacturer will not commence proceedings or take any
other action in the Territory against a third party for possible infringement or illegal use of a Trade Mark or any of the Principal's
other Intellectual Property Rights in the Territory without the Principal's prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manufacturer will promptly notify the Principal in writing
if the Manufacturer becomes aware that use of any of the Trade Marks or Intellectual Property Rights that relate to or subsist or reside
in the Products or the sale or offer for sale of the Products infringes or allegedly infringes the intellectual property rights of a
third party. The Manufacturer will not make any admissions or enter into any settlement or take any substantive step in connection with
any such infringement or alleged infringement. The Manufacturer will co-operate with the Principal's reasonable requests [at the expense
of the Principal in taking all steps as the Principal may consider advisable or necessary.

**14.5** **Compliance** 

Notwithstanding any provision in this Agreement to the contrary, the Manufacturer shall be solely responsible for ensuring that use of the Trade Marks by the Manufacturer in the Territory complies with all legal, statutory, regulatory and other requirements.

**15.** **Confidentiality** 

**15.1** **Confidentiality** 

Each party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) agrees
 that all Confidential Information and trade secrets (including without limitation, the terms
 of this Agreement) communicated to one party (**Recipient Party**) by the other party
 (**Disclosing Party**) whether before or after the Commencement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is strictly confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will be used by the Recipient Party only for the purposes
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will not be disclosed to any third party without the prior
written consent of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remains the property of the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will take the same measures (being not less than reasonable
measures) to protect the Disclosing Party's Confidential Information in its possession as it takes to protect the confidentiality of
its own information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in particular, acknowledges and agrees that it is relying
on these confidentiality provisions to protect its own, and the other party's, strategic and other business information.

License Manufacturing Agreement \| Page 20

**15.2** **Exclusions** 

The confidentiality obligations in clause 15.1 do not apply to any Confidential Information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was, or after the Commencement Date becomes, generally available
to the public through no fault of the Recipient Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was, prior to the time of disclosure, already in the possession
of the Recipient Party without an obligation of confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is, after the time of disclosure, lawfully received from
a third party under no secrecy obligation to the Disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is required to be disclosed by court order or any Law, or
to the extent relevant, is disclosed to any stock exchange to the extent that such disclosure is required pursuant to the listing rules
of that stock exchange, provided that, to the extent consistent with enabling the Recipient Party to discharge obligations under any
applicable Law or regulatory requirements in full and on time, the Disclosing Party first having the opportunity to review or comment
on the formal content of the proposed disclosure; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is independently developed by the Recipient Party without
using the Disclosing Party's Confidential Information.

**15.3** **Further acknowledgment** 

In particular, and without limiting clause 15.1, the parties acknowledge and agree that in the performance of this Agreement they and their personnel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) may have access to third party confidential information and
intellectual property provided to the other party as part of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall treat that third party confidential information and
intellectual property as if it were Confidential Information under this Agreement.

**15.4** **Personnel** 

Each party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) advise its personnel who receive the Disclosing Party's Confidential
Information of its confidential nature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that such personnel who receive any Confidential Information
comply with the confidentiality provisions of this clause 15; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be responsible for the acts and omissions of such personnel
in relation to the confidentiality obligations of this clause 15.

**15.5** **Return of information** 

Upon the effective date of termination or expiry of this Agreement, each party shall, as soon as reasonably possible but within 20 Business Days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) return to the Disclosing Party (without keeping or making
any copy); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the option of the Disclosing Party, destroy,

all Confidential Information furnished by or obtained from the Disclosing Party in connection with this Agreement and still in its possession, except for information which the Disclosing Party agrees in writing can be retained or is retained for archival purposes.

License Manufacturing Agreement \| Page 21

**16.** **Liability** 

**16.1** **The Manufacturer's exclusion of liability** 

To the maximum extent permitted at Law, the Manufacturer is not liable to the Principal for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any indirect or consequential loss or damage, loss of revenue,
loss of profit, loss of business opportunity, loss of goodwill or loss of anticipated savings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) personal injury of any person,

suffered or incurred by the Principal due to the Manufacturer's negligence, any breach of this Agreement by the Manufacturer, or that arises in any way in relation to the supply or failure to supply the Products to the Principal.

**16.2** **The Manufacturer's limitation of liability** 

To the maximum extent permitted at Law, the Manufacturer's liability to the Principal under or in relation to this Agreement and the Products (including for negligence) is limited:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any event or series of related events, to $1,000,000
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for all events or series of related events occurring in any
period of 12 consecutive months, to the total amount paid by the Principal to the Supplier in that 12 month period.

**16.3** **The Principal's indemnity** 

The Principal will indemnify and keep the Manufacturer indemnified against all losses, claims, damages, costs, liabilities, proceedings, actions, demands and expenses (including legal expenses incurred in defending and/or resisting the same) (together, **Damages**) made against or incurred or suffered by the Manufacturer, including in relation to claims, proceedings, actions or demands of third parties, resulting from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a breach by the Principal of the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any act or omission of the Principal or any of its personnel
in connection with this Agreement, whether negligent or not, affecting a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any negligent, wilful, reckless or unlawful act or omission
of the Principal or any of its personnel in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any injury or death to the Supplier's personnel arising
out of or in connection with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) loss or damage to physical property caused by an act or omission
of the Principal or its personnel.

**16.4** **Exception** 

The indemnity in clause 16.3 does not apply to the extent that the Damages are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any negligent, wilful, reckless or unlawful act or omission
of the Manufacturer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a breach of a term of this Agreement by the Manufacturer,

but only to the extent that the act, omission or breach directly results in the Damages being suffered.

License Manufacturing Agreement \| Page 22

**16.5** **Indemnity Claim** 

If a third party makes a claim or demand or brings any proceeding or action against the Manufacturer in respect of which the Principal must indemnify the Manufacturer under clause 16.3 (**Indemnity Claim**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Manufacturer must promptly give the Principal notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Principal must promptly admit its liability under clause
16.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Manufacturer must promptly give any assistance reasonably
requested by the Principal in relation to the Indemnity Claim.

**16.6** **Conduct of Indemnity Claim** 

The Principal has sole control and conduct of any Indemnity Claim and any resulting settlement negotiations unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) otherwise agreed in writing with the Manufacturer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the reasonable opinion of the Manufacturer, the Indemnity
Claim is not being conducted in accordance with clause 16.7, in which case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Manufacturer may give the Principal notice that the Supplier
will defend itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Principal must give any assistance reasonably requested
by the Supplier to defend the Indemnity Claim.

**16.7** **The Manufacturer's reputation** 

The Principal must ensure that any Indemnity Claim is fully and promptly defended and, in defending the Indemnity Claim, the Principal must not unnecessarily or unreasonably take or fail to take any action that in doing so would damage the Manufacturer 's reputation.

**16.8** **Mitigation** 

Notwithstanding any other clause of this Agreement, each party must use its reasonable efforts to mitigate any loss arising out of or in connection with the Agreement (including under an indemnity).

**17.** **Force majeure** 

**17.1** **Event** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party will be liable for any delay in meeting, or failure to
meet, its obligations under this Agreement (other than the obligation to pay
money) to the extent that such delay or failure is caused by a Force Majeure
Event affecting that party (including, without limitation, any delay or failure caused by any act or omission to act of the other party)
and the party that fails to meet its obligations could not take reasonable measures to prevent or mitigate the effects of the Force Majeure
Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If either party is prevented from meeting its obligations
under this Agreement due to a Force Majeure Event affecting that party, it will immediately notify the other of the circumstances, the
extent of the obligations affected, the likely duration and any alternative means for performance of the obligation and consult with
the other party as to the means, and use its best endeavours, to minimise the effects of its inability to perform its obligations under
this Agreement.

License Manufacturing Agreement \| Page 23

**17.2** **Termination** 

If either party is unable for a period of not less than 120 Business Days to perform its obligations under this Agreement by reason of any Force Majeure Event, the other party may terminate this Agreement by written notice. Terminations under this clause 17 shall not prejudice the rights of either party against the other party in respect of any matter or thing occurring under this Agreement prior to termination.

**18.** **Termination** 

**18.1** **Termination** 

This Agreement may be terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with clauses 5.4 or 17.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) immediately by the Manufacturer, without any requirement
for notice, if the Principal breaches clause 14.2(b) or clause 14.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) immediately by the Manufacturer, if the Principal is in breach
of its payment obligations under this Agreement and fails to remedy the breach within 30 Business Days' notice from the Manufacturer:
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by 30 Business Days' written notice given by either party,
if the other party breaches or defaults in the performance of any material provision of this Agreement, provided that, if that other
party cures the breach or default within 20 Business Days of receipt by it of the notice of termination, the Agreement shall continue
in full force and effect. Notice given under this paragraph must specify the breach or default giving rise to the right of termination;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) immediately by either party, by written notice to the other,
if the other party suffers an Insolvency Event.

**18.2** **Conduct upon termination.** 

On termination or expiry of this Agreement, the Manufacturer will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) immediately cease to make any representation that it is a
manufacturer of the Products or that it is authorised to manufacture the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) remove from public view any signs, banners, wall-charts or
other documents or items stating or suggesting that the Manufacturer is a manufacturer of the Products or that it is authorised to manufacturer
and/or sell the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) return to the Principal, or at the Principal's direction
destroy, all brochures and information or material in the Manufacturer's possession or control relating to manufacturing of the Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) immediately take steps to, and as soon as reasonably practical,
cease any permitted use of the Trade Marks or business names of the Principal or its Related Persons in association with its business
under this Agreement, and shall not use any name or mark which is similar to the Trade Marks in connection with any products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) terminate or transfer as directed by the Principal, any
licences, permits, authorisations, approvals, consents and registrations applied for in the name of the Principal and following termination
the Manufacturer will then not use any such licences, permits, authorisations, approvals, consents and registrations; and

License Manufacturing Agreement \| Page 24

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) take all reasonable steps to ensure that (where applicable),
the Manufacturer's personnel or the Manufacturer's Related Persons will comply with clauses 18.2(a) to 18.2(e).

**18.3** **Outstanding orders** 

If notice is given to terminate this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Manufacturer is not bound to accept any further purchase
orders placed by the Principal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Manufacture will, unless otherwise agreed, comply with its obligations to fulfil any purchase
 orders which it had previously accepted, provided that the Principal agrees to pay all invoices
 on such accepted orders in accordance with this Agreement and the termination was not under
 clauses **Error! Reference source not found.** or 18.2(f), or due to non-payment by the
 Principal.

**18.4** **Remittance of funds** 

On termination of this Agreement, the Principal will, unless otherwise agreed, pay immediately to the Manufacture all moneys outstanding for the Products for which the Manufacture has confirmed a purchase order.

**18.5** **Survival** 

Except as otherwise provided in this Agreement, termination or expiry of this Agreement does not affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any party pursuing whatever rights and remedies that may
be available to it under this Agreement, at Law or in equity as a result of termination or which accrued up to and including the termination
or expiry date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of this Agreement which expressly, or by their
nature are intended to survive termination or expiry, including this clause 18 and clauses 14.1, 14.3(f), 14.3(g), 14.3(h), 14.3(i),
15, 16, 19 and 21.

**19.** **Notices** 

**19.1** **Form of Notice** 

A notice, consent or approval to be given under this Agreement (**Notice**) may be given by either party to the other by personally serving it on the party, or by sending it by courier, registered mail, post, or email to the other party at the address set out at the start of this Agreement (or to such other address as the party to be notified may advise for the purpose from time to time).

**19.2** **Deemed receipt** 

Any Notice or document so given will be deemed to be received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if personally served or sent by courier or registered mail,
at the time when it was actually delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by post, 10 Business Days after the time it was
posted (by courier) to the recipient; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by email, at the time the email leaves the communication
systems of the sender, provided that the sender does not receive any error message relating to the sending of the email at the time of
sending. provided that if a Notice or document is received by a party on a date
that is not a Business Day, or the delivery or transmission is made after 5.00pm on a Business Day, then the notice will be deemed to
have been received on the next Business Day.

License Manufacturing Agreement \| Page 25

**20.** **Dispute resolution** 

**20.1** **No proceedings** 

A party must not commence legal proceedings (except proceedings seeking interlocutory relief) in respect of a dispute arising out of this Agreement (**Dispute**) unless it has first complied with this clause 20.

**20.2** **Dispute Notice** 

A party claiming that a Dispute has arisen must give each party to the Dispute (**Disputant**) written notice (**Dispute Notice**) setting out details of the Dispute.

**20.3** **Referral to chairpersons** 

Any Dispute the subject of a Dispute Notice must be initially referred to the chairperson (or his or her nominee) of each Disputant who must use their best efforts to resolve the Dispute within 20 Business Days after the Dispute is referred to them.

**20.4** **Mediation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the chairpersons (or their nominees) of the Disputants
cannot resolve the Dispute under clause 20.3, then a Disputant may give written notice to each other Disputant requiring each of them
to resolve the Dispute by mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The mediation is to be conducted in terms of the International
Institute of Arbitrators standard mediation agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The identity of the mediator is to be agreed in writing by
the Disputants or, failing such agreement within 10 Business Days, is to be selected by the chairperson for the time being of the International
Institute of Arbitrators (or his or her nominee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Disputant will bear the costs and expenses that it incurs
in connection with the mediation and will share equally the fees and costs of the mediator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The mediation will be non-binding.

**21.** **General** 

**21.1** **Governing Law** 

This Agreement and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with the Laws of New Zealand. Each party submits to the non-exclusive jurisdiction of the courts of New Zealand.

**21.2** **Assignment and subcontracting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party will assign, transfer or novate this Agreement
or any rights or obligations under this Agreement, without the prior written consent of the other party, (such consent not to be unreasonably
withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manufacturer will not sub contract or sub license its
interest in, or its rights or obligations under, this Agreement without the Principal's prior written consent.

**21.3** **Waiver** 

No failure or delay by either party in exercising any right, power or privilege under this Agreement will operate as a waiver, nor will any single or partial exercise preclude any other or further exercise or the exercise of any right, power or privilege under this Agreement.

License Manufacturing Agreement \| Page 26

**21.4** **Further Assurances** 

Each party will make all applications, execute all documents and do all acts and things necessary to implement and to carry out its obligations under this Agreement.

**21.5** **Independent contractor** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The relationship between the Principal and the Manufacturer
is that of two independent contractors and not that of principal and agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Principal nor any employee of the Principal is
an employee or agent of the Manufacturer for any purposes whatsoever and none has any right or authority to assume or create on behalf
of the Manufacturer any commitment, expense or liability whatsoever, except as specifically provided in this Agreement.

**21.6** **Entire agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement constitutes the entire agreement and understanding
between the Manufacturer and the Principal and supersedes any previous written or oral agreement or understanding between the parties
in relation to this Agreement. Each party acknowledges and confirms that it does not enter this Agreement in reliance on any representation
or warranty or other undertaking not fully reflected in the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any modification or variation of this Agreement must be in
writing and signed by both parties.

**21.7** **Severable provision** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any provision of this Agreement is held to be invalid,
illegal or unenforceable, it will be severed and the remainder of this Agreement will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent legally permissible, an arrangement which reflects
the original intent of the parties shall be substituted for such invalid or unenforceable provisions.

**21.8** **Counterparts** 

This Agreement may be executed in one or more counterparts and each such counterpart shall be deemed to be an original.

