# EDGAR Filing Document

**Accession Number:** 0002069858
**File Stem:** 0001213900-25-078341
**Filing Date:** 2025-8
**Character Count:** 1180121
**Document Hash:** 813cfcfc016ed5e7b36bae3818bbba46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-078341.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001213900-25-078341

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APEX Global Solutions Ltd
- **CENTRAL INDEX KEY:** 0002069858
- **STANDARD INDUSTRIAL CLASSIFICATION:** COATING, ENGRAVING & ALLIED SERVICES [3470]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289708
- **FILM NUMBER:** 251230428

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1 TUAS VIEW PLACE
- **STREET 2:** #03-14 WESTLINK ONE
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 637433
- **BUSINESS PHONE:** 65-6909-0450

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1 TUAS VIEW PLACE
- **STREET 2:** #03-14 WESTLINK ONE
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 637433

**As filed with the U.S. Securities and Exchange Commission on August 19, 2025.**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM F-1<br> REGISTRATION STATEMENT**

**UNDER THE SECURITIES ACT OF 1933**

**APEX Global Solutions Limited**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's Name into English)

---

| | | |
|:---|:---|:---|
| **British Virgin Islands** | **3470** | **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.) |

---

**1 Tuas View Place, #03-14, Westlink One, Singapore 637433**

**+65 6909 0450**

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

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(800) 221-0102**

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

***Copies to:***

---

| | | |
|:---|:---|:---|
| **Kevin (Qixiang) Sun, Esq.**<br> **Bevilacqua PLLC**<br> **1050 Connecticut Avenue, NW, Suite 500**<br> **Washington, DC 20036**<br> **(202) 869-0888** | **Henry Yin, Esq.**<br> **Benjamin Yao, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place**<br> **Central, Hong Kong SAR**<br> **(852) 3923-1111** | **Angela Dowd, Esq.**<br> **Lili Taheri, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Avenue**<br> **New York, NY 10154**<br> **(212) 407-4000** |

---

**Approximate date of commencement of proposed sale to public:** As soon as practicable after this Registration Statement becomes effective.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;† 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 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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

**PRELIMINARY PROSPECTUS**

**SUBJECT TO COMPLETION, DATED AUGUST 19, 2025**

![](image_012.jpg)

**APEX Global Solutions Limited**

**[ ] Class A Ordinary Shares**

This is the initial public offering of APEX Global Solutions Limited, a British Virgin Islands business company whose principal place of business is in Singapore. We are offering on a firm commitment basis [ ] Class A ordinary shares, no par value (the "Class A Ordinary Shares"). We anticipate that the initial public offering price per Class A Ordinary Share will be between $[ ] and $[ ].

Our issued and outstanding share capital consists of Class A Ordinary Shares and Class B ordinary shares, no par value (the "Class B Ordinary Shares"). Class A Ordinary Shares are entitled to one (1) vote per share. Class B Ordinary Shares are entitled to twenty (20) votes per share. Pursuant to the Company's Memorandum and Articles of Association, Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time at the option of the holder on a 1:1 basis. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. Class A Ordinary Shares and Class B Ordinary Shares, collectively, are referred to as "Ordinary Shares" in this prospectus.

Prior to this offering, there has been no public market for either our Class A or Class B Ordinary Shares. We have applied for listing the Class A Ordinary Shares on The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "APEX." We believe that upon the completion of this offering, we will meet the standards for listing the Class A Ordinary Shares on Nasdaq. We cannot guarantee that we will be successful in listing the Class A Ordinary Shares on Nasdaq; however, we will not complete this offering unless the Class A Ordinary Shares are so listed.

Investors are cautioned that you are not buying shares of our Singapore-based operating companies but instead are buying shares of a holding company incorporated in British Virgin Islands that operates its business through its subsidiaries in Singapore.

**Investing in our Class A Ordinary Shares involves risks. See "*Risk Factors*" beginning on page 12 of this prospectus for a discussion of information that should be considered in connection with an investment in our Class A Ordinary Shares.**

We are an "emerging growth company" and a "foreign private issuer" as defined under the U.S. federal securities laws, and, as such, are eligible for reduced public company reporting requirements for this and future filings. As of the date of this prospectus, Jeneric Holdings Pte. Ltd., a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of our outstanding Class B Ordinary Shares, representing approximately 88.3% of the voting power of our outstanding share capital. Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights and we will meet the definition of a "controlled company" under the corporate governance standards for Nasdaq listed companies. As a "controlled company," we will be eligible to utilize certain exemptions from the corporate governance requirements of Nasdaq although we do not intend to avail ourselves of these exemptions. See "*Prospectus Summary—Implications of Being an Emerging Growth Company,*" "*Prospectus Summary—Implications of Being a Foreign Private Issuer*" *and "Prospectus Summary—Implications of Being a Controlled Company."*

 

---

| | | |
|:---|:---|:---|
|  | **Per Class A Ordinary<br> Share** | **Total With<br> Over-Allotment<br> Option** |
| Initial public offering price | $| $— |
| Underwriting discounts<sup>(1)</sup> | $| $— |
| Proceeds to us, before expenses | $| $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 underwriting discounts are equal to 7% of the initial public offering price, which does not include the 1% non-accountable expense
 allowance, payable to the underwriters, or the reimbursement of certain expenses of the underwriter. See "*Underwriting* "
 beginning on page 106 of this prospectus for additional information regarding total underwriting compensation.

We have granted the underwriter an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional [ ] Class A Ordinary Shares on the same terms as the other Class A Ordinary Shares being purchased by the underwriter from us. For additional information regarding our arrangement with the underwriter, please see "*Underwriting*" beginning on page 106.

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

The underwriter expects to deliver the Class A Ordinary Shares to purchasers in this offering on or about [ ], 2025.

**US Tiger Securities**

 *Sole Book-Running Manager*

The date of this prospectus is [ ], 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | 11 |
| [RISK FACTORS](#a_003) | 12 |
| [USE OF PROCEEDS](#a_004) | 32 |
| [DIVIDEND POLICY](#a_005) | 33 |
| [CAPITALIZATION](#a_006) | 34 |
| [DILUTION](#a_007) | 36 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_008) | 37 |
| [CORPORATE HISTORY AND STRUCTURE](#a_009) | 48 |
| [INDUSTRY](#a_010) | 50 |
| [BUSINESS](#a_011) | 59 |
| [REGULATIONS](#a_012) | 72 |
| [MANAGEMENT](#a_013) | 79 |
| [PRINCIPAL SHAREHOLDERS](#a_014) | 86 |
| [RELATED PARTY TRANSACTIONS](#a_015) | 88 |
| [DESCRIPTION OF SHARES](#a_016) | 92 |
| [SHARES ELIGIBLE FOR FUTURE SALE](#a_017) | 98 |
| [TAXATION](#a_018) | 99 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#a_019) | 104 |
| [UNDERWRITING](#a_020) | 106 |
| [EXPENSES RELATED TO THIS OFFERING](#a_021) | 110 |
| [LEGAL MATTERS](#a_022) | 111 |
| [EXPERTS](#a_023) | 111 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_024) | 111 |
| [INDEX TO FINANCIAL STATEMENTS](#a_025) | F-1 |

---

**Please read this prospectus carefully. It describes our business, financial condition, results of operations and prospects, among other things. We are responsible for the information contained in this prospectus and in any free-writing prospectus we have authorized. You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, nor the underwriter has authorized anyone to provide you with different information. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus, or any free writing prospectus, as the case may be, or any sale of the Class A Ordinary Shares.**

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

i

**COMMONLY USED DEFINED TERMS**

Except as otherwise indicated by the context and for the purposes of this prospectus only, references in this prospectus to:

● "APEX Global" means APEX Global Solutions Limited, a holding company incorporated in British Virgin Islands

● "Articles" or "Articles of Association" are to the Articles of Association of APEX Global adopted on April 30, 2025, as amended, supplemented and/or otherwise modified from time to time.

● "ASC" means FASB Accounting Standards Codification.

● "British Virgin Islands" means the United Kingdom and Northern Ireland's territory of the Virgin Islands.

● "BVI" means British Virgin Islands.

● "BVI Companies Act" means the BVI Business Companies Act, as amended, supplemented or otherwise modified from time to time.

● "Class A Ordinary Shares" means our Class A ordinary shares with no par value.

● "Class B Ordinary Shares" means our Class B ordinary shares with no par value.

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

● "Jeneric Holdings" means Jeneric Holdings Pte. Ltd., a company incorporated under the Singapore Companies Act as an exempt private company limited by shares on April 22, 2011, which holds all of our Class B Ordinary Shares issued and outstanding.

● "JOBS Act" means the Jumpstart Our Business Startups Act of 2012.

● "Memorandum'' or "Memorandum of Association'' are to the Memorandum of Association of APEX Global adopted on April 30, 2025, as amended, supplemented and/or otherwise modified from time to time.

● "Nasdaq" are to The Nasdaq Stock Market LLC.

● "OPL" are to "open port limits," a maritime logistics term describing a designated area outside a port's legal or jurisdictional boundaries where vessels can safely anchor, transfer cargo, or conduct ship-to-ship operations without officially entering the port.

● "Ordinary Shares" are to our Class A Ordinary Shares and Class B Ordinary Shares.

● "SEC" means the U.S. Securities and Exchange Commission.

● "Securities Act" means the United States Securities Act of 1933, as amended.

● "Singapore Dollars" or "S$" means Singapore dollars.

● "United States" or "U.S." means the United States of America, including the states, the District of Columbia and its territories and possessions.

● "U.S. Dollars", "US$" or "$" means U.S. dollars.

● "We," "us," "the Company," "our" or "our company" means APEX Global and its consolidated subsidiaries.

ii

This registration statement contains translations of certain S$ amounts into U.S. dollar amounts solely for the convenience of the reader. Translations of amounts from S$ into U.S. Dollars were determined as of a specific date or for a specific period. Changes in the exchange rate will affect the amount of our obligations and the value of our assets in terms of U.S. Dollars which may result in an increase or decrease in the amount of our obligations (expressed in dollars) and the value of our assets. No representation is made that S$ or U.S. dollar amount represents or could have been, or could be converted, realized or settled into U.S. dollar or S$, as the case may be, at any particular rate, or at all.

Numerical figures included in this registration statement have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

Our fiscal year end is December 31. References to a particular "fiscal year" are to our fiscal year ended December 31 of that calendar year. Our consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or U.S. GAAP.

This registration statement follows the Singaporean naming convention of listing the family name first, followed by the given name. For example, our Chief Executive Officer and Chairman is Mr. Goh Kwang Yong where "Goh" is the family name and "Kwang Yong" is the given name.

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information.

We have proprietary rights to trademarks used in this prospectus that are important to our business. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus are without the®,™ and other similar symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensors to these trademarks, service marks and trade names.

This prospectus may contain additional trademarks, service marks and trade names of others. All trademarks, service marks and trade names appearing in this prospectus are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other person.

iii

**PROSPECTUS SUMMARY**

*This summary highlights information appearing elsewhere in this prospectus and does not contain all of the information that you should consider in making your investment decision. You should carefully read this entire prospectus, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections and the financial statements and the related notes, before deciding whether to invest in the Class A Ordinary Shares.*

**The Company**

**Overview**

We are a specialized provider of advanced corrosion prevention, surface preparation, and maintenance solutions, catering to industries where asset longevity and structural integrity are paramount. Our core services include hydro blasting and grit blasting for surface cleaning and preparation, professional coating and painting for corrosion protection, and comprehensive maintenance and repair services for vessels operating at docks and in open waters. Additionally, we offer skilled manpower supply to support marine operations, ensuring that our clients receive high-quality, efficient, and safety-compliant solutions.

We conduct our business through six subsidiaries operating in Singapore, allowing us to deliver comprehensive solutions in the marine, offshore, and industrial sectors.

We began our operations by focusing on a single shipyard—formerly known as Sembcorp Marine—where we concentrated our resources on mastering core service areas. This initial yard served as a proving ground for refining project management strategies, implementing best practices, and building a reputation for quality and reliability. Our deep understanding of site operations has enabled us to become a valued long-term partner and fostered a collaborative, growth-oriented culture.

As demand for our services grew, we have gradually expanded beyond our first shipyard, undertaking multiple projects simultaneously and building a strong track record in Singapore. Today, we have established working relationships with major shipyards in Singapore. This organic growth reflects our ability to scale responsibly while maintaining the high standards that distinguish our service offerings.

We distinguish ourselves through a commitment to quality, safety, and continuous improvement. Our mission focuses on enhancing worker expertise, improving efficiency and productivity, prioritizing environmental safety, and fostering a culture of safety awareness. We maintain a strong emphasis on training, ensuring our workforce is equipped with the necessary skills to deliver high-quality work. Our dedication to safety is reinforced by our strong compliance track record, maintaining operations with no lost-time accidents.

Our total revenues increased by S$695,215, or 8.69%, to S$8,696,136 (approximately $6,365,572) for the year ended December 31, 2024, compared to S$8,000,921 for the year ended December 31, 2023. Our net income increased by S$1,263,386, or 1,218.52%, to S$1,367,068 (approximately $1,000,694) for the year ended December 31, 2024, compared to S$103,682 for the year ended December 31, 2023. For additional information regarding our financial performance, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"

**Our Competitive Strengths** 

The Company distinguishes itself through the following competitive strengths:

We differentiate ourselves through a combination of advanced technology, industry expertise, safety commitment, environmental responsibility, cost-effectiveness, and a strong reputation. These factors enable us to provide superior services, build trust with our clients, and maintain long-term success in the corrosion prevention and industrial maintenance industry.

●  ***Advanced Technology and Equipment*** 

We leverage state-of-the-art hydro jetting and surface preparation technology to deliver faster, more efficient, and higher-quality results. Our use of robotic hydro jetting systems, automated nozzles, and multistage pumps enables precise and controlled cleaning, reducing downtime and enhancing productivity.

Additionally, we customize our hydro jetting solutions based on the specific needs of different industries and applications. For example, different types of nozzles and vacuum systems are selected depending on the location and nature of the task—such as deck work, hulls, tanks, pipes, or internal compartments. This tailored approach ensures optimal cleaning performance, whether the project involves hull maintenance, tank cleaning, or pipe descaling, and allows us to deliver effective results across marine, offshore, and oil and gas sectors.

●  ***Specialized Expertise and Experience*** 

With extensive experience in niche markets such as marine, oil, and gas, we possess in-depth industry knowledge that allows us to address specific operational challenges faced by these sectors. Our clients frequently encounter workforce shortages due to their reliance on foreign labor, heightened by work permit restrictions and rising wage costs. In addition, rising operational expenses, such as the increasing cost of consumables and storage, place additional pressure on their businesses. Our expertise in workforce management, cost-effective service delivery, and operational flexibility enables us to provide highly relevant and effective solutions to these challenges. By helping our clients navigate labor constraints and manage operational costs, we reinforce our position as a critical partner in maintaining their long-term efficiency and competitiveness.

Furthermore, our skilled workforce consists of trained and experienced technicians who can handle complex tasks such as high-pressure pipeline cleaning, surface preparation, and tank maintenance. This level of expertise ensures that our services are carried out efficiently and safely, maintaining superior quality and reliability. As of August 15, 2025, our team comprised 128 technicians, the majority of whom are multi-skilled and capable of performing a range of specialized tasks across different project environments.

●  ***Strict Adherence to Safety Standards and Best Practices*** 

We prioritize safety in every aspect of our operations, recognizing the inherent risks associated with high-pressure water blasting. Our strict adherence to safety regulations and best practices ensures that both our employees and clients are protected from potential hazards.

Additionally, we hold globally recognized safety certifications such as ISO 9001 for quality management, ISO 14001 for environmental management, and ISO 45001 for occupational health and safety. These certifications reinforce our commitment to maintaining the highest standards of operation.

●  ***Environmentally Responsible*** 

We embrace sustainable and eco-friendly practices in all our operations. Hydro jetting is inherently a green technology, as it uses only high-pressure water instead of harmful chemicals. This allows for safer disposal and minimizes environmental impact.

Furthermore, we are committed to reducing waste and promoting sustainability by implementing biodegradable chemicals (where practicable) and leveraging efficient waste management systems in coordination with the shipyards where we operate. Most shipyards maintain robust infrastructure for managing wastewater, waste oil, and used grit, allowing us to properly collect, contain, and dispose of byproducts in compliance with regulatory and environmental standards. This integrated approach supports our environmental objectives and aligns with the growing demand for sustainable industrial cleaning solutions.

●  ***Cost-Effectiveness*** 

Our services are designed to reduce operational costs for our clients. Hydro jetting minimizes the need for expensive chemicals and excessive manual labor, offering a cost-effective alternative to traditional cleaning methods. Additionally, by providing regular maintenance services, we help clients avoid costly shutdowns and major repairs, ensuring long-term savings.

We also offer flexible pricing models, including per-project pricing, subscription-based maintenance plans, and emergency service rates. These options allow us to cater to a wide range of customers with varying budget needs.

●  ***Strong Industry Reputation and Compliance*** 

Our reputation for excellence and reliability is reinforced by our track record of successful projects across large-scale and high-profile industries. We have worked with major shipyards in Singapore, such as Seatrium Limited (formed from the merger of Keppel Offshore and Sembcorp Marine), ST Marine, Hanwha Offshore Engineering Services, ASL Shipyard, PaxOcean Singapore, Kim Heng Offshore & Marine, and Crystal Offshore, as well as vessels directly. Additionally, we hold industry-recognized certifications, including multiple ISO and safety compliance certificates, demonstrating our commitment to maintaining the highest quality and safety standards. See "*Business—Licenses and Certificates*" below for details.

●  ***Experienced Leadership Team*** 

 ****

We believe that the depth of experience and leadership of our management team is a key competitive strength of our Company. Our founder, Chief Executive Officer, and Chairman, Mr. Goh Kwang Yong, has more than 25 years of experience in the marine and oil & gas industries and has successfully driven the Company's strategic growth since its inception in 2009. Ms. Wan Hwee Chein, our director, brings over 20 years of professional experience and has played a key role in overseeing our administrative, purchasing, and human resource functions since 2009, while also contributing to our international expansion efforts. Mr. Foo Ling Han, our Chief Financial Officer, is a finance professional with nearly 20 years of experience in audit, accounting, and financial reporting, with expertise in U.S. GAAP, Singapore FRS, and IFRS. We believe that the combined industry knowledge, operational expertise, and strategic vision of our management team position us well for continued growth.

**Our Growth Strategies**

We plan to pursue the following strategies to grow our business:

Our growth strategies focus on expanding our market presence, diversifying our service offerings, and leveraging technological advancements to provide innovative, efficient, and sustainable corrosion prevention solutions. Our plan is centered on three key pillars: market expansion, service diversification, and operational efficiency.

●  ***Market Expansion*** 

We aim to increase our geographical footprint by targeting new regions and industries that require specialized corrosion prevention services, such as emerging economies in the Middle East and Southeast Asia. Additionally, while we already serve industries like oil and gas, and marine, our goal is to penetrate new verticals such as renewable energy (wind and solar farms), aerospace, and defense, where corrosion prevention plays a critical role in maintaining asset longevity and safety. We may pursue such expansion through seeking partnerships, joint ventures, acquisitions, or subcontracting opportunities.

●  ***Service Diversification*** 

We plan to diversify our service offerings by incorporating complementary technologies and expanding our capabilities such as investing in the latest hydro blasting and grit blasting equipment and technologies which increase the adoption of automation and robotics for improved precision and safety. Also, we aim to offer ongoing preventive maintenance programs that include regular corrosion inspections, monitoring, and coatings, and more advanced coating such as high-temperature or chemical-resistant coatings.

●  ***Operational Efficiency Improvement*** 

To support sustainable growth, we are committed to improving operational efficiency through (i) continuing to invest in technologies; (ii) expanding our workforce by recruiting and training more technicians; and (iii) continuing to invest in more sustainable practices, such as using non-toxic abrasives, minimizing water usage during hydro blasting, and strengthening recycling programs for waste materials. We believe that the emphasis on sustainability will attract customers seeking green solutions for corrosion prevention.

**Summary of Risk Factors**

Our prospects should be considered in light of the risks, uncertainties, expenses and difficulties frequently encountered by similar companies. Our ability to realize our business objectives and execute our strategies is subject to risks and uncertainties, including, among others, the following:

 ****

***Risks Related to Our Business and Industry (for a more detailed discussion, see "Risk Factors—Risks Related to Our Business and Industry" beginning on page 12 of this prospectus)***

● We may fail to expand our service offerings, successfully enter new markets, or adapt to industry changes.

● Our recent growth may not be indicative of future growth, and we may not be able to manage our growth effectively, which may adversely affect our business, financial condition, and results of operations.

● Our business depends on our key management and skilled technical staff, and our operations may be adversely affected if we are unable to recruit and retain them.

● Certain customers contributed a significant percentage of our total revenue during the fiscal years ended December 31, 2024 and 2023, and losing one or more of them could result in a material adverse impact on our financial performance and business prospects.

● We have not entered into long-term contracts with our customers, and our failure to retain existing clients or attract new clients could materially and adversely affect our business, financial condition, and results of operations.

● Supply chain disruptions and material shortages may affect our ability to provide services efficiently.

● Our reliance on a limited number of key suppliers for materials and equipment essential to our operations could expose us to supply chain disruptions, cost volatility, and operational delays.

● Labor market challenges and workforce availability could impact service delivery.

● The Company has incurred indebtedness and may incur other debt in the future, which may adversely affect its financial condition and future financial results.

● Our involvement in related party transactions may give rise to potential conflicts of interest, and such transactions may not always be conducted on terms most favorable to us.

● We rely on unregistered intellectual property and contractual protections to safeguard our proprietary information, and if these protections are inadequate, our competitive position could be harmed.

● APEX Global relies on dividends and other distributions on equity paid by its subsidiaries to fund any cash and financing requirements APEX Global may have, and any limitation on the ability of its subsidiaries to make payments to APEX Global could have a material adverse effect on our ability to conduct our business.

● The demand for our corrosion prevention services fluctuates with market cycles and global economic conditions, which could negatively impact our business.

● The transition to sustainable and environmentally friendly solutions may require investment and adaptation.

&nbsp;&nbsp;&nbsp;&nbsp;● Our
 blasting, maintenance, and coating processes expose workers to health and safety risks, which
 could lead to operational disruptions, regulatory penalties, and liability concerns for our
 company.

● Increasingly stringent environmental and safety regulations may result in higher compliance costs and operational constraints.

***Risks Related to Doing Business in Singapore (for a more detailed discussion, see "Risk Factors—Risks Related to Doing Business in Singapore" beginning on page 20 of this prospectus)***

● Changes in Singapore's regulatory environment may affect our ability to operate efficiently and remain compliant.

● Singapore's labor market regulations and talent shortages may increase operational costs and impact workforce availability.

● Rising operational costs in Singapore may impact profitability and competitiveness.

● Foreign exchange risks could impact our financial performance.

***Risks Related to This Offering and Ownership of the Class A Ordinary Shares (for a more detailed discussion, see "Risk Factors—Risks Related to This Offering and Ownership of the Class A Ordinary Shares" beginning on page 23 of this prospectus)***

● Our dual class voting structure has the effect of concentrating the voting control in holders of our Class B Ordinary Shares, which will limit or preclude your ability to influence corporate matters, and your interests may conflict with the interests of these shareholders. It may also adversely affect the trading market for our Class A Ordinary Shares due to exclusion from certain stock market indices.

● There has been no public market for the Class A Ordinary Shares prior to this offering and an active trading market for the Class A Ordinary Shares may not develop following the completion of this offering.

● The initial public offering price for the 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 market price of the Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.

● We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of the Class A Ordinary Shares.

● We may not be able to maintain a listing of the Class A Ordinary Shares on Nasdaq.

● As the initial public offering price of the Class A Ordinary Shares is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution.

● We have broad discretion as to the use of the net proceeds from this offering and our use of the offering proceeds may not yield a favorable return on your investment. Additionally, we may use these proceeds in ways with which you may not agree or in the most effective way.

● Since we do not expect to pay dividends on the Class A Ordinary Shares in the foreseeable future, your ability to achieve a return on your investment will depend on appreciation in the price of the Class A Ordinary Shares.