License Manufacturing Agreement \| Page 27

**Schedule 1 - Reference Terms**

---

| | | |
|:---|:---|:---|
| 1. | **Commencement Date** | 01 May 2024 |
| 2. | **Contract Period** | Indefinite |
| 3. | **Territory** | Asia, Middle East, North America, United Kingdom |
| 4. | **Trade Term** | **<u>Incoterms 2020</u>** |
|  | **Delivery** | FOB, Port Thailand |
| 5. | **Revenue Target** |  |

---

---

| | | |
|:---|:---|:---|
| 01.05.2024 to 31.12.2024 | 01.01.2025 to 31.12.2025 | 01.01.2026 to 31.12.2026 |
| **USD 2,400,000** | **USD 55,000,000** | **USD 111,000,000** |

---

License Manufacturing Agreement \| Page 28

**Schedule 2 - Intellectual Property**

---

| | | | |
|:---|:---|:---|:---|
| **IP** | **APPLICATION NO.** | **APPLICATION DATE** | **Filing Confirmation** |
| Provisional Patent SunScout Lite technology | 63/477/330 | 27/12/2022 | 4737 |
| Provisional Patent SunScout Pro technology | 63/477/334 | 27/12/2022 | 3255 |
| Provisional Patent Advanced Mulching Blade | 63/572/756 | 01/04/2024 | 1365 |
| Provisional Patent: | Application is under preparation by USA Patent Attorney, Loginov IP. | Target Date for submitting the application is within May 2024. | TBD |
| SunScout Technology for Robot Mowers | Content and Claims as per decription below. |  |  |

---

License Manufacturing Agreement \| Page 29

**SunScout Technology for Robot Mowers**

We take electric robot mowers and convert these to fully solar powered robots.

By eliminating the need for plug-in charging stations, we create fully sustainable lawn mowing solutions.

We also have our own developed robot mower, the SunScout Pro. This is a level up from conventional robot mowers. The SunScout Pro is big and strong enough to replace ride-on mowers.

It fills a niche market, between the small residential (plastic) robots and the commercial mowers (which are extremely expensive).

![](ea026848504_ex10-12img1.jpg)

License Manufacturing Agreement \| Page 30

![](ea026848504_ex10-12img2.jpg)

License Manufacturing Agreement \| Page 31

![](ea026848504_ex10-12img3.jpg)

License Manufacturing Agreement \| Page 32

![](ea026848504_ex10-12img4.jpg)

License Manufacturing Agreement \| Page 33

**Schedule 3 - Customers**

**[*This schedule refers to customers, which the Manufacturer may have and to which the Manufacturer may want to sell directly*]**

We should develop a list of these customers which can include:

- The Home-Pro outlets in Thailand, where Hoffen Asia sells their products

- Other Hoffen Asia sales channels which may also work for SunScout Products

- We can set up a page on Alibaba, which can promote direct sales ex factory.

Etc.

Edwin to create list and distribute for completion.

License Manufacturing Agreement \| Page 34

**Schedule 4 - The Products**

**SunScout Lite and SunScout Vision**

The robot mower models are designed to replace conventional push mowers.

![](ea026848504_ex10-12img5.jpg)

License Manufacturing Agreement \| Page 35

**SunScout Pro**

This robot mower is designed to replace ride-on mowers.

A larger version of the SunScout Pro is under development and will be launched as Sunscout's commercial robot mower.

![](ea026848504_ex10-12img6.jpg)

**The SunScout Pro robot mower is a perfect replacement for a ride-on mower.**

License Manufacturing Agreement \| Page 36

**Schedule 5** - **Prices**

**Prices are FOB, Port Thailand.**

---

| | |
|:---|:---|
| **Model** | **Unit Price (USD)** |
| SunScout Lite – Electric Charging Station | $388.00 |
| SunScout Lite – Solar Powered | $558.00 |
| SunScout Vision – Electric Charging Station | $618.00 |
| SunScout Vision – Solar Powered | $651.00 |
| SunScout Vision Plus – Electric Charging Station | $1161.00 |
| SunScout Vision Plus – Solar Powered | $1194.00 |
| SunScout – Solar Shelter | $120.00 |
| SunScout Pro – Residential | $1440 |
| SunScout Pro – Commercial | $10346.00 |
| SunScout – Electric Ride-On | $6428.00 |
| SunScout – Slide-Out Power System | 2340.00 |

---

License Manufacturing Agreement \| Page 37

**Signing page**

---

| | |
|:---|:---|
| **EXECUTED** as an agreement. |  |
| **SUNSCOUT LIMITED (PRINCIPAL)** by: | /s/ Edwin Cywinski |
|  | Signature of Edwin Cywinski, Director |
|  | /s/ Marc Cywinski |
|  | Signature of Marc Cywinski, Director |
| **SUNSCOUT (THAILAND) LIMITED (MANUFACTURER)** by: | /s/ Angkana Jermphiphut |
|  | Signature of, Angkana Jermphiphut, Director |
|  | /s/ Dalipkumar Pawa |
|  | Signature of, Dalipkumar Pawa, Director |
|  | /s/ Girana Anuman-Rajadhon |

---

License Manufacturing Agreement \| Page 38

**Amendment** of License Manufacturing Agreement made on 21 May 2024 between SunScout Limited and SunScout (Thailand) Limited

Whereas the directors and shareholders of SunScout (Thailand) Limited established a new company for manufacturing in Thailand instead of SunScout (Thailand) Limited to be Sun Scout Asia Co., Ltd.:

**SunScout (Thailand) Limited**

Tax ID: 0105555157354

Address: Abdulrahim Place #2804, 990 Rama IV Road, Bangkok 10500, Thailand.

**Sun Scout Asia Co., Ltd.**

Tax ID: 0115566028445

Address: 3/7, Moo 20, Lumlukka, Pathum Thani 12150, Thailand.

Now, therefore, the Parties agree and accept the amendment of SunScout (Thailand) Limited to be Sun Scout Asia Co., Ltd.

This Amendment is made into effect on 19 February 2025

---

| | | |
|:---|:---|:---|
| **SunScout Limited** by: | **Sun Scout Asia Co., Ltd.** by: | ![](ea026848504_ex10-12img7.jpg) |
| /s/ Edwin Cywinski | /s/ Angkana Jermphiphut |  |
| Edwin Cywinski, Director | Angkana Jermphiphut, Director |  |
| /s/ Marc Cywinski | /s/ Dalipkumar Pawa |  |
| Marc Cywinski, Director | Dalipkumar Pawa, Director |  |
|  | /s/ Girana Anuman-Rajadhon |  |
|  | Girana Anuman-Rajadhon, Director |  |

---

## Exhibit 10.13

**Exhibit 10.13**

**Heads of Agreement**

This Heads of Agreement is entered into between SunScout Limited ("SunScout"), a company incorporated in New Zealand, and Ballard Inc. ("Ballard"), a company incorporated in the United States of America.

This Heads of Agreement is dated 9/23/2024 and its purpose is to outline the key terms and conditions that will form the basis for the negotiation of a definitive agreement between the parties concerning the commercial licensing and distribution of SunScout's proprietary and patent pending mulching blade technology.

Both parties acknowledge that this document sets out the essential terms of their intended collaboration and serves as a framework for the final, legally binding agreement. This Heads of Agreement reflects the mutual understanding of the parties and their commitment to negotiating in good faith toward the conclusion of a definitive agreement.

**1. Purpose**

This Heads of Agreement sets out the key terms for a proposed exclusive licensing arrangement between SunScout and Ballard, relating to the manufacture and distribution of SunScout's patented mulching blade technology. The purpose of this agreement is to provide both parties with a framework for cooperation as they seek to bring this innovative blade technology to the North American and Australian markets, specifically targeting the commercial mower sector.

**2. License Terms**

● **Territory:** Ballard will hold an **exclusive license** to manufacture and distribute SunScout's mulching blades for commercial mowers in **North America and Australia**. This exclusivity provides Ballard with the ability to fully leverage SunScout's technology across key regions where Ballard has established market presence and relationships.

● **Field: Ballard's exclusive licence** will be in the field of (**Commercial Mowers) as described in previous emails.** 

● **Exceptions to Exclusivity:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Field Exception: SunScout retains rights** to use the technology for its own **robotic mowers** and the **residential mower segment**. Ballard's interest in residential
 mowers is not a focus at present, so this exception does not conflict with Ballard's
 strategic direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Territory Exception: SunScout retains rights** to use, licence, or otherwise enjoy its mulching
 blade technology in all fields for the **rest of the world** outside the Territory.

**3. Royalty Structure**

● **Exclusive License Royalty:** <br>For the duration of the **exclusive license** period, Ballard will pay SunScout a royalty of **7% of gross sales**. Royalty payments will be made quarterly, based on sales figures reported by Ballard, and will be subject to standard accounting transparency provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o After an initial period of **36 months**, the royalty rate may be reviewed.
If both parties agree to continue the license beyond this initial period, the royalty may be adjusted, with a **maximum cap of 10%** on gross sales, for an additional **60 months**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o A mutually agreed upon **minimum sales volume** and other standard **claw-back clauses** (e.g., failure to meet sales targets, breach of agreement, etc.) will be included in the final license agreement to ensure
both parties' commercial interests are protected.

**4. Investment and Marketing Commitment**

● Ballard will make a **significant upfront investment** in the commercialization of the mulching blades, which includes the cost of developing prototypes, conducting product testing, and undertaking marketing efforts to promote the product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This investment is expected to include an initial **production order** of several hundred thousand dollars to manufacture blades
for the most popular machines in Ballard's portfolio, along with an **estimated marketing spend of $25,000** to ensure the product
is effectively promoted and differentiated in the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The final license agreement will specify Ballard's commitment to investing in the product and outline milestones and performance
benchmarks for product launches and sales targets.

**5. Development and Testing**

● **Blade Design and Production:** SunScout will design mulching blades tailored to fit the commercial machines that Ballard identifies as primary targets for the product launch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ballard will provide SunScout with all necessary dimensional, interface, and machine-specific details to ensure proper design integration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o SunScout will provide **CAD models and engineering drawings** to produce the blades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ballard will be manufacturing the blades, and thus it will be responsible for producing prototypes according to its own quality standards.

● **Testing Process:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Ballard will perform rigorous **testing** of the prototypes in commercial applications to validate the performance, durability,
and efficiency of the blades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o SunScout requires a few sets of blades for **internal testing and quality verification** to ensure the product meets SunScout's
standards before Ballard's performance testing begins.

● **Tooling and Manufacturing Rights:** In the event that Ballard chooses not to proceed with the project after testing, SunScout reserves the option to **purchase the tooling** from Ballard at a fair market price, ensuring SunScout can continue production elsewhere if necessary.

**6. Finder's Fee for OEM Introductions**

● SunScout recognizes the **value of Ballard's relationships** with Original Equipment Manufacturers (OEMs) in the commercial and residential mower industry. These connections present significant opportunities for introducing SunScout's products to major industry players.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o To
 incentivize these introductions, SunScout agrees to pay Ballard a **finder's fee of 3%** on all **mulching blade revenue** generated from OEM sales that result directly
 from Ballard's introductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This
finder's fee will also apply to other SunScout products, such as **robotic mowers**, if Ballard facilitates introductions for
those products to OEM customers.

**7. Exclusivity Period for Manufacturing and Testing**

● A **180-day exclusivity period** will be granted to Ballard, during which time Ballard will have the exclusive right to manufacture and test SunScout's mulching blades in the exclusive Field and Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This
period allows Ballard to work with its manufacturing partners to produce prototypes, conduct testing, and finalize designs for mass production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o This
period includes the time for the preparation of the CAD models and engineering drawings for the test blades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Both
parties agree to collaborate during this period to finalize the full license agreement. If necessary, Ballard may seek production quotes
from several manufacturers to ensure cost-effective and high-quality production.

**8. Confidentiality**

● Both parties agree to uphold the terms of the **Non-Disclosure Agreement (NDA)** that has already been executed. Any confidential information exchanged during this cooperation, including technical specifications, testing data, and business strategies, will remain protected under the NDA.

**9. Governing Law**

This Heads of Agreement and any future agreements arising from it will be governed by the laws of New Zealand. Any disputes that arise from this agreement will be subject to the jurisdiction of the courts in Wellington.

**Signatures:**

This Heads of Agreement is executed by the duly authorized representatives of the parties on the date specified below. Each party acknowledges that they have read and understood this Heads of Agreement and agree to be bound by its terms as set forth above.

---

| |
|:---|
| **For SunScout Limited:** |
| /s/ Edwin Cywinski |
| **Edwin Cywinski** |
| Chief Executive Officer |

---

SunScout Limited <br> Date: 9/23/2024

---

| | |
|:---|:---|
| **For Ballard Inc.:** | **For Ballard Inc.:** |
| /s/ Kory Ballard | /s/ Kory Ballard |
| **Kory Ballard** | **Kory Ballard** |
| President | President |
| Ballard Inc. | Ballard Inc. |
| Date: | 9/23/2024 |

---

\* product must meet all performance expectations set forth by Ballard to proceed in any agreement moving forward.

## Exhibit 10.14

**Exhibit 10.14**

![](ea026848504_ex10-14img1.jpg)

DESIGN \| DEVELOP \| SUPPLY

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

---

| | | |
|:---|:---|:---|
|  |  | Idea Developments Ltd |
|  |  | PO Box 499 |
| Date | 29 April 2022 | Feilding 4740 |
|  |  | New Zealand |

---

---

| | |
|:---|:---|
| SunScout Ltd | +64 6 323 2088 |
| 83 Johnstone Drive | accounts@idea-nz.com |
| Palmerston North 4410 | idea-nz.com |
| New Zealand |  |
| Attention: Edwin Cywinski | GST 81-153-000 |

---

SunScout Robot Mower - ID Product Design

Creation of new product design (ID) based on supplied brief and technical data in accordance with the first 3 Phases of our complete product design solution service.

Starting with limited research and conceptual work (phases 1 & 2) to explore early conceptual direction around areas such as structural layout, wheels and proposed solar panel options etc. We then move to 3D CAD mock-up modelling (phase 3), capturing and integrating your supplied data of key elements such as, Lower Mowing Deck, Mid Body (housing Battery and navigation system), and Upper Housing Cover with solar panels and user interface.

The 3D CAD modelling work is focused on the geometric/volumetric form of the product, placement of key elements and design intent of mechanisms, but not engineered.

Resulting 3D mock-up design is then rendered to provide a 2D design presentation with a deeper level resolve for the expected finished product via PDF, with designers notation as the deliverable.

**Tasks \| Time**

Description

● DESIGN SOLUTION - Phase 1 to 3

Research \| Brief - Phase 1

Undertake research with consideration into; Existing market models, features and price points, market trends, materials and supplied factory data as part of the brief confirmation assisting phase 2 concept work.

Design \| Concept - Phase 2

Undertake conceptual work to explore early conceptual direction and options around areas such as structural layout, wheels and proposed solar panel options etc. to assist with design direction ready for next phase of 3D CAD modelling.

While this phase is not a deliverable, it is expected resulting sketches will provide confidence in the design direction.

Design \| Mock-up - Phase 3

Creation of early solid 3D CAD model to capture intended product geometry/ volumetric layout or construction layout at concept level, to further explore and confirm the product design intent of the expected finished product.

It is expected during the course of this phase a number of decisions and/or assumptions will be made, given we are largely developing the concept design, and not engineering the design at this time.

Resulting 3D mock-up design is then rendered to provide a 2D design presentation of the expected finished product via PDF as the deliverable with designers notation.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

● DEVELOPMENT SOLUTION - Phase 4 to 6

To be detailed later on.

- Phase 4 - Engineering

- Phase 5 - Prototype \| Build

- Phase 5 - Design \| Alterations (if needed)

- Phase 6 - Design \| Specification

● SUPPLY SOLUTION - Phase 7 to 8

Not included.

Variation - TBA

Should variations to the brief be requested or required to achieve the desired outcome, additional hours will be required and estimated before proceeding. This could include repeating some or all of a phase, additional prototype samples, reviews and meetings.

![](ea026848504_ex10-14img2.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

---

| | | |
|:---|:---|:---|
|  |  | Idea Developments Ltd |
|  |  | PO Box 499 |
| Date | 25 November 2022 | Feilding 4740 |
|  |  | New Zealand |

---

---

| | |
|:---|:---|
| SunScout Ltd | +64 6 323 2088 |
| 83 Johnstone Drive | accounts@idea-nz.com |
| Palmerston North 4410 | idea-nz.com |
| New Zealand |  |
| Attention: Edwin Cywinski | GST 81-153-000 |

---

**SunScout Mower - Design Solution**

Undertake design and mock-up development of the product idea in accordance with our 8 Phase process split into 3 strategic stages of; Design \| Development \| Supply.

Initial work is limited to the Design Solution Stage where we will start with your supplied brief, concept drawings and sample housing to develop and explore a mock-up/form study model, providing a deeper understanding of the remaining product solution (engineering design) and requirements to complete the process through to a tool/production ready design.

<u>Initial focus</u> is on the product geometry with the build of a (basic) mock-up model with suitable placement/hinging of the solar panel, interaction with the emergency stop and access to the mow height adjustment.

This is intended to provide an assessment of overall product form factor, durability and risk of obstruction with external entitles eg. shrubs, along with ease-of-use and user experience review.

Once the <u>product geometry</u> is confirmed, we will develop a (non-working) Form Study model largely crafted from blue foam and styling clay addressing the product aesthetics and styling integration of moving panel to the mower body is resolved confirming the design direction forward and therefore the scope/content of next (development) stage.

**Tasks \| Time**

Description

● DESIGN SOLUTION - Phase 1 to 3

Design \| Mock-Up - Phase 3.0

Design and build of a mock-up model from a collection of supplied parts, placeholder parts and general workshop materials, with suitable placement/hinging of the solar panel, interaction with the emergency stop and access to the mow height adjustment.

<u>Review assessment</u> of overall product form factor, durability and risk of obstruction with external entitles eg. shrubs, along with ease-of-use and user experience review.

Design \| FormStudy - Phase 3.1

Creation and development of crafted/sculpted Form Study model based on approved Mock-Up geometry with consideration into; overall product form, styling, proportions, user interface ready for review with client and confirm design direction.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

Design \| Review - Milestone A

Undertake review and debrief of Form Study with view to confirming working & preferred geometrical layout, ergonomics (user interface) and intended design direction to set the scope of next stage.

● DEVELOPMENT SOLUTION - Phase 4 to 6

Recommended phases to be added as the project progresses may include;

- Phase 4 - Engineering

- Phase 5 - Prototype \| Build

- Phase 5 - Design \| Alterations (if needed)

- Phase 6 - Design \| Specification

● SUPPLY SOLUTION - Phase 7 to 8

Not included.

Phase 7 - Tooling and Production set up Phase<br> 8 - Production and supply

Variation - TBA

Should variations to the brief be requested or required to achieve the desired outcome, additional hours will be required and estimated before proceeding. This could include repeating some or all of a phase, additional prototype samples, reviews and meetings.

**Materials \| Cost**

Description

Materials \| Mock-Up - Phase 3.0

General allowance for workshop materials including; 3D Prints from early CAD development files (if available), light engineering/ fabrication parts, and purchase of some 'off-shelf' items as required.

Materials \| Form Study - Phase 3.1

Model making materials including 3D Prints from early CAD development files (if available), modelling clay/ foam and purchase of some 'off-shelf' items as required.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

---

| | | |
|:---|:---|:---|
|  |  | Idea Developments Ltd |
|  |  | PO Box 499 |
| Date | 15 February 2023 | Feilding 4740 |
|  |  | New Zealand |

---

---

| | |
|:---|:---|
| SunScout Ltd | +64 6 323 2088 |
| 83 Johnstone Drive | accounts@idea-nz.com |
| Palmerston North 4410 | idea-nz.com |
| New Zealand |  |
| Attention: Edwin Cywinski | GST 81-153-000 |

---

**SunScout Mower - Development Solution**

Continuation of project now undertaking design and development of the product idea according to our 8 Phase process split into 3 strategic stages of; Design \| Development \| Supply.

This Development Solution Stage is where the design is evolved and engineered into a 3D CAD design with view to completing the process through to production and supply.

In this case our primary focus is <u>capturing the clay Form Study</u> model into A-Class surface (solid) model with refinement in our CAD system (NX by Siemens) as detailed in Phase 4.0.

We also acknowledge the benefits of an integrated approach with the client's manufacturing supplier, and therefore have provided options within this estimate for the additional supply of 'designer's intent' regarding construction, engineering and tooling direction (Phase 4.1), through to deeper collaboration (Phase 4.2) with suppliers factory engineers including engineering CAD design and prototype review/support (if required) as they [factory] progress to production supply.

<u>See the 'OPTIONS' section</u> for further details.

**Tasks \| Time**

Description

● DESIGN SOLUTION - Phase 1 to 3

 

*Completed in job # BEL-010*

 

● DEVELOPMENT SOLUTION - Phase 4 to 6

Design \| 3D CAD - Phase 4.0

Capture external surfaces from the clay Form Study model in our 3D CAD system (NX by Siemens) to create required A-Class surfaces.

Including refinement of product styling lines, symmetry and surfaces are further evolved with consideration into construction or tooling requirements.

Deliverable is a 3D CAD solid surface model file (.x_t or .stp).

Note: we recommend including at least option Phase 4.1

Design \| Engineering - Phase 4.1 (Option A)

See cost estimate and task description under 'Options' section.

Design \| Engineering - Phase 4.2 (Option B)

See cost estimate and task description under 'Options' section.

Design \| Review - Milestone B

Undertake review and debrief with client of 3D CAD captured model with refinements as a deliverable.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**R&D COOPERATION** | &nbsp;&nbsp;![](ea026848504_ex10-14img6.jpg) |

---

Design \| Specification - Phase 6

While not included, this phase usually includes creation of the drawing specifications as associate with production requirements and handover for continued engineering and/ or manufacturing.

● SUPPLY SOLUTION - Phase 7 to 8

Not required.

Variation - TBA

Should variations to the brief be requested or required to achieve the desired outcome, additional hours will be required and estimated before proceeding.

**<u>Project Options</u>**

Recommended options to further assist with manufacturing hand-over from designer intent support through to full engineering development support including (if required) factory prototype review etc.

Description

Design \| Engineering - Phase 4.1

Creation of supporting documentation and 2D drawing with 'designers intent' around expected construction (hinge) and engineering direction with regards to tooling and manufacture.

While limited correspondence is included, ongoing factory support, further engineering internal details and/or correspondence is not included and will be considered additional.

Design \| Engineering - Phase 4.2

Collaborative Engineering Design of Product Assembly and Internals.

Starting with obtaining existing factory CAD files of components required for engineering (electronics, bottom housing, panel electronics etc) to initiate master product assembly with our CAD system (NX by Siemens) with form study surface capture from phase 4.0

This includes dialogue with factory engineers, regarding existing assembly and design intent of new component to be implemented, capture of internal design requirements wiring channels, hole sizes, component mounting with view to tooling requirements.

This can include (if required) evaluation and feedback of factory prototype by Idea design team, with implementation of recommendations (including 3D CAD) updates, and assistance with DFM (Design For Manufacture) with dialogue and support for factory.

Scope and deliverable required needs to be defined before an estimate of costs can be provided.

![](ea026848504_ex10-14img3.jpg)

![](ea026848504_ex10-14img4.jpg)

**From:** Kim Scott \| Idea

**Sent:** Friday, 31 January 2025 8:44 am

**To:** Edwin Cywinski

**Cc:** Keith Newton

**Subject:** Hourly Rate Change 2025

Hi Edwin,

We appreciate working with you and want to give you a heads-up about a small rate change for time charged projects.

From 1st Mar 2025, our hourly rate will increase from $150 to $160 +GST.

We held off on including you in our last rate adjustment ($150 to $155) a year ago, but with rising business costs, we now need to make this change. We've kept it as minimal (6.67%) as possible and hope you understand.

As always, we value our working relationship with you and look forward to continuing to support you in 2025.

Please feel free to contact me directly if yo have any questions.

Regards,

Kim

--

![](ea026848504_ex10-14img5.jpg)

---

| | |
|:---|:---|
| IDEA DEVELOPMENT | Hourly Rates |
| 2022 | NZD 145 |
| 2023 | NZD 145 |
| 2024 | NZD 150 |
| 2025 | NZD 150 |
| 2026 | NZD 160 |

---

## Exhibit 10.15

**Exhibit 10.15**

**SunScout**<br> Solar Panel Battery Electric Vehicle<br> Development Services Proposal<br> 1.845.001

![](ea026848504_ex10-15img1.jpg)

Revision 1.00<br> June 2024

**CONFIDENTIAL**

Prepared by<br> Kahu EV LP<br> For<br> SunScout

CONFIDENTIAL Kahu EV LP 1.845.001

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **1. DOCUMENT REVISION HISTORY** | **1. DOCUMENT REVISION HISTORY** | 1 |
| 1.1 | Change control | 1 |
| 1.2 | Confidentiality and Copyright | 1 |
| **2. OVERVIEW** | **2. OVERVIEW** | 2 |
| 2.1 | Audience | 2 |
| 2.2 | Circulation List | 2 |
| 2.3 | Acronyms | 2 |
| 2.4 | KAFU EV Conduct | 2 |
| 2.5 | SunScout Conduct | 2 |
| **3. PROJECT DEFINITION AND OUTCOMES** | **3. PROJECT DEFINITION AND OUTCOMES** | 3 |
| 3.1 | Background | 3 |
| 3.2 | Project Overview | 3 |
| 3.3 | Deliverables | 3 |
| 3.4 | Project Sponsor | 3 |
| 3.5 | Project Staffing | 3 |
| **4. PROJECT PLAN** | **4. PROJECT PLAN** | 4 |
| 4.1 | Project Phases | 4 |
| 4.2 | Safety Plan | 4 |
| 4.3 | Project Process | 4 |
| 4.4 | Issues System | 4 |
| **5. COMMERCIAL TERMS** | **5. COMMERCIAL TERMS** | 5 |
| 5.1 | Confidentiality | 5 |
| 5.2 | Intellectual Property | 5 |
| 5.3 | Warranty | 5 |
| 5.4 | Indemnification | 5 |
| 5.5 | Cancellation | 6 |
| 5.6 | Product and Service Charges | 6 |
| 5.7 | Payment | 6 |
| 5.8 | Proposal Acceptance | 6 |
| **6. PROJECT REPORTING AND MANAGEMENT** | **6. PROJECT REPORTING AND MANAGEMENT** | 7 |
| 6.1 | Management Process | 7 |
| 6.2 | Reporting Process | 7 |
| **7. SIGNOFF** | **7. SIGNOFF** | 7 |

---

Filename = Sunscout Development Services Proposal.doc

SunScout Development Proposal v1.00 17 June, 2024 i

CONFIDENTIAL Kahu EV LP 1.845.001

**1. DOCUMENT REVISION HISTORY**

---

| | | | |
|:---|:---|:---|:---|
| **Rev** | **Description** | **Date** | **Author** |
| 1.00 | Initial version | 17 June, 2024 | M D Barnes |

---

**1.1 Change Control**

This document is maintained under change control. Any requests for change should go to:

Kahu EV LP<br> P.O. Box 976<br> Palmerston North<br> New Zealand<br> Ph +64 6 952 3720<br> Fax +64 6 952 3721<br> Email matthew.barnes@rds.co.nz

**1.2 Confidentiality and Copyright**© Copyright Kahu EV LP 2024. All rights reserved.

This document is the property of Kahu EV LP. It may not be copied, distributed or recorded on any electronic or other medium without the express written permission of Kahu EV LP.

All material contained in this document which is not readily available in the public domain is regarded as confidential to Kahu EV LP and may not be divulged to any third party without the express written permission of Kahu EV LP.

Permission is extended to SunScout to copy this document as part of its intended purpose as a proposal.

SunScout Development Proposal v1.00 17 June, 2024 1

CONFIDENTIAL Kahu EV LP 1.845.001

**2. OVERVIEW**

SunScout is looking to develop new innovative products and enhancements to its existing product range utilising new technology.

This document reviews the current situation and proposes the means by which Kahu EV would assist in the development of new technology with SunScout. The cost of undertaking such work and the terms of acceptance by SunScout are presented for approval.

**2.1 Audience**

This document is intended for review by SunScout as a proposal for development services.

This is a confidential document and its distribution is controlled as per section **1.2** of this document.

**2.2 Circulation List**

All releases of this document are to be distributed to the persons below:

---

| | | |
|:---|:---|:---|
| **DISTRIBUTION SHEET** | **DISTRIBUTION SHEET** | **DISTRIBUTION SHEET** |
| Document Status | Draft (in progress) | Draft (in progress) |
| Document Distribution Date | Unreleased | Unreleased |
| **Name** | **Organisation** | **Country** |
| Edwin Cywinski | SunScout | New Zealand |
| Andrew Rushworth | Kahu EV | New Zealand |
| Mark Crouch | Kahu EV | New Zealand |
| Simon Monteith | Kahu EV | New Zealand |
| Matt Barnes | Kahu EV | New Zealand |

---

**2.3 Acronyms**

The following acronyms are used over the course of this document:

BMS – Battery Management System

HARA – Hazard and Risk Analysis.

**2.4 Kahu EV Conduct**

Kahu EV will keep SunScout informed of the project progress, keep up-to-date project records, provide for risk management and follow escalation procedures. This includes informing SunScout in writing of any delays or problems.

Kahu EV will observe the health, safety, and general practices required by SunScout on their sites.

**2.5 SunScout Conduct**

SunScout is expected to provide all reasonable support to achieve a satisfactory conclusion to the project. This includes access to SunScout sites and specialist SunScout staff, and other information necessary for the execution of the project.

SunScout is expected to submit in writing any concerns as to the performance of the products or services as provided by Kahu EV and its staff, immediately upon becoming aware of that concern.

SunScout is expected to facilitate the cooperation and assistance required by Kahu EV from SunScout's relevant product and service providers.

SunScout Development Proposal v1.00 17 June, 2024 2

CONFIDENTIAL Kahu EV LP 1.845.001

**3. PROJECT DEFINITION AND OUTCOMES**

**3.1 Background**

SunScout is looking to provide solar panels for electric vehicles whereby the vehicle battery can be recharged partially or even fully through solar energy. The initial target market is campervans, which is partially due to their usage profile where they are often static in position but using power.

Kahu EV is a New Zealand company that develops electric vehicle solutions, including control systems, battery management, and complete specialist vehicles.

**3.2 Project Overview**

The project is for Kahu EV to assist SunScout to integrate solar panels into a battery electric vehicle in order to add to the energy supply of such a vehicle. This has the potential to extend the vehicle driving range, allow for additional operations on board, or in some cases even prolong the period required between charging indefinitely.

Incorporating solar panels into the energy supply of an electric vehicle involves mechanical, electronic and software integration with the existing vehicle. Kahu EV has developed the EVNet™ suite of modular control subsystems for electric vehicles and will develop a solar-specific EVNet™ subsystem. This subsystem provides the interface between the solar panels and the vehicle power distribution.

Kahu EV will assist in the research of technology options to achieve the objectives of SunScout. This includes assembling the selected technology into a test system for evaluation, which may be off- or on-vehicle.

**3.3 Deliverables**

The project deliverables are:

● Electromechanical design to integrate solar panels with the vehicle battery

● Electromechanical design to integrate the AC inverter with the vehicle battery

● 1 x EVNet™ Solar Energy Subsystem

● Test schedules

● Support and maintenance reporting.

**3.4 Project Sponsor**

The client sponsor for this project is Edwin Cywinski.