● Substantial future sales of the Class A Ordinary Shares or the anticipation of future sales of the Class A Ordinary Shares in the public market could cause the price of the Class A Ordinary Shares to decline significantly following this offering.

● We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and the shareholders could receive less information than they might expect to receive from more mature public companies.

● Our Chief Executive Officer and Chairman of the Board of Directors, Mr. Goh Kwang Yong, through Jeneric Holdings, holds significant voting power and may take actions that may not be in the best interests of our other shareholders.

● Upon the completion of this offering, we expect to be a "controlled company" under the rules of Nasdaq and as a result, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders.

● We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to U.S. domestic public companies.

● As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of the Class A Ordinary Shares.

● Certain judgments obtained against us by APEX Global's shareholders may not be enforceable.

● You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because APEX Global is incorporated under British Virgin Islands law.

● APEX Global's Memorandum and Articles of Association contain anti-takeover provisions that could discourage a third party from acquiring us, which could limit APEX Global's shareholders' opportunity to sell their shares at a premium.

**Our Corporate History and Structure** 

APEX Global is a British Virgin Islands holding company that conducts operations in Singapore through six subsidiaries. Our first subsidiary, Jeneric International Pte. Ltd., was formed on January 5, 2009 under the laws of Singapore.

Prior to the reorganization in connection with this offering, all of our six subsidiaries in Singapore were owned by Jeneric Holdings, a company controlled by Mr. Goh Kwang Yong, our founder, Chief Executive Officer and Chairman. As described below, in the first half of 2025, we completed a series of reorganization transactions, as a result of which APEX Global now owns our six operating subsidiaries in Singapore through Ascendo Global Limited ("Ascendo"), a subsidiary of APEX Global incorporated in British Virgin Islands.

On July 5, 2024, APEX Global was incorporated in the British Virgin Islands under the name "Quantum Technologies Limited." On April 30, 2025, APEX Global changed its name to "APEX Global Solutions Limited." On the same date, APEX Global amended and restated its memorandum and articles of association, adopting the Memorandum and Articles of Association currently in effect. Also, on April 30, 2025, the 50,000 shares then outstanding, held by Chong Kee Min, a former director of APEX Global, were converted into 50,000 Class A Ordinary Shares.

On May 8, 2025, APEX Global issued a total of 22,450,000 Class A Ordinary Shares to ten (10) investors, including six (6) individuals and four (4) entities.

On April 9, 2025, Ascendo was incorporated by Jeneric Holdings in the British Virgin Islands as a BVI business company. At the time of incorporation, Jeneric Holdings was the sole owner of Ascendo.

Approximately between May 15 and May 21, 2025, Ascendo completed the acquisitions of our six subsidiaries in Singapore from Jeneric Holdings.

On May 20, 2025, Jeneric Holdings, APEX Global, and Ascendo entered into a Share Swap Agreement (the "Share Swap Agreement"), pursuant to which Jeneric Holdings agreed to transfer to APEX Global all the issued shares of Ascendo. As consideration for the shares of Ascendo, APEX Global agreed to allot and issue 27,500,000 Class B Ordinary Shares to Jeneric Holdings (the "Share Swap"). On or around the same date, APEX Global completed the acquisition of Ascendo and issued 27,500,000 Class B Ordinary Shares to Jeneric Holdings.

On June 12, 2025, Jeneric Holdings converted 20,000,000 Class B Ordinary Shares into 20,000,000 Class A Ordinary Shares on a 1:1 basis.

On August 13, 2025, APEX Global adopted the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "2025 Plan"). The purpose of the 2025 Plan is to grant restricted shares, share options, restricted share units and other forms of incentive compensation to our officers, employees, directors and consultants. The maximum number of shares that may be issued pursuant to awards granted under the 2025 Plan is 10,000,000 Class A Ordinary Shares. As of the date of this prospectus, all shares remain available for issuance under the 2025 Plan.

As of the date of this prospectus, APEX Global had 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares issued and outstanding.

The following diagram illustrates our corporate structure as of the date of this prospectus:

![](image_001.jpg)

As of the date of this prospectus, the Company has the following subsidiaries:

● Ascendo Global Limited, a wholly owned direct subsidiary, incorporated on April 9, 2025 under the laws of British Virgin Islands, whose principal activity is investment holding.

● Jeneric Engineering Pte. Ltd., a wholly owned indirect subsidiary, formed on April 22, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric International Pte. Ltd., a wholly owned indirect subsidiary, formed on January 5, 2009 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Marine Pte. Ltd., a wholly owned indirect subsidiary, formed on March 28, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Offshore Pte. Ltd., a wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Services Pte. Ltd., a wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Venture Pte. Ltd., a wholly owned indirect subsidiary, formed on October 29, 2019 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

**Implications of Being an Emerging Growth Company**

We had less than $1.235 billion in annual gross revenue during our last fiscal year. As a result, we qualify as an "emerging growth company" as defined in the JOBS Act and may take advantage of reduced public reporting requirements. These provisions include, but are not limited to:

● being permitted to present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations;

● not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting;

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

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

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of the Class A Ordinary Shares pursuant to this offering. However, if certain events occur before the end of such five-year period, including if we become a "large accelerated filer," if our annual gross revenues exceed $1.235 billion or if we issue more than $1.0 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company before the end of such five-year period.

Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting standards.

**Implications of Being a Foreign Private Issuer**

Upon consummation 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, so long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act and the rules thereunder that are applicable to U.S. domestic public companies, including:

● the rules under the Exchange Act that require U.S. domestic public companies to issue financial statements prepared under U.S. GAAP;

● sections of the Exchange Act that regulate the solicitation of proxies, consents or authorizations in respect of any securities registered under the Exchange Act;

● sections of the Exchange Act that require insiders to file public reports of their share ownership and trading activities and that impose liability on insiders who profit from trades made in a short period of time; and

● the rules under the Exchange Act that require the filing with the SEC of quarterly reports on Form 10-Q, containing unaudited financial and other specified information, and current reports on Form 8-K, upon the occurrence of specified significant events.

We will file with the SEC, within four months after the end of each fiscal year (or such other reports required by the SEC), an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50% of our assets are located in the United States or (iii) our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies are also exempt from certain of the more extensive SEC executive compensation disclosure rules. Therefore, if we no longer qualify as an emerging growth company but remain a foreign private issuer, we will continue to be exempt from such rules and will continue to be permitted to follow our home country practice as to the disclosure of such matters.

**Implications of Being a Controlled Company** 

Under the rules of Nasdaq, a controlled company is a company of which more than 50% of the voting power for the election of directors is held by an individual, a group or another company. Jeneric Holdings, a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of our outstanding Class B Ordinary Shares, representing approximately 88.3% of the voting power of our outstanding share capital. Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights and we will meet the definition of a "controlled company" under the corporate governance standards for Nasdaq listed companies. For so long as we remain a controlled company, we are exempt from the obligation to comply with certain Nasdaq corporate governance requirements, including:

● our board of directors is not required to be comprised of a majority of independent directors;

● our board of directors is not subject to the compensation committee requirement; and

● we are not subject to the requirement that director nominees be selected either by the independent directors or a nomination committee comprised solely of independent directors.

The controlled company exemptions do not apply to the audit committee requirement or the requirement for executive sessions of independent directors. We are required to disclose in our annual report that we are a controlled company and the basis for that determination. Although we do not plan to take advantage of the exemptions provided to controlled companies, we may in the future take advantage of such exemptions. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. For details, see "*Risk Factor—Risks Related to This Offering and Ownership of the Class A Ordinary Shares—Upon the completion of this offering, we expect to be a "controlled company" under the rules of Nasdaq and as a result, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders*."

**Dual Class Structure**

As of the date of this prospectus, APEX Global is authorized to issue unlimited shares with no par value consisting of Class A Ordinary Shares and Class B Ordinary Shares.

Class A Ordinary Shares are entitled to one (1) vote per share, and Class B Ordinary Shares are entitled to twenty (20) votes per share, on proposals requiring shareholder approval. Pursuant to the Company's Memorandum and Articles of Association, Class B Ordinary Shares are convertible into Class A Ordinary Shares at any time at the option of the holder on a 1:1 basis. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

Other than voting and conversion rights, Class A Ordinary Shares and Class B Ordinary Shares have the same rights and preferences and rank equally.

As of the date of this prospectus, Jeneric Holdings, a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of our outstanding Class B Ordinary Shares, representing approximately 88.3% of the voting power of our outstanding share capital. Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights. This concentrated control may limit or preclude the ability of others to influence corporate matters including significant business decisions for the foreseeable future.

**Corporate Information**

Our principal office is located at 1 Tuas View Place, #03-14, Westlink One, Singapore 637433.

APEX Global's registered office is currently located at Asia Leading Chambers, Road Town, Tortola VG 1110, British Virgin Islands, which may be changed from time to time at the discretion of directors or shareholders.

APEX Global's agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168.

Our website can be found at https://jeneric.com.sg. The information contained on our website is not a part of this prospectus, nor is such content incorporated by reference herein, and should not be relied upon in determining whether to make an investment in the Class A Ordinary Shares.

**The Offering**

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| | |
|:---|:---|
| Shares offered | [ ] Class A Ordinary Shares (or [ ] Class A Ordinary Shares if the underwriter exercises the over-allotment option in full). |
| Offering price | We currently estimate that the initial public offering price will be between $[ ] and $[ ] per share. |
| Ordinary Shares outstanding before this offering | 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares. Our Class B Ordinary Shares are convertible at the option of the holder into Class A Ordinary Shares on a 1:1 basis and are entitled to twenty (20) votes per share. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances. See "*Description of Shares*" for more information. |
| Ordinary Shares outstanding immediately after this offering | [ ] Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full). |
| Over-allotment option | We have granted to the underwriter a 45-day option to purchase up to an additional 15.0% of the Class A Ordinary Shares sold in the offering (up to [ ] additional shares) at the initial public offering price, less the underwriting discounts. |
| Use of proceeds | We expect to receive net proceeds of approximately $[ ] million from this offering, assuming an initial public offering price of $[ ] per ordinary share, being the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and no exercise of the underwriter's over-allotment option, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We plan to use the net proceeds of this offering for, among others, business expansion, working capital, and general corporate purposes. See "*Use of Proceeds*" for more information on the use of proceeds. |
| Risk factors | Investing in the Class A Ordinary Shares involves risks and purchasers of the Class A Ordinary Shares may lose part or all of their investment. See "*Risk Factors*" for a discussion of factors you should carefully consider before deciding to invest in the Class A Ordinary Shares. |
| Lock-up | We, our directors, executive officers, and holder(s) of 5% or more of the Company's outstanding Class A Ordinary Shares (or securities convertible into the Class A Ordinary Shares) as of the effective date of the registration statement of which this prospectus forms a part, are expected to enter into lock-up agreements with the underwriters to agree not to sell, transfer or dispose of any Class A Ordinary Shares or securities convertible into or exercisable or exchangeable for the Class A Ordinary Shares, without the underwriters' prior written consent, for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part. See "*Underwriting*." |
| Proposed trading market and symbol | We have applied to list the Class A Ordinary Shares on Nasdaq under the symbol "APEX." At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq. |

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The number of Ordinary Shares outstanding immediately following this offering is based on 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares outstanding as of the date of this prospectus. This amount excludes:

● 10,000,000 Class A Ordinary Shares that are reserved for issuance under our 2025 Plan.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements that are based on our management's beliefs and assumptions and on information currently available to us. All statements other than statements of historical facts are forward-looking statements. The forward-looking statements are contained principally in, but not limited to, the sections entitled "*Prospectus Summary*," "*Risk Factors*," "Ma*nagement's Discussion and Analysis of Financial Condition and Results of Operations" and "Business*." These statements relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements include, but are not limited to, statements about:

● our goals and strategies;

● our future business development, financial condition and results of operations;

● expected changes in our revenue, costs or expenditure;

● our expectations regarding demand for and market acceptance of our services;

● competition in our industry; and

● government policies and regulations relating to our industry.

In some cases, you can identify forward-looking statements by terms such as "may," "could," "will," "should," "would," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "project" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the heading "Risk Factors" and elsewhere in this prospectus. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance.

This prospectus includes statistical and other industry and market data that we obtained from industry publications and research, surveys and studies conducted by third parties. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. While we believe these industry publications and third-party research, surveys and studies are reliable, you are cautioned not to give undue weight to this information.

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. Although we will become a public company after this offering and have ongoing disclosure obligations under United States federal securities laws, we do not intend to update or otherwise revise the forward-looking statements in this prospectus, whether as a result of new information, future events or otherwise.

**RISK FACTORS**

 

*The Class A Ordinary Shares being offered under this prospectus are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose the entire amount invested. Before purchasing any of the Class A Ordinary Shares, you should carefully consider the following factors relating to the Company's business and prospects. You should pay particular attention to the fact that the Company conducts substantially all of its operations outside the U.S. and is governed by legal and regulatory environments that in some respects differ significantly from the environment that may prevail in the U.S. If any of the following risks actually occurs, the Company's business, financial condition or operating results will suffer, the trading price of the Class A Ordinary Shares could decline, and you may lose all or part of your investment.*

 

**Risks Related to Our Business and Industry**

 ****

***We may fail to expand our service offerings, successfully enter new markets, or adapt to industry changes.***

Our future success may be influenced by our ability to expand our range of corrosion prevention and maintenance services, enter new markets, and adapt to changing client needs in the marine, oil & gas, and industrial sectors. There are substantial risks and uncertainties associated with these efforts, particularly in markets where demand may not yet be fully developed. We may invest significant time and resources in developing new service capabilities, acquiring necessary certifications, or adapting our business model to new industry standards. However, initial projections for service adoption and profitability may not be achieved, and unforeseen operational challenges may arise.

External factors such as compliance with safety and environmental regulations, competition from alternative service providers, and shifts in industry technology may also impact the successful implementation of new service offerings. Additionally, some of our clients may be slow to adopt new corrosion prevention methods or may opt for competing solutions that do not align with our expertise. Any failure to successfully implement new services or meet evolving customer expectations could negatively affect our market positioning and financial performance.

Even if we successfully expand into new regions or introduce new services, there is no guarantee that these efforts will generate the expected returns. Unanticipated costs, market resistance, or operational inefficiencies could limit the profitability of expansion initiatives. To mitigate these risks, we must conduct thorough market research, establish strong local partnerships, and ensure that our expansion strategies align with regional industry demands and regulatory requirements.

***Our recent growth may not be indicative of future growth, and we may not be able to manage our growth effectively, which may adversely affect our business, financial condition, and results of operations.***

 

Our business has grown rapidly, and this growth has placed, and may continue to place, significant demands on our management and our operational, compliance, and financial infrastructure. Our total revenues increased by S$695,215, or 8.69%, to S$8,696,136 (approximately $6,365,572) for the year ended December 31, 2024, compared to S$8,000,921 for the year ended December 31, 2023. Our net income increased by S$1,263,386, or 1,218.52%, to S$1,367,068 (approximately $1,000,694) for the year ended December 31, 2024, compared to S$103,682 for the year ended December 31, 2023. However, our historical growth may not be indicative of our future growth or financial results. There is no assurance that we will be able to maintain our historical growth rates in future periods. Our ability to manage our growth effectively will require us to continue to expand our operational, compliance, and financial infrastructure and to continue to retain, attract, train, motivate, and manage employees. Continued growth may strain our ability to develop and improve our operational, compliance, financial, and management controls, enhance our reporting systems and procedures, recruit, train, and retain highly skilled personnel, maintain member satisfaction, and maintain our corporate culture. If we do not effectively manage the growth of our business and operations, the quality of our services may suffer or we may be subject to regulatory scrutiny or enforcement, which may harm our brand and our ability to attract and retain customers. These factors may adversely affect our business, financial condition, and results of operations.

***Our business depends on our key management and skilled technical staff, and our operations may be adversely affected if we are unable to recruit and retain them.***

Our business operations rely on the expertise and leadership of our senior management team, as well as the technical skills of our engineers, technicians, and operational specialists. Our ability to successfully deliver high-quality corrosion prevention and industrial maintenance services depends on retaining experienced personnel who possess deep industry knowledge and hands-on expertise. While we offer competitive incentives and training programs to attract and retain skilled employees, we cannot guarantee that key personnel will remain with us in the long term. If we are unable to maintain a stable leadership team and workforce, our service quality, client relationships, and overall operational efficiency may be negatively impacted.

Additionally, the specialized nature of our industry makes it challenging to replace senior management and highly skilled workers quickly. The loss of key employees, particularly those with extensive experience in marine and industrial corrosion prevention, could disrupt ongoing projects and delay service execution.

Furthermore, there is a risk that key employees could join competitors or establish competing businesses, leveraging their knowledge of our operations, clients, and proprietary service techniques. While we have employment agreements and confidentiality measures in place, enforcing them can be challenging, particularly across multiple jurisdictions. If any legal disputes arise related to non-compete or confidentiality agreements, we may incur significant costs to protect our business interests.

 **

***Certain customers contributed a significant percentage of our total revenue during the fiscal years ended December 31, 2024 and 2023, and losing one or more of them could result in a material adverse impact on our financial performance and business prospects.***

 **

For the fiscal year ended December 31, 2024, we had 3 customers, each of whom contributed more than 10% of the Company's total revenues. These customers accounted for 29%, 20%, and 12% of the Company's total revenues, respectively. For the fiscal year ended December 31, 2023, we had 2 customers, each of whom contributed more than 10% of the Company's total revenues. These customers accounted for 30% and 20% of the Company's total revenues, respectively.

There are a number of factors, including our performance, that could cause the loss of, or decrease in the volume of business from, a customer. Even though we have a strong record of performance, we cannot assure you that we will continue to maintain business cooperation with these customers at the same level or at all. The loss of business from one or more of these significant customers, especially our top customers, could materially and adversely affect our revenue and profit. Furthermore, if any customer terminates its relationship with us, we cannot assure you that we will be able to secure an alternative arrangement with comparable clients in a timely manner, or at all. Moreover, due to the concentration of revenue from a few customers, our bargaining power in pricing and contract negotiations may be limited. Our ability to forecast revenue and allocate resources efficiently may also be impaired, increasing the risk of overcapacity or underutilization.

***We have not entered into long-term contracts with our customers, and our failure to retain existing clients or attract new clients could materially and adversely affect our business, financial condition, and results of operations.***

 

As of December 31, 2024, we had 20 customers, including 7 shipyards, 5 vessel owners and 8 customers to whom we provided manpower supply services. We have not entered into formal long-term contracts with our customers, and instead rely on recurring work orders and repeated engagements to maintain these relationships. There is no guarantee that we will be able to retain our existing clients or that they will continue to place orders with us in the future.

Additionally, our ability to retain existing clients in the corrosion prevention and industrial maintenance sector depends on multiple factors, some of which are beyond our control. Clients may choose to switch to competitors if we fail to offer cost-effective solutions, maintain high service quality, or adapt to changes in industry regulations and technological advancements. If our pricing is not competitive or if our service execution does not meet client expectations in terms of efficiency and quality, we risk losing business to alternative providers. Even when we deliver services in a timely manner and at competitive rates, we cannot guarantee client retention, as factors such as shifting business strategies, budgetary constraints, and external economic conditions could influence client decisions.

Further, attracting new clients and expanding our market presence requires continuous investment in marketing, business development, and service innovation. The effectiveness of these efforts may vary depending on market demand, industry trends, and regulatory shifts. Despite our initiatives to strengthen client relationships and broaden our reach, we may not be able to achieve the expected growth in our client base. If we fail to attract new customers or retain existing ones, our revenue streams and business prospects could be materially and adversely affected. To mitigate this risk, we must continuously enhance our service offerings, strengthen client engagement strategies, and monitor market trends to align our solutions with evolving industry needs.

***Supply chain disruptions and material shortages may affect our ability to provide services efficiently.***

We rely on a stable supply of raw materials such as industrial coatings, blasting media, and specialized equipment to perform our services. Disruptions in the global supply chain due to geopolitical tensions, trade restrictions, or shipping delays could lead to shortages or price volatility for critical materials. Rising transportation costs and fluctuating exchange rates may also impact our procurement strategies, increasing overall operational expenses.

If we are unable to secure essential materials in a timely and cost-effective manner, our ability to meet project deadlines and fulfill client contracts could be compromised. To reduce exposure to supply chain risks, we must establish strong relationships with multiple suppliers, explore local sourcing options where feasible, and implement contingency planning to ensure business continuity during periods of supply disruption.

***Our reliance on a limited number of key suppliers for materials and equipment essential to our operations could expose us to supply chain disruptions, cost volatility, and operational delays.***

We source a substantial portion of our essential materials and equipment from a concentrated group of suppliers. For the fiscal year ended December 31, 2024, two suppliers accounted for approximately 54% and 15% of our total purchases, respectively. For the fiscal year ended December 31, 2023, two suppliers accounted for approximately 42% and 16% of our total purchases, respectively. Our largest supplier, the one who accounted for 54% and 42% of our total purchases in 2024 and 2023, is Jebs Enterprise Pte. Ltd., a related party controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman. We have entered into a master equipment lease agreement with Jebs Enterprise Pte. Ltd., a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part. See also "—*Our involvement in related party transactions may give rise to potential conflicts of interest, and such transactions may not always be conducted on terms most favorable to us*" below.

These suppliers provide critical components, including high-pressure machines, personal protective equipment (PPE), chemical servicing supplies, consumables, and diesel for equipment.

The loss of any major supplier, or a significant reduction in the availability of materials from these suppliers, whether due to operational disruptions, financial instability, pricing disputes, or other unforeseen circumstances, could adversely impact our ability to deliver services. Moreover, any delays in procurement or unexpected cost increases could result in project delays, reduced service quality, and margin compression.

Although we believe that, in the event of any disruption or termination of our current supplier relationships, we would be able to identify and secure replacement suppliers at reasonable costs and without significant delay or operational disruption, there can be no assurance that suitable replacements would be available on favorable terms or within the required timeframe. Additionally, our reliance on a concentrated group of key suppliers increases our exposure to individual supplier risk, which could have a material adverse effect on our business, results of operations, and financial condition.

***Labor market challenges and workforce availability could impact service delivery.***

Our operations require skilled labor, including technicians trained in blasting, coating, and industrial maintenance. Singapore's tight labor market, coupled with restrictions on foreign worker permits, may limit our ability to recruit and retain qualified employees. Rising labor costs, driven by government policies aimed at reducing reliance on foreign labor, could further increase operational expenses.

Moreover, safety regulations and industry certification requirements necessitate continuous investment in employee training and compliance programs. A shortage of skilled personnel could lead to delays in service execution, reduced productivity, and increased recruitment and retention costs. To address these challenges, we must develop workforce training initiatives, invest in automation where feasible, and enhance employee retention strategies to maintain a skilled and motivated workforce.

***The Company has incurred indebtedness and may incur other debt in the future, which may adversely affect its financial condition and future financial results.***

As of December 31, 2024 and 2023, we had total bank borrowings of approximately S$4.1 million (approximately $3.0 million) and S$4.3 million, respectively, consisting of term loans with annual interest rates ranging from 2.0% to 10.0% and invoice financing payable on demand. These borrowings were obtained from financial institutions in Singapore. The majority of our outstanding debt is due within the next 12 months, which may place pressure on our short-term liquidity. Additionally, our borrowings are personally guaranteed by directors, which could further complicate our financial risk exposure.

Existing debt, and any debt that we may incur in the future, may adversely affect our financial condition and future financial results by, among other things:

● increasing our vulnerability to downturns in our business, to competitive pressures and to adverse economic and industry conditions;

● requiring the dedication of a portion of our expected cash from operations to service our indebtedness, thereby reducing the amount of expected cash flow available for other purposes, including capital expenditures; and

● limiting our flexibility in planning for, or reacting to, changes in our businesses and our industries.

If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things, to seek additional financing in the debt or equity markets, refinance or restructure all or a portion of our indebtedness, sell selected assets or reduce or delay planned capital, operating or investment expenditures. Such measures may not be sufficient to enable us to service our debt.

***Our involvement in related party transactions may give rise to potential conflicts of interest, and such transactions may not always be conducted on terms most favorable to us.***

We have engaged, and expect to continue to engage, in transactions with related parties. For the fiscal years ended December 31, 2024 and 2023, we entered into various related party transactions with companies controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman. For example, in 2024, we incurred rental expenses of S$1,103,884 (approximately $808,000) for equipment leased from Jebs Enterprise Pte. Ltd., a company controlled by Mr. Goh Kwang Yong. Also, in 2024, we recognized gains of S$111,107 (approximately $81,331) from the disposal of plant and used equipment to Jebs Enterprise Pte. Ltd.