**3.5 Project Staffing**

The following resources have been allocated to the project at Kahu EV:

Project Manager: Andrew Rushworth<br> Quality Manager: Matt Barnes<br> Technical Lead (Electromechanical): Simon Monteith<br> Technical Lead (Software): Stephen Wildbore.

In addition, engineering and support resource will be provided as required by the project.

SunScout Development Proposal v1.00 17 June, 2024 3

CONFIDENTIAL Kahu EV LP 1.845.001

**4. PROJECT PLAN**

**4.1 Project Phases**

The project is a collaborative proof of concept development with SunScout. As such, it does not have fixed milestones, rather the focus is investigative to evaluate the concept. The project approach is around general phases.

The project can be considered as comprising the following phases:

● **Phase 1 – Analysis** 

The development is described at a high architectural level to determine all of the aspects that need to be developed, along with what interfaces exist to third-party components. From this, a functional description is created from which subsequent stages, including testing, will refer to.

● **Phase 2 – Development** 

Based on the results of Phase 1, the initial solution is developed and integrated into a vehicle provided by SunScout. This includes software, electronics and mechanical integration. During this phase, Kahu EV will liaise with SAIC, the manufacturers of the proposed test vehicle, for integration with their battery management system (BMS) and other subsystems as required.

● **Phase 3 – Testing** 

The vehicle from Phase 2 is operated in test scenarios and monitored by Kahu EV in conjunction with SunScout.

These phases are expected to be iterative as the solution is refined for parameters such as performance, reliability, safety, and cost.

Should the proof of concept be viable, Kahu EV will assist in the creation of a report on the project for SAIC for inclusion in the productionising plan.

**4.2 Safety Plan**

As a development involving the powering of a vehicle, there are inherent safety considerations as part of the project.

During the analysis phase, a formal hazard and risk analysis (HARA) process will be conducted to identify the safety goals of the project development. The subsequent design(s) will be performed with an awareness of these considerations.

This stage forms the basis of adhering to the automotive international safety standard ISO 26262. Should certification to this standard become a requirement of the system, Kahu EV will facilitate and lead the process to do so.

The Kahu EV project quality manager is responsible for ensuring the safety process is followed and that safety issues are appropriately documented for project sponsorship decisions.

**4.3 Project Process**

The project is a proof of concept development and investigation project. As such, there is no formal scope as this is subject to constant change as technology is evaluated and new conditions arise. The project will be tracked by Kahu EV as tasks, recording effort and resources used on an activity basis.

**4.4 Issues System**

Once the vehicle is being operated in phase 3, the project will be tracked through the Kahu EV online issues system. SunScout will be given access to this system, through which modifications, incidents or features can be logged. Development progress against these issues is tracked through development, testing and deployment, with full visibility to SunScout.

This system provides a transparent view on project progress and management and is provided due to the distributed and iterative nature of the project.

SunScout Development Proposal v1.00 17 June, 2024 4

CONFIDENTIAL Kahu EV LP 1.845.001

**5. COMMERCIAL TERMS**

**5.1 Confidentiality**

Any confidential information, including trade secrets and proprietary information, transmitted during this project is to be treated with the utmost care by the receiving party. The receiving party will maintain the confidentiality of such information of the disclosing party with at least the same degree of care that it uses to protect its own confidential and proprietary information, but no less than a reasonable degree of care under the circumstances.

In addition, all information around the project, including its existence, is to be treated with strict confidentiality until such time as SunScout deems it fit for knowledge of the solar energy integration to be made public.

**5.2 Intellectual Property**

It is acknowledged that each party retains all of its existing intellectual property rights in all information and/or material which relates to the subject of this proposal between Kahu EV and SunScout and the proposed project.

Existing Kahu EV intellectual property and components may be used in the development of the system. In such cases, such intellectual property will include a license to use for SunScout. SunScout agrees to not make any attempt at reverse engineering any Kahu EV components, software or systems.

Any idea, concept, know how or technique which is developed or provided by SunScout or Kahu EV or jointly by SunScout and Kahu EV in carrying out the proposed project for SunScout, can be freely used by:

&nbsp;&nbsp;&nbsp;&nbsp;i. Kahu EV at any stage and in anyway it deems appropriate irrespective
of whether the project that is being carried out by Kahu EV is completed or not; or

&nbsp;&nbsp;&nbsp;&nbsp;ii. SunScout in any way it deems appropriate provided that Kahu
EV has received in full all payments that are due for work undertaken for SunScout.

**5.3 Warranty**

Kahu EV warrants that the product(s) delivered as part of this proposal will conform to the requirements agreed with SunScout over the course of the project.

Where no specific maintenance agreement with Kahu EV exists, the warranty provided on individual electronic components supplied by Kahu EV is for a period of three (3) months from the date of supply from Kahu EV, or the manufacturer's warranty, whichever is the greater, provided that Kahu EV has received full payment for all work undertaken. This warranty shall be null and void in the event that all or any part of the product is modified by SunScout without the prior written approval of Kahu EV.

**5.4 Indemnification**

Once any development from the project has been accepted by SunScout, it is considered that SunScout is satisfied with the standard of engineering and the fitness for purpose. At this point, SunScout indemnifies Kahu EV against any claims resulting from the subsequent use of the system.

SunScout Development Proposal v1.00 17 June, 2024 5

CONFIDENTIAL Kahu EV LP 1.845.001

**5.5 Cancellation**

If SunScout has any concerns as to the performance of the products or services provided by Kahu EV, then SunScout must immediately advise Kahu EV in writing as soon as SunScout becomes aware of such concerns.

If one party defaults in the performance of any of its obligations under this proposal, and the default is capable of being remedied, then with the agreement of the non-defaulting party, a thirty-day period from the date of notice of the default shall be granted, for that default to be remedied to the satisfaction of both parties.

If the default is not capable of being remedied, or the defaulting party fails to make remedy to the satisfaction of the other party by the date for completion, then the parties may agree to a modification to the project or to cancel the project.

In the event of cancellation or delay of the project, then SunScout shall be liable for all disbursements Kahu EV has incurred up to and including the date the project is cancelled or suspended. Such disbursements include any work that is outsourced by Kahu EV for the project. SunScout shall also be liable for all work Kahu EV has carried out for SunScout up to and including the date the project is cancelled or suspended. The amount payable to Kahu EV by SunScout for such work shall be calculated by multiplying the hours of work completed by Kahu EV by the appropriate hourly rate specified in section 5.6 of this proposal.

**5.6 Product and Service Charges**

Kahu EV has provided in this proposal the most accurate and reasonable assessment of the costs associated with the development and deployment of the product. The following approach is taken to pricing and cost recovery:

● development services are provided at an hourly rate of $175 per person with materials and disbursements charged for at cost. This would normally include activities such as software development, electromechanical design, documentation, site visits, maintenance and support.

● CAD operation is provided at an hourly rate of $125 per person with materials and disbursements charged for at cost.

● Mechanical engineering and support is provided at an hourly rate of $105 per person with materials charged for at cost.

The costs detailed do not include any travel, accommodation and communications expenses which may be incurred by Kahu EV. All such costs are reimbursable from SunScout in addition to the proposed proposal total price.

Project billing will be on a time and materials basis, invoiced monthly as expenses are accrued.

**5.7 Payment**

Kahu EV will invoice SunScout monthly during the project with payment due on the 20th of the month following unless otherwise noted. Payment is to be remitted to Kahu EV New Zealand bank account by the due date via electronic funds transfer in New Zealand dollars.

There may be project disbursements, which will be billed on incurrence at cost. As these may be substantial, Kahu EV may from time to time require prepayment or quick repayment of these costs.

**5.8 Proposal Acceptance**

Kahu EV request that SunScout indicate acceptance of this proposal by signing and returning a printed copy of this document.

SunScout Development Proposal v1.00 17 June, 2024 6

CONFIDENTIAL Kahu EV LP 1.845.001

**6. PROJECT REPORTING AND MANAGEMENT**

**6.1 Management Process**

The Kahu EV approach to project management is to work in a transparent manner and encourage as much input as possible from SunScout. This minimises risk, lowers cost and cuts the likelihood of rework.

Given the iterative nature of the project, this close and open relationship is critical to ensuring a rapid turnaround of requirements modifications to develop a market-appropriate product.

**6.2 Reporting Process**

Due to the collaborative nature of the project, Kahu EV will not provide a formal project reporting schedule, unless required by SunScout.

Instead, it is expected that there will be close communication between the two organisations with ongoing regular phone and email correspondence.

Any issues that arise during the project that require SunScout input will be immediately escalated.

**7. SIGNOFF**

Revision number 1.00

Accepted by SunScout Limited.

---

| | | |
|:---|:---|:---|
| ![](ea026848504_ex10-15img2.jpg) | Director | 18.6.2024 |
| (Project sponsor) | (title) | (date) |

---

Accepted by Kahu EV LP.

---

| | | |
|:---|:---|:---|
| ![](ea026848504_ex10-15img3.jpg) | General Partner | 19-6-2024 |
| (Project Sponsor) | (title) | (date) |

---

SunScout Development Proposal v1.00 17 June, 2024 7

## Exhibit 10.16

**Exhibit 10.16**

BRC

---

| | |
|:---|:---|
| **FACILITY AGREEMENT<br> PREPARED ON 10 May 2024** | ![](ea026848504_ex10-16img1.jpg) |

---

**BETWEEN:**

**ASB BANK LIMITED**

(the "Lender" and referred to in this Facility Agreement as "we," "us" and "our(s)"); and

**SUNSCOUT NEW ZEALAND LIMITED**

(the "Borrower" and referred to in this Facility Agreement as "you" and "your(s)"); and

**FRIEDRICH EDWIN CYWINSKI**

("the Guarantor").

1. We will make the Facility detailed in the attached Facility Schedule available to you on the terms contained
in this Facility Agreement.

2. The terms and conditions applying to the Facility are recorded in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) our general terms and conditions reference No. BRC11/2023 (the "Terms"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facility Schedule for Facility Number:

12-3211-0036349-91-007 Asset Finance Term Loan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. If there is any conflict between this Facility Agreement and the Terms, the terms
of this Facility Agreement shall prevail. Furthermore, if there is any conflict between this Facility Agreement and the Facility set out
in the Facility Schedule, the terms of that Facility Schedule shall prevail over this Facility Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Words and expressions defined in the Terms and not otherwise defined in this Facility
Agreement have the same meaning and construction where used in this Facility Agreement and the Facility Schedule unless the context otherwise
requires. All references to clause references are to clauses of the Terms.

**Conditions Precedent to Availability of Facilities:**

Drawdown for any Facility shall not be available until we have received and are satisfied with the following:

All the conditions specified or referred to in the Terms (refer clause 7); and

A Director's Certificate completed and executed by your Directors, on our standard form.

**Conditions Precedent to Availability of specific Facilities:**

Prior to Drawdown of the specified Facility, we must receive and find satisfactory;

Facility 12-3211-0036349-91-007 (FLOATING - Table Full Advance)

Your acknowledgement that existing loan 12-3211-00033076-91-006 will be repaid in full from this advance.

Facility 12-3211-0036349-91-007 (FLOATING - Table Full Advance)

Confirmation from any security charge holders that prior to or immediately upon drawdown of a Facility, all existing indebtedness owing to that security holder has been repaid and all securities in favour of that charge holder will be released and discharged.

10/05/2024

Page 1 of 8

Facility 12-3211-0036349-91-007 (FLOATING - Table Full Advance)

Evidence of comprehensive insurance over the Collateral (defined below) for full insurable value, with all such insurance to be in accordance with commercial best practice with our interest noted as grantee over the Collateral (defined below).

**Conditions Subsequent to Drawdown:**

You undertake and agree as follows during the term of the Facility to comply with the following Undertakings;

Annual financial statements, prepared in accordance with generally accepted New Zealand Accounting Standards, are to be supplied to the bank on request.

**Security**

This is a secured Facility and security for the Facility is set out below.

Prior to the Facility being made available you will provide us with those securities below marked "new" (and/or our completed form of Solicitor's Certificate), registered first in ranking unless otherwise specified (any security governed by the Personal Property Securities Act 1999 will be registered on the Personal Property Securities Register). If you fail to meet your commitments under the Documents, we may be entitled to repossess and sell the property listed below:

A new all obligations Specific Security Deed, on our standard form, over 2022, Make: HANS, Model: G3015F, Serial number: QYC1932208002, Description: 2022 HANS G3015F Fiber Laser Cutting Machine Serial Number QYC1932208002.

A new all obligations Specific Security Deed, on our standard form, over 2022, Make: DURMA, Model: AD-S 43220, Serial number: 73492218235, Description: 2022 DURMA AD-S 43220 Press Brake Serial Number 73492218235.

An existing unlimited guarantee and indemnity on our standard form, from FRIEDRICH EDWIN CYWINSKI.

An existing all obligations General Security Deed, on our standard form, over all the assets and undertaking from SUNSCOUT NEW ZEALAND LIMITED.

(the "Collateral")

The security interest we hold over the above property will secure all of your existing and future indebtedness and performance of obligations to us, whether or not documented in this Facility Agreement or the Facility Schedules. Any other security interest granted to us in the future over any of your other property will also secure your indebtedness to us unless we agree otherwise in writing.

If we exercise our rights of enforcement under the Documents and sell the above secured property and the proceeds of that sale are insufficient to repay the total of the Outstanding Money at that time, you will remain indebted to us for the balance of the Outstanding Money.

Unless otherwise agreed in writing with us, if you create or permit to exist a security interest, other than our security interest granted under a Security Document, over the above secured property it will be an Event of Default under this Facility Agreement. If we exercise our rights as a result of an Event of Default, we are entitled to (among other things), cancel the Facility, declare any or all of the Outstanding Money to be due and payable immediately and exercise our rights under a Security Document which includes repossession and/or sale of the above secured property.

10/05/2024

Page 2 of 8

**Disbursements:**

Subject to clause 7.1 of the Terms and receipt by us of matching supplier/vendor invoices for each disbursement below you acknowledge and confirm that we are authorised to disburse the Facility as follows:

Repayment of Term Loan Account No: 12-3211-00033076-91-006 as outlined in the condition precedent above.

and the balance (if any) to your chosen ASB account.

**Independent Legal Advice**

We advise you and the Guarantors to obtain legal and financial advice as to the effect of entering into this Facility Agreement and any of the other Documents.

10/05/2024

Page 3 of 8

<u>**Borrower Acknowledgement and Agreement**</u>

You [each]:

● **RECEIPT OF DOCUMENTS:** acknowledge that you have been provided with a complete copy of this Facility Agreement, the Terms, each of the Security Documents and other documentation relating to the Facility; and

● **ACCEPTANCE:** confirm that you have read the Documents and accept the terms and conditions contained within (including each of the Conditions Precedent to Availability of Facilities); and

● **PROVISION OF INFORMATION:** confirm that all information provided to us in connection with your application for financial accommodation, this Facility Agreement and the Documents is accurate, complete and not misleading; and

● **ELECTRONIC COMMUNICATION:** consent to receive disclosure, notices and other communications from us in electronic form, whether by means of our website, email or other electronic communication as set out in the Terms; and

● **COUNTERPARTS:** understand that this document may be executed in any number of counterparts, all of which when taken together shall constitute one and the same document, and any of the parties hereto may execute any document by signing any such counterpart; and

● **AGENCY:** in accordance with the Terms and to the extent more than one person is named as the Borrower, appoint each other joint Borrower as your agent to receive Credit Contracts and Consumer Finance Act 2003 disclosures, notices and other communications on your behalf; and

● **INDEPENDENT LEGAL ADVICE:** acknowledge you have been advised by us to obtain legal and financial advice before signing this Facility Agreement and any of the other Documents, and

● **FURTHER SECURITY INTEREST IN MORTGAGED PROPERTY PROHIBITED WITHOUT OUR CONSENT:** acknowledge that the terms of our mortgage over any property described as security for the Facility and as set out in more detail above (the "Property'') require that you obtain our consent in writing prior to creating or permitting any third party security interest over the Property and confirm no un-disclosed security interests exist; and

● **INTEREST RATE SWITCH:** agree that in accordance with the Terms, any one person named as Borrower may request an Interest Rate Switch during the term of this Facility, and we may act upon that request which will bind all of you.

*Please delete the above clause if you require us to act upon the request of all of you, rather than only one.*

● **INTEREST ONLY PERIOD:** agree that in accordance with the Terms, any one person named as Borrower may request an Interest Only Period during the term of this Facility, and we may act upon that request which will bind all of you.

*Please delete the above clause if you require us to act upon the request of all of you, rather than only one.*

 

Dated this <u>10<sup>th</sup></u> day of <u>may 2024 </u>

<u>**EXECUTED BY THE BORROWER**</u>

**SIGNED by**

**SUNSCOUT NEW ZEALAND LIMITED**

---

| | |
|:---|:---|
| by | ![](ea026848504_ex10-16img2.jpg) |
|  | Director |
| and by | |
|  | Director |

---

each being a Director of the above Company

10/05/2024

Page 4 of 8

<u>**Guarantor Acknowledgement and Agreement**</u>

The Guarantor(s) [each];

● **RECEIPT OF DOCUMENTS:** acknowledge that they have been provided with a complete copy of this Facility Agreement, the Terms, each of the Security Documents and other documentation relating to the Facility; and

● **ACCEPTANCE:** confirm that they have read the Documents and accept the terms and conditions contained in them (including each of the Conditions Precedent to Availability of Facility); and

● **PROVISION OF INFORMATION:** confirm that all information provided to us in connection with this Facility Agreement and the Documents is accurate, complete and not misleading; and

● **COUNTERPARTS:** understand that this document may be executed in any number of counterparts, all of which when taken together shall constitute one and the same document, and any of the parties hereto may execute any document by signing any such counterpart; and

● **ELECTRONIC COMMUNICATION:** consent to receive disclosure, notices and other communications from us in electronic form, whether by means of our website, email or other electronic communication as set out in the Terms; and

● **INDEPENDENT LEGAL ADVICE:** acknowledge they have been advised by us to obtain independent legal and financial advice before signing this Facility Agreement and any of the other Documents; and

● **FURTHER SECURITY INTEREST IN MORTGAGED PROPERTY PROHIBITED WITHOUT OUR CONSENT:** acknowledge that the terms of our mortgage over any property described as security for the Facility and as set out in more detail above (the "Property") require that you obtain our consent in writing prior to creating or permitting any third party security interest over the Property and confirm no un-disclosed security interests exist; and

● **INTEREST RATE SWITCH:** agree that we may approve an Interest Rate Switch during the Term of this Facility without the requirement to obtain consent from the Guarantor(s); and

 

*Please delete the above clause if you require us to obtain the consent of the Guarantor(s) prior to considering a request for an Interest Rate Switch.*

● **INTEREST ONLY PERIOD:** agree that we may approve an Interest Only Period during the Term of this Facility without the requirement to obtain consent from the Guarantor(s).

 

*Please delete the above clause if you require us to obtain the consent of the Guarantor(s) prior to considering a request for an Interest Only Period.*

Dated this <u>10<sup>th</sup></u> day of <u>may 2024 </u>

**<u>EXECUTED BY THE GUARANTOR</u>**

**SIGNED by**

---

| |
|:---|
| ![](ea026848504_ex10-16img3.jpg) |
| **FRIEDRICH EDWIN CYWINSKI** |

---

10/05/2024

Page 5 of 8

**FACILITY SCHEDULE**

**Facility Number: 12-3211-0036349-91-007**

**Facility Type:** Asset Finance Term Loan

**Description:** FLOATING - Table Full Advance

**Facility Amount:** An Amount of $560,594.00. This represents the maximum amount that you may draw down under this Facility (as may be varied from time to time by agreement in writing between us).

**Initial Unpaid Balance:** Nil

**Term:** 48 months from the first Payment Date. This may vary.

**Drawdown:** One drawing in accordance with the 'Disbursements' section of the Facility Agreement (refer clause 7 of the Terms).

**Deduction Account:** 12-3211-0033076-00

**Termination of Offer Date:** 6 July 2024 (refer clause 2.3 of the Terms).

**Fees:**

The following fees will be deducted from the Facility on Drawdown:

---

| | |
|:---|:---|
| Loan Processing Fee | $400.0 |
| Personal Property Security Registration Expenses (PPSR) | $35.0 |

---

The above PPSR Expenses consist of a $16.10 Registration Fee and $18.90 Administration Costs.

**Account Fees:** Banking transactions on the Deduction Account will be charged at the standard rates which are subject to change from time to time.

Additional credit fees and charges which may apply to your Deduction Account are detailed in ASB's Guide to Business Banking Fees, a copy of which was provided to you when you opened your Deduction Account and is also available at any branch of ASB or at *www.asb.co.nz .*

**Annual Interest Rate:** Floating Base Rate

The Interest Rate is 9.940% per annum as at the date this Facility Schedule was prepared being a total of the Floating Base Rate plus a Total Margin of 3.000% per annum.

The Floating Base Rate is 6.940% per annum as at the date this Facility Schedule was prepared.

The Total Margin is comprised of a Margin of plus 3.000% per annum.

We may alter the Floating Base Rate, or the Margin, at any time and from time to time, including prior to the first Drawdown.

Our published Base Rates are available at *www.asb.co.nz* or at any branch of ASB and are advertised in major newspapers when changes occur.

The method for calculating Interest charges can be found in clause 4.9 of the Terms.

**Interest and Repayments**

**Interest:**

You will pay interest in arrears monthly from the date of Drawdown. Such interest will be charged monthly to your Deduction Account on the 31st day of each month. Provided however that in any month without this day your Payment Date will be the last day of that month (your selected "Payment Date").

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**Payments:**

You will make a payment of interest only on the first Payment Date after Drawdown. Commencing on the second Payment Date after Drawdown you will repay the Facility by making 47 monthly instalments of $14,206.25; followed by a final payment of the balance of the Facility, together with any Outstanding Moneys which are unpaid. These instalments comprise part interest and part principal. We may alter payments at any time to reflect any alteration to the Interest Rate.

**Prepayment:** You may repay the Facility in full or in part at any time. A description of the minimum amount required to make a part prepayment and the costs or charges you may be required to pay to compensate us for any loss resulting from an early repayment can be found in clause 10 of the Terms.

**Purpose:** (Refer clause 2.2 of the Terms)

Purchase Business Asset

Instead of making the Facility available to you or your solicitor directly, we may, at our option, make payment under the Facility to any person advised to us by you as the vendor or supplier of the Collateral pursuant to the 'Disbursements' section of the Facility Agreement.

**Default Interest:** Default interest will be charged to the Deduction Account. A description of the way in which the default interest rate will apply if the Deduction Account is overdrawn at any time can be found in clause 5 of the Terms. Our default interest rate, being our Unarranged Overdraft Interest Rate, as at the date this Facility Schedule was prepared is 22.50% per annum. Details of our Unarranged Overdraft Interest Rate can be found on our website <u>*www.asb.co.nz*</u> or at any branch of ASB and is advertised in major newspapers when changes occur.

A description of the fees (including default fees) which may apply to your Deduction Account are detailed in ASB's Guide to Business Banking Fees, a copy of which was provided to you when you opened your Deduction Account and is available at any branch of ASB or at <u>*www.asb.co.nz*</u>*.*

**Continuing Disclosure:** We are required to provide you with regular statements. The statement will give you information about your account (for example, any interest or fees charged during the statement period) and the amount and timing of your next payment. Statements will be provided at least *every* 6 months.

**Address for Notices:** ASB Bank Limited, Lending Operations, ASB North Wharf, 12 Jellicoe Street, Auckland Central, Auckland 1010.

**Right to Cancel:** You have the right, for a short time, to cancel this Facility. A statement of your rights can be found in clause 15 of the Terms.

**Changes on Grounds of Unforeseen Hardship:** If the Facility Agreement is a consumer credit contract for the purposes of the Credit Contracts and Consumer Finance Act 2003 and you are unable to keep up your payments because of an unexpected event that causes you hardship, for example illness, injury, loss of employment or the end of a relationship, you can apply to us for a hardship variation of your Facility.

To apply for a hardship variation you need to make a request to us in writing which explains your situation and requests one of the following variations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) extending the term of the Facility and reducing the amount of each payment due
under the Facility accordingly (without a consequential change being made to the annual interest rate(s));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) giving you longer to pay by postponing, during a specified period, the dates on
which payments are due under the Facility Agreement (without a consequential change being made to the annual interest rate(s)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) both of the above - postponing payments for a specified time and reducing the amount
of your payments by extending the term.

You should do this or contact us as soon as possible, if you leave it too long, we may not have to consider your application.

10/05/2024

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**Disputes Resolution Scheme**: we are a member of the Banking Ombudsman dispute resolution scheme. You can contact the Banking Ombudsman at:

---

| | |
|:---|:---|
| Address: | Freepost 218002 |
|  | PO Box 25327 |
|  | Wellington 6146 |
| Phone: | 0800 805 950 |
| Email: | help@bankomb.org.nz |

---

We are registered on the register of financial service providers as ASB Bank Limited (registration number FSP29003).

10/05/2024

Page 8 of 8

## Exhibit 14.1

**Exhibit 14.1**

**SunScout Holding Limited**

**Code of Ethics and Business Conduct**

1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Board of Directors (the "**Board**") of **SunScout Holding Limited** (the "**Company**") has adopted this Code of Ethics and Business Conduct (the "**Code**") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "**SEC**") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote the protection of Company assets, including corporate opportunities and confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ensure accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 All directors, officers and employees are required to be familiar with the Code, comply with its provisions and report any suspected violations as described below in Section 10, Reporting and Enforcement.

2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer or their family members are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Chief Financial Officer. A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Chief Financial Officer with a written description of the activity and seeking the Chief Financial Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Chief Financial Officer.

Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee.

4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 No director, officer or employee may purchase or sell any Company securities while in possession of material nonpublic information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material nonpublic information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material nonpublic information regarding the Company or any other company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain profit for himself or herself; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Each director, officer and employee who is involved in the Company's disclosure process must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 All Company assets should be used only for legitimate business purposes. Any suspected incident of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

7. <u>Corporate Opportunities</u>. All directors, officers and employees owe a duty to the Company to advance its interests when the opportunity arises. Directors, officers and employees are prohibited from taking for themselves personally (or for the benefit of friends or family members) opportunities that are discovered through the use of Company assets, property, information or position. Directors, officers and employees may not use Company assets, property, information or position for personal gain (including gain of friends or family members). In addition, no director, officer or employee may compete with the Company.

8. <u>Confidentiality</u>. Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed.

9. <u>Fair Dealing</u>. Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse or privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting and Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Reporting and Investigation of Violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions prohibited by this Code involving anyone other than a director or executive officer must be reported to the reporting person's supervisor or the Chief Financial Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After receiving a report of an alleged prohibited action, the Audit Committee, the relevant supervisor or the Chief Financial Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Enforcement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Chief Financial Officer determines that a violation of this Code has occurred, the supervisor or the Chief Financial Officer will report such determination to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon receipt of a determination that there has been a violation of this Code, the Board will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Waivers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may, in its discretion, waive any violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any waiver for a director or an executive officer shall be disclosed as required by SEC and NYSE American rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Prohibition on Retaliation.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 14.2

**Exhibit 14.2**

**SunScout Holding Limited <br> Insider Trading Policy**

This Insider Trading Policy describes the standards of **SunScout Holding Limited** and its subsidiaries (the "**Company**") on trading, and causing the trading of, the Company's securities or securities of certain other publicly traded companies while in possession of confidential information. This Policy is divided into two parts: the first part prohibits trading in certain circumstances and applies to all directors, officers and employees and their respective immediate family members of the Company and the second part imposes special additional trading restrictions and applies to all (i) directors of the Company, (ii) executive officers of the Company (together with the directors, "**Company Insiders**"), and (iii) certain other employees that the Company may designate from time to time as "**Covered Persons**" because of their position, responsibilities or their actual or potential access to material information.

One of the principal purposes of the federal securities laws is to prohibit so-called "insider trading." Simply stated, insider trading occurs when a person uses material nonpublic information obtained through involvement with the Company to make decisions to purchase, sell, give away or otherwise trade the Company's securities or the securities of certain other companies or to provide that information to others outside the Company. The prohibitions against insider trading apply to trades, tips and recommendations by virtually any person, including all persons associated with the Company, if the information involved is "material" and "nonpublic." These terms are defined in this Policy under Part I, Section 3 below. The prohibitions would apply to any director, officer or employee who buys or sells securities on the basis of material nonpublic information that he or she obtained about the Company, its customers, suppliers, partners, competitors or other companies with which the Company has contractual relationships or may be negotiating transactions.

**PART I**

<u>1. Applicability</u>

This Policy applies to all trading or other transactions in (i) the Company's securities, including common stock, options and any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as well as to derivative securities relating to any of the Company's securities, whether or not issued by the Company and (ii) the securities of certain other companies, including common stock, options and other securities issued by those companies as well as derivative securities relating to any of those companies' securities.

This Policy applies to all employees of the Company, all officers of the Company and all members of the Company's board of directors, officers, employees, and their respective family members.

<u>2. General Policy: No Trading or Causing Trading While in Possession of Material Nonpublic Information</u>

**(a)** No director, officer or employee or any of their immediate family members may purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, while in possession of material nonpublic information about the Company. (The terms "material" and "nonpublic" are defined in Part I, Section 3(a) and (b) below.)

**(b)** No director, officer or employee or any of their immediate family members who knows of any material nonpublic information about the Company may communicate that information to ("tip") any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

**(c)** No director, officer or employee or any of their immediate family members may purchase or sell any security of any other publicly-traded company while in possession of material nonpublic information that was obtained in the course of his or her involvement with the Company. No director, officer or employee or any of their immediate family members who knows of any such material nonpublic information may communicate that information to, or tip, any other person, including family members and friends, or otherwise disclose such information without the Company's authorization.

**(d)** For compliance purposes, you should never trade, tip or recommend securities (or otherwise cause the purchase or sale of securities) while in possession of information that you have reason to believe is material and nonpublic unless you first consult with, and obtain the advance approval of, the Compliance Officer (which is defined in Part I, Section 3(c) below).

**(e)** Covered Persons must "pre-clear" all trading in securities of the Company in accordance with the procedures set forth in Part II, Section 3 below.

<u>3. Definitions</u>

**<u>(a) Material.</u>** Insider trading restrictions come into play only if the information you possess is "material." Materiality, however, involves a relatively low threshold. Information is generally regarded as "material" if it has market significance, that is, if its public dissemination is likely to affect the market price of securities, or if it otherwise is information that a reasonable investor would want to know before making an investment decision.

Information dealing with the following subjects is reasonably likely to be found material in particular situations:

(i) significant changes in the Company's prospects;

(ii) significant write-downs in assets or increases in reserves;

(iii) developments regarding significant litigation or government agency investigations;

(iv) liquidity problems;

(v) changes in earnings estimates or unusual gains or losses in major operations;

(vi) major changes in the Company's management or the board of directors;

(vii) changes in dividends;

(viii) extraordinary borrowings;

(ix) major changes in accounting methods or policies;

(x) award or loss of a significant contract;

(xi) cybersecurity risks and incidents, including vulnerabilities and breaches;

(xii) changes in debt ratings;

(xiii) proposals, plans or agreements, even if preliminary in nature, involving mergers, acquisitions, divestitures, recapitalizations, strategic alliances, licensing arrangements, or purchases or sales of substantial assets; and

(xiv) offerings of Company securities.