In addition, historically, we have provided advances to related parties to support operational needs, working capital requirements, and timely payments for goods and services in the ordinary course of business. These advances were unsecured, interest-free, and repayable on demand, without formal agreements or fixed repayment schedules. During 2023 and 2024, we made advances to related parties, net of repayments, amounting to S$378,288 and S$779,558 (approximately US$570,636), respectively. While such arrangements facilitated operational flexibility and resource sharing, they also exposed us to certain risks, including the potential for delayed repayment, disputes regarding the timing or amount of repayment, and challenges in enforcing repayment obligations due to the informal nature of these transactions. Following the full settlement of outstanding amounts due from Jeneric Holdings in April 2025, we have not provided any additional advances to related parties and do not expect to do so going forward. However, there can be no assurance that we will not be required to provide such advances in the future due to unforeseen business needs. If we are required to provide advances to related parties in the future, we may again be exposed to the risks associated with such transactions, including potential negative impacts on our liquidity, financial position, and results of operations.

For a complete description of related party transactions for the financial periods presented, please see "Related Party Transactions" beginning on page 88.

There can be no assurance that future related party transactions will be entered into on terms as favorable to us as those that may be available from unrelated third parties. Transactions with related parties may involve conflicts of interest and may not be subject to the same level of scrutiny as transactions with independent parties. Such arrangements may also raise concerns among investors, creditors, or regulators regarding corporate governance and fairness.

If we are unable to adequately manage related party transactions or if such transactions are perceived as unfair or not transparent, our reputation could be adversely affected. In addition, any dispute or change in relationship with a related party could disrupt our operations or result in unfavorable terms, impacting our financial condition and results of operations. We continue to monitor and disclose related party transactions in accordance with applicable accounting and regulatory requirements, but we cannot eliminate all risk of actual or perceived conflicts of interest.

***We rely on unregistered intellectual property and contractual protections to safeguard our proprietary information, and if these protections are inadequate, our competitive position could be harmed.***

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As of the date of this prospectus, we do not own any patents, registered trademarks, or registered copyrights. Instead, we rely primarily on trade secrets, proprietary know-how, customer relationships, and brand reputation to differentiate our services and maintain our competitive position. To protect our proprietary information, we use internal confidentiality procedures and enter into non-disclosure agreements with employees, contractors, and business partners. However, there is no assurance that these measures will be sufficient to prevent the unauthorized disclosure, misappropriation, or use of our proprietary information by third parties.

Additionally, our ability to enforce these contractual protections may be limited by jurisdictional differences or legal constraints in certain markets where we operate. Furthermore, competitors may independently develop technologies, service methodologies, or processes that are similar or superior to ours without infringing on our proprietary rights. If we are unable to adequately protect our proprietary information or if our competitors develop similar capabilities, our business, financial condition, and results of operations could be materially and adversely affected.

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***APEX Global relies on dividends and other distributions on equity paid by its subsidiaries to fund any cash and financing requirements APEX Global may have, and any limitation on the ability of its subsidiaries to make payments to APEX Global could have a material adverse effect on our ability to conduct our business.***

APEX Global is a holding company, and it relies on dividends and other distributions on equity paid by its subsidiaries for APEX Global's cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and service any debt it may incur. While we do not expect to pay cash dividends in the foreseeable future, if our subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to APEX Global.

Our board of directors has complete discretion as to whether to distribute dividends, subject to certain restrictions under British Virgin Islands law, namely that our company may only pay dividends if our directors are satisfied, on reasonable grounds, that our company will, immediately after the distribution, satisfy the solvency test, meaning that the value of our company's assets exceeds its liabilities and that our company is able to pay its debts as they fall due. Even if our board of directors decides to declare and pay dividends, the timing, amount, and form of future dividends, if any, will depend on 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 deemed relevant by our board of directors.

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***The demand for our corrosion prevention services fluctuates with market cycles and global economic conditions, which could negatively impact our business.***

Our primary services include hydro blasting, grit blasting, and coating/painting, catering to the marine and oil & gas industries. Demand for these services depends on industry trends, technological adoption rates, and global economic conditions. A slowdown in shipbuilding, decreased offshore drilling activity, or delays in infrastructure projects due to economic downturns can directly impact our business. Additionally, global supply chain disruptions or financial constraints on our clients could lead to deferred maintenance and corrosion prevention spending, affecting our revenue streams.

Furthermore, fluctuations in raw material costs, such as steel, abrasives, and industrial coatings, can significantly impact our operational costs and profitability. Economic downturns or geopolitical tensions affecting global trade can lead to price volatility and supply chain disruptions. These factors can make it challenging to maintain stable pricing for our services, potentially leading to reduced margins or an inability to pass on increased costs to customers. To mitigate these risks, we must continuously evaluate supplier agreements, diversify sourcing strategies, and optimize operational efficiencies to maintain financial stability during uncertain economic periods.

***The transition to sustainable and environmentally friendly solutions may require investment and adaptation.***

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The industry is experiencing increasing pressure to adopt sustainable and environmentally friendly solutions. Customers and regulators are showing a growing preference for non-toxic, biodegradable coatings and surface treatments. While this presents an opportunity for differentiation, transitioning to sustainable solutions may involve additional research and development expenditures. Without adequate attention to innovation, we could fall behind competitors that develop more cost-effective and environmentally compliant alternatives.

Beyond financial considerations, the adoption of sustainable solutions may necessitate adjustments to existing supply chains, manufacturing processes, and workforce training. Companies that do not adapt in a timely manner could experience supply chain challenges, fluctuations in costs for eco-friendly materials, and the need to upskill employees to work with new technologies. If we do not align with evolving market demands, we may lose customers to competitors offering more sustainable alternatives. Maintaining a balanced approach to sustainability while ensuring operational efficiency and cost-effectiveness will be important for long-term growth and compliance with industry standards.

***The global transition to renewable energy and changing energy policies may affect our business and revenue streams.***

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The global shift towards renewable energy and carbon neutrality goals could impact our oil & gas sector customers, potentially influencing their investments in offshore infrastructure and maintenance. As governments and corporations increasingly commit to reducing greenhouse gas emissions, there is a growing emphasis on renewable energy sources and a gradual move away from fossil fuel projects. This transition presents challenges, and while the extent of its effect on our services remains uncertain, it is essential to monitor these developments closely.

Additionally, global initiatives such as net-zero commitments, carbon pricing, and emissions regulations may introduce changes in operating costs for oil & gas companies. For instance, the implementation of carbon pricing mechanisms could increase operational expenses for fossil fuel producers, potentially leading to adjustments in maintenance and corrosion prevention budgets. The degree of impact may vary across regions and industry segments, influenced by local regulatory environments and the pace of policy adoption.

The concept of "stranded assets" also poses a potential risk to our business. As the world transitions towards renewable energy, certain fossil fuel reserves may become uneconomical to exploit, leading to asset write-downs for oil and gas companies. This could result in reduced capital expenditure in traditional energy infrastructure, subsequently affecting the demand for our services.

However, this transition also presents opportunities for diversification. The growing renewable energy sector requires infrastructure development and maintenance, areas where our expertise in corrosion prevention and maintenance could be valuable. Exploring opportunities in adjacent industries, such as wind energy or sustainable infrastructure maintenance, may allow us to adapt to evolving market demands and mitigate potential risks associated with the decline in fossil fuel investments.

***Global supply chain disruptions may increase our costs, delay service delivery, and adversely affect our operations.***

We rely on a range of raw materials, spares, and consumables, including industrial coatings, blasting media, and specialized equipment, for the delivery of our corrosion prevention and maintenance services. Many of these inputs are sourced from international suppliers. As a result, we are exposed to the risks of global supply chain disruptions, which have been intensified by post-pandemic recovery imbalances, geopolitical tensions, transportation bottlenecks, and labor shortages across logistics networks.

In recent periods, rising freight costs, port congestion, and restricted availability of materials have led to increased lead times and price volatility. These challenges have impacted our procurement costs for spares and consumables and may continue to do so in the foreseeable future. If we are unable to secure key supplies in a timely and cost-effective manner, we may experience project delays, reduced operational efficiency, and erosion of profit margins. While we are taking measures to diversify our supplier base and improve inventory management, global supply chain challenges remain largely beyond our control.

***Escalating global trade tensions, including U.S.-initiated trade actions, could exacerbate supply chain risks and impact our cost structure.***

Recent years have seen increasing global trade tensions, particularly due to tariffs and other trade barriers implemented by the United States and its trading partners. Since President Trump's return to office in January 2025, the U.S. has implemented sweeping tariff measures on imports from various countries, including China, Canada and Mexico, and the affected countries have imposed or indicated their intention to impose counter measures. For example, in February 2025, the U.S. imposed tariffs of 10% on all imported goods from China, followed by an additional 10% tariff in March 2025. The U.S. also imposed a 25% tariff on all steel and aluminum imports, beginning in March 2025. On February 13, 2025, President Trump ordered his trade advisers to come up with "reciprocal" tariffs on U.S. trade partners to retaliate against taxes, tariffs, regulations and subsidies, and on April 2, 2025, he announced new tariffs on many U.S. trading partners, including a universal baseline tariff of 10% on all imported goods, and country specific tariffs such as an additional 34% tax on imports from China (leading to an effective rate of 54% when combined with existing tariffs) and 20% on products from the European Union. Following a period of market turbulence, on April 9, 2025, President Trump announced a 90-day pause on the tariffs announced on April 2, 2025 for most countries. There have been ongoing developments regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to be significant uncertainty about the future relationship between the United States and other countries with respect to such trade policies, treaties and tariffs.

Although we primarily operate in Singapore, the imposition of tariffs, export restrictions, and retaliatory trade measures by the U.S. and other countries has contributed to a rise in the cost and uncertainty of imported spares and consumables used in our industrial operations.

Any further escalation of trade conflicts, including sanctions or restrictions on countries where our suppliers are based, could increase customs clearance times, lead to shortages of critical inputs, or require us to shift to more expensive alternative sources. In particular, changes in trade relations between China, a major exporter of industrial goods, and other countries may significantly impact the global supply of specialized components. These developments could lead to increased costs of production, reduced flexibility in our sourcing strategy, and potentially adverse effects on our ability to meet customer expectations in terms of pricing and delivery.

***Evolving environmental regulations and compliance costs could impact profitability and business operations.***

The regulatory environment for environmental protection is becoming increasingly stringent, with governments worldwide introducing new policies aimed at reducing industrial emissions and ensuring sustainable business practices. For companies in the corrosion prevention sector, compliance with these evolving regulations may require continuous investments in environmentally friendly technologies, alternative materials, and enhanced operational procedures. Failure to comply with such regulations may result in significant fines, operational shutdowns, or loss of certifications necessary for bidding on projects.

Additionally, as international environmental policies align with global climate goals, businesses are expected to meet higher sustainability benchmarks. This could mean increased compliance costs related to emission reduction, waste disposal, and the adoption of non-toxic materials. These additional costs could impact profitability, especially if competitors successfully innovate cost-effective solutions faster than we do. To mitigate these risks, we must proactively monitor regulatory changes to stay ahead of compliance requirements.

***Our blasting, maintenance, and coating processes expose workers to health and safety risks, which could lead to operational disruptions, regulatory penalties, and liability concerns for our company.***

The blasting, maintenance, and coating processes involved in corrosion prevention may expose workers to hazardous conditions, including inhalation of toxic dust, exposure to volatile organic compounds (VOCs), and risks from high-pressure equipment. Sandblasting, for example, generates fine particulate matter that can cause respiratory diseases such as silicosis if proper protective measures are not in place. Additionally, prolonged exposure to paint fumes and coatings with hazardous chemicals can lead to long-term health effects, including neurological disorders and skin conditions. Ensuring worker safety requires stringent compliance with occupational health regulations, the use of personal protective equipment (PPE), and proper ventilation systems, all of which increase operational costs.

Failure to implement robust labor protection measures can lead to workplace accidents, regulatory penalties, and potential legal liabilities. Regulatory bodies impose strict safety standards, and non-compliance can result in hefty fines, suspension of operations, or even criminal liability for the company. Furthermore, worker injuries and health hazards can lead to reputational damage and labor disputes, affecting productivity and employee retention. Our ability to maintain compliance with labor protection laws and invest in worker safety initiatives is crucial in minimizing these risks and ensuring sustainable operations.

***Increasingly stringent environmental and safety regulations may result in higher compliance costs and operational constraints.***

We are subject to stringent environmental and safety regulations in the jurisdictions where we operate. Compliance with these regulations may require substantial expenditures for environmental monitoring, equipment upgrades, and operational modifications. Failure to comply could result in fines, penalties, or restrictions on our operations.

Environmental concerns have led to increasingly strict emissions standards and waste disposal regulations, particularly in Singapore, where environmental sustainability is a key national priority. The National Environment Agency (NEA) of Singapore enforces stringent regulations regarding waste management, emissions control, and hazardous material handling, requiring companies to adopt best practices in sustainability and pollution prevention. Compliance with these requirements may necessitate operational adjustments, additional investments in waste treatment technologies, and ongoing employee training to ensure adherence to local environmental standards.

In addition to national regulations, international environmental policies such as the International Maritime Organization's (IMO) MARPOL Annex VI set emissions limits for marine industry operations, affecting our work in ship maintenance and corrosion prevention. Compliance with these standards may require investment in environmentally friendly coatings, changes in operational procedures, and obtaining new certifications. Non-compliance could lead to fines, project suspensions, or reputational risks that impact our ability to secure future contracts. As Singapore continues to enhance its sustainability framework, adapting to evolving regulatory expectations will be critical for maintaining operational efficiency and market competitiveness.

***Frequent changes in government policies, regulatory frameworks, and legal requirements may disrupt our business operations.***

Changes in environmental laws, health and safety standards, labor laws, or other regulations could increase our compliance costs and affect our ability to operate efficiently. Government policies fluctuate frequently, requiring businesses to adapt quickly to new regulations or risk fines, operational shutdowns, or legal liabilities. Policy uncertainty, such as shifts in industrial taxation rates, licensing requirements, and labor laws, can create unpredictability in long-term strategic planning. If we fail to comply with new or existing regulations, we could face legal liability or operational disruptions, potentially affecting our profitability and reputation.

Additionally, differing regulatory frameworks in the countries where we operate create challenges in maintaining compliance across multiple jurisdictions. Government policies may change without prior notice, affecting taxation policies, import/export restrictions, and labor protections. For instance, new tariffs on raw materials used in corrosion prevention services, such as industrial coatings and blasting media, could increase costs and reduce profit margins. Likewise, regulatory actions such as increased environmental levies or restrictions on certain chemicals could force us to seek alternative materials or reformulate service offerings, leading to unexpected expenses and potential delays in service delivery.

Recent developments in trade policies, such as tariffs and geopolitical conflicts, have further emphasized the importance of flexibility in regulatory compliance. Governments worldwide are increasingly scrutinizing industrial operations for environmental and safety compliance, resulting in a growing list of regulations that must be monitored and adhered to. To mitigate these risks, we must develop robust compliance monitoring strategies and maintain adaptable operational frameworks to ensure business continuity.

***Cyber-attacks and security vulnerabilities could result in serious harm to our reputation, business, and financial condition.***

Although we have implemented physical and electronic security measures designed to protect against the loss, misuse and alteration of our computer system and proprietary business information, no security measures are perfect and impenetrable. We and outside parties we interact with may be unable to anticipate or prevent unauthorized access. Additionally, cybersecurity incidents affecting third-parties that store or process our confidential information could result in unauthorized disclosure or misuse of such information, potentially harming our reputation, business operations, and financial condition. An increasing number of organizations have disclosed breaches of their information security systems, some of which have involved sophisticated and highly targeted attacks.

We were recently informed, in July of 2025, by our underwriter that it had suffered a cybersecurity incident and specifically a ransomware incident, which has resulted in unauthorized access to some of the underwriter's systems and data, and the exfiltration of certain data from the underwriter's systems as well. Based on information currently available to the underwriter regarding the incident, the underwriter believes that confidential information regarding the Company that we had provided to the underwriter in connection with its due diligence for this offering was included in the data that was exfiltrated. The underwriter is still investigating the extent of this incident, and has also informed us that it does not have any evidence that this data has been publicly posted or otherwise misused by the threat actors at this time. The incident has not impacted our business operations and we do not expect the incident to impact our business operations in the future, as it did not involve unauthorized access to our systems or third party systems that we use in our business operations. While we believe that any material data regarding the Company that was exfiltrated is reflected in this prospectus and the registration statement of which this prospectus is a part, and therefore is publicly available, we could be subject to liability risks to the extent the data consists of sensitive information about our officers, directors, personnel, contractors, customers, suppliers or vendors.

We and third parties that we rely on may experience cybersecurity incidents due to human error, malfeasance, system errors or vulnerabilities, or other issues. Actual or perceived cybersecurity incidents relating to our data or confidential information could subject us to regulatory investigations and orders, litigation, indemnity obligations, damages, penalties, fines and other costs in connection with actual and alleged contractual breaches, violations of applicable laws and regulations and other liabilities. Any such incident could also materially damage our reputation and harm our business, results of operations and financial condition.

***Any lack of effective internal controls over financial reporting may affect our ability to accurately report our financial results or prevent fraud which may affect the market for and price of our Class A Ordinary Shares.***

Prior to filing the registration statement of which this prospectus is a part, we were a private company with limited accounting personnel and other resources for addressing our internal control over financial reporting. Upon completion of this offering, we will become a public company in the United States subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act of 2002, and the rules and regulations of Nasdaq. Section 404 of the Sarbanes-Oxley Act, or Section 404, will require us to include a report from management on the effectiveness of our internal control over financial reporting in our annual report on Form 20-F.

In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified, if it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, after we become a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.

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

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act of 2002, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time-consuming and costlier. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers.

We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of the Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior December 31, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. 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 exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay adopting new or revised accounting standards until such time as those standards apply to private companies.

After we are no longer an "emerging growth company," or until five years following the completion of our initial public offering, whichever is earlier, we expect to incur significant additional expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a public company, we have been required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures.

We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

**Risks Related to Doing Business in Singapore**

***Changes in Singapore's regulatory environment may affect our ability to operate efficiently and remain compliant.***

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Singapore is known for its well-regulated business environment, but evolving laws and regulations, including those concerning environmental protection, labor policies, taxation, and industry-specific compliance, may increase operational costs or impose additional legal obligations. Regulatory agencies such as the National Environment Agency (NEA), the Maritime and Port Authority of Singapore (MPA), and the Ministry of Manpower (MOM) frequently update policies to align with global standards and best practices. Changes in safety and environmental regulations may require us to modify our corrosion prevention services, invest in new technologies, or alter our operational practices, potentially increasing our compliance burden. Additionally, any failure to comply with evolving regulations could result in fines, legal liabilities, or reputational harm, adversely affecting our business.

Beyond compliance costs, regulatory changes may also introduce new licensing requirements, restrictions on certain chemicals used in corrosion prevention, or additional reporting obligations. For example, increased restrictions on volatile organic compounds (VOCs) in industrial coatings could require us to reformulate or source alternative products, impacting cost structures and service offerings. Adapting to these regulations requires ongoing investment in compliance management systems, legal advisory services, and employee training to ensure that our operations remain in full compliance with Singapore's evolving regulatory landscape.

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***Singapore's economic policies and trade relations could impact our business operations and profitability.***

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Singapore's economy is highly dependent on global trade, and any shifts in trade agreements, tariffs, or import/export policies could affect our access to raw materials, shipping logistics, and customer demand. As a global shipping hub, Singapore plays a key role in the maritime and oil & gas industries, but economic slowdowns or shifts in trade policies by major economies such as China, the United States, or the European Union could lead to reduced demand for maintenance and corrosion prevention services. Additionally, changes in government incentives, tax policies, or financial regulations may also affect our long-term growth strategy.

Moreover, disruptions in key trading routes or geopolitical instability could influence operational costs and affect the availability of raw materials crucial to our services. If new trade agreements impose restrictions on imports of essential industrial materials, we may need to seek alternative suppliers, potentially increasing procurement costs. Economic downturns can also reduce capital investments from our clients in the marine and industrial sectors, lowering the demand for corrosion prevention and maintenance services, which could negatively affect our financial performance.

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***Singapore's labor market regulations and talent shortages may increase operational costs and impact workforce availability.***

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Singapore enforces strict labor laws, including policies governing work visas, foreign labor quotas, and employee benefits. As our business relies on skilled labor for industrial maintenance and corrosion prevention services, any changes in work pass regulations, wage policies, or labor protection laws could impact our ability to recruit and retain talent. The government's push for higher local employment rates under policies such as the Fair Consideration Framework may require us to prioritize hiring local employees, which could lead to talent shortages in specialized technical roles. Additionally, rising wages and increased labor protections could escalate operational costs, reducing profitability.

Furthermore, talent shortages in technical trades, including corrosion prevention and industrial maintenance, could pose recruitment challenges, particularly as the government encourages businesses to reduce reliance on foreign workers. Companies that fail to attract and retain skilled employees may experience project delays, reduced service quality, and higher employee turnover rates. Addressing these challenges requires long-term workforce development strategies, including training programs, competitive compensation structures, and partnerships with local educational institutions to cultivate industry-specific expertise.

***Geopolitical instability and trade tensions in Southeast Asia could impact our operations and financial stability.***

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Singapore's strategic location in Southeast Asia makes it susceptible to geopolitical risks, including tensions in the South China Sea, trade conflicts, and diplomatic relations among major economies. As we provide essential maintenance and corrosion prevention services for vessels and offshore structures, any disruptions in the region's regulatory and geopolitical climate can directly impact our operations. Government changes, trade restrictions, and taxation policy shifts can increase operational costs, delay contracts, and introduce new compliance requirements. Additionally, political instability in key trade hubs could result in longer approval times for permits and increased administrative burdens.

Territorial disputes in the South China Sea, ongoing trade tensions between the United States and China, and shifting regional alliances add further complexity. These disputes can lead to heightened security risks, increased military presence, and regulatory uncertainties, all of which may reduce maritime activities in the region. A decline in shipping traffic, offshore exploration, and trade routes due to geopolitical tensions could directly impact the demand for our maintenance and corrosion prevention services. Reduced vessel movement and delays in offshore infrastructure projects may limit our business opportunities, affecting revenue growth and profitability. To mitigate these risks, we must remain adaptable to changing geopolitical conditions, diversify our service offerings, and explore alternative markets where demand remains stable.

***Rising operational costs in Singapore may impact profitability and competitiveness.***

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Singapore is known for its high cost of living and business operations, which can pose financial challenges for companies operating in the country. Rising rental costs, utility expenses, and regulatory compliance costs can contribute to higher overhead expenditures. Additionally, costs associated with adopting new technologies, meeting sustainability requirements, and ensuring workplace safety may further strain profitability. If we are unable to manage these expenses effectively or pass on increased costs to customers, our financial performance and market competitiveness could be negatively impacted.

Moreover, wage increases and higher employee benefit requirements can place additional financial burdens on businesses. Government mandates for salary adjustments, skill development programs, and workplace safety investments may require us to reallocate resources, potentially impacting profit margins. To mitigate the risks associated with rising operational costs, we must implement cost-effective solutions, optimize our service processes, and explore automation where feasible to maintain efficiency without compromising service quality.

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***Dependence on government infrastructure and industrial policies may influence our business growth.***

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The Singaporean government plays a significant role in shaping the industrial landscape through infrastructure investments, sector-specific incentives, and policy initiatives. Our business growth may be influenced by the government's long-term strategic plans for the marine, oil & gas, and construction industries. Changes in infrastructure development projects, funding for industrial expansion, or shifts in investment priorities could impact demand for our services. While government-backed initiatives provide opportunities, they also pose risks if policy directions change or budget allocations are reduced.

In addition, fluctuations in public sector funding or modifications to government support programs may influence capital expenditures across industries reliant on corrosion prevention and maintenance services. Shifts in infrastructure spending priorities could affect contract availability and long-term revenue projections. Therefore, staying informed about policy changes and adapting business strategies accordingly will be essential for continued success in Singapore's evolving industrial landscape.