Material information is not limited to historical facts but may also include projections and forecasts. With respect to a future event, such as a merger, acquisition or introduction of a new product, the point at which negotiations or product development are determined to be material is determined by balancing the probability that the event will occur against the magnitude of the effect the event would have on a company's operations or stock price should it occur. Thus, information concerning an event that would have a large effect on stock price, such as a merger, may be material even if the possibility that the event will occur is relatively small. When in doubt about whether particular nonpublic information is material, you should presume it is material. **If you are unsure whether information is material, you should either consult the Compliance Officer before making any decision to disclose such information (other than to persons who need to know it) or to trade in or recommend securities to which that information relates or assume that the information is material.**

**<u>(b) Nonpublic.</u>** Insider trading prohibitions come into play only when you possess information that is material and "nonpublic." The fact that information has been disclosed to a few members of the public does not make it public for insider trading purposes. To be "public" the information must have been disseminated in a manner designed to reach investors generally, and the investors must be given the opportunity to absorb the information. Even after public disclosure of information about the Company, you must wait until the close of business on the second trading day after the information was publicly disclosed before you can treat the information as public.

Nonpublic information may include:

(i) information available to a select group of analysts or brokers or institutional investors;

(ii) undisclosed facts that are the subject of rumors, even if the rumors are widely circulated; and

(iii) information that has been entrusted to the Company on a confidential basis until a public announcement of the information has been made and enough time has elapsed for the market to respond to a public announcement of the information, normally two trading days.

**As with questions of materiality, if you are not sure whether information is considered public, you should either consult with the Compliance Officer or assume that the information is nonpublic and treat it as confidential.**

**<u>(c) Compliance Officer.</u>** The Company has appointed the Chief Financial Officer as the Compliance Officer for this Policy. The duties of the Compliance Officer include, but are not limited to, the following:

(i) assisting with implementation and enforcement of this Policy;

(ii) circulating this Policy to all employees and ensuring that this Policy is amended as necessary to remain up-to-date with insider trading laws;

(iii) pre-clearing all trading in securities of the Company by Covered Persons in accordance with the procedures set forth in Part II, Section 3 below; and

(iv) providing approval of any Rule 10b5-1 plans under Part II, Section 1(c) below and any prohibited transactions under Part II, Section 4 below.

(v) providing a reporting system with an effective whistleblower protection mechanism.

<u>4. Exceptions</u>

The trading restrictions of this Policy do not apply to exercising stock options granted under the Company's current or future equity incentive plans or option plans for cash or the delivery of previously owned Company stock. However, the sale of any shares issued on the exercise of Company-granted stock options and any cashless exercise of Company-granted stock options are subject to trading restrictions under this Policy.

<u>5. Violations of Insider Trading Laws</u>

Penalties for trading on or communicating material nonpublic information can be severe, both for individuals involved in such unlawful conduct and their employers and supervisors, and may include jail terms, criminal fines, civil penalties and civil enforcement injunctions. Given the severity of the potential penalties, compliance with this Policy is absolutely mandatory.

**<u>(a) Legal Penalties.</u>** A person who violates insider trading laws by engaging in transactions in a company's securities when he or she has material nonpublic information can be sentenced to a substantial jail term and required to pay a criminal penalty of several times the amount of profits gained or losses avoided.

In addition, a person who tips others may also be liable for transactions by the tippees to whom he or she has disclosed material nonpublic information. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large penalties even when the tipper did not profit from the transaction.

The SEC can also seek substantial civil penalties from any person who, at the time of an insider trading violation, "directly or indirectly controlled the person who committed such violation," which would apply to the Company and/or management and supervisory personnel. These control persons may be held liable for up to the greater of $1 million or three times the amount of the profits gained or losses avoided. Even for violations that result in a small or no profit, the SEC can seek penalties from a company and/or its management and supervisory personnel as control persons.

**<u>(b) Company-Imposed Penalties.</u>** Employees who violate this Policy may be subject to disciplinary action by the Company, including dismissal for cause. Any exceptions to the Policy, if permitted, may only be granted by the Compliance Officer and must be provided before any activity contrary to the above requirements takes place.

<u>6. Inquiries</u>

If you have any questions regarding any of the provisions of this Policy, please contact the Chief Executive Officer, Mr. Edwin Cywinski at edwin.cywinski@brightwayenergy.com and the Chief Financial Officer, Mr. Jamie Parent at jamie.parent@brightwayenergy.com.

**PART II**

<u>1. Blackout Periods</u>

All Covered Persons are prohibited from trading in the Company's securities during blackout periods as defined below.

**<u>(a) Quarterly Blackout Periods.</u>** Trading in the Company's securities is prohibited during the period beginning at the close of the market on two weeks before the end of each fiscal quarter and ending at the close of business on the second trading day following the date the Company's financial results are publicly disclosed. During these periods, Covered Persons generally possess or are presumed to possess material nonpublic information about the Company's financial results.

**<u>(b) Other Blackout Periods.</u>** From time to time, other types of material nonpublic information regarding the Company (such as negotiation of mergers, acquisitions or dispositions, investigation and assessment of cybersecurity incidents or new product developments) may be pending and not be publicly disclosed. While such material nonpublic information is pending, the Company may impose special blackout periods during which Covered Persons are prohibited from trading in the Company's securities. If the Company imposes a special blackout period, it will notify the Covered Persons affected.

**<u>(c) Exception.</u>** These trading restrictions do not apply to transactions under a pre-existing written plan, contract, instruction, or arrangement under Rule 10b5-1 under the Securities Exchange Act of 1934 (an "**Approved 10b5-1 Plan**") that:

(i) has been reviewed and approved at least one month in advance of any trades thereunder by the Compliance Officer (or, if revised or amended, such revisions or amendments have been reviewed and approved by the Compliance Officer at least one month in advance of any subsequent trades);

(ii) was entered into in good faith by the Covered Person at a time when the Covered Person was not in possession of material nonpublic information about the Company; and

(iii) gives a third party the discretionary authority to execute such purchases and sales, outside the control of the Covered Person, so long as such third party does not possess any material nonpublic information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions.

<u>2. Trading Window</u>

Covered Persons are permitted to trade in the Company's securities when no blackout period is in effect. Generally, this means that Covered Persons can trade during the period beginning on DAY THAT BLACKOUT PERIOD UNDER SECTION 1(A) ENDS and ending on DAY THAT NEXT BLACKOUT PERIOD UNDER SECTION 1(A) BEGINS. However, even during this trading window, a Covered Person who is in possession of any material nonpublic information should not trade in the Company's securities until the information has been made publicly available or is no longer material. In addition, the Company may close this trading window if a special blackout period under Part II, Section 1(b) above is imposed and will re-open the trading window once the special blackout period has ended.

<u>3. Pre-Clearance of Securities Transactions</u>

**(a)** Because Company Insiders are likely to obtain material nonpublic information on a regular basis, the Company requires all such persons to refrain from trading, even during a trading window under Part II, Section 2 above, without first pre-clearing all transactions in the Company's securities.

**(b)** Subject to the exemption in subsection (d) below, no Company Insider may, directly or indirectly, purchase or sell (or otherwise make any transfer, gift, pledge or loan of) any Company security at any time without first obtaining prior approval from the Compliance Officer. These procedures also apply to transactions by such person's spouse, other persons living in such person's household and minor children and to transactions by entities over which such person exercises control.

**(c)** The Compliance Officer shall record the date each request is received and the date and time each request is approved or disapproved. Unless revoked, a grant of permission will normally remain valid until the close of trading two business days following the day on which it was granted. If the transaction does not occur during the two-day period, pre-clearance of the transaction must be re-requested.

**(d)** Pre-clearance is not required for purchases and sales of securities under an Approved 10b5-1 Plan. With respect to any purchase or sale under an Approved 10b5-1 Plan, the third party effecting transactions on behalf of the Company Insider should be instructed to send duplicate confirmations of all such transactions to the Compliance Officer.

<u>4. Prohibited Transactions</u>

**(a)** Company Insiders are prohibited from trading in the Company's equity securities during a blackout period imposed under an "individual account" retirement or pension plan of the Company, during which at least 50% of the plan participants are unable to purchase, sell or otherwise acquire or transfer an interest in equity securities of the Company, due to a temporary suspension of trading by the Company or the plan fiduciary.

**(b)** Covered Persons, including any person's spouse, other persons living in such person's household and minor children and entities over which such person exercises control, are prohibited from engaging in the following transactions in the Company's securities unless advance approval is obtained from the Compliance Officer:

<u>(i) Short-term trading.</u> Company Insiders who purchase Company securities may not sell any Company securities of the same class for at least six months after the purchase;

<u>(ii) Short sales.</u> Company Insiders/Covered Persons may not sell the Company's securities short;

<u>(iii) Options trading.</u> Covered Persons may not buy or sell puts or calls or other derivative securities on the Company's securities;

<u>(iv) Trading on margin or pledging.</u> Covered Persons may not hold Company securities in a margin account or pledge Company securities as collateral for a loan; and

<u>(v) Hedging.</u> Covered Persons may not enter into hedging or monetization transactions or similar arrangements with respect to Company securities.

<u>5. Acknowledgment and Certification</u>

All Covered Persons are required to sign the attached acknowledgment and certification.

**ACKNOWLEDGMENT AND CERTIFICATION**

The undersigned does hereby acknowledge receipt of the Company's Insider Trading Policy. The undersigned has read and understands (or has had explained) such Policy and agrees to be governed by such Policy at all times in connection with the purchase and sale of securities and the confidentiality of nonpublic information.

---

| | |
|:---|:---|
|  | (Signature) |
|  | (Please print name) |
| Date:**_____________________________** |  |

---

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARIES OF SUNSCOUT HOLDING LIMITED**

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiaries** | **Place of <br> Incorporation** | **Incorporation <br> Time** | **Percentage <br> Ownership** |
| SunScout Limited | New Zealand | September 22, 2022 | 100% |
| SunScout New Zealand Limited**<sup>(1)</sup>** | New Zealand | July 29, 2020 | 100% |
| Brightway Energy LLC | Delaware, USA | February 9, 2020 | 100% |

---

**** 

**<sup>(1)</sup>** Held indirectly through SunScout Limited.

## Exhibit 23.1

**Exhibit 23.1**

![](ea026848504_ex23-1img1.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM</u>**

We hereby consent to the inclusion in this Registration Statement on Form F-1 of our audit report dated February 12, 2026, with respect to the combined balance sheets of SunScout Holding Limited as of June 30, 2025 and 2024, and the related combined statements of operations and other comprehensive income, changes in equity, and cash flows for each of the years in the two-year period ended June 30, 2025.

We also consent to the reference to us under the heading "Interest of Named Experts" in such Registration Statement.

![](ea026848504_ex23-1img2.jpg)

Fruci & Associates II, PLLC – PCAOB ID #05525

Spokane, Washington

April 22, 2026

## Exhibit 99.1

**Exhibit 99.1**

**CHARTER OF THE AUDIT COMMITTEE OF**

**SUNSCOUT HOLDING LIMITED**

**<u>Membership</u>**

The Audit Committee (the "**Committee**") of the board of directors (the "**Board**") of **SunScout Holding Limited** (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the requirements of Rule 10A-3 of the Securities Exchange Act of 1934 and the rules of the NYSE American. No member of the Committee can have participated in the preparation of the Company's or any of its subsidiaries' financial statements at any time during the past three years.

Each member of the Committee must be able to read and understand fundamental financial statements, including the Company's balance sheet, income statement and cash flow statement. At least one member of the Committee must have past employment experience in finance or accounting, requisite professional certification in accounting or other comparable experience or background that leads to financial sophistication. At least one member of the Committee must be an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K. A person who satisfies this definition of audit committee financial expert will also be presumed to have financial sophistication.

The members of the Committee shall be appointed by the Board based on recommendations from the nominating and corporate governance committee of the Board. The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to oversee the Company's accounting and financial reporting processes and the audit of the Company's financial statements.

The primary role of the Committee is to oversee the financial reporting and disclosure process. To fulfill this obligation, the Committee relies on: management for the preparation and accuracy of the Company's financial statements; for establishing effective internal controls and procedures to ensure the Company's compliance with accounting standards, financial reporting procedures and applicable laws and regulations; and the Company's independent auditors for an unbiased, diligent audit or review, as applicable, of the Company's financial statements and the effectiveness of the Company's internal controls. The members of the Committee are not employees of the Company and are not responsible for conducting the audit or performing other accounting procedures.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To (1) select and retain an independent registered public accounting firm to act as the Company's independent auditors for the purpose of auditing the Company's annual financial statements, books, records, accounts and internal controls over financial reporting, (2) set the compensation of the Company's independent auditors, (3) oversee the work done by the Company's independent auditors and (4) terminate the Company's independent auditors, if necessary.

To select, retain, compensate, oversee and terminate, if necessary, any other registered public accounting firm engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company.

To approve all audit engagement fees and terms; and to pre-approve all audit and permitted non-audit and tax services that may be provided by the Company's independent auditors or other registered public accounting firms, and establish policies and procedures for the Committee's pre-approval of permitted services by the Company's independent auditors or other registered public accounting firms on an on-going basis.

At least annually, to obtain and review a report by the Company's independent auditors that describes (1) the accounting firm's internal quality control procedures, (2) any issues raised by the most recent internal quality control review, peer review or Public Company Accounting Oversight Board review or inspection of the firm or by any other inquiry or investigation by governmental or professional authorities in the past five years regarding one or more audits carried out by the firm and any steps taken to deal with any such issues, and (3) all relationships between the firm and the Company or any of its subsidiaries; and to discuss with the independent auditors this report and any relationships or services that may impact the objectivity and independence of the auditors.

At least annually, to evaluate the qualifications, performance and independence of the Company's independent auditors, including an evaluation of the lead audit partner; and to assure the regular rotation of the lead audit partner at the Company's independent auditors and consider regular rotation of the accounting firm serving as the Company's independent auditors.

To review and discuss with the Company's independent auditors (1) the auditors' responsibilities under generally accepted auditing standards and the responsibilities of management in the audit process, (2) the overall audit strategy, (3) the scope and timing of the annual audit, (4) any significant risks identified during the auditors' risk assessment procedures and (5) when completed, the results, including significant findings, of the annual audit.

To review and discuss with the Company's independent auditors (1) all critical accounting policies and practices to be used in the audit; (2) all alternative treatments of financial information within generally accepted accounting principles ("**GAAP**") that have been discussed with management, the ramifications of the use of such alternative treatments and the treatment preferred by the auditors; and (3) other material written communications between the auditors and management.

To review and discuss with the Company's independent auditors and management (1) any audit problems or difficulties, including difficulties encountered by the Company's independent auditors during their audit work (such as restrictions on the scope of their activities or their access to information), (2) any significant disagreements with management and (3) management's response to these problems, difficulties or disagreements; and to resolve any disagreements between the Company's auditors and management.

To review with management and the Company's independent auditors: any major issues regarding accounting principles and financial statement presentation, including any significant changes in the Company's selection or application of accounting principles; any significant financial reporting issues and judgments made in connection with the preparation of the Company's financial statements, including the effects of alternative GAAP methods; and the effect of regulatory and accounting initiatives and off-balance sheet structures on the Company's financial statements.

To keep the Company's independent auditors informed of the Committee's understanding of the Company's relationships and transactions with related parties that are significant to the company; and to review and discuss with the Company's independent auditors the auditors' evaluation of the Company's identification of, accounting for, and disclosure of its relationships and transactions with related parties, including any significant matters arising from the audit regarding the Company's relationships and transactions with related parties.

To review with management and the Company's independent auditors the adequacy and effectiveness of the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures, including any significant deficiencies or material weaknesses in the design or operation of, and any material changes in, the Company's processes, controls and procedure] and any special audit steps adopted in light of any material control deficiencies, and any fraud involving management or other employees with a significant role in such processes, controls and procedures, and review and discuss with management and the Company's independent auditors disclosure relating to the Company's financial reporting processes, internal control over financial reporting and disclosure controls and procedures, the independent auditors' report on the effectiveness of the Company's internal control over financial reporting and the required management certifications to be included in or attached as exhibits to the Company's annual report on Form 20-F, as applicable.

To review and discuss with the Company's independent auditors any other matters required to be discussed by applicable requirements of the PCAOB and the SEC.

To review and discuss with the Company's independent auditors and management the Company's annual audited financial statements (including the related notes), the form of audit opinion to be issued by the auditors on the financial statements and the disclosure under "Operating and Financial Review and Prospects" to be included in the Company's annual report on Form 20-F before the Form 20-F is filed.

To recommend to the Board that the audited financial statements be included in the Company's Form 20-F and whether the Form 20-F should be filed with the SEC; and to produce the audit committee report required to be included in the Company's proxy statement.

To establish and oversee procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by Company employees of concerns regarding questionable accounting or auditing matters.

To monitor compliance with the Company's Code of Business Conduct and Ethics (the "**Code**"), to investigate any alleged breach or violation of the Code, and to enforce the provisions of the Code.

To review, with the General Counsel and outside legal counsel, legal and regulatory matters, including legal cases against or regulatory investigations of the Company and its subsidiaries, that could have a significant impact on the Company's financial statements.

To review, approve and oversee any transaction between the Company and any related person (as defined in Item 404 of Regulation S-K) and any other potential conflict of interest situations on an ongoing basis, in accordance with Company policies and procedures, and to develop policies and procedures for the Committee's approval of related party transactions.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of independent outside counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of any outside counsel and other advisors.

The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to the Company's independent auditors, any other accounting firm engaged to perform services for the Company, any outside counsel and any other advisors to the Committee.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report after each committee meeting to the Board on its discussions and actions, including any significant issues or concerns that arise at its meetings, and shall make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall meet separately, and periodically, with management, and representatives of the Company's independent auditors, and shall invite such individuals to its meetings as it deems appropriate, to assist in carrying out its duties and responsibilities. However, the Committee shall meet regularly without such individuals present.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this Charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.2

**Exhibit 99.2**

**CHARTER OF THE COMPENSATION COMMITTEE OF**

**SUNSCOUT HOLDING LIMITED**

**<u>Membership</u>**

The Compensation Committee (the "**Committee**") of the board of directors (the "**Board**") of **SunScout Holding Limited** (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the NYSE American.

Each member of the Committee must qualify as "non-employee directors" for the purposes of Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**").

The members of the Committee shall be appointed by the Board based on recommendations from the nominating and corporate governance committee of the Board. The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the review and determination of executive compensation.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To review and approve annually the corporate goals and objectives applicable to the compensation of the chief executive officer ("**CEO**"), evaluate at least annually the CEO's performance in light of those goals and objectives, and recommend to the Board for approval the CEO's compensation level based on this evaluation. The CEO cannot be present during any voting or deliberations by the Committee on his or her compensation.

To review and make recommendations to the Board regarding the compensation of all other executive officers.

To review, and make recommendations to the Board regarding, incentive compensation plans and equity-based plans, and where appropriate or required, recommend for approval by the shareholders of the Company, which includes the ability to adopt, amend and terminate such plans. The Committee shall also have the authority to administer the Company's incentive compensation plans and equity-based plans, including designation of the employees to whom the awards are to be granted, the amount of the award or equity to be granted and the terms and conditions applicable to each award or grant, subject to the provisions of each plan.

To review, and make recommendations to the Board regarding, any employment agreements and any severance arrangements or plans, including any benefits to be provided in connection with a change in control, for the CEO and other executive officers, which includes the ability to adopt, amend and terminate such agreements, arrangements or plans.

To review all director compensation and benefits for service on the Board and Board committees at least once a year and to recommend any changes to the Board as necessary.

To oversee, in conjunction with the Board, engagement with shareholders and proxy advisory firms on executive compensation matters.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a compensation consultant as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation, and oversee the work, of the compensation consultant. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside legal counsel and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation, and oversee the work, of its outside legal counsel and other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its compensation consultants, outside legal counsel and any other advisors. However, the Committee shall not be required to implement or act consistently with the advice or recommendations of its compensation consultant, legal counsel or other advisor to the compensation committee, and the authority granted in this Charter shall not affect the ability or obligation of the Committee to exercise its own judgment in fulfillment of its duties under this Charter.

In retaining or seeking advice from compensation consultants, outside counsel and other advisors (other than the Company's in-house counsel), the Committee must take into consideration the factors specified in NYSE American Rule 805. The Committee may retain, or receive advice from, any compensation advisor they prefer, including ones that are not independent, after considering the specified factors. The Committee is not required to assess the independence of any compensation consultant or other advisor that acts in a role limited to consulting on any broad-based plan that does not discriminate in scope, terms or operation in favor of executive officers or directors and that is generally available to all salaried employees or providing information that is not customized for a particular company or that is customized based on parameters that are not developed by the consultant or advisor, and about which the consultant or advisor does not provide advice.

The Committee shall evaluate whether any compensation consultant retained or to be retained by it has any conflict of interest in accordance with Item 407(e)(3)(iv) of Regulation S-K. Any compensation consultant retained by the Committee to assist with its responsibilities relating to executive compensation or director compensation shall not be retained by the Company for any compensation or other human resource matters.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee may invite such members of management to its meetings as it deems appropriate. However, the Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.3

**Exhibit 99.3**

**CHARTER OF THE NOMINATING COMMITTEE OF**

**SUNSCOUT HOLDING LIMITED**

**<u>Membership</u>**

The Nominating Committee (the "**Committee**") of the board of directors (the "**Board**") **SunScout Holding Limited**, (the "**Company**") shall consist of three or more directors. Each member of the Committee shall be independent in accordance with the rules of the NYSE American.

The members of the Committee shall serve for such term or terms as the Board may determine or until earlier resignation or death. The Board may remove any member from the Committee at any time with or without cause.

**<u>Purpose</u>**

The purpose of the Committee is to carry out the responsibilities delegated by the Board relating to the Company's director nominations process and procedures, developing and maintaining the Company's corporate governance policies and any related matters required by the federal securities laws.

**<u>Duties and Responsibilities</u>**

The Committee shall have the following authority and responsibilities:

To identify and screen individuals qualified to become members of the Board, consistent with criteria approved by the Board. The Committee shall consider any director candidates recommended by the Company's shareholders pursuant to the procedures set forth in the Company's described in the Company's proxy statement.

To make recommendations to the Board regarding the selection and approval of the nominees for director to be submitted to a shareholder vote at the annual meeting of shareholders.

To oversee the Company's corporate governance practices and procedures, including identifying best practices and reviewing and recommending to the Board for approval any changes to the documents, policies and procedures in the Company's corporate governance framework, including its certificate of incorporation and by-laws.

To review the Board's committee structure and composition and to make recommendations to the Board regarding the appointment of directors to serve as members of each committee and committee chairmen annually.

If a vacancy on the Board and/or any Board committee occurs, to identify and make recommendations to the Board regarding the selection and approval of candidates to fill such vacancy either by election by shareholders or appointment by the Board.

To develop and recommend to the Board for approval standards for determining whether a director has a relationship with the Company that would impair its independence.

To review and discuss with management disclosure of the Company's corporate governance practices, including information regarding the operations of the Committee and other Board committees, director independence and the director nominations process, and to recommend that this disclosure be, included in the Company's proxy statement or annual report on Form 20-F, as applicable.

To develop and recommend to the Board for approval a Company Code of Business Conduct and Ethics (the "**Code**"), to monitor compliance with the Company's Code, to investigate any alleged breach or violation of the Code, to enforce the provisions of the Code and to review the Code periodically and recommend any changes to the Board.

**<u>Outside Advisors</u>**

The Committee shall have the authority, in its sole discretion, to select, retain and obtain the advice of a director search firm as necessary to assist with the execution of its duties and responsibilities as set forth in this Charter. The Committee shall set the compensation and oversee the work of the director search firm. The Committee shall have the authority, in its sole discretion, to retain and obtain the advice and assistance of outside counsel, an executive search firm and such other advisors as it deems necessary to fulfill its duties and responsibilities under this Charter. The Committee shall set the compensation and oversee the work of its outside counsel, the executive search firm and any other advisors. The Committee shall receive appropriate funding from the Company, as determined by the Committee in its capacity as a committee of the Board, for the payment of compensation to its search consultants, outside counsel and any other advisors.

**<u>Structure and Operations</u>**

The Board shall designate a member of the Committee as the chairperson. The Committee shall meet at least two times a year at such times and places as it deems necessary to fulfill its responsibilities. The Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate. The Committee is governed by the same rules regarding meetings (including meetings in person or by telephone or other similar communications equipment), action without meetings, notice, waiver of notice, and quorum and voting requirements as are applicable to the Board.

The Committee shall review this Charter at least annually and recommend any proposed changes to the Board for approval.

**<u>Delegation of Authority</u>**

The Committee shall have the authority to delegate any of its responsibilities, along with the authority to take action in relation to such responsibilities, to one or more subcommittees as the Committee may deem appropriate in its sole discretion.

**<u>Performance Evaluation</u>**

The Committee shall conduct an annual evaluation of the performance of its duties under this charter and shall present the results of the evaluation to the Board. The Committee shall conduct this evaluation in such manner as it deems appropriate.

## Exhibit 99.4

**Exhibit 99.4**

![](ea026848504_ex99-4img1.jpg)

![](ea026848504_ex99-4img2.jpg)

---

| |
|:---|
| **Luke Walker** Director |
| **D** +64 (4) 4983640 **M** +64 (27) 2324253 |
| luke.walker@mallett.co.nz |

---

---

| |
|:---|
| **BY EMAIL** |
| edwin.cywinski@brightwayenergy.com |

---

17 April 2026

SunScout Limited and SunScout Holding Limited

83 Johnstone Drive

Fitzherbert

PALMERSTON NORTH 4410

**Attention:** Edwin Cywinski

**PRIVATE AND CONFIDENTIAL**

Dear Edwin

**PROPOSED LISTING OF SUNSCOUT HOLDING LIMITED (THE "Company") – NEW ZEALAND LEGAL OPINION**

1. <u>INTRODUCTION</u> 

1.1 We have been requested by the Company to provide this opinion with regard to the laws of New Zealand,
in connection with the Company's initial public offering of Class A ordinary shares, in accordance with the Company's registration
statement on Form F-1, including all amendments or supplements thereto, filed by the Company under the United States Securities Act of
1933, as amended (the "**Registration Statement** "), with the U.S. Securities and Exchange Commission (the "**SEC** ")
(the "**Offering** "). The Company has 2 subsidiaries in New Zealand (collectively, the "**New Zealand Companies** "
and each, a "**New Zealand Company** "), namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SunScout Limited; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SunScout New Zealand Limited.

1.2 This opinion is limited to the laws of New Zealand of general application at the date of this opinion
as applied by the courts in New Zealand and is given on the basis that it will be governed by and construed according to the laws of New
Zealand. We do not purport to be experts on, nor are generally familiar with, any laws other than the laws of New Zealand. As such, we
have made no investigation of and do not express (or imply) any views on the laws of any territory or country other than New Zealand.
We are not obliged to update this opinion to reflect, or notify any addressee of this opinion or any other person of, any legal or legislative
developments, or other changes to law or fact, arising after the date of this opinion.

2. <u>DOCUMENTS</u> 

2.1 For the purposes of this opinion, we have sighted and/or reviewed a copy of the Registration Statement
filed by the Company with the SEC in connection with the Offering.

![](ea026848504_ex99-4img3.jpg)

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| | |
|:---|:---|
| ![](ea026848504_ex99-4img4.jpg) | ![](ea026848504_ex99-4img5.jpg) |

---

2.2 We have not examined any documents other than those set out in paragraph 2.1 of this opinion. Save as
expressly provided in paragraph 4 of this opinion, we express no opinion whatsoever with respect to any agreement or document.

3. <u>ASSUMPTIONS</u> 

In rendering this opinion, we have made the following assumptions:

3.1 the authenticity, completeness, validity and factual accuracy of all documents relied upon by us in
issuing this opinion;

3.2 the accuracy and correctness of the statements, any representations or oral information made by the
shareholder(s), director(s), officer(s), employee(s), licencee(s), agent(s), representative(s) or authorised person(s) of the New Zealand
Companies to us in respect of the Offering and/or Registration Statement;

3.3 the Registration Statement in the form provided to and reviewed by us will be filed with the SEC;

3.4 no laws other than the laws of New Zealand affect this opinion; and

3.5 there is no foreign law (as to which we have made no independent investigation) which would be contravened
by either the entry into or the transactions contemplated under the Registration Statement, or would affect or have any implications on
this opinion and that in so far as any obligation expressed to be incurred or performed under the Registration Statement falls to be performed
in or is otherwise subject to the laws of any jurisdiction other than New Zealand, its performance will not be illegal by virtue of the
laws of that jurisdiction.

4. <u>OPINION</u> 

4.1 Subject to the assumptions and qualifications set out in this opinion and any matter not disclosed
to us, we are of the opinion that, so far as the laws of New Zealand are concerned, the statements and disclosures in the Registration
Statement under the captions "Risk Factors", "Enforceability of Civil
Liabilities", "History and Corporate Structure", "Business – Licenses, Permits and
Registrations", "Business – Intellectual Property", "Business – Research and Development",
"Business – Employees", "Business – Insurance", "Business – Litigation and Other
Legal Proceedings" and "Regulations – Laws and Regulations Relating to Our Business in New Zealand" insofar
and to the extent that they constitute a summary or description of the laws or regulations of New Zealand, fairly present the
information and summarise the matters referred to therein.

5. <u>QUALIFICATIONS</u> 

This opinion is subject to the following qualifications:

5.1 we do not express any opinion as to any laws other than New Zealand law in force at and as interpreted
at the date of this opinion. We are not qualified to, and we do not, express an opinion on the laws of any other jurisdiction;

5.2 no opinion is expressed on any document or matter which is not apparent on the face of the Registration
Statement;

5.3 we do not advise on the tax position of any person, or the rights and remedies of any taxation authority
in respect of non-payment of taxes or the failure to comply with law and regulations relating to taxation. For these purposes, taxation
and taxes include without limitation, stamp duty and withholding taxes;

5.4 we are not advising on the business, shareholding structure, commercial terms, tax, or accounting implications
of the Offering;

5.5 this opinion is strictly limited to matters stated herein and is not to be construed as extending by
implication to any other matter or document in connection with, or referred to, in the Registration Statement;

5.6 we have not investigated or verified the representations and factual statements (including any statements
of foreign law), if any, or the reasonableness of any statements of opinion or intention, made in the documents referenced in this opinion
and have not made any attempt to determine if any of such representations or factual statements are complete, true or accurate. In addition,
we are not responsible for investigating or verifying whether any material fact has been omitted from such documents;

5.7 this opinion is given on the basis that there will be no amendment to or replacement of the documents,
authorisations and approvals referred to in this opinion and on the basis of the laws of New Zealand in force as at the date of this opinion;
and

5.8 this opinion is given on the basis that we undertake no responsibility to notify any addressee of this
opinion of any change in the laws of New Zealand after the date of this opinion.