***Foreign exchange risks could impact our financial performance.***

Although all our transactions are currently denominated in Singapore Dollars, as our company expands, we may need to engage in transactions denominated in foreign currencies. Any unfavorable shifts in exchange rates could reduce the purchasing power of our foreign revenue and limit our ability to allocate funds efficiently for business growth. Since Singapore operates under a managed float exchange rate system regulated by the Monetary Authority of Singapore (MAS), external factors such as global economic conditions, interest rate policies, and trade relations can still influence exchange rate movements. We cannot assure you that future adjustments in monetary policy will not impact our financial performance.

Our financial statements are presented in Singapore Dollars. As of December 31, 2024 and 2023, our assets, liabilities, and income statements are all denominated in Singapore Dollars, with no foreign currency transactions or gains/losses from foreign exchange during these periods. The U.S. Dollar balances included in the financial statements are translated from Singapore Dollars solely for the convenience of readers.

Nonetheless, in the future, changes in the exchange rates between the Singapore Dollar and the U.S. Dollar or other foreign currencies could materially impact our reported financial results. The value of the Singapore Dollar against the U.S. Dollar and other currencies is subject to macroeconomic trends and regulatory policies beyond our control. Additionally, proceeds from offerings or external funding may need to be converted into Singapore Dollars to support our business operations. Changes in the conversion rate between the U.S. Dollar and the Singapore Dollar will affect the funds available for our business activities and expansion.

**Risks Related to this Offering and Ownership of the Class A Ordinary Shares** 

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***Our dual class voting structure has the effect of concentrating the voting control in holders of our Class B Ordinary Shares, which will limit or preclude your ability to influence corporate matters, and your interests may conflict with the interests of these shareholders. It may also adversely affect the trading market for our Class A Ordinary Shares due to exclusion from certain stock market indices.***

We adopted a dual class voting structure such that our Ordinary Shares consist of Class A Ordinary Shares and Class B Ordinary Shares. Class A Ordinary Shares are entitled to one (1) vote per share and Class B Ordinary Shares are entitled to twenty (20) votes per share on proposals requiring or requesting shareholder approval. As of the date of this prospectus, Jeneric Holdings, a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of the 7,500,000 Class B Ordinary Shares issued and outstanding. Additionally, there were 42,500,000 Class A Ordinary Shares issued and outstanding. As a result, Mr. Goh Kwang Yong controlled approximately 88.3% of the voting power of the outstanding Ordinary Shares of the Company before this offering.

Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights. As such, Mr. Goh Kwang Yong will continue to have the ability to control the outcome of most matters requiring shareholder approval, including:

● the election of our Board and, through our Board, decision making with respect to our business direction and policies, including the appointment and removal of our officers;

● mergers, de-mergers and other significant corporate transactions;

● changes to our constitution; and

● our capital structure.

This voting control and influence may discourage transactions involving a change of control of the Company, including transactions in which you, as a holder of our Class A Ordinary Shares, might otherwise receive a premium for your shares.

S&P Dow Jones and FTSE Russell have implemented changes to their eligibility criteria for inclusion of shares of public companies on certain indices, including the S&P 500, namely, to exclude companies with multiple classes of shares of common stock from being added to such indices. In addition, several shareholder advisory firms have announced their opposition to the use of multiple class structures. As a result, the dual class structure of our Ordinary Shares may prevent the inclusion of the Class A Ordinary Shares in such indices and may cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure. Any such exclusion from indices could result in a less active trading market for our Class A Ordinary Shares. Any actions or publications by shareholder advisory firms critical of our corporate governance practices or capital structure could also adversely affect the value of the Class A Ordinary Shares.

***There has been no public market for the Class A Ordinary Shares prior to this offering and an active trading market for the Class A Ordinary Shares may not develop following the completion of this offering.***

Prior to this offering, there has been no public market for the Class A Ordinary Shares. We have applied for the listing of the Class A Ordinary Shares on Nasdaq under the symbol "APEX." If our application to Nasdaq is not approved or we otherwise determine that we will not be able to secure the listing of the Class A Ordinary Shares on Nasdaq, we will not complete the offering. Even if the Class A Ordinary Shares are approved for listing on Nasdaq, a liquid public market for the Class A Ordinary Shares may not develop or, if developed, may not be sustained, following the completion of this offering. The lack of an active market may impair your ability to sell your Class A Ordinary Shares at the time you wish to sell them or at a price that you consider reasonable.

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***The initial public offering price for the 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 the Class A Ordinary Shares will be determined by negotiations between us and the Representative (as defined below) and may not bear a direct relationship to our earnings, book value, or any other indicia of value. We cannot assure you that the market price of the Class A Ordinary Shares will not decline significantly below the initial public offering price following the completion of this offering. 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 the 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.

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***The market price of the Class A Ordinary Shares may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares at or above the initial public offering price.***

The public offering price of the Class A Ordinary Shares has been determined through negotiations between the underwriters and us based upon many factors and may not be indicative of prices that will prevail following the closing of this offering. After this offering, the market price for the Class A Ordinary Shares is likely to be volatile and could fluctuate widely due to multiple factors, many of which are beyond our control, including:

● actual or anticipated fluctuations in the operating results of the Company due to factors related to the Company's business;

● success or failure of the strategy of the Company;

● the interim or annual earnings of the Company, or those of other companies in the Company's industry;

● the Company's ability to obtain third-party financing as needed;

● announcements by us or the Company's competitors of significant acquisitions or dispositions;

● changes in accounting standards, policies, guidance, interpretations or principles;

● the operating and stock price performance of other comparable companies;

● investor perception of the Company;

● natural or environmental disasters that investors believe may affect the Company;

● overall market fluctuations;

● a large sale of the Class A Ordinary Shares by a significant shareholder;

● results from any material litigation or government investigation;

● changes in laws and regulations affecting the Company or any of the principal products and services sold by the Company; and

● general economic and political conditions and other external factors.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. Share prices of many companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies. In the past, shareholders have filed securities class litigation following periods of market volatility. If we were to become involved in securities litigation, it could subject us to substantial costs, divert resources and the attention of management from our business, and adversely affect our business.

***We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of the Class A Ordinary Shares.***

The U.S. stock market experienced instances of extreme stock price surges followed by sharp declines among small-cap issuers in 2022. This share price volatility appeared largely unrelated to the underlying business performance of the issuers following their initial public offerings, particularly among companies with relatively small public floats. After the consummation of this offering, we will have a relatively small public float due to the relatively small size of this offering and the concentration of ownership of the Ordinary Shares in our principal shareholders. As a relatively small-capitalized company with a small public float after this offering, the share price of the Class A Ordinary Shares may experience extreme volatility, lower trading volume and less liquidity than large-capitalized companies. Although the specific cause of such volatility is unclear, our anticipated small public float may amplify the impact the actions taken by a few shareholders have on the price of the Class A Ordinary Shares, which may cause the share price to deviate, potentially significantly, from a price that better reflects the underlying performance of our business. The potential extreme volatility may confuse public investors regarding the value of the shares, distort the market perception of the share price and our company's financial performance and public image, and negatively affect the long-term liquidity of the Class A Ordinary Shares, regardless of our actual or expected operating performance. Should the Class A Ordinary Shares experience run-ups and declines that are seemingly unrelated to our actual or expected operating performance and financial condition or prospects, prospective investors may have difficulty assessing the rapidly changing value of the Class A Ordinary Shares and our ability to access the capital market may be materially adversely affected. In addition, if the trading volumes of the Class A Ordinary Shares are low, holders of the 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. As a result of this volatility, investors may experience losses on their investment in the Class A Ordinary Shares.

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***We may not be able to maintain a listing of the Class A Ordinary Shares on Nasdaq.***

Assuming that the Class A Ordinary Shares are listed on Nasdaq, we must meet certain financial and liquidity criteria to maintain such listing. If we fail to meet Nasdaq's continued listing requirements, the Class A Ordinary Shares may be delisted. In addition, our board of directors may determine that the cost of maintaining our listing on a national securities exchange outweighs the benefits of such listing. A delisting of the Class A Ordinary Shares from Nasdaq may materially impair our shareholders' ability to buy and sell the Class A Ordinary Shares and could have an adverse effect on the market price of, and the efficiency of the trading market for, the Class A Ordinary Shares. The delisting of the Class A Ordinary Shares could significantly impair our ability to raise capital and the value of your investment.

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***If securities or industry analysts publish unfavorable research, or do not continue to cover us, the Company's share price and trading volume could decline.***

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The trading market for the Class A Ordinary Shares depends in part on the research and reports that securities or industry analysts publish about us and the Company's business. We do not have any control over these analysts. If an analyst downgrades the Class A Ordinary Shares or publishes unfavorable research about the Company's business, the Company's share price would likely decline. If an analyst ceases coverage of us or fails to publish reports on us regularly, we could lose visibility in the financial markets and demand for the Class A Ordinary Shares could decrease, which could cause the share price or trading volume to decline.

***As the initial public offering price of the Class A Ordinary Shares 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 more for your Class A Ordinary Shares than the amount paid by APEX Global's existing shareholders for their shares on a per share basis. As a result, you will experience immediate and substantial dilution in net tangible book value per share in relation to the price that you paid for your shares. We expect the dilution as a result of the offering to be $[ ] per share to new investors purchasing the Class A Ordinary Shares in this offering, assuming a public offering price of $[ ] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus. See "*Dilution*" for a more complete description of how the value of your investment in the Class A Ordinary Shares will be diluted upon completion of this offering.

***We have broad discretion as to the use of the net proceeds from this offering and our use of the offering proceeds may not yield a favorable return on your investment. Additionally, we may use these proceeds in ways with which you may not agree or in the most effective way.***

The Company intends to use the net proceeds of this offering for several purposes, including business expansion, working capital, and general corporate purposes. Accordingly, management of the Company will have substantial discretion in applying the net proceeds to be received by the Company. However, based on unforeseen technical, commercial or regulatory issues, we could spend the proceeds in ways with which you may not agree. Moreover, the proceeds may not be invested effectively or in a manner that yields a favorable or any return, and consequently, this could result in financial losses that could have a material adverse effect on our business, financial condition and results of operations. There can be no assurance that the Company will utilize the net proceeds in a manner that enhances value of the Company. If the Company fails to spend the proceeds effectively, the Company's business and financial condition could be harmed, and there may be the need to seek additional financing sooner than expected.

***Since we do not expect to pay dividends on the Class A Ordinary Shares in the foreseeable future, your ability to achieve a return on your investment will depend on appreciation in the price of the Class A Ordinary Shares.***

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We currently intend to invest the Company's future earnings, if any, to fund the Company's growth, to develop the Company's business, for working capital needs, to reduce debt and for general corporate purposes. We do not expect to declare or pay any dividends in the foreseeable future. Therefore, the success of an investment in the Class A Ordinary Shares will depend upon any future appreciation in their value. There is no guarantee that the Class A Ordinary Shares will appreciate in value or even maintain their current value.

Any decision to pay dividends in the future will be at the full discretion of the Company's board of directors and will depend upon various factors then existing, including earnings, financial condition, results of operations, capital requirements, level of indebtedness, restrictions imposed by applicable law, general business conditions and other factors that the Company's board of directors may deem relevant.

***Substantial future sales of the Class A Ordinary Shares or the anticipation of future sales of the Class A Ordinary Shares in the public market could cause the price of the Class A Ordinary Shares to decline significantly following this offering.***

Sales of substantial amounts of the Class A Ordinary Shares in the public market after this offering, or the perception that these sales could occur, could cause the market price of the Class A Ordinary Shares to decline. An aggregate of 42,500,000 Class A Ordinary Shares were issued and outstanding before the consummation of this offering. An aggregate of [ ] and [ ] Class A Ordinary Shares will be issued and outstanding immediately after the consummation of this offering, assuming no exercise and full exercise of the over-allotment option by the underwriters, respectively.

Our directors, officers and holders of 5% or more of our total outstanding Class A Ordinary Shares (or securities convertible into our Class A Ordinary Shares) have agreed to enter into customary "lock-up" agreements for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part. However, holders of less than 5% of our total outstanding Class A Ordinary Shares will be able to resell their shares, without being subject to the lock-up restrictions after the completion of this offering, in reliance on Rule 144. Since these shareholders acquired their Class A Ordinary Shares at a lower price per share than investors in this offering, they may be more willing to accept a lower sales price than the initial public offering price when they are able to sell under Rule 144. Sales of their shares into the market could cause the market price of the Class A Ordinary Shares to decline significantly following the completion of this offering.

***We may issue additional equity or debt securities, which are senior to the Class A Ordinary Shares as to distributions and in liquidation, which could materially adversely affect the market price of the Class A Ordinary Shares***.

In the future, we may attempt to increase our capital resources by entering into additional debt or debt-like financing that is secured by all or up to all of our assets, or issuing debt or equity securities, which could include issuances of commercial paper, medium-term notes, senior notes, subordinated notes or shares. In the event of our liquidation, our lenders and holders of our debt securities would receive a distribution of our available assets before distributions to our shareholders. In addition, any additional preferred stock, if issued by our company, may have a preference with respect to distributions and upon liquidation, which could further limit our ability to make distributions to our shareholders. Because our decision to incur debt and issue securities in our future offerings will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings and debt financing.

Further, market conditions could require us to accept less favorable terms for the issuance of our securities in the future. Thus, you will bear the risk of our future offerings reducing the value of your Class A Ordinary Shares and diluting your interest in our company.

***We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and the shareholders could receive less information than they might expect to receive from more mature public companies.***

Upon the completion of this offering, we will be required to publicly report on an ongoing basis as an "emerging growth company" (as defined in the JOBS Act) under the reporting rules set forth under the Exchange Act. For so long as we remain an emerging growth company, we may take advantage of certain exemptions from various reporting requirements that are applicable to other Exchange Act reporting companies that are not emerging growth companies, including but not limited to:

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

● being permitted to comply with reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements; and

● being exempt from the requirement to hold a non-binding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. As a result of our election to take advantage of such extended transition period, our financial statements may not be comparable to companies that comply with public company effective dates.

We expect to take advantage of these reporting exemptions until we are no longer an emerging growth company. We would remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of the Class A Ordinary Shares that is held by non-affiliates exceeds $700 million as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. Because we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, the shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find the Class A Ordinary Shares less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of the Class A Ordinary Shares.

***Our Chief Executive Officer and Chairman of the Board of Directors, Mr. Goh Kwang Yong, through Jeneric Holdings, holds significant voting power and may take actions that may not be in the best interests of our other shareholders.***

As of the date of this prospectus, Jeneric Holdings, a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of our outstanding Class B Ordinary Shares, representing approximately 88.3% of the voting power of the outstanding Ordinary Shares of the Company before this offering. Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights. As such, Mr. Goh Kwang Yong will be able to control the management and affairs of our Company and most matters requiring shareholder approval, including the election of directors and approval of significant corporate transactions. His interests may not be the same as or may even conflict with your interests. For example, he could attempt to delay or prevent a change in control of us, even if such change in control would benefit our other shareholders, which could deprive our shareholders of an opportunity to receive a premium for their Class A Ordinary Shares as part of a sale of us or our assets, and might affect the prevailing market price of the Class A Ordinary Shares due to investors' perceptions that conflicts of interest may exist or arise. As a result, this concentration of voting power may not be in the best interests of our other shareholders.

***Upon the completion of this offering, we expect to be a "controlled company" under the rules of Nasdaq and as a result, we may choose to exempt our company from certain corporate governance requirements that could have an adverse effect on our public shareholders.***

Under Nasdaq's rules, 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, without limitation, (i) the requirement that a majority of the board of directors consist of independent directors, (ii) the requirement that the compensation of our officers be determined or recommended to our board of directors by a compensation committee that is comprised solely of independent directors, and (iii) the requirement that director nominees be selected or recommended to the board of directors by a majority of independent directors or a nominating committee comprised solely of independent directors. As of the date of this prospectus, Jeneric Holdings, a Singapore company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, held all of our outstanding Class B Ordinary Shares, representing approximately 88.3% of the voting power of our outstanding share capital. Following this offering, assuming the issuance of [ ] Class A Ordinary Shares in this offering (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full), Mr. Goh Kwang Yong will retain controlling voting power in the Company based on having approximately [ ]% (or approximately [ ]% if the underwriters exercise the over-allotment option in full) of all voting rights. As a result, we will be a "controlled company" within the meaning of the Nasdaq listing rules. Although we currently do not intend to rely on the "controlled company" exemption, 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 nominating and corporate governance and compensation committees might not consist entirely of independent directors. Our status as a controlled company could cause the Class A Ordinary Shares to look less attractive to certain investors or otherwise harm our trading price.

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

Because we qualify as 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:

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

● Section 14 of the Exchange Act regulating the solicitation of proxies, consents, or authorizations in respect of a security registered under the Exchange Act;

● Section 16 of the Exchange Act requiring insiders to file public reports of their stock ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

● the selective disclosure rules by issuers of material nonpublic information under Regulation FD.

We are required to file an annual report on Form 20-F within four months of the end of each fiscal year. In addition, we may publish our results on a quarterly basis as press releases, distributed pursuant to the rules and regulations of Nasdaq. Press releases relating to financial results and material events will also be furnished to the SEC in reports 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 were you investing in a U.S. domestic issuer.

***As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to domestic U.S. issuers. This may afford less protection to holders of the Class A Ordinary Shares.***

We are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private issuer, we are permitted to follow the governance practices of our home country, British Virgin Islands, in lieu of certain corporate governance requirements of Nasdaq. As result, the standards applicable to us are considerably different than the standards applied to domestic U.S. issuers. For instance, we are not required to:

● have a majority of the board be independent (although all of the members of the audit committee must be independent under the Exchange Act);

● have a compensation committee and a nominating committee to be comprised solely of "independent directors"; or

● hold an annual meeting of shareholders no later than one year after the end of our fiscal year.

Nasdaq listing rules may require shareholder approval for certain corporate matters, such as requiring that shareholders be given the opportunity to vote on all equity compensation plans and material revisions to those plans, certain Ordinary Share issuances. We intend to comply with the requirements of Nasdaq listing rules to have a majority of the board be independent and to appoint a compensation committee and a nominating and corporate governance committee. We may, however, in the future consider following home country practice in lieu of the requirements under Nasdaq listing rules with respect to certain corporate governance standards which may afford less protection to investors than they would otherwise enjoy under the Nasdaq corporate governance listing standards applicable to U.S. domestic issuers.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.***

We expect to qualify as a foreign private issuer upon the completion of this offering. We would lose our foreign private issuer status if, for example, more than 50% of the voting power of our Ordinary Shares are directly or indirectly held by residents of the United States and we fail to meet additional requirements necessary to maintain our foreign private issuer status. If we lose our foreign private issuer status on this date, 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 mandatorily comply with U.S. federal proxy requirements, and our officers, directors, and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we will lose our ability to rely upon exemptions from certain corporate governance requirements under the rules of Nasdaq. 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 in order to maintain a listing on a U.S. securities exchange.

***Certain judgments obtained against us by APEX Global's shareholders may not be enforceable.***

APEX Global is a British Virgin Islands business company and substantially all of the Company's assets are located outside of the United States. Substantially all of the Company's current operations are conducted in Singapore.

In addition, APEX Global's existing director and officers are nationals or residents of Singapore and Malaysia and all or a substantial portion of their assets are located outside the U.S. As a result, it may be difficult for investors to effect service of process within the U.S. upon us or these persons, or to enforce against us or them judgments obtained in U.S. courts, including judgments predicated upon the civil liability provisions of the U.S. federal securities laws or securities laws of any U.S. state. Even if you are successful in bringing an action of this kind, the laws of British Virgin Islands and of Singapore may render you unable to enforce a judgment against the Company's assets or the assets of the Company's directors and officers. See "*Enforceability of Civil Liabilities*."

***You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because APEX Global is incorporated under British Virgin Islands law.***

APEX Global is a BVI business company incorporated under the laws of British Virgin Islands. Its corporate affairs are governed by the Memorandum and Articles of Association, the BVI Companies Act and the common law of British Virgin Islands. The rights of its shareholders to take action against the directors, actions by the minority shareholders and the fiduciary duties of the directors to APEX Global under British Virgin Islands law are to a large extent governed by the common law of British Virgin Islands. The common law of British Virgin Islands is derived in part from comparatively limited judicial precedent in British Virgin 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 British Virgin Islands. The rights of APEX Global's shareholders and the fiduciary duties of its directors under British Virgin Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, British Virgin Islands have a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than British Virgin Islands. In addition, British Virgin Islands business companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

Shareholders of British Virgin Islands business companies like APEX Global have limited rights under British Virgin Islands law to inspect corporate records or to obtain copies of lists of shareholders of these companies. If APEX Global's directors are satisfied that it would be contrary to APEX Global's interests to allow its shareholders to inspect any of the register of members, register of directors and minutes of meetings and resolutions of shareholders, they have discretion under the law to refuse to permit shareholders to inspect such documents or limit the inspection of such documents. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder resolution or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above, APEX Global's public shareholders may have more difficulty in protecting their interests in the face of actions taken by APEX Global's management, members of the board of directors or its 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 of the BVI Companies Act and the laws applicable to companies incorporated in the United States and their shareholders. See "*Description of Shares—Differences in Corporate Law*."

***APEX Global's Memorandum and Articles of Association contain anti-takeover provisions that could discourage a third party from acquiring us, which could limit APEX Global's shareholders' opportunity to sell their shares at a premium.***

APEX Global's Memorandum and Articles of Association contain provisions to limit the ability of others to acquire control of our company or cause us to engage in change-of-control transactions. These provisions could have the effect of depriving APEX Global's shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging third parties from seeking to obtain control of our company in a tender offer or similar transaction. For example, our Memorandum and Articles of Association include a dual-class share structure, under which Class B Ordinary Shares carry twenty (20) votes per share compared to one (1) vote per share for Class A Ordinary Shares, thereby allowing holders of Class B Ordinary Shares to exercise significant influence or control over matters requiring shareholder approval, including the election and removal of directors, amendments to the organizational documents, and approval of significant corporate transactions. The board has the power to issue an unlimited number of shares of any class, with such rights and restrictions as they may determine without shareholder approval. Additionally, an action that may be taken by shareholders at a meeting may instead be taken by written consent without a meeting, if the written consents represent the number of votes that would be required to approve the action at a meeting, which allows controlling shareholders to act efficiently without a meeting. APEX Global's Memorandum and Articles of Association also contain other provisions that could limit the ability of third parties to acquire control of our company or cause us to engage in a transaction resulting in a change of control.

***There is a risk that we will be a passive foreign investment company for any taxable year, which could result in adverse U.S. federal income tax consequences to U.S. investors in the Class A Ordinary Shares.***

In general, a non-U.S. corporation is a passive foreign investment company, or PFIC, for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.

Based on the expected composition of our income and assets and the value of our assets, including goodwill, we do not expect to be a PFIC for our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely clear. Because the proper characterization of certain components of our income and assets is not entirely clear, and because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of the Class A Ordinary Shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any future taxable year.

If we were a PFIC for any taxable year during which a U.S. investor holds the Class A Ordinary Shares, certain adverse U.S. federal income tax consequences could apply to such U.S. investor. See "*Taxation—United States Federal Income Tax Considerations—Passive Foreign Investment Company Considerations*."

**General Risk Factors**

***We and our directors and officers may be subject to litigation, arbitration, or other legal proceeding risk.***

We and our directors and officers may be subject to arbitration claims and lawsuits in the ordinary course of our business. As of the date of this prospectus, we or our directors and officers are not a party to, and are not aware of any threat of, any legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, financial condition or operations. Actions brought against us may result in settlements, awards, injunctions, fines, penalties, and other results adverse to us. Predicting the outcome of such matters is inherently difficult, particularly where claims are brought on behalf of various classes of claimants or by a large number of claimants when claimants seek substantial or unspecified damages, or when investigations or legal proceedings are at an early stage. A substantial judgment, settlement, fine, or penalty could be material to our operating results or cash flows for a particular period, depending on our results for that period, or could cause us significant reputational harm, which could harm our business prospects. In market downturns, the volume of legal claims and amount of damages sought in litigation and regulatory proceedings against securities brokerage companies have historically increased. The amounts involved in the trades we execute, together with rapid price movements in our currency pairs, can result in potentially large damage claims in any litigation resulting from such trades. Dissatisfied clients may make claims against us regarding the quality of trade execution, improperly settled trades, mismanagement, or even fraud, and these claims may increase as our business expands.

In addition, even if we prevail in any litigation or enforcement proceedings against us, we could incur significant legal expenses defending against the claims, even those without merit. Moreover, because even claims without merit can damage our reputation or raise concerns among our clients, we may feel compelled to settle claims at significant cost. The initiation of any claim, proceeding, or investigation against us, or an adverse resolution of any such matter, could have a material adverse effect on our reputation, business, financial condition, and results of operations and cash flows.

***We may pursue acquisitions or joint ventures that could present unforeseen integration obstacles, incur unpredicted costs or may not enhance our business as we expected.***

We may, in the future, pursue acquisitions and joint ventures as part of our growth strategy. Any future acquisition or joint venture may result in exposure to potential liabilities of the acquired companies, significant transaction costs, and present new risks associated with entering additional markets or offering new products and integrating the acquired companies or newly established joint ventures. Potential liabilities may arise from deficiencies in due diligence findings and deficient past track record results.

Moreover, we may not have sufficient management, financial, and other resources to integrate companies we acquire or to successfully operate joint ventures, and we may be unable to profitably operate our expanded company structure. Additionally, any new business that we may acquire or joint ventures we may form, once integrated with our existing operations, may not produce expected or intended results.

**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately $[ ] million, or approximately $[ ] million if the underwriter exercises the over-allotment option in full, after deducting underwriting discounts, the non-accountable expense allowance and the estimated offering expenses payable by us. These estimates are based upon an assumed initial public offering price of $[ ] per share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus. A $1.00 increase (decrease) in the assumed initial public offering price of $[ ] per share would increase (decrease) the net proceeds to us from this offering by $[ ] million, assuming the number of Class A Ordinary Shares offered hereby, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts, the non-accountable expense allowance and estimated expenses payable by us.

The primary purposes of this offering are to create a public market for the Class A Ordinary Shares for the benefit of all shareholders, retain talented employees by providing them with equity incentives and obtain additional working capital. We currently intend to use the net proceeds of this offering as follows:

● approximately 60%, or $[ ] million, to fund business expansion;

● approximately 40%, or $[ ] million, to fund working capital and general corporate purposes.

The foregoing represents our current intentions to use and allocate the net proceeds of this offering based upon our present plans and business conditions. Our management, however, will have broad discretion in the way that we use the net proceeds of this offering. See "*Risk Factors—Risks Related to this Offering and the Market for the Class A Ordinary Shares Generally—We have broad discretion as to the use of the net proceeds from this offering and our use of the offering proceeds may not yield a favorable return on your investment. Additionally, we may use these proceeds in ways with which you may not agree or in the most effective way.*"

Pending use of the net proceeds, we intend to hold our net proceeds in short-term, interest-bearing, financial instruments or demand deposits.

**DIVIDEND POLICY**

On July 31, 2023, our subsidiaries, Jeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd., approved the distribution of an interim dividend of S$1,000,000 (approximately $732,000) to Jeneric Holdings, their sole shareholder at the time. Such dividends were settled by offsetting against the amount due from Jeneric Holdings.

On January 1, 2025, our subsidiaries, Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd. and Jeneric Venture Pte. Ltd., approved the distribution of an interim dividend of S$2,592,688 (approximately US$1,897,848) to Jeneric Holdings, their sole shareholder at the time. Such dividends were settled by offsetting against the amount due from Jeneric Holdings.

However, as of the date of this prospectus, APEX Global has not declared, or paid cash dividends on the Class A Ordinary Shares. We currently have no plan to declare or pay any dividends in the near future on the Class A Ordinary Shares, and intend to retain most, if not all, of our available funds and future earnings to operate and expand our business.

APEX Global's board of directors has discretion as to whether to distribute dividends, subject to certain restrictions under British Virgin Islands law, namely that it may only pay dividends if its directors are satisfied, on reasonable grounds, that our company will, immediately after the distribution, satisfy the solvency test, meaning that the value of our company's assets exceeds its liabilities and that our company is able to pay its debts as they fall due. Even if the board of directors of APEX Global 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 of directors may deem relevant. See also "*Risk Factors—Risks Related to This Offering and Ownership of the Class A Ordinary Shares—Since we do not expect to pay dividends on the Class A Ordinary Shares in the foreseeable future, your ability to achieve a return on your investment will depend on appreciation in the price of the Class A Ordinary Shares.*"

APEX Global is a holding company, and it relies on dividends and other distributions on equity paid by its subsidiaries for APEX Global's cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to its shareholders and service any debt it may incur. If our subsidiaries incur debt on their own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other distributions to APEX Global. See also "*Risk Factors—Risks Related to Our Business and Industry—APEX Global relies on dividends and other distributions on equity paid by its subsidiaries to fund any cash and financing requirements APEX Global may have, and any limitation on the ability of its subsidiaries to make payments to APEX Global could have a material adverse effect on our ability to conduct our business."*

**CAPITALIZATION**

As of the date of this prospectus, APEX Global is authorized to issue an unlimited number of shares, consisting of two classes of ordinary shares, Class A Ordinary Shares, with no par value each, and Class B Ordinary Shares, with no par value each, consisting of such numbers and such series, as APEX Global's directors may determine. There are 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Class B Ordinary Shares are entitled to twenty (20) votes per share, and Class A Ordinary Shares are entitled to one (1) vote per share. Other than voting and conversion rights, Class B Ordinary Shares and Class A Ordinary Shares have the same rights and preferences and rank equally.

The following table sets forth our total capitalization as of December 31, 2024:

● on an actual basis;

● on a pro forma basis to give effect to the issuance and sale of [ ] Class A Ordinary Shares in this offering at an assumed initial public offering price of $[ ] per share, the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us (assuming the over-allotment option is not exercised); and

● on a pro forma as adjusted basis to give effect to the issuance and sale of [ ] Class A Ordinary Shares in this offering at an assumed initial public offering price of $[ ] per share, the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us (assuming the over-allotment option is fully exercised).

You should read this table together with our consolidated financial statements, the related notes included elsewhere in this prospectus and the information under "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual** | **Actual** | **Pro forma<br> (assuming<br> underwriters do not<br> exercise the<br> over-allotment<br> option)<sup>(1) (2)</sup>** | **Pro forma<br> (assuming<br> underwriters do not<br> exercise the<br> over-allotment<br> option)<sup>(1) (2)</sup>** | **Pro forma<br> as adjusted<br> (assuming<br> underwriters<br> exercise the over-<br> allotment option<br> in full)<sup>(1) (2)</sup>** | **Pro forma<br> as adjusted<br> (assuming<br> underwriters<br> exercise the over-<br> allotment option<br> in full)<sup>(1) (2)</sup>** |
|  | **S$** | **USD** | **S$** | **USD** | **S$** | **USD** |
| **Indebtedness:** | | | | | | |
| Bank borrowings (current) | 3203738 | 2345136 |  |  |  |  |
| Bank borrowings (non-current) | 913408 | 668615 |  |  |  |  |
| **Total indebtedness** | **4117146** | **3013751** |  |  |  |  |
| **Shareholders' equity:** |  |  |  |  |  |  |
| Class A Ordinary Shares, no par value, unlimited number of ordinary shares authorized, 42,500,000 Class A Ordinary Shares issued and outstanding as of December 31, 2024; [ ] Class A Ordinary Shares issued and outstanding, pro forma (over-allotment option not exercised); [ ] Class A Ordinary Shares issued and outstanding, pro forma as adjusted (over-allotment option exercised in full). <sup>(3)</sup> |  |  |  |  |  |  |
| Class B Ordinary Shares, no par value, unlimited number of ordinary shares authorized, 7,500,000 Class B Ordinary Shares issued and outstanding as of December 31, 2024; 7,500,000 Class B Ordinary Shares issued and outstanding, pro forma (over-allotment option not exercised); 7,500,000 Class B Ordinary Shares issued and outstanding, pro forma as adjusted (over-allotment option exercised in full). <sup>(3)</sup> |  |  |  |  |  |  |
| Share subscription receivable | (45082) | (33000) |  |  |  |  |
| Additional paid-in capital | 2001641 | 1465201 |  |  |  |  |
| Retained earnings | 2572533 | 1883094 |  |  |  |  |
| **Total shareholders' equity attributable to APEX Global** | **4529092** | **3315295** |  |  |  |  |
| Non-controlling interests | - | - |  |  |  |  |
| **Total shareholders' equity** | **4529092** | **3315295** |  |  |  |  |
| **Total capitalization** | **8646238** | **6329046** |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pro
 forma and pro forma as adjusted information discussed above is illustrative only. Our additional paid-in capital, accumulative profits,
 accumulative other comprehensive loss, total shareholder's equity and total capitalization following the completion of this
 offering are subject to adjustment based on the actual initial public offering price and other terms of this offering determined
 at pricing.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assuming
 the number of Class A Ordinary Shares offered hereby, as set forth on the cover page of this prospectus, remains the same, and after
 deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us, a $1.00 increase
 (decrease) in the assumed initial public offering price of $[ ] per share, the midpoint of the estimated initial
 public offering price range set forth on the cover page of this prospectus, would increase (decrease) each of additional paid-in
 capital, total shareholders' equity and total capitalization by $[ ] million.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Share
 data is presented on a retroactive basis to reflect the Company's share reorganization.

This table above excludes:

● 10,000,000 Class A Ordinary Shares that are reserved for issuance under our 2025 Plan.

**DILUTION**

If you invest in the Class A Ordinary Shares, your interest will be diluted to the extent of the difference between the initial public offering price per Class A Ordinary Share and our net tangible book value per Class A Ordinary Share after this offering. Dilution results from the fact that the assumed initial public offering price per Class A Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share attributable to the existing shareholders for the presently outstanding Ordinary Shares on an as-converted basis.

Our net tangible book value was approximately $3.3 million, or $0.07 per Ordinary Share, as of December 31, 2024. Our net tangible book value represents the amount of our total consolidated tangible assets (which is calculated by subtracting deferred tax assets from our total consolidated assets), less the amount of our total consolidated liabilities. Dilution is determined by subtracting net tangible book value per Ordinary Share after giving effect to the proceeds we will receive from this offering, at an assumed initial public offering price of $[ ] per Class A Ordinary Share, which is the midpoint of the estimated initial public offering price range set forth on the cover page of this prospectus, and after deducting underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us.

After giving effect to the sale of [ ] Class A Ordinary Shares in this offering at an assumed initial public offering price of $[ ] per Class A Ordinary Share, the midpoint of the estimated initial public offering price range, assuming no exercise of over-allotment option and after deducting underwriting discounts, non-accountable expense allowance, and estimated offering expenses payable by us, but without adjusting for any other change in our net tangible book value subsequent to December 31, 2024, our pro forma net tangible book value would have been $[ ] per Ordinary Share. This represents an immediate increase in net tangible book value of $[ ] per Ordinary Share to the existing shareholders and immediate dilution of $[ ] per Ordinary Share to new investors purchasing Class A Ordinary Shares in this offering. The following table illustrates this per Ordinary Share dilution to the new investors purchasing Class A Ordinary Shares in this offering:

---

| | |
|:---|:---|
| Assumed initial public offering price per Class A Ordinary Share | $[] |
| Net tangible book value per Ordinary Share at December 31, 2024 | $0.07 |
| Pro forma net tangible book value per Ordinary Share after this offering | $[] |
| Dilution in net tangible book value per Ordinary Share to new investors in this offering | $[] |

---

A $1.00 increase (decrease) in the assumed public offering price of $[ ] per Class A Ordinary Share would increase (decrease) our pro forma net tangible book value after giving effect to the offering by $[ ] million, the net tangible book value per Ordinary Share after giving effect to this offering by $[ ] per Ordinary Share and the dilution in net tangible book value per Ordinary Share to new investors in this offering by $[ ] per Ordinary Share, assuming no change to the number of Class A Ordinary Shares offered hereby as set forth on the cover page of this prospectus, no exercise of over-allotment option and after deducting underwriting discounts, non-accountable expense allowance and estimated offering expenses payable by us.

The pro forma information 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 the Class A Ordinary Shares and other terms of this offering determined at pricing.

The following tables summarize the differences between the existing shareholders and the new investors with respect to the number of Class A Ordinary Shares purchased from us in this offering, the total consideration paid and the average price per Class A Ordinary Share paid at an assumed initial public offering price of $[ ] per Class A Ordinary Share, and before deducting estimated underwriting discounts, non-accountable expense allowance and estimated offering expenses (assuming no exercise of over-allotment option).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Share Purchased** | **Share Purchased** | **Total Consideration** | **Total Consideration** | |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average**<br>**Price**<br>**Per Share** |
| Existing shareholders\* | [ ] | [ ] | $[ ] | [ ] | $[ ] |
| New investors | [ ] | [ ] | $[ ] | [ ] | $[ ] |
| Total | [ ] | 100% | $[ ] | 100% | $[ ] |

---

\* Including 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares, no par value. Each Class B Ordinary Share is convertible into one (1) Class A Ordinary Share at any time. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

This table above excludes:

● 10,000,000 Class A Ordinary Shares that are reserved for issuance under our 2025 Plan.

To the extent that restricted shares, options, restricted share units or other securities are issued under our 2025 Plan, or we issue additional Ordinary Shares in the future, there will be further dilution to investors participating in this offering.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL<br> 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 consolidated 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 specialized provider of advanced corrosion prevention, surface preparation, and maintenance solutions, catering to industries where asset longevity and structural integrity are paramount. Our core services include hydro blasting and grit blasting for surface cleaning and preparation, professional coating and painting for corrosion protection, and comprehensive maintenance and repair services for vessels operating at docks and in open waters. Additionally, we offer skilled manpower supply to support marine operations, ensuring that our clients receive high-quality, efficient, and safety-compliant solutions.

We conduct our business through six subsidiaries operating in Singapore, allowing us to deliver comprehensive solutions in the marine, offshore, and industrial sectors.

We began our operations by focusing on a single shipyard—formerly known as Sembcorp Marine—where we concentrated our resources on mastering core service areas. This initial yard served as a proving ground for refining project management strategies, implementing best practices, and building a reputation for quality and reliability. Our deep understanding of site operations has enabled us to become a valued long-term partner and fostered a collaborative, growth-oriented culture.

As demand for our services grew, we have gradually expanded beyond our first yard, undertaking multiple projects simultaneously and building a strong track record in Singapore. Today, we have established working relationships with major shipyards in Singapore. This organic growth reflects our ability to scale responsibly while maintaining the high standards that distinguish our service offerings.

We distinguish ourselves through a commitment to quality, safety, and continuous improvement. Our mission focuses on enhancing worker expertise, improving efficiency and productivity, prioritizing environmental safety, and fostering a culture of safety awareness. We maintain a strong emphasis on training, ensuring our workforce is equipped with the necessary skills to deliver high-quality work. Our dedication to safety is reinforced by our strong compliance track record, maintaining operations with no lost-time accidents.

**Recent Developments**

Since December 31, 2024, we have not experienced any uncertainties, demands, commitments, or trends that are reasonably likely to have a material effect on our net sales or revenues, income from continuing operations, profitability, liquidity, or capital resources, or that would render reported financial information not indicative of future operating results or financial condition.

Our revenue performance during the current fiscal year ending December 31, 2025 has remained consistent with that of the fiscal year ended December 31, 2024, and we expect to remain profitable for the current fiscal year. We continue to maintain sufficient liquidity, and our capital resources have remained largely unchanged from the prior fiscal year.

We have not observed any material changes in customer demand, significant supply chain disruptions, or notable fluctuations in the cost of sales. In addition, there have been no material changes in the regulatory environment affecting our business, nor have we encountered economic disruptions or currency fluctuations that would materially affect our financial condition or operating results.

The only notable development in the current fiscal year is our ongoing application to become a resident contractor at PaxOcean Group of Shipyards ("PaxOcean"), which is already one of our existing customers. If the application is approved, we expect to further strengthen our relationship with PaxOcean and potentially increase revenues from projects at PaxOcean.

Based on the information currently available, we do not anticipate any material trends, uncertainties, or events that would materially affect our financial condition or future operating results.

**Results of Operations**

The following discussion is based on our historical operating results and may not be indicative of our future operating performance.

***<u>Comparison of operating results for the fiscal years ended December 31, 2024 and 2023</u>***

The following table sets forth key components of our results of operations for the fiscal years ended December 31, 2024 and 2023:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Revenue | 6365572 | 8696136 | 8000921 | 695215 | 8.69% |
| Cost of revenue | (3194521) | (4364099) | (4954702) | 590603 | (11.92)% |
| Gross profit | 3171051 | 4332037 | 3046219 | 1285818 | 42.21% |
| Operating expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (2042387) | (2790147) | (2761082) | (29065) | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (2042387) | (2790147) | (2761082) | (29065) | 1.05% |
| **Income from operations** | **1128664** | **1541890** | **285137** | **1256753** | **440.75%** |
| Other income (expense): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance costs | (236503) | (323091) | (261778) | (61313) | 23.42% |
| &nbsp;&nbsp;&nbsp;Other income | 136815 | 186905 | 72318 | 114587 | 158.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense), net | (99688) | (136186) | (189460) | 53274 | (28.12)% |
| **Income before income taxes** | **1028976** | **1405704** | **95677** | **1310027** | **1369.22%** |
| Income tax (expense) credit | (28282) | (38636) | 8005 | (46641) | 582.65% |
| **Net income** | **1000694** | **1367068** | **103682** | **1263386** | **1218.52%** |

---

 ****

***Revenue***

 ****

As set forth in the following table, during the fiscal years ended December 31, 2024 and 2023, our revenue was derived from corrosion prevention services and manpower supply services in Singapore:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Corrosion prevention services |  |  |  |  |  |
| - Third parties | 5656405 | 7727329 | 7248430 | 478899 | 6.61% |
| - Related party |  |  | 360000 | (360000) | (100.00)% |
| Manpower supply services |  |  |  |  |  |
| - Third parties | 674031 | 920807 | 392491 | 528316 | 134.61% |
| - Related party | 35136 | 48000 | - | 48000 | 0.00% |
| **Total** | **6365572** | **8696136** | **8000921** | **695215** | **8.69%** |

---

For the fiscal years ended December 31, 2024 and 2023, our revenue increased from S$8,000,921 in 2023 to S$8,696,136 (approximately US$6,365,572) in 2024, representing an increase of S$695,215 (approximately US$508,897), or 8.69%. The increase was primarily attributable to higher demand for manpower supply from local third-party customers, driven by the post-COVID recovery in offshore and marine activities and continued workforce shortages in Singapore's labor-intensive offshore and marine industry.

***Cost of Revenue***

 ****

The following table sets forth the breakdown of our cost of revenue for the fiscal years ended December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Copper slag | 171779 | 234670 | 448423 | (213753) | (47.67)% |
| Diesel for equipment | 272765 | 372630 | 415272 | (42642) | (10.27)% |
| Foreign worker levy | 351430 | 480095 | 422878 | 57217 | 13.53% |
| Rental of equipment | 849162 | 1160057 | 1336367 | (176310) | (13.19)% |
| Subcontractor charges |  |  | 209309 | (209309) | (100.00)% |
| Tools and consumables | 64548 | 88180 | 192224 | (104044) | (54.13)% |
| Workers' wages and salaries | 1427361 | 1949947 | 1912644 | 37303 | 1.95% |
| Other miscellaneous cost | 57476 | 78520 | 17585 | 60935 | 346.52% |
| **Total** | **3194521** | **4364099** | **4954702** | **(590603)** | **(11.92)%** |

---

For the fiscal years ended December 31, 2024 and 2023, our cost of revenues decreased from S$4,954,702 in 2023 to S$4,364,099 (approximately US$3,194,521) in 2024, representing a decrease of S$590,603 (approximately US$432,321), or 11.92%. The decrease was mainly attributable to the decrease in copper slag purchases (decrease by S$213,753, approximately US$156,467), subcontractor charges (decrease by S$209,309, approximately US$153,214) and tools and consumables purchases (decrease by S$104,044, approximately US$76,160).

Copper slag is primarily used for grit blasting. The decrease in copper slag purchases was mainly due to fewer grit blasting jobs in 2024. Subcontractor charges primarily represent manpower supplied by third-party vendors. The decrease in subcontractor charges was mainly due to the absence of demand for external manpower, as we had sufficient internal manpower in 2024. Tools and consumables primarily refer to items used in the course of our services, such as safety helmets, safety goggles, spray tips, leather gloves, etc. The decrease in tools and consumables purchases was mainly due to our maintaining an adequate stock levels, which reduced the need for additional purchases in 2024.

 ****

***Gross Profit and Gross Profit Margin***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Gross profit | 3171051 | 4332037 | 3046219 | 1285818 | 42.21% |
| Gross profit margin | 50% | 50% | 38% |  | 12% |

---

 ****

For the fiscal years ended December 31, 2024 and 2023, our gross profit increased from S$3,046,219 in 2023 to S$4,332,037 (approximately US$3,171,051) in 2024. Our gross profit margin increased from 38% in 2023 to 50% in 2024, representing an increase of 12%, driven by higher revenue and effective management that lowered the cost of revenue.

***General and Administrative Expenses***

 ****

The following table sets forth the breakdown of our general and administrative expenses for the fiscal years ended December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Depreciation and amortization expenses | 155797 | 212837 | 303031 | (90194) | (29.76)% |
| Operating lease expense | 215808 | 294819 | 235134 | 59685 | 25.38% |
| Staff costs (including director's remuneration) | 1036547 | 1416048 | 1352572 | 63476 | 4.69% |
| Workers' lodging and expenses | 347555 | 474802 | 303558 | 171244 | 56.41% |
| Other expenses | 286680 | 391641 | 566787 | (175146) | (30.90)% |
| **Total** | **2042387** | **2790147** | **2761082** | **29065** | **1.05%** |

---

For the fiscal years ended December 31, 2024 and 2023, our general and administrative expenses increased from S$2,761,082 in 2023 to S$2,790,147 (approximately US$2,042,387) in 2024, representing an increase of S$29,065 (approximately US$21,276), or 1.05%.

Depreciation expense is charged on our plant and equipment which included (i) machineries, (ii) motor vehicles, and (iii) forklift. Amortization expense is charged on our finance lease right-of-use assets. The decrease was mainly attributable to the disposal of plant and equipment and finance lease right-of-use assets, resulting in lower depreciation and amortization expenses.

Operating lease expense represents the total lease cost recognized on a straight-line basis over the lease term under ASC 842, relating to operating lease right-of-use assets and corresponding lease liabilities.

Staff costs mainly represent the salaries and contribution to Central Provident Fund ("CPF"), a mandatory social security scheme in Singapore, for our employees' remuneration. Our staff costs remained consistent at approximately S$1.4 million for the fiscal years ended December 31, 2024, and 2023.

Workers' lodging and expenses represent short-term lease of workers' dormitories and other workers expenses. The increase was mainly attributable to higher monthly lease payments, as well as the addition of one more leased dormitory in 2024.

Other expenses were mainly comprised of entertainment, insurance, petrol expenses, rental of shipyard office, telecommunication expenses, utilities expenses and other miscellaneous expenses.

 ****

***Finance Costs***

The following table sets forth the breakdown of our finance costs for the fiscal years ended December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** |<br>**Variance** |<br>**%** |
|  | **US$** | **S$** | **S$** | **S$** | |
| Bank borrowings interest | 108045 | 147602 | 177669 | (30067) | (16.92)% |
| Finance lease liabilities interest | 3743 | 5113 | 13362 | (8249) | (61.73)% |
| Invoice financing charges | 124715 | 170376 | 70747 | 99629 | 140.82% |
| **Total** | **236503** | **323091** | **261778** | **61313** | **23.42%** |

---

Our interest expense was S$323,091 (approximately US$236,503) for the fiscal year ended December 31, 2024, as compared to S$261,778 for the fiscal year ended December 31, 2023, an increase of S$61,313 (approximately US$44,881), or 23.42%. The increase was primarily due to the invoice financing charges, as we obtained additional invoice financing in 2024.

***Other Income***

 ****

The following table sets forth the breakdown of our other income for the fiscal years ended December 31, 2024 and 2023:

 ****

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | | | | |
|  | **2024** | **2024** | **2023** | **Variance** | **Variance** | **%** | **%** |
|  | **US$** | **S$** | **S$** | **S$** | **S$** | | |
| Fair value gain on other investment | - | - | 1500 | (1500 | (1500) | (100.00 | (100.00)% |
| Government grants | 55484 | 75798 | 35062 |  | 40736 |  | 116.18% |
| Gain on disposal of plant and equipment | 65431 | 89386 | 15093 |  | 74293 |  | 492.23% |
| Gain on disposal of right-of-use assets | 15900 | 21721 | 12670 |  | 9051 |  | 71.44% |
| Other income | - | - | 7993 |  | (7993) |  | (100.00)% |
| **Total** | **136815** | **186905** | **72318** |  | **114587** |  | **158.45%** |

---

 ****

Our other income was S$186,905 (approximately US$136,815) for the fiscal year ended December 31, 2024, as compared to S$72,318 for the fiscal year ended December 31, 2023, an increase of S$114,587 (approximately US$83,878), or 158.45%. The increase was primarily due to an increase in gain on disposal of plant and equipment and right-of-use assets, and government grants.

Government grants were mainly comprised of: -

&nbsp;&nbsp;&nbsp;&nbsp;(i) *Progressive Wages Credit Scheme (PWCS):* The PWCS is a wage support initiative introduced by the Singapore
 Government to help employers co-fund wage increases for lower-wage workers. It supports companies
 in adjusting to mandatory wage increases and encourages employers to voluntarily raise wages
 of eligible workers.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Senior Employment Credit:* The Senior Employment Credit is a wage support scheme introduced by
 the Singapore Government to encourage employers to hire and retain older Singaporean workers.

***Income Tax Expense (Credit)***

 ****

Profit before income tax is subject to a corporate tax rate of 17% in Singapore.

 ****

For the fiscal year ended December 31, 2024, our income tax expense was S$38,636 (approximately US$28,282). Our effective tax rate, calculated as income tax divided by profit before income tax, was approximately 2.75%, primarily due to the utilization of unused tax losses and capital allowances. The increase in income tax expense was generally in line with the increase in profit for the fiscal year.

For the fiscal year ended December 31, 2023, our income tax credit was S$8,005. Our effective tax rate, calculated as income tax divided by profit before income tax, was approximately 7.23%, mainly due to an increase in income not subject to tax and the utilization of unused tax losses and capital allowances. There was also a reversal of temporary differences amounting to S$8,613 and a corporate income tax (CIT) rebate cash grant of S$6,000.

 ****

***Net Income***

As a result of the foregoing, our net income amounted to S$1,367,068 (approximately US$1,000,694) and S$103,682 for the fiscal years ended December 31, 2024 and 2023, respectively. The increase in net income was mainly driven by higher revenue, other income, and effective cost management that lowered the cost of revenue.

**Liquidity and Capital Resources**

To date, we have financed our operations primarily through cash flows from operations and bank borrowings. We plan to support our future operations primarily from cash generated from our operations and proceeds from this initial public offering.

As reflected in our audited consolidated financial statements, we had a net income of S$1,367,068 (approximately US$1,000,694) for the fiscal year ended December 31, 2024, as compared to a net income of S$103,682 for the fiscal year ended December 31, 2023. As of December 31, 2024, we had cash of S$2,045,509 (approximately US$1,497,312).

We had net assets of S$4,529,092 (approximately US$3,315,295) and S$3,162,024 as of December 31, 2024 and 2023, respectively. Our working capital requirements are influenced by the size of our operations, the volume and dollar value of our sales contracts, the progress of execution on our customer contracts, and the timing for collecting accounts receivable, and repayment of accounts payable.

As of December 31, 2024, we had outstanding bank borrowings balance of S$4,117,146 (approximately US$3,013,751), which is payable within one to five years and bears annual interest rate of 2.0% to 10.0%.

We believe that our current cash and cash flows provided by operating activities and bank borrowings will be sufficient to meet our working capital needs in the next 12 months from the date the audited consolidated financial statements are issued. If we experience an adverse operating environment or incur unanticipated capital expenditure requirements, or if we determine to accelerate our growth, then additional financing may be required. No assurance can be given, however, that additional financing, if required, would be available at all or on favorable terms. Such financing may include the use of additional debt or the issuance of equity.

***Summary of Cash Flows***

The following table sets forth a summary of our cash flows for the fiscal years ended December 31, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Net cash provided by (used in) operating activities | 1025753 | 1401302 | (81305) |
| Net cash used in investing activities | (20285) | (27712) |  |
| Net cash (used in) provided by financing activities | (808410) | (1104385) | 11132 |
| Net changes in cash and cash equivalents | 197058 | 269205 | (70173) |
| Cash and cash equivalents at beginning of year | 1300254 | 1776304 | 1846477 |
| Cash and cash equivalents at end of year | 1497312 | 2045509 | 1776304 |

---

*Operating Activities*

 ****

Net cash provided by operating activities amounted to S$1,401,302 (approximately US$1,025,753) for the fiscal year ended December 31, 2024, mainly derived from (i) net income of S$1,367,068 (approximately US$1,000,694) for the fiscal year ended December 31, 2024; (ii) various non-cash items of S$383,483 (approximately US$280,709), such as depreciation of plant and equipment, amortization of right-of-use assets, and gain on disposal of plant and equipment/right-of-use assets; (iii) an increase in accounts receivables and other current assets of S$669,511 (approximately US$490,082); (iv) a decrease in contract assets and income tax receivable of S$78,119 (approximately US$57,183); which were offset by an increase in accounts payable, accrued liabilities and other payables, and income tax payable of S$523,920 (approximately US$383,510); and (v) a decrease in operating lease liabilities of S$281,777 (approximately US$206,261).

Net cash used in operating activities amounted to S$81,305 for the fiscal year ended December 31, 2023, mainly derived from (i) net income of S$103,682 for the fiscal year ended December 31, 2023; (ii) various non-cash items of S$492,012, such as depreciation of plant and equipment, amortization of right-of-use assets, gain on disposal of plant and equipment/right-of-use assets, and fair value gain on other investments; (iii) a decrease in accounts receivables of S$1,540,992; (iv) an increase in contract assets, other current assets and income tax receivable of S$955,819; (v) a decrease in accounts payable, contract liabilities, and accrued liabilities and other payables of S$1,047,408; which were offset by an increase in income tax payable of S$3,773; and (vi) a decrease in operating lease liabilities of S$218,537.

*Investing Activities*

Net cash used in investing activities amounted to S$27,712 (approximately US$20,285) for the fiscal year ended December 31, 2024, representing the purchase of other investment, specifically a keyman insurance policy.

Net cash used in investing activities was nil for the fiscal year ended December 31, 2023.

*Financing Activities*

 ****

Net cash used in financing activities amounted to S$1,104,385 (approximately US$808,410) for the fiscal year ended December 31, 2024, which included (i) repayment of bank borrowings and finance lease liabilities of S$324,139 (approximately US$237,270); (ii) advances to related parties of S$368,881 (approximately US$270,021); and (iii) repayment to related parties and director of S$411,365 (approximately US$301,119).

Net cash provided by financing activities amounted to S$11,132 for the fiscal year ended December 31, 2023, which included (i) proceeds from bank borrowings of S$492,410; which were offset by repayment of finance lease liabilities of S$258,211; (ii) repayment from related parties of S$483,335; and (iii) repayment to related parties and director of S$706,402.

 **

***Off-Balance Sheet Arrangement***

 **

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

***Commitments and Contingencies***

 ****

In the normal course of business, we are subject to loss contingencies, such as legal proceedings and claims arising out of our business, that cover a wide range of matters, including, among others, government investigations and tax matters. In accordance with ASC No. 450-20, "Loss Contingencies," we will record accruals for such loss contingencies when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. As of December 31, 2024 and 2023, we have no material contingencies.

The following table summarizes our contractual obligations as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **Total** | **Within 1<br> year** | **Within 2 to<br> 5 years** |
|  | **US$** | **S$** | **S$** | **S$** |
| Bank borrowings | 3106689 | 4244110 | 3247482 | 996628 |
| Lease commitments | 123017 | 168057 | 146773 | 21284 |
| Short-term lease commitments | 264332 | 361110 | 361110 | - |
| **Total** | **3494038** | **4773277** | **3755365** | **1017912** |

---

**Taxation**

*British Virgin Islands*

We and our subsidiary that is incorporated in the British Virgin Islands currently enjoy permanent income tax holidays; accordingly, neither of us accrues income taxes.

*Singapore*

Our subsidiaries that are incorporated in Singapore are subject to Singapore Corporate Income Tax on the taxable income as reported in their respective statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore.

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the fiscal years ended December 31, 2024 and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Income before income taxes | 1028976 | 1405704 | 95677 |
| Statutory income tax rate | 17% | 17% | 17% |
| Income tax expense at statutory rate | 174926 | 238970 | 16265 |
| Non-deductible expenses | 11932 | 16301 | 21668 |
| Income not subject to tax |  |  | (13478) |
| Utilization of deferred tax assets not recognized | (108710) | (148512) | (3290) |
| Deferred tax assets not recognized |  |  | 22277 |
| Reversal of temporary differences |  |  | (8613) |
| Under-provision of income tax in prior years |  |  | (312) |
| CIT rebate cash grant |  |  | (6000) |
| Tax exemption and rebate | (61574) | (84118) | (14173) |
| Others | 11708 | 15995 | (22349) |
| **Income tax expense (credit)** | **28282** | **38636** | **(8005)** |

---

The following table sets forth the significant components of our deferred tax liabilities as of December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Accelerated tax depreciation | 12871 | 17583 | 17583 |

---

*Uncertain tax positions*

We apply the provisions of ASC topic 740 ("ASC 740"), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The benefit of a tax position is recognized if a tax return position or future tax position is "more likely than not" to be sustained under examination based solely on the technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration of the statute of limitations.

Additionally, in future periods, changes in facts and circumstances, and new information may require us to adjust the recognition and measurement of estimates about changes in individual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.

We did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the fiscal years ended December 31, 2024 and 2023, respectively.

**Critical Accounting Policies and Estimates**

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. On an ongoing basis, we evaluate our estimates that are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. The result of these evaluations forms the basis for making judgments about the carrying values of assets and liabilities and the reported amount of expenses that are not readily apparent from other sources. Because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such difference could be material. Our significant accounting policies are discussed in Note 2, "Summary of Significant Accounting Policies" to our consolidated financial statements and related notes included elsewhere in this prospectus. We believe the following accounting policies involve the most significant judgments and estimates used in the preparation of our financial statements.

 

*<u>Revenue Recognition</u>*

 

We account for our revenue under ASC Topic 606, Revenue from Contracts with Customers. The five-step model defined by ASC Topic 606 requires the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identify
 the contract(s) with a client;

2. Identify
 the performance obligations in the contract;

3. Determine
 the transaction price;

4. Allocate
 the transaction price to the performance obligations in the contract; and

5. Recognize
 revenue when (or as) the entity satisfies a performance obligation.

We provide corrosion prevention services, comprising blasting and painting services. Revenue from corrosion prevention services is recognized over time based on the stage of completion or to the extent of contract costs incurred where it is probable that those costs will be recoverable.

We also provide manpower supply services to customers, including the provision of skilled labor, typically on a time-based (hourly) billing structure. Revenue is recognized over time as the services are rendered, as the customer simultaneously receives and consumes the benefits of the Company's performance.

*<u>Allowance for expected credit loss on accounts receivable</u>*

 

We determine the adequacy of allowances for expected credit loss on accounts receivable based on individual account analysis and historical collection trends. We establish a provision for expected credit losses when there is objective evidence that we may not be able to collect amounts due. The allowance for expected credit loss is based on management's best estimate of specific losses on individual exposures, as well as a provision on historical trends of collections. Actual amounts received may differ from management's estimate of creditworthiness and the economic environment. Delinquent account balances are written-off against the allowance for expected credit loss after management has determined that the likelihood of collection is not probable.

As of December 31, 2024 and 2023, we recorded no allowance for expected credit losses for accounts receivable.

**Recent Accounting Pronouncements**

 ****

See the discussion of the recent accounting pronouncements contained in Note 2 to the consolidated financial statements, "Summary of Significant Accounting Policies" included elsewhere in this prospectus.

**Quantitative and Qualitative Disclosures about Market Risk** 

We are exposed to market risks arising from changes in market rates and prices, including inflation risk, liquidity risk, credit risk, and interest rate risk.

***Foreign Exchange Risk***

 ****

Our financial statements are presented in Singapore Dollars. As of December 31, 2024 and 2023, our assets, liabilities, and income statements are all denominated in Singapore Dollars, with no foreign currency transactions or gains/losses from foreign exchange during these periods. The U.S. Dollar balances included in the financial statements are translated from Singapore Dollars solely for the convenience of readers.

Although all our transactions are currently denominated in Singapore Dollars, as our company expands, we may need to engage in transactions denominated in foreign currencies. Any unfavorable shifts in exchange rates could reduce the purchasing power of our foreign revenue and limit our ability to allocate funds efficiently for business growth. Since Singapore operates under a managed float exchange rate system regulated by the Monetary Authority of Singapore (MAS), external factors such as global economic conditions, interest rate policies, and trade relations can still influence exchange rate movements.

To the extent that we need to convert U.S. dollars into Singapore Dollars for our operations, appreciation of the Singapore Dollars against the U.S. dollar would have an adverse effect on the Singapore Dollars amount we receive from the conversion. Conversely, if we decide to convert Singapore Dollars into U.S. dollars for the purpose of making payments for dividends on the Class A Ordinary Shares or for other business purposes, appreciation of the U.S. dollar against the Singapore Dollars would have a negative effect on the U.S. dollar amounts available to us.

As of December 31, 2024, we had Singapore Dollars denominated cash of S$1,188,952 (approximately $870,312). A 10% depreciation of Singapore Dollars against the U.S. dollar based on the foreign exchange rate on December 31, 2024 would result in a decrease of $87,031 in cash and cash equivalents. A 10% appreciation of Singapore Dollars against the U.S. dollar based on the foreign exchange rate on December 31, 2024 would result in an increase of $87,031 in cash and cash equivalents.

 **

***Inflation Risk***

 **

Inflation rates have been volatile in recent years. Inflation could cause a rise in the wages, materials and other expenses, which will in turn increase our cost of revenue. We cannot assure you that the volatility in inflation rates will not continue in the future and/or we will be able to transfer any increase in our cost of revenue resulting from inflation to our customers in a timely manner or at all. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on our ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs.

***Liquidity Risk***

We are also exposed to liquidity risk, which is risk that we will be unable to provide sufficient capital resources and liquidity to meet our commitments and business needs. To manage liquidity risk, we monitor and maintain a level of cash and cash equivalents deemed adequate to finance our operations and mitigate the effects of fluctuations in cash flows. Our policy is to ensure that we have sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to our reputation.

***Credit Risk***

Financial instruments that potentially expose us to concentration on credit risk consist primarily of cash equivalents, accounts receivable, other current assets, including deposits and other receivables, and amount due from related parties. We have designed our credit policies with the objective of minimizing our exposure to credit risk. Our accounts receivable is short term in nature and the associated risk is minimal. We conduct credit evaluations on our clients and generally do not require collateral or other security. We periodically evaluate the creditworthiness of the existing clients in determining the allowance for expected credit losses primarily based upon the age of the receivables and factors surrounding the credit risk of specific clients.

***Interest Rate Risk***

As we have no significant interest-bearing assets, our income and operating cash flows are substantially independent of changes in market interest rates.

Our interest rate risk arises from bank borrowings. We manage interest rate risk by varying the issuance and maturity dates of variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of December 31, 2024 and 2023, bank borrowings amounting to S$506,322 (approximately US$370,628) and S$791,961, respectively, were at floating interest rates.

**CORPORATE HISTORY AND STRUCTURE**

APEX Global is a British Virgin Islands holding company that conducts operations in Singapore through six subsidiaries. Our first subsidiary, Jeneric International Pte. Ltd., was formed on January 5, 2009 under the laws of Singapore.

Prior to the reorganization in connection with this offering, all of our six subsidiaries in Singapore were owned by Jeneric Holdings, a company controlled by Mr. Goh Kwang Yong, our founder, Chief Executive Officer and Chairman. As described below, in the first half of 2025, we completed a series of reorganization transactions, as a result of which APEX Global now owns our six operating subsidiaries in Singapore through Ascendo, a subsidiary of APEX Global incorporated in British Virgin Islands.

On July 5, 2024, APEX Global was incorporated in the British Virgin Islands under the name "Quantum Technologies Limited." On April 30, 2025, APEX Global changed its name to "APEX Global Solutions Limited." On the same date, APEX Global amended and restated its memorandum and articles of association, adopting the Memorandum and Articles of Association currently in effect. Also, on April 30, 2025, the 50,000 shares then outstanding, held by Chong Kee Min, a former director of APEX Global, were converted into 50,000 Class A Ordinary Shares.

On May 8, 2025, APEX Global issued a total of 22,450,000 Class A Ordinary Shares to ten (10) investors, including six (6) individuals and four (4) entities.

On April 9, 2025, Ascendo was incorporated by Jeneric Holdings in the British Virgin Islands as a BVI business company. At the time of incorporation, Jeneric Holdings was the sole owner of Ascendo.

Approximately between May 15 and May 21, 2025, Ascendo completed the acquisitions of our six subsidiaries in Singapore from Jeneric Holdings.

On May 20, 2025, Jeneric Holdings, APEX Global, and Ascendo entered into a Share Swap Agreement, pursuant to which Jeneric Holdings agreed to transfer to APEX Global all the issued shares of Ascendo. As consideration for the shares of Ascendo, APEX Global agreed to allot and issue 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On or around the same date, APEX Global completed the acquisition of Ascendo and issued 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On June 12, 2025, Jeneric Holdings converted 20,000,000 Class B Ordinary Shares into 20,000,000 Class A Ordinary Shares on a 1:1 basis.

On August 13, 2025, APEX Global adopted the 2025 Plan. The purpose of the 2025 Plan is to grant restricted shares, share options, restricted share units and other forms of incentive compensation to our officers, employees, directors and consultants. The maximum number of shares that may be issued pursuant to awards granted under the 2025 Plan is 10,000,000 Class A Ordinary Shares. As of the date of this prospectus, all shares remain available for issuance under the 2025 Plan.

As of the date of this prospectus, APEX Global had 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares issued and outstanding.

The following diagram illustrates our corporate structure as of the date of this prospectus:

![](image_002.jpg)

**Our Subsidiaries**

As of the date of this prospectus, APEX Global has the following subsidiaries:

● Ascendo Global Limited, a wholly owned direct subsidiary, incorporated on April 9, 2025 under the laws of British Virgin Islands, whose principal activity is investment holding.

● Jeneric Engineering Pte. Ltd., a wholly owned indirect subsidiary, formed on April 22, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric International Pte. Ltd., a wholly owned indirect subsidiary, formed on January 5, 2009 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Marine Pte. Ltd., a wholly owned indirect subsidiary, formed on March 28, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Offshore Pte. Ltd., a wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Services Pte. Ltd., a wholly owned indirect subsidiary, formed on May 20, 2011 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

● Jeneric Venture Pte. Ltd., a wholly owned indirect subsidiary, formed on October 29, 2019 under the laws of Singapore, whose principal activity is provision of corrosion prevention services and specialized manpower solutions.

**INDUSTRY**

The information presented in this section has been derived from an industry report commissioned by us and issued in May 2025 by Converging Knowledge, an independent research firm, to provide information regarding the corrosion prevention services industry in Singapore.

**The Macroeconomic Environment in Singapore**

Singapore's healthy macroeconomic environment saw its Gross Domestic Product ("GDP") increased from SGD481.8 billion in 2020 to SGD731.4 billion, a compound annual growth rate ("CAGR") of 11.0%. The sea transport industry is a key pillar of Singapore's Maritime Cluster, making up about 7.0% of the nation's GDP. Singapore is home to almost 200 international shipping groups and is also the world's largest container transshipment hub in the world. Over 60,000 vessels arrive in Singapore annually, reaching 3.11 billion gross tonnage ("GT") in 2024. The country is also a world-class offshore and marine ("O&M") energy hub with more than 1,000 companies, and has designed and built about 70% of the world's jack-up rigs. Singapore has steadily advanced as the world's largest bunkering port, delivering more than one-sixth of the total gasoline consumed by worldwide shipping.

**Vessel Arrivals**

The overall total number of vessel arrivals in Singapore grew by a CAGR of 6.8% (2020 – 2024). The growth in vessel arrivals corresponds to Singapore's expanding GDP, highlighting the country's solid standing as a global maritime center. The increase in vessel traffic improves port earnings, commerce activity, and demand for marine services, which in turn fuel economic growth. Increased vessel activities lead to vessels being more prone to wear and tear as a result of constant exposure to severe marine conditions, thus signaling higher demand for vessel maintenance and corrosion prevention services.

 **

***Total Number of Vessel Arrivals, 2020 - 2024***

 ****

 **

*Source: Maritime and Port Authority of Singapore ("MPA") and Department of Statistics Singapore*

**Cargo and Container Throughput, and Tank Arrivals**

The total cargo and container throughput recovered from the pandemic in 2023 and continued to increase in 2024, demonstrating the resilience of Singapore's port. The total cargo throughput experienced a 3.8% CAGR, from 578.2 million tons in 2022 to 622.9 million tons in 2024. Meanwhile, the total container throughput expanded by a 5.0% CAGR, from 37.3 million TEUs in 2022 to 41.1 million TEUs in 2024. Rebounds in the total cargo and container throughput in 2023 and 2024 indicate more vessels are being deployed, resulting in wear and tear from longer trips and higher cargo handling activity. Ships that did not obtain effective corrosion protection during congested periods may now require immediate repair to handle rapid rust production, paint deterioration, and structural weakness. As a result, the Corrosion Prevention Services Industry in Singapore is expected to see an increased demand.

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| | |
|:---|:---|
| ***Total Container and Cargo, Throughout, 2020 – 2024*** | ***Total Number of Tanker Arrivals, 2020 - 2024*** |
| ![](image_004.jpg) | ![](image_005.jpg) |

---

Note: TEUs: twenty-foot equivalent units

*Source: Maritime and Port Authority of Singapore ("MPA")*

Tanker arrivals into Singapore declined by a CAGR of 0.5%, from 26,357 in 2020 to 25,802 in 2024. The total number of tanker arrivals was mainly influenced by the proportion of oil tankers that experienced a similar CAGR decline of 0.4% from 19,186 in 2020 to 18,843 in 2024. Meanwhile, Liquified National Gas ("LNG") and Liquified Petroleum Gas ("LPG") tankers' arrivals to Singapore saw a fluctuating pattern. Overall, LNG and LPG tanker arrivals showed a slight increase of 0.8% CAGR from 2020 to 2024.

These inconsistencies in tanker arrivals and gross tonnage were impacted by external factors. Since Russia's full-scale invasion of Ukraine in February 2022, the US and other Western nations have imposed sweeping restrictions on Russian oil exports. Uncertainties in the oil industry were also affected by the US trade battles and interference in foreign disputes, which discouraged traders from signing "time charters", a vessel leasing agreement that provides both shipowners and charterers with long-term certainty. With a lower take-up of tanker chartering arrangements, more tankers may be idle for longer periods of time and exposed to corrosion. This drives up demand for preventative maintenance services to ensure that vessels stay in top condition even when not in use.

**Value Chain of the Corrosion Prevention Services Industry**

The Corrosion Prevention Services Industry's ("CPS") upstream value chain comprises raw material suppliers and manufacturers that provide corrosion protection components. These players include chemical businesses that provide protective coatings, inhibitors, and sealants, as well as metal producers that produce materials for cathodic protection systems, including zinc, aluminum, and magnesium anodes. Aside from that, the chemical and paint businesses also collaborate with the O&M sector participants to provide specialized anti-corrosion solutions tailored to specific environmental circumstances.

The midstream players consist of distribution networks, engineering companies, and application service providers, which deliver and apply corrosion prevention solutions to vessels and industrial facilities. To prevent asset deterioration, engineering companies and service providers undertake surface preparation, coating applications, and cathodic protection installations. This stage also comprises specialized logistics suppliers that store and transport temperature-sensitive coatings and inhibitors.

The downstream value chain includes end users such as shipowners as well as offshore energy operators that rely on corrosion prevention technologies to increase the lifespan and efficiency of their infrastructure. These businesses engage in frequent inspections, monitoring, and maintenance to guarantee compliance with international safety and environmental requirements. As awareness for sustainability grows, downstream participants have begun to prioritize eco-friendly coatings and recyclable corrosion protection products.

***The Value Chain of the Corrosion Prevention Services Industry***

![](image_006.jpg)

*Source: Compilation by Converging Knowledge*

**Corrosion Prevention Services**

**Corrosion for Sea Bearing Vessels and Metal Structures**

Sea bearing vessels are exposed to harsh environmental factors such as saltwater, humidity and extreme temperatures, which can subject the vessels to rust and therefore deterioration. This impact is especially strong in coastal and marine regions, where high humidity and continual exposure to seawater produce ideal conditions for corrosion. In Singapore, the maximum air temperature has risen continuously from 34.6 Celsius in 2020 to 35.8 Celsius in 2024. This can be attributed to rising global temperatures. Higher temperatures can result in faster corrosion rates. If not addressed, this could lead to greater maintenance costs, structural problems, and safety issues, emphasizing the importance of strict corrosion protection. Chemical exposure is also a major cause of corrosion. Acid rain, caused by industrial pollutants like sulfur dioxide, increases corrosion in buildings, bridges, and infrastructure. In the O&G sector, exposure to such pollutants can produce stress cracking, causing fractures in pipelines and storage tanks. Singapore aimed to improve its air quality with a target of maintaining sulfur dioxide levels at 50 micrograms per cubic meter in a 24-hour mean. High amounts of sulfur dioxide may speed up the corrosion of metal, especially in industrial and coastal settings with high humidity.

Corrosion is therefore a major contributor to the shortening of a metal structure's lifespan as it leads to oxidization, erosion and rust, which weaken the chemical bond and structural strengths of vessels. Over time, corrosion can impact the operational stress and failure of vessels, which will pose risks to crew safety, cargo and the environment. Thus, CPS is critical to vessels in the O&M Industry as they help to maintain the structural integrity, safety, performance of engines, machinery, as well as other systems on board, that may lead to reduced efficiency and higher fuel consumption and lifespan of the vessels. At the same time, CPS can reduce maintenance cost, prevent leaks, and structural failures, which could lead to environmental hazards like oil spills. The risk of vessel corrosion is made worse by the presence of carbon dioxide and hydrogen sulfide in the gaseous stage. Corrosion around the globe has caused damage valued at approximately US$2.5 trillion annually, of which more than 30% of the loss was due to marine corrosion.

**Corrosion Protection Services in Singapore**

In Singapore, CPS is carried out at the shipyards, involving blasting and painting services, as part of shipbuilding, ship conversion, and ship repair activities. CPS is also undertaken on steel work structures and piping modules of oil rigs and jack-up rigs in the O&M industry. The CPS process can be split into two phases, namely surface preparation and coating. In terms of surface preparation, hydro and/ or abrasion blasting are essential for surface preparation, as they clean and eliminate surface contaminants from surfaces that are part of the marine vessels and O&G infrastructure. This process is a critical step before applying protective coatings. As for the coating process, painting and coating applications are made post-preparation to provide protective barriers against corrosive elements, thus prolonging the life of these vessels and structures.

Most large shipyards in Singapore have resident contractors stationed at their premises. These contractors, often pre-qualified from stringent requirements set by the shipyard, typically provide a range of specialized services for shipbuilding, repair, maintenance, and refurbishment tasks. Resident contractors work on-site on specific projects subcontracted to them by the shipyard to ensure quick response times, efficient operations, and a seamless workflow. This allows the shipyard to maintain a high level of flexibility in managing different types of work simultaneously. At the same time, it supports the shipyard's compliance with local regulations and standards, ensuring that all work is done by qualified professionals who meet Singapore's stringent safety and quality requirements. CPS players are one of the resident contractor groups stationed at the shipyards. For larger shipyards, they may have up to three or four resident CPS contractors stationed at any one time (average two to three). The CPS players are thus dependent on the shipyards' orderbooks and the growth of the O&M Industry.

**Competitive Landscape**

Players in the CPS Industry typically differentiate themselves in the competition through their various offerings, technologies, and production innovations. Some of the key differentiating strategies are outlined as follows:

**Outline of Strategies Differentiating Competition**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Differentiating Strategies** | &nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;Surface Preparation Technologies | &nbsp;&nbsp;There are typically two broad types of surface preparation methods - hydro-jet/ blasting and abrasive blasting. Most major CPS players in Singapore are long-standing companies that offer the more traditional method of grit-blasting; only a handful offer both hydro-jet and grit methods. |
| &nbsp;&nbsp;Specialized Coatings and Corrosion-Resistant Materials | &nbsp;&nbsp;CPS players provide advanced coatings specifically designed for the harsh marine environments. These coatings can be tailored to provide long-lasting protection against corrosion while also improving fuel efficiency. CPS players may also offer vessels corrosion-resistant materials such as stainless steel, alloys, or advanced composites. These materials command higher durability and can withstand harsh marine conditions better than traditional metals. As environmental sustainability becomes increasingly important, some CPS players may offer eco-friendly products, such as non-toxic antifouling paints, which help protect marine ecosystems. |
| &nbsp;&nbsp;Tailored Solutions | &nbsp;&nbsp;Custom corrosion protection solutions for specific vessel types, sizes, or operational conditions may be offered by CPS players. Assessments and analyses are conducted for each vessel's environment to provide the most effective and long-lasting protection. |
| &nbsp;&nbsp;Monitoring and Maintenance Programs | &nbsp;&nbsp;Some CPS players offer corrosion monitoring systems that track the condition of a vessel's structure and equipment in real-time. Scheduled maintenance programs may be in place to ensure regular inspection and reapplication of protective coatings or to perform repairs. |
| &nbsp;&nbsp;Global Network and Expertise | &nbsp;&nbsp;Some companies differentiate themselves by offering a global network of experts who can provide on-site inspections, training, and maintenance services across different regions. Their ability to deliver quick and reliable service can be a key selling point for clients with vessels operating in various parts of the world. |

---

*Source: Compilation by Converging Knowledge*

Currently, the major known CPS players in Singapore have been in operations for at least 15 years and above, with the founders having even more years of experience in this line. Above all, the ability to win trust and establish credibility through a strong track record is the most important aspect in the CPS Industry. The major players are often appointed as resident contractors and have a robust relationship with shipyards for a long time, with a deep understanding of how shipyard operators work as well as their strict requirements/ standards. Such collaborative bonds may be deemed as a competitive advantage that is 'hard to penetrate'.

Industry players are often well aware of one another, and while they are competitors, they also collaborate or work together when circumstances require, such as client referrals to other industry players for those requiring specific blasting expertise currently not rendered by them, or taking on jobs subcontracted by other industry players in times of heavy workloads.

**Major CPS Players in Singapore**

Singapore is home to several prominent companies specializing in maritime corrosion protection, estimated to be fewer than 50. The table lists some of the largest and most reputable CPS players in Singapore's O&M industry:

 ****

***Major CPS Players in Singapore***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Major CPS Players** | &nbsp;&nbsp;**Estimated Years in Business\*** | &nbsp;&nbsp;**Estimated Years in Business\*** | &nbsp;&nbsp;**Estimated Years in Business\*** | &nbsp;&nbsp;**Type of CPS** | &nbsp;&nbsp;**Type of CPS** | &nbsp;&nbsp;**Resident<br> Contractor** |
|  | &nbsp;&nbsp;**Less <br> than 20<br> Years** | &nbsp;&nbsp;**20 to 30<br> Years** | &nbsp;&nbsp;**Over 30<br> Years** | &nbsp;&nbsp;**Hydro<br> Blasting** | &nbsp;&nbsp;**Abrasive<br> Blasting** |  |
| &nbsp;&nbsp;Aerostar Group |  | &nbsp;&nbsp;ü |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Allbest Group |  |  | &nbsp;&nbsp;ü |  |  | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Beng Kuang Group |  | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;BoilerMaster Group |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Clavon Engineering Group |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Jeneric Group | &nbsp;&nbsp;ü |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Mantech Group |  | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;SHS (See Hup Seng) Group |  |  | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Shipblast Marine Enterprise Pte Ltd |  |  | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;SL Group | &nbsp;&nbsp;ü |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |
| &nbsp;&nbsp;Soh Tong Heng Group |  |  | &nbsp;&nbsp;ü | &nbsp;&nbsp;ü |  | &nbsp;&nbsp;ü |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;● The
 table lists the major CPS players in Singapore that are known to be resident contractors
 for shipyards in Singapore

&nbsp;&nbsp;&nbsp;&nbsp;● The
 list is arranged based on alphabetical order and is not exhaustive. Only those where their
 services are confirmed are contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;● Only
 the core names of the major CPS players are stated as they are commonly known in the market
 as such and CPS services may be rendered and accounted for by more than one entity within
 the group.

&nbsp;&nbsp;&nbsp;&nbsp;● The
 "Estimated Years of Business" refers to the estimated number of years the respective
 Groups have been in business and is not limited to the period their respective CPS business
 line was started.

 *Source: Compiled by Converging Knowledge*

 

**Estimated Market Size**

The market size of the CPS Industry, with focus on the O&M segment, is worth between SGD240.0 million to SGD270.0 million in 2024. The CPS Industry is expected to grow at a CAGR of between 0.5% to 1.0%, potentially reaching over SGD280.0 million in 2029.

***Estimated Market Size for the Corrosion Prevention Industry, with Focus on the Offshore & Marine segment, for 2024, and Projected Growth from 2025 to 2029***

 ****

 ****

 *Source: Converging Knowledge*

 

**Market Drivers**

This section serves to identify recent market drivers that would potentially increase the demand for CPS services in the O&M Industry in Singapore. They are as follows:

**Increase Project Pipeline**

Post-COVID, the increase in O&M activities has boosted the project pipeline of players in this industry. Singapore's Seatrium Limited, a global O&M player, achieved several project milestones. In 2024, it executed seven newbuild/ integrated projects, as well as 231 repairs and upgrades projects. As at February 2025, its net order book stood at SGD23.2 billion and comprised 27 projects with deliveries through to 2031. Another positive development is with Singapore homegrown O&M player, Beng Kuan Marine Limited. Its subsidiary, Asian Sealand Offshore & Marine ("ASOM"), experienced a surge in demand due to a boom in FPSO charter rates and utilization. ASOM's infrastructure engineering revenue surged in recent years, jumping over threefold from SGD17 million in FY2020 to SGD57 million in FY2023. It is expected to perform well with more FPSOs and new-builds in the pipeline. With more O&M projects in Singapore, this would boost the demand for CPS in offshore vessels.

**Insatiable Demand for Energy**

Globally, there is an insatiable demand for more energy due to rapid industrialization. The demand for energy is high in Asia, which is home to around 4.4 billion people. The region is also rich in O&G resources, as well as host to major refining hubs, which includes Singapore. Malaysia is already at the forefront of deep-water projects, with two ultra deepwater discoveries at Gumusut and Kakap oilfields. It is estimated that Malaysia's undiscovered oil resources amount to 10 billion barrels of oil, with 65.0% reportedly from deepwater discoveries. India has plans for deepwater O&G exploration in the Andaman deepwater basin, which would require large vessels to extract oil. These developments increase opportunities for future O&M support services and thus boost demand for CPS in Asia.

**Ageing Vessels Require Maintenance**

There is a shortage of newbuild vessels, and the fleet of older vessels is on the rise, which is expected to comprise approximately 30% of the O&M industry. Given the high utilization rates, it is expected that demand for repairs and maintenance for ageing vessels would grow. Moreover, the COVID-19 pandemic resulted in the delay of new vessel construction and delivery. The immediate demand for vessels has driven customers to leverage the pre-owned vessel market as a solution. This would further increase the need for maintenance services on existing vessels as their shipping/ freight capacity increases. There is a consistent demand for maintenance on existing vessels, between two to five years, depending on the age of the vessel. Moreover, a new coat of paint is also needed every five years. Vessels are also required to undergo regular inspections and maintenance to ensure compliance with regulatory standards. Singapore shipyards are globally recognized in the repair, conversion, and upgrading of a diverse range of vessels, and are well-positioned to provide maintenance services, including CPS, such as hydro and grit blasting and the application of new coatings.

**Drive for More Offshore Wind Energy**

The push for alternative clean energy sources will provide growth opportunities in areas such as offshore wind. Rystad Energy expects this growth for the offshore wind sector to continue at a steady pace, and estimates that global installations, excluding mainland China, will exceed 520 Gigawatts (GW) by 2040. Asia will be key in advancing floating wind as a mature technology, and the region (excluding mainland China) is expected to capture a share of 20% of global installations by 2040. Taiwan, Japan, South Korea, and China are the leading Asian players in terms of wind energy. With more offshore wind projects expected in the future, the vessel availability in the Asia region is a critical factor for setting up, operating, and maintaining large offshore wind turbines, leading to a higher market demand for vessels, which would generate more CPS activities. In Singapore, three of the country's O&M players, namely, Sheffield Green, Marco Polo Marine and Mermaid Maritime, have aligned their business to capture opportunities in the global offshore wind market. In June 2024, Enterprise Singapore brought nine Singapore companies to Britain to explore potential opportunities in offshore wind. While Singapore has no domestic wind energy market, local O&G companies have capabilities that can be migrated over to the wind energy value chain, due to their experience in constructing O&G critical structures such as offshore substations and support vessels. Seatrium is already in the forefront of global wind projects, with its Seatrium Sofia wind platform constructed in Asia and transported to the United Kingdom's North Sea in August 2024. In February 2025, Seatrium disclosed that 34% of its net orderbook of SGD23.2 billion comprised green/clean energy projects, including offshore wind projects.

**Increased Demand for LNG**

The International Maritime Organization ("IMO"), where Singapore is a member, adopted a Greenhouse Gas (GHG) strategy to reduce emissions from the shipping industry by 40% by 2030. Liquefied natural gas ("LNG"), which is a cleaner alternative to crude oil, could help the shipping industry meet IMO decarbonization ambitions. In the shipbuilding industry, LNG orders have increased globally, but the scale of demand has overtaken the number of LNG bunkering vessels. In 2024, LNG demand in the Port of Singapore increased, with more than 385,000 tons of LNG bunkered as of October 2024, which prompted MPA Singapore to launch an Expression of Interest ("EOI"). The EOI sought to gather proposals on three areas: (1) to scale up sea-based reloading operations, including ship-to-bunker barge LNG operations; (2) facilitate the supply of LNG alternatives such as liquefied bio-methane; (3) and develop floating platform concepts to enhance bunkering safety and efficiency. This will increase LNG bunkering infrastructure and LNG bunkering vessel traffic in Singapore, which could potentially raise demand for CPS services.

**Climate and Weather Conditions Affect Demand**

In regions like Southeast Asia, the hot and humid tropical climate combined with saltwater exposure leads to faster vessel corrosion. Therefore, the demand for CPS in these areas tends to be relatively frequent, as compared to vessels in cold weather regions. Weather conditions, especially in tropical and monsoon climates like Singapore, can impact the demand for CPS. Heavy rains and storms can disrupt scheduled maintenance activities, which may lead to increased demand for CPS during the dry months when ships can be docked and maintenance work can be carried out safely. For companies operating in regions affected by storms, there may be an uptick in maintenance needs before or after these events, especially for vessels and offshore structures that need additional protective coatings or repairs after exposure to rough weather. Demand for CPS remains relatively consistent in regions like Singapore, where year-round operational activity in the O&M Industry requires ongoing maintenance and corrosion protection.

**Challenges**

Being closely intertwined with the O&M Industry, the CPS Industry is also affected by challenges and issues faced in the maritime environment. This section highlights some of the risk factors and challenges faced by CPS players.

**Manpower Quota and Rising Labor Costs**

CPS projects are labor-intensive and rely heavily on a large pool of foreign workers. However, hiring of foreign workers in Singapore is subject to quotas and levies, and safety pre-requisites before Work Permits are issued. Therefore, manpower shortage and an increase in operational costs can affect the CPS players' ability to complete and competitively bid for projects. Starting 1 July 2025, the Ministry of Manpower will raise the maximum age to apply for a Work Permit to 61 years old, and the maximum period of employment will be removed for all nationalities. This development would give firms the flexibility to retain more experienced and skilled workers. However, starting from 1 January 2026, the monthly levy rate for basic skilled Work Permit holders will be increased to SGD500.

**Susceptibility to Economic Performance and Oil Prices**

The CPS Industry is susceptible to global economic performance. A weak economy affects trading activities, resulting in a decline in maritime traffic and thus, decreasing the demand for new vessel construction, ship repair, and maintenance. For businesses that operate in the O&M Industry, lower oil prices could result in a sharp reduction in investments, which would have an impact on demand for both rig count and new capital expenditure activities. This would decrease the number of newbuild orders and cancellations by major shipyards due to budget constraints, therefore reducing the number of projects for CPS.

**Project Delays are a Key Risk**

Delays due to bad weather conditions, natural disasters, accidents, and pandemics can negatively impact operations. Weather conditions, especially in tropical and monsoon climates like Singapore, can impact the demand for CPS as blasting and painting works cannot be carried out in the open under rainy weather. However, there is increased demand for CPS during the dry months, when ships can be docked and maintenance work can be carried out safely. Workplace accidents can also result in project delays, regulatory penalties, and liability claims. Therefore, it is important for CPS players to have workplace safety measures in place to avoid and minimize such problems.

**Heightened Environmental Regulations**

Globally, the Industry is making significant changes to reduce its carbon footprint. In the shipping industry, anti-fouling paints are used to coat the underwater surfaces of ships to prevent marine growth on the ship's hull, thereby slowing down the ship and increasing fuel consumption. Effective 1 January 2023, anti-fouling systems containing Cybutryne, a harmful substance to the marine environment, has been banned by IMO's Marine Environment Protection Committee. Ships bearing an anti-fouling system that contains Cybutryne must remove the entire mechanism altogether. This would impact CPS players as they would need to adapt to regulatory changes and requirements.

**Fluctuations in Raw Materials Costs and Supply Disruptions**

Fluctuating prices of raw materials used in corrosion prevention could affect profit margins. Copper slag is used for blasting, such as grit blasting, to remove rust and paint from metal. Raw materials for marine coatings, which are part of corrosion protection, are sourced from crude oil. Naphthenic acid, derived from crude oil, is biodegradable and considered to be environmentally friendly, which makes it a good choice for marine coatings. Antifouling coatings are formulated with naphthenic acid, preventing marine organisms from growing on the hull of ships and boats. Thus, any fluctuation in crude oil prices can also impact the prices of marine coatings. The company's competitiveness in bidding for projects is also affected when raw material costs are passed on to customers. Therefore, to minimize risk, CPS players may need to obtain sufficient quantities of raw materials when prices are low.

**Competition From Overseas Players**

In terms of ship repair, conversion and new builds, there has been stiff competition from overseas, especially from China and South Korea. China has become a global player in shipbuilding and ship repair, leveraging its numerous shipyards, competitive labor costs, and robust infrastructure, whereas South Korea has the technological expertise in shipbuilding as well as claims of having the world's largest shipyard. Nonetheless, Singapore's shipyards continue to be dominant players in the ship repair and conversion markets due to their experience in the strong handling of offshore projects, with a reputation for efficiency, quality, and on-budget delivery. These strengths will continue to give Singapore shipyards an edge over their rivals. Moreover, Singapore is a leading financial hub and has demonstrated capabilities in project financing and capital raising, which makes it attractive for the O&M Industry.

**Uncertainties Loomed in the Light of US Foreign Policies**

Singapore is highly dependent on trade, and any developments in trade policies globally will impact the nation as well as the shipyard/ shipbuilding sectors. In April 2025, the U.S. imposed a 10% tariff on all goods from Singapore, prompting the Singapore government to establish a task force to support affected businesses and workers. Although this move primarily targets broader economic sectors, the shipbuilding industry, which forms an integral part of Singapore's economy, may experience indirect effects. Increased production costs or shifts in demand could influence the competitiveness of Singapore's shipyards in the global market, and hence the CPS Industry.

**Barriers To Entry**

Apart from the stiff competition presented by well-established players with a long-standing standing in the marketplace, this section identifies other key barriers of entry to the CPS Industry.

**High Capital Outlay Required in CPS**

CPS for the O&M sector requires the adoption of specialized equipment, advanced technology, and materials, such as high-performance coatings and cathodic protection systems. Such high-performance materials are formulated to withstand harsh environmental conditions, such as saltwater and extreme temperatures. Surface preparation equipment (such as grit blasting) is expensive to purchase and maintain. When working in offshore or remote areas, CPS players would need to invest in specialized facilities, vessels, and transportation equipment to mobilize personnel and materials. These logistics can be expensive, particularly when working with large-scale offshore platforms or vessels. Thus, the capital outlay to operate in CPS comes with significant costs. The high capital outlay required for this business, as well as substantial financial resources to continually maintain and upgrade facilities and equipment, creates substantial barriers to new entrants.

**Investments in Specialized Labor and Regulatory Compliance**

CPS requires the expertise of highly-skilled labor. Such experts need to be trained in the latest technologies and applications, and keep abreast of the latest legal and regulatory standards. This especially holds true for O&M settings, where danger levels are high due to the inherent risks involved in working in harsh and unpredictable environments. Offshore environments, in particular, require stringent safety measures. Ensuring that services are performed according to safety standards involves investment in protective equipment, training, and safety systems to prevent accidents and ensure personnel protection. Thus, CPS players would need to ensure that their employees are regularly trained and certified in the latest technologies, and acquire the necessary certifications, which are both time-consuming and costly. To ensure safety, environmental protection, and performance quality, CPS participants must comply with strict international and local regulations. Maintaining compliance with these standards often requires additional resources for documentation, auditing, and reporting. All of these requirements can signify a high barrier to new entrants.

**High Risk and Liability**

Due to the high-risk nature of O&M work, CPS players must invest heavily in insurance coverage, which includes protecting against potential damage to assets, accidents, and environmental risks, all of which require significant financial outlay. Liability for work done can also be high. For example, if a corrosion protection solution fails, the CPS player may be liable for costly repairs or reputational damage. To mitigate these risks, providers must invest in robust quality control and assurance systems. As such, the high risk and liability that entail operating in this industry may be a deterrent for new entrants.

**High Barriers to Qualify as the Resident Contractor**

To be a resident CPS contractor for a shipyard in Singapore, the contractor is expected to be subjected to a string of stringent requirements set by the respective shipyards, which include the evaluation of track record, job quality, timely delivery, and safety standards, amongst others. These resident CPS contractors are continuously audited and checked, failing which, the shipyard may, at its discretion, remove the contractor from its list of resident contractors. Only a resident contractor appointed by the shipyard can carry out blasting and painting works within its facilities in Singapore. As such, there is a high barrier to entry to be a resident CPS contractor, and due to the limited number of resident contractors appointed, there are few players with the necessary qualifications to enter this space.

**BUSINESS**

**Overview**

We are a specialized provider of advanced corrosion prevention, surface preparation, and maintenance solutions, catering to industries where asset longevity and structural integrity are paramount. Our core services include hydro blasting and grit blasting for surface cleaning and preparation, professional coating and painting for corrosion protection, and comprehensive maintenance and repair services for vessels operating at docks and in open waters. Additionally, we offer skilled manpower supply to support marine operations, ensuring that our clients receive high-quality, efficient, and safety-compliant solutions.

We conduct our business through six subsidiaries operating in Singapore, allowing us to deliver comprehensive solutions in the marine, offshore, and industrial sectors.

We began our operations by focusing on a single shipyard—formerly known as Sembcorp Marine—where we concentrated our resources on mastering core service areas. This initial yard served as a proving ground for refining project management strategies, implementing best practices, and building a reputation for quality and reliability. Our deep understanding of site operations has enabled us to become a valued long-term partner and fostered a collaborative, growth-oriented culture.

As demand for our services grew, we have gradually expanded beyond our first shipyard, undertaking multiple projects simultaneously and building a strong track record in Singapore. Today, we have established working relationships with major shipyards in Singapore. This organic growth reflects our ability to scale responsibly while maintaining the high standards that distinguish our service offerings.

We distinguish ourselves through a commitment to quality, safety, and continuous improvement. Our mission focuses on enhancing worker expertise, improving efficiency and productivity, prioritizing environmental safety, and fostering a culture of safety awareness. We maintain a strong emphasis on training, ensuring our workforce is equipped with the necessary skills to deliver high-quality work. Our dedication to safety is reinforced by our strong compliance track record, maintaining operations with no lost-time accidents.

Our total revenues increased by S$695,215, or 8.69%, to S$8,696,136 (approximately $6,365,572) for the year ended December 31, 2024, compared to S$8,000,921 for the year ended December 31, 2023. Our net income increased by S$1,263,386, or 1,218.52%, to S$1,367,068 (approximately $1,000,694) for the year ended December 31, 2024, compared to S$103,682 for the year ended December 31, 2023. For additional information regarding our financial performance, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations.*"

**Our Services and Solutions** 

We offer a comprehensive range of services designed to meet the critical needs of the marine, offshore, and industrial sectors. Our expertise in surface preparation, corrosion prevention, and maintenance solutions ensures the longevity and reliability of our clients' assets.

***Hydro Blasting***

 ****

We utilize hydro blasting, also known as hydro jetting, as a highly efficient method to clean and prepare surfaces for protective coatings. By employing special-purpose pumping equipment, we generate water pressures of up to 36,000 pounds per square inch (PSI), ensuring the rapid and thorough removal of contaminants such as dirt, debris, corrosion, and old coatings. The primary advantage of our hydro blasting service is that it relies solely on water, eliminating the need for sand or grit, reducing cleanup costs, and making it an environmentally sound and non-destructive solution.

Our expertise in hydro blasting enables us to serve clients across the marine sector, delivering optimal surface preparation that enhances the adhesion and longevity of protective coatings.

 **

***Grit Blasting***

 **

Our grit blasting, also known as abrasive blasting or sandblasting, is a powerful surface preparation technique that ensures optimal adhesion for protective coatings. This method is widely used for cleaning metals, removing rust, mill scale, paint, and other contaminants while providing a uniform surface profile. For newly built vessels, grit blasting creates an ideal texture that enhances the adhesion of subsequent painting and coating processes, ensuring long-term protection.

![](image_009.jpg)

***Coating and Painting***

We provide specialized coating and painting services to protect vessels and industrial structures from corrosion and environmental wear. Our team applies high-quality protective coatings to the hulls of ships and offshore platforms, ensuring durability and optimal performance in harsh marine conditions. By customizing our coatings to meet specific client requirements, we establish an effective barrier against corrosion, helping extend the lifespan of critical assets.

The hull, being the primary structure in direct contact with water, is particularly vulnerable to corrosion, marine growth, and environmental wear. Our expertise ensures compliance with industry safety and regulatory standards, allowing vessels to operate efficiently while maintaining structural integrity. Applying industry-approved coatings not only safeguards vessels from these damaging elements but also ensures operational efficiency and long-term compliance.

We offer a range of protective coatings tailored to different environmental and operational needs, delivering a cost-effective and long-lasting solution to our clients. Our key offering categories include:

● Our anti-corrosive coatings protect steel hulls and structural components from rust and corrosion. These include epoxy coatings commonly used in ballast tanks and underwater hulls for their strong adhesion and chemical resistance; zinc-rich primers that provide cathodic protection as part of multi-layer systems; and coal tar epoxy coatings, which offer excellent resistance to water and chemicals in bilges and ballast tanks.

● Our anti-fouling coatings prevent marine organisms such as barnacles and algae from attaching to hull surfaces. These coatings include biocidal paints that release copper or other agents over time to inhibit biofouling, as well as environmentally friendly foul-release coatings based on silicone, which create non-stick surfaces to deter organism attachment.

● We also supply anti-abrasion and impact-resistant coatings for high-wear areas such as cargo holds and decks. These include polyurethane coatings, valued for their flexibility and abrasion resistance, and ceramic-reinforced epoxy coatings, which provide enhanced durability in demanding environments.

● Our tank coatings are used to protect the interior surfaces of cargo and ballast tanks. Phenolic epoxy coatings are suitable for a wide range of chemicals and petroleum products, while zinc silicate coatings provide excellent heat resistance and are well-suited for dry cargo and ballast tanks.

● Finally, our topside and deck coatings protect surfaces exposed to sunlight, salt spray, and physical damage. We offer economical alkyd paints for above-waterline applications, and advanced polyurethane topcoats that deliver UV resistance, a glossy finish, and long-lasting protection.

![](image_010.jpg)

***Maintenance and Repair***

We offer comprehensive maintenance and repair services designed to keep vessels and industrial assets operating at their best. Our skilled team performs routine maintenance, structural repairs, and protective coatings efficiently to minimize downtime and maximize asset performance. Our services are available for vessels at docks and in open waters, including operations within and beyond port limits, as well as in the South China Sea and the Straits of Malacca. This extensive reach enables us to provide timely and effective solutions to ship owners and operators wherever maintenance and repairs are required.

We specialize in various open port limits, or OPL, services to ensure vessel integrity and performance. Our OPL services include corrosion prevention solutions such as hydro jetting, grit blasting, tank cleaning, and power tooling and painting. These targeted services help protect vessels from environmental degradation and extend their operational lifespan. By proactively addressing maintenance needs, we assist our clients in avoiding costly repairs and ensuring that their vessels remain operational and compliant with industry regulations. Through our tailored maintenance solutions, we support long-term asset reliability and regulatory adherence.

***Manpower Supply***

We offer specialized manpower solutions to support marine operations of our clients. Our certified technicians and maintenance professionals are carefully selected to ensure they meet the highest safety and quality standards.

We deliver reliable and skilled labor to meet our clients' operational needs efficiently and effectively. This service is essential for industries requiring specialized skills, ensuring that our clients receive competent workforce solutions tailored to their specific project demands. Our manpower supply services allow businesses to maintain operational continuity while upholding quality and safety standards.

Our engagement process begins when a company or project owner communicates their staffing requirements. These requirements typically include:

● The type of work or tasks to be performed

● The number of workers required

● The necessary skill sets and qualifications

● The project duration (temporary or long-term)

● Preferred work schedules (e.g., full-time, part-time, or shift work)

● Any industry-specific requirements (e.g. safety certifications, language skills, etc.)

Once requirements are received, we assess the project scope and deploy suitable personnel from our vetted labor pool. As of August 15, 2025, we had approximately 134 foreign workers from India. To recruit and manage this labor pool, we engage MOM-accredited employment agencies both in Singapore and in the source countries. Our recruitment process includes applying for work passes through the Ministry of Manpower's (MOM) Work Permit Online system, and submitting the required documentation on each worker's education, skills certification, and employment history. All incoming workers must pass a pre-employment medical examination within two weeks of arrival in Singapore. Additionally, we purchase the necessary insurance and security bond coverage for each worker. Before deployment, all personnel are briefed on site-specific safety protocols and operational expectations prior to deployment. Throughout the assignment, we monitor performance and maintain open communication with the client to ensure service satisfaction and responsiveness to changing project needs.

This structured approach allows us to deliver competent, safety-trained manpower efficiently and responsively, reinforcing our role as a trusted workforce partner in Singapore's industrial and marine sectors.

**Competitive Advantages**

We differentiate ourselves through a combination of advanced technology, industry expertise, safety commitment, environmental responsibility, cost-effectiveness, and a strong reputation. These factors enable us to provide superior services, build trust with our clients, and maintain long-term success in the corrosion prevention and industrial maintenance industry.

●  ***Advanced Technology and Equipment*** 

We leverage state-of-the-art hydro jetting and surface preparation technology to deliver faster, more efficient, and higher-quality results. Our use of robotic hydro jetting systems, automated nozzles, and multistage pumps enables precise and controlled cleaning, reducing downtime and enhancing productivity.

![](image_011.jpg)

*Example of robotic hydro jetting systems*

Additionally, we customize our hydro jetting solutions based on the specific needs of different industries and applications. For example, different types of nozzles and vacuum systems are selected depending on the location and nature of the task—such as deck work, hulls, tanks, pipes, or internal compartments. This tailored approach ensures optimal cleaning performance, whether the project involves hull maintenance, tank cleaning, or pipe descaling, and allows us to deliver effective results across marine, offshore, and oil and gas sectors.

●  ***Specialized Expertise and Experience*** 

With extensive experience in niche markets such as marine, oil, and gas, we possess in-depth industry knowledge that allows us to address specific operational challenges faced by these sectors. Our clients frequently encounter workforce shortages due to their reliance on foreign labor, heightened by work permit restrictions and rising wage costs. In addition, rising operational expenses, such as the increasing cost of consumables and storage, place additional pressure on their businesses. Our expertise in workforce management, cost-effective service delivery, and operational flexibility enables us to provide highly relevant and effective solutions to these challenges. By helping our clients navigate labor constraints and manage operational costs, we reinforce our position as a critical partner in maintaining their long-term efficiency and competitiveness.

Furthermore, our skilled workforce consists of trained and experienced technicians who can handle complex tasks such as high-pressure pipeline cleaning, surface preparation, and tank maintenance. This level of expertise ensures that our services are carried out efficiently and safely, maintaining superior quality and reliability. As of August 15, 2025, our team comprised 128 technicians, the majority of whom are multi-skilled and capable of performing a range of specialized tasks across different project environments.

●  ***Strict Adherence to Safety Standards and Best Practices*** 

We prioritize safety in every aspect of our operations, recognizing the inherent risks associated with high-pressure water blasting. Our strict adherence to safety regulations and best practices ensures that both our employees and clients are protected from potential hazards.

Additionally, we hold globally recognized safety certifications such as ISO 9001 for quality management, ISO 14001 for environmental management, and ISO 45001 for occupational health and safety. These certifications reinforce our commitment to maintaining the highest standards of operation.

●  ***Environmentally Responsible*** 

We embrace sustainable and eco-friendly practices in all our operations. Hydro jetting is inherently a green technology, as it uses only high-pressure water instead of harmful chemicals. This allows for safer disposal and minimizes environmental impact.

Furthermore, we are committed to reducing waste and promoting sustainability by implementing biodegradable chemicals (where practicable) and leveraging efficient waste management systems in coordination with the shipyards where we operate. Most shipyards maintain robust infrastructure for managing wastewater, waste oil, and used grit, allowing us to properly collect, contain, and dispose of byproducts in compliance with regulatory and environmental standards. This integrated approach supports our environmental objectives and aligns with the growing demand for sustainable industrial cleaning solutions.

●  ***Cost-Effectiveness*** 

Our services are designed to reduce operational costs for our clients. Hydro jetting minimizes the need for expensive chemicals and excessive manual labor, offering a cost-effective alternative to traditional cleaning methods. Additionally, by providing regular maintenance services, we help clients avoid costly shutdowns and major repairs, ensuring long-term savings.

We also offer flexible pricing models, including per-project pricing, subscription-based maintenance plans, and emergency service rates. These options allow us to cater to a wide range of customers with varying budget needs.

●  ***Strong Industry Reputation and Compliance*** 

Our reputation for excellence and reliability is reinforced by our track record of successful projects across large-scale and high-profile industries. We have worked with major shipyards in Singapore, such as Seatrium Limited (formed from the merger of Keppel Offshore and Sembcorp Marine), ST Marine, Hanwha Offshore Engineering Services, ASL Shipyard, PaxOcean Singapore, Kim Heng Offshore & Marine, and Crystal Offshore, as well as vessels directly. Additionally, we hold industry-recognized certifications, including multiple ISO and safety compliance certificates, demonstrating our commitment to maintaining the highest quality and safety standards. See "*Business—Licenses and Certificates*" below for details.

●  ***Experienced Leadership Team*** 

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We believe that the depth of experience and leadership of our management team is a key competitive strength of our Company. Our founder, Chief Executive Officer, and Chairman, Mr. Goh Kwang Yong, has more than 25 years of experience in the marine and oil & gas industries and has successfully driven the Company's strategic growth since its inception in 2009. Ms. Wan Hwee Chein, our director, brings over 20 years of professional experience and has played a key role in overseeing our administrative, purchasing, and human resource functions since 2009, while also contributing to our international expansion efforts. Mr. Foo Ling Han, our Chief Financial Officer, is a finance professional with nearly 20 years of experience in audit, accounting, and financial reporting, with expertise in U.S. GAAP, Singapore FRS, and IFRS. We believe that the combined industry knowledge, operational expertise, and strategic vision of our management team position us well for continued growth.

**Operational Models** 

Understanding that different clients have unique needs, we offer a flexible engagement framework designed to provide value, predictability, and responsiveness. Our models include:

*Project-Based Engagement*. Our operations are generally project oriented. Projects may range in duration from just a few days to several months. These orders are usually obtained through competitive bidding or negotiations and require performance at a fixed price or time and materials basis.

*Long-Term Service Partnerships.* We maintain long-standing partnerships with major shipyards and industrial clients through our role as resident contractors, allowing us to provide continuous support for maintenance, repair, and corrosion prevention activities. Our on-site presence at client facilities enables us to integrate seamlessly into their daily operations, respond quickly to project needs, and uphold consistent quality. These partnerships are governed by formal agreements that outline our scope of services, compliance requirements, and safety obligations, reinforcing our reputation as a dependable and collaborative service provider.

**Growth Strategies**

Our growth strategies focus on expanding our market presence, diversifying our service offerings, and leveraging technological advancements to provide innovative, efficient, and sustainable corrosion prevention solutions. Our plan is centered on three key pillars: market expansion, service diversification, and operational efficiency.

●  ***Market Expansion*** 

We aim to increase our geographical footprint by targeting new regions and industries that require specialized corrosion prevention services, such as emerging economies in the Middle East and Southeast Asia. Additionally, while we already serve industries like oil and gas, and marine, our goal is to penetrate new verticals such as renewable energy (wind and solar farms), aerospace, and defense, where corrosion prevention plays a critical role in maintaining asset longevity and safety. We may pursue such expansion through seeking partnerships, joint ventures, acquisitions, or subcontracting opportunities.

●  ***Service Diversification*** 

We plan to diversify our service offerings by incorporating complementary technologies and expanding our capabilities such as investing in the latest hydro blasting and grit blasting equipment and technologies which increase the adoption of automation and robotics for improved precision and safety. Also, we aim to offer ongoing preventive maintenance programs that include regular corrosion inspections, monitoring, and coatings, and more advanced coating such as high-temperature or chemical-resistant coatings.

●  ***Operational Efficiency Improvement*** 

To support sustainable growth, we are committed to improving operational efficiency through (i) continuing to invest in technologies; (ii) expanding our workforce by recruiting and training more technicians; and (iii) continuing to invest in more sustainable practices, such as using non-toxic abrasives, minimizing water usage during hydro blasting, and strengthening recycling programs for waste materials. We believe that the emphasis on sustainability will attract customers seeking green solutions for corrosion prevention.

**Health, Safety, and Work Procedures**

We have implemented a robust safety framework grounded in comprehensive risk assessment protocols and safe work procedures tailored to our operational activities. Our procedures cover a wide range of services including hydro jetting, grit blasting, chemical degreasing, high-pressure washing, spray and roller painting, tank cleaning, manual handling, lifting operations, confined space entry, and work at height. These are developed in accordance with Singapore's workplace safety regulations and are regularly reviewed to ensure alignment with industry standards.

To reinforce our commitment to workplace safety and employee competency, we conduct structured training programs covering topics such as use of personal protective equipment (PPE), chemical handling, hand and power tool safety, forklift operation, and emergency response. All new employees undergo comprehensive onboarding safety training, while existing staff receive refresher training at regular intervals or when new procedures are introduced. We also maintain dedicated safe work protocols for specific scenarios such as COVID-19 protocols, transportation of hazardous substances, ferrying of workers, and emergency events like terror threats, demonstrating our proactive approach to risk management and employee welfare.

**Customers**

We serve a focused customer base consisting primarily of shipyards located in Singapore. These shipyards rely on us for specialized corrosion prevention, blasting, coating, and maintenance services essential to shipbuilding, repair, and offshore operations. By consistently delivering high-quality and reliable services, we have developed long-standing working relationships with major shipyards in Singapore, and reinforced our reputation as a trusted industry partner.

As of December 31, 2024, we had 20 customers, including 8 shipyards, 5 vessel owners and 7 customers to whom we provided manpower supply services. While we do not currently maintain formal long-term contracts, many of these relationships are based on recurring work orders and repeated engagements, reflecting our role as a preferred service provider. For the year ended December 31, 2024, three customers each accounted for more than 10% of our total revenues, contributing approximately 29%, 20%, and 12%, respectively. For the year ended December 31, 2023, two customers each accounted for more than 10%, contributing approximately 30% and 20%, respectively.

***Our Position as a Resident Contractor for Major Shipyards in Singapore***

As a resident contractor for some of the prominent shipyards in Singapore, we have established a strong presence in Singapore's maritime industry. Our on-site operations and stable relationships with these shipyards allow us to maintain a steady workflow and consistently secure projects related to shipbuilding, repair, and maintenance. This close collaboration enables us to align with shipyard schedules, coordinate with shipyard operators, project managers, and engineers, and integrate seamlessly into shipyard operations, ensuring that our services remain in high demand.

In multi-phase vessel construction projects, we provide essential support during several critical stages. After the initial steel fabrication of different parts of a vessel by other contractors, we undertake the blasting and painting of the structures to prepare them for integration. Once the various parts are integrated to form the complete vessel, we perform additional blasting and painting on welded joints to ensure structural integrity and surface protection. Following the completion of other trades' work, such as electrical, piping, and mechanical installations, we return to perform touch-up painting on areas affected by mechanical work and apply a final cosmetic coating to prepare the vessel for delivery. Our involvement across multiple construction phases ensures that vessels meet stringent quality, durability, and aesthetic standards before handover to shipowners.

In addition to our core services, we uphold the highest standards of safety and compliance in accordance with Singapore's Maritime and Port Authority (MPA) regulations the Workplace Safety and Health Act (WSHA), and other industry requirements. Our workforce is fully trained to operate within stringent safety protocols, ensuring compliance with workplace safety regulations and shipyard policies. We have developed and implemented an extensive library of risk assessments and safe work procedures covering a broad spectrum of operational tasks. These include hydro jetting, grit blasting, chemical degreasing, painting (spray and roller), high-pressure washing, power tooling, tank cleaning, confined space entry, manual handling, diesel refilling, lifting operations, and working at height. Additionally, our safety documentation addresses modern risks such as ferrying workers by lorry, handling hazardous substances, robotic cleaning, and emergency preparedness for situations like COVID-19 and terror attacks. All employees undergo mandatory safety induction and are regularly trained in accordance with our documented procedures. This includes training on the use of personal protective equipment (PPE), scaffold safety, fall prevention, forklift operation, transportation safety, and emergency response protocols. Our documented framework enables us to maintain a consistent safety culture and respond effectively to evolving operational risks while reinforcing our compliance with industry and regulatory expectations.

Our established relationships with shipyards provide us with a steady pipeline of projects, enabling long-term growth and stability in our operations. Being a resident contractor also provides us with key strategic advantages, including access to shipyard facilities, closer collaboration with shipyard management, and preferred status for new projects. These benefits position us as a reliable and long-term partner in the marine industry, reinforcing our commitment to delivering high-quality, cost-effective, and sustainable solutions to shipyards and vessel owners.

**Sales and Marketing**

*Brand Positioning and Industry Engagement*

Our sales and marketing strategy is grounded in trust, reliability, and proven expertise. We maintain direct engagement by assigning a permanent team to each shipyard to service its specific requirements, working closely with shipyard operators, project managers, and industry stakeholders, reinforcing our position as a preferred service provider within Singapore's maritime ecosystem. Our ability to deliver specialized services—such as hydro blasting, grit blasting, welding, painting, and corrosion control—has positioned us as a dependable and essential partner to shipyards seeking high-quality maintenance and surface preparation solutions.

Additionally, we intend to strengthen our brand identity and market positioning by establishing ourselves as thought leaders in the corrosion prevention industry. We aim to showcase our expertise, engage potential clients, and contribute valuable insights to the industry by publishing case studies and articles. We believe this approach will enhance our credibility, foster trust among stakeholders, and educate our clientele.

***Customer-Centric Approach***

Customer loyalty and retention play a significant role in driving our growth. We strive to tailor our services to the specific operational needs of each customer, offering solutions that address the unique technical and scheduling challenges encountered in different industrial settings. In doing so, we aim to foster strong and enduring relationships with our clients by providing regular maintenance support and value-added services. These long-term collaborations often result in repeat engagements and client referrals. Additionally, we prioritize customer education by helping clients understand the importance of corrosion prevention and regular maintenance. This approach not only reinforces our technical credibility but also enhances customer confidence in our service model.

***Relationship Development and Local Market Integration***

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Our presence within major Singapore shipyards allows us to build and maintain close relationships with decision-makers such as vessel managers, maintenance supervisors, and technical officers. As a resident contractor, we are deeply familiar with site operations and workflows, which enables us to coordinate efficiently and ensure consistent service delivery. We also engage directly with ship owners and operators who require on-site or anchorage-based services, offering responsive and dependable support.

To further extend our market reach, we actively collaborate with other service providers to deliver bundled solutions that meet a wider range of shipyard and vessel maintenance needs. These partnerships can include related services such as mechanical repairs or specialized coatings. Our ability to deliver rapid, on-demand solutions also plays an important role in addressing critical service needs, particularly when clients face urgent cleaning or repair requirements. Our strong reputation in the local marine and offshore maintenance industry, supported by positive word-of-mouth and consistent performance, helps to attract new business opportunities. Being embedded in Singapore's shipyard ecosystem allows us to stay responsive to market trends and actively contribute to the community of industrial service providers.

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**Suppliers**

We maintain strong relationships with a network of reliable suppliers, all located in Singapore, who provide us with the essential materials and equipment necessary to deliver high-quality corrosion prevention and maintenance solutions. These materials and equipment include engine service and repair, high-pressure (HP) machines and spare parts, air tools, hoses, personal protective equipment (PPE), compressors, copper slag, consumables, chemical servicing, spray painting materials, equipment rental, diesel for equipment, fire safety equipment, and filtration systems. We also purchase engine maintenance services and equipment rental services.

These suppliers help us maintain seamless operations and ensure that our services meet industry standards for efficiency, safety, and sustainability, playing an integral role in our daily functions.

To manage price fluctuations in supplies, we adopt a proactive strategy that includes diversifying our supplier base, building strong supplier relationships, and regularly monitoring price trends. This approach allows us to reduce exposure to individual supplier risk and adapt to market changes more effectively.

For the year ended December 31, 2024, we had two suppliers that each accounted for more than 10% of our total purchases, and such suppliers represented approximately 54% and 15% of our total purchases, respectively. For the year ended December 31, 2023, we had two suppliers that each accounted for more than 10% of our total purchases, and such suppliers represented approximately 42% and 16% of our total purchases, respectively. Our largest supplier, the one who accounted for 54% and 42% of our total purchases in 2024 and 2023, is Jebs Enterprise Pte. Ltd., or Jebs Enterprise, a related party controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman. Our six Singaporean subsidiaries have entered into a master equipment lease agreement with Jebs Enterprise. Under the master equipment lease agreement, each of these subsidiaries also has entered into an individual equipment lease agreement with Jebs Enterprise. Copies of the master equipment lease agreement and the form of the individual equipment lease agreements are filed as exhibits to the registration statement of which this prospectus forms a part.

*Equipment Lease Agreements with Jebs Enterprise*

The master equipment lease agreement with Jebs Enterprise establishes the framework under which each of our six Singaporean subsidiaries acts as a lessee and leases various equipment from Jebs Enterprise on an ongoing basis. Under the master agreement, individual lease agreements are also required to be executed by and between Jebs Enterprise and each of these six subsidiaries, specifying the particular equipment to be leased, the rental period, and the rental fees applicable to each transaction. The obligations of each subsidiary as a lessee under the master agreement are several and not joint, meaning that each subsidiary is responsible only for its own obligations and not those of any other lessee. The agreement expressly provides that the lessees are not considered a partnership, association, or joint venture, and that each subsidiary should independently negotiate and enter into its individual lease arrangement with Jebs Enterprise. The agreement is governed by the laws of Singapore and includes an arbitration clause requiring that any disputes be resolved by arbitration administered by the Singapore International Arbitration Centre. The agreement remains in effect