**6.**  **<u>General</u>** 

6.1 This opinion is given to the person(s) to whom it is addressed. It may not be used or relied upon by
or published or communicated to, nor do we accept any liability to, any person or entity for any purpose whatsoever without our prior
written consent in each instance, except pursuant to an order or legal process of any relevant governmental authority, where allowed or
required by law. No responsibility or liability is accepted in relation to any use of this opinion for any other purpose other than in
connection with the Registration Statement or any other person's reliance or use of this opinion for any purpose whatsoever.

6.2 This opinion is rendered as of the date first set forth above and we expressly disclaim any obligation
to update this opinion from and after the date hereof or to notify any addressee(s) of this opinion of any change in the laws of New Zealand
after the date of this opinion.

6.3 All statements or opinions made or reports contained herein are of a general nature only and current
only as at the date of this opinion. They do not purport and are not intended to be a substitute for specific professional advice.

6.4 This opinion does not cover the financial, tax and other related aspects of the business and operations
of the New Zealand Companies.

6.5 It is strictly limited to the matters stated herein and is not to be read as extending by implication
to any other matter or document in connection with the Offering and/or Registration Statement.

6.6 This opinion relates only to the laws of general application of New Zealand as at the date hereof and
as currently applied by the New Zealand courts, and is given on the basis that it will be governed by and construed in accordance with the laws
of New Zealand. We have made no investigation of, and do not express or imply any views on, the laws of any country other than New Zealand
and assume that such laws do not qualify or affect this opinion.

**7.**  **<u>Consent</u>** 

7.1 We hereby consent to the utilisation of this opinion in the Registration Statement, and we also authorise
its filing as an exhibit therein. In addition, we consent to the inclusion of references to our name within the said Registration Statement.

---

| |
|:---|
| Yours faithfully |
| **MALLETT PARTNERS** |
| **/s/** Luke Walker |
| **Luke Walker** |
| Director |

---

## Exhibit 99.5

**Exhibit 99.5**

![](ea026848504_ex99-5img1.jpg)

20 April 2026

**SunScout Holding Limited**

4th Floor, Harbour Place

103 South Church Street

Grand Cayman KY1-1002

Cayman Islands

To Whom It May Concern,

**Re: Consent to use and reference the Keystone™ Business Valuation Report, dated 30 October 2025**

EverEdge Pte Ltd ("EverEdge") has carried out a valuation of SunScout Holding Limited and its Intangible Assets and has issued the following report:

*Keystone™ Business Valuation Report, dated 30 October 2025 — prepared for SunScout Group, with a valuation date of 31 August 2025.*

We hereby provide our consent to SunScout Holding Limited for the use and sharing of the data, information, and statements from the above research report in documents, presentations, and statutory reports related to its Initial Public Offering.

In granting such consent, we represent that, to our knowledge, the statements made in the report are accurate and fairly present the matters referred to therein.

We have no objection to SunScout Holding Limited using information from our report and providing citation to our research work, on the condition that wherever such information is used, EverEdge is cited as the source.

Further, we disclaim any liability arising from such use.

---

| |
|:---|
| Sincerely, |
| /s/ Max Goh |
| **Max Goh** |
| Director |
| EverEdge Pte Ltd |

---

---

| | |
|:---|:---|
| EverEdge Pte Ltd \| 391B Orchard Road, Ngee Ann City Tower B, Singapore 238874 | **www.everedgeglobal.com** |
| *The Intangible Asset Specialists* |  |

---

## Exhibit 99.6

**Exhibit 99.6**

**SunScout Holding Limited**

**Executive Compensation Recovery Policy**

This policy covers SunScout Holding Limited's (the "<u>Company</u>") Covered Officers and explains when the Company will be required or authorized, as applicable, to seek recovery of Incentive Compensation awarded or paid to Covered Officers. Please refer to <u>Exhibit A</u> attached hereto (the "<u>Definitions Exhibit</u>") for the definitions of capitalized terms used throughout this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Miscalculation of Financial Performance Measure Results.** In the event of a Restatement, the Company will seek to recover, reasonably promptly, all Recoverable Incentive Compensation from a Covered
Officer during the Applicable Period. Such recovery, in the case of a Restatement, will be made without regard to any individual knowledge
or responsibility related to the Restatement or the Recoverable Incentive Compensation. Notwithstanding the foregoing, if the Company
is required to undertake a Restatement, the Company will not be required to recover the Recoverable Incentive Compensation if the Compensation
Committee determines it impracticable to do so, after exercising a normal due process review of all the relevant facts and circumstances.

The Company will seek to recover all Recoverable Incentive Compensation that was awarded or paid in accordance with the definition of "Recoverable Incentive Compensation" set forth on the Definitions Exhibit. If such Recoverable Incentive Compensation was not awarded or paid on a formulaic basis, the Company will seek to recover the amount that the Compensation Committee determines in good faith should be recouped.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Legal and Compliance Violations**. Compliance with the law and the Company's Standards of Business
Conduct and other corporate policies is a pre-condition to earning Incentive Compensation. If the Company in its sole discretion concludes
that a Covered Officer (1) committed a significant legal or compliance violation in connection with the Covered Officer's employment,
including a violation of the Company's corporate policies or the Company's Standards of Business Conduct (each, " <u>Misconduct</u> "),
or (2) was aware of or willfully blind to Misconduct that occurred in an area over which the Covered Officer had supervisory authority,
the Company may, at the direction of the Compensation Committee, seek recovery of all or a portion of the Recoverable Incentive Compensation
awarded or paid to the Covered Officer for the Applicable Period in which the violation occurred. In addition, the Company may, at the
direction of the Compensation Committee, conclude that any unpaid or unvested Incentive Compensation has not been earned and must be forfeited.

In the event of Misconduct, the Company may seek recovery of Recoverable Incentive Compensation even if the Misconduct did not result in an award or payment greater than would have been awarded or paid absent the Misconduct.

In the event of Misconduct, in determining whether to seek recovery and the amount, if any, by which the payment or award should be reduced, the Compensation Committee may consider—among other things— the seriousness of the Misconduct, whether the Covered Officer was unjustly enriched, whether seeking the recovery would prejudice the Company's interests in any way, including in a proceeding or investigation, and any other factors it deems relevant to the determination.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Other Actions**. The Compensation Committee may, subject
to applicable law, seek recovery in the manner it chooses, including by seeking reimbursement from the Covered Officer of all or part
of the compensation awarded or paid, by electing to withhold unpaid compensation, by set-off, or by rescinding or canceling unvested
stock.

In the reasonable exercise of its business judgment under this Policy, the Compensation Committee may in its sole discretion determine whether and to what extent additional action is appropriate to address the circumstances surrounding a Restatement or Misconduct to minimize the likelihood of any recurrence and to impose such other discipline as it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **No Indemnification or Reimbursement**. Notwithstanding
the terms of any other policy, program, agreement or arrangement, in no event will the Company or any of its affiliates indemnify or
reimburse a Covered Officer for any loss under this Policy and in no event will the Company or any of its affiliates pay premiums on
any insurance policy that would cover a Covered Officer's potential obligations with respect to Recoverable Incentive Compensation
under this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Administration of Policy**. The Compensation Committee
will have full authority to administer this Policy. Actions of the Compensation Committee pursuant to this Policy will be taken by the
vote of a majority of its members. The Compensation Committee will, subject to the provisions of this Policy and Rule 10D-1 of the Securities
Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), and the Company's applicable exchange listing standards,
make such determinations and interpretations and take such actions in connection with this Policy as it deems necessary, appropriate
or advisable. All determinations and interpretations made by the Compensation Committee will be final, binding and conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Other Claims and Rights**. The remedies under this Policy
are in addition to, and not in lieu of, any legal and equitable claims the Company or any of its affiliates may have or any actions that
may be imposed by law enforcement agencies, regulators, administrative bodies, or other authorities. Further, the exercise by the Compensation
Committee of any rights pursuant to this Policy will not impact any other rights that the Company or any of its affiliates may have with
respect to any Covered Officer subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Condition to Eligibility for Incentive Compensation**.
All Incentive Compensation subject to this Policy will not be earned, even if already paid, until the Policy ceases to apply to such
Incentive Compensation and any other vesting conditions applicable to such Incentive Compensation are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Amendment; Termination**. The Board or the Compensation
Committee may amend or terminate this Policy at any time.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Effectiveness**. Except as otherwise determined in writing
by the Compensation Committee, this Policy will apply to any Incentive Compensation that (a) in the case of any Restatement, is Received
by Covered Officers prior to, on or following the Effective Date, and (b) in the case of Misconduct, is awarded or paid to a Covered
Officer on or after the Effective Date. This Policy will survive and continue notwithstanding any termination of a Covered Officer's
employment with the Company and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Successors**. This Policy shall be binding and enforceable
against all Covered Officers and their successors, beneficiaries, heirs, executors, administrators, or other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Governing Law**. To the extent not preempted by U.S.
federal law, this Policy will be governed by and construed in accordance with the laws of the State of New York, without reference to
principles of conflict of laws.

**<u>EXHIBIT A</u>**

**<u>DEFINITIONS</u>**

"<u>Applicable Period</u>" means (a) in the case of any Restatement, the three completed fiscal years of the Company immediately preceding the earlier of (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes (or reasonably should have concluded) that a Restatement is required or (ii) the date a regulator, court or other legally authorized entity directs the Company to undertake a Restatement, and (b) in the case of any Misconduct, such period as the Compensation Committee or Board determines to be appropriate in light of the scope and nature of the Misconduct. The "Applicable Period" also includes any transition period (that results from a change in the Company's fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Compensation Committee</u>" means the Company's committee of independent directors responsible for executive compensation decisions, or in the absence of such a committee, a majority of the independent directors serving on the Board.

"<u>Covered Officer</u>" means (a) in the case of any Restatement, any person who is, or was at any time, during the Applicable Period, an Executive Officer of the Company, and (b) in the case of any Misconduct, any person who was an Executive Officer at the time of the Misconduct. For the avoidance of doubt, a Covered Officer may include a former Executive Officer that left the Company, retired, or transitioned to an employee role (including after serving as an Executive Officer in an interim capacity) during the Applicable Period.

"<u>Effective Date</u>" means the date of the effectiveness of the Registration Statement.

"<u>Executive Officer</u>" means the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including an officer of the Company's parent(s) or subsidiaries) who performs similar policy-making functions for the Company.

"<u>Financial Performance Measure</u>" means a measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements (including "non-GAAP" financial measures, such as those appearing in the Company's earnings releases or Management Discussion and Analysis), and any measure that is derived wholly or in part from such measure. Stock price and total shareholder return (and any measures derived wholly or in part therefrom) shall be considered Financial Performance Measures.

"<u>Impracticable</u>." The Compensation Committee may determine in good faith that recovery of Recoverable Incentive Compensation is "Impracticable" (a) in the case of any Restatement, if: (i) pursuing such recovery would violate home country law of the jurisdiction of incorporation of the Company where that law was adopted prior to October 2, 2023 and the Company provides an opinion of counsel to that effect acceptable to the Company's listing exchange; (ii) the direct expense paid to a third party to assist in enforcing this Policy would exceed the Recoverable Incentive Compensation and the Company has (A) made a reasonable attempt to recover such amounts and (B) provided documentation of such attempts to recover to the Company's applicable listing exchange; or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of the Internal Revenue Code of 1986, as amended, and (b) in the case of any Misconduct, in its sole discretion, in light of the scope and nature of the Misconduct.

"<u>Incentive Compensation</u>" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Performance Measure. Incentive Compensation does not include any base salaries (except with respect to any salary increases earned wholly or in part based on the attainment of a Financial Performance Measure performance goal); bonuses paid solely at the discretion of the Compensation Committee or Board that are not paid from a "bonus pool" that is determined by satisfying a Financial Performance Measure performance goal; bonuses paid solely upon satisfying one or more subjective standards and/or completion of a specified employment period; non-equity incentive plan awards earned solely upon satisfying one or more strategic measures or operational measures; and equity awards that vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures. Notwithstanding the foregoing, in the case of any Misconduct, Incentive Compensation will include all forms of cash and equity incentive compensation, including, without limitation, cash bonuses and equity awards that are received or vest solely based on the passage of time and/or attaining one or more non-Financial Performance Measures.

"<u>Received</u>." Incentive Compensation is deemed "Received" in the Company's fiscal period during which the Financial Performance Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

"<u>Recoverable Incentive Compensation</u>" means (a) in the case of any Restatement, the amount of any Incentive Compensation (calculated on a pre-tax basis) Received by a Covered Officer during the Applicable Period that is in excess of the amount that otherwise would have been Received if the calculation were based on the Restatement, and (b) in the case of any Misconduct, the amount of any Incentive Compensation (calculated on a pre-tax basis) awarded or paid to a Covered Officer during the Applicable Period that the Compensation Committee determines, in its sole discretion, to be appropriate in light of the scope and nature of the Misconduct. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation does not include any Incentive Compensation Received by a person (i) before such person began service as a Covered Officer and (ii) who did not serve as a Covered Officer at any time during the performance period for that Incentive Compensation. For the avoidance of doubt, in the case of any Restatement, Recoverable Incentive Compensation may include Incentive Compensation Received by a person while serving as an employee if such person previously served as a Covered Officer and then transitioned to an employee role. For Incentive Compensation based on (or derived from) stock price or total shareholder return where the amount of Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in the applicable Restatement, the amount will be determined by the Compensation Committee based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Incentive Compensation was Received (in which case, the Company will maintain documentation of such determination of that reasonable estimate and provide such documentation to the Company's applicable listing exchange).

"<u>Restatement</u>" means an accounting restatement of any of the Company's financial statements filed with the Securities and Exchange Commission under the Exchange Act, or the Securities Act of 1933, as amended, due to the Company's material noncompliance with any financial reporting requirement under U.S. securities laws, regardless of whether the Company or Covered Officer misconduct was the cause for such restatement. "Restatement" includes any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as "Big R" restatements), or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as "little r" restatements).

## Exhibit 99.7

**Exhibit 99.7**

**CONSENT OF EDWIN CYWINSKI**

SunScout Holding Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director.

Dated: April 20, 2026

---

| |
|:---|
| */s/ Edwin Cywinski* |
| Edwin Cywinski |

---

## Exhibit 99.8

**Exhibit 99.8**

**CONSENT OF KIAN WOON YAP**

SunScout Holding Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

Dated: April 20, 2026

---

| |
|:---|
| */s/ Kian Woon Yap* |
| Kian Woon Yap |

---

## Exhibit 99.9

**Exhibit 99.9**

**CONSENT OF JACOB PRETORIUS**

SunScout Holding Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

Dated: April 20, 2026

---

| |
|:---|
| */s/ Jacob Pretorius* |
| Jacob Pretorius |

---

## Exhibit 99.10

**Exhibit 99.10**

**CONSENT OF ALBERT MCLELLAND**

SunScout Holding Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

Dated: April 20, 2026

---

| |
|:---|
| */s/ Albert McLelland* |
| Albert McLelland |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**SunScout Holding Limited**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, par value $0.0001 per share ("Class A Ordinary Shares") | (1) | 457(o) |  | $| $27600000.00 | 0.0001381 | $3811.56 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $27600000.00 |  | 3811.56 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3811.56 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), the securities being registered hereunder include such indeterminate number of additional Class A Ordinary Shares as may be issued after the date hereof as a result of stock splits, stock dividends or similar transactions. Includes 4,000,000 Class A Ordinary Shares to be offered by the Company in this offering and up to 600,000 additional Class A Ordinary Shares issuable upon exercise of the underwriters' over-allotment option. The maximum aggregate offering price has been estimated pursuant to Rule 457(o) under the Securities Act based on an assumed initial public offering price of $6.00 per Class A Ordinary Share, the high end of the estimated public offering price range set forth on the cover page of this registration statement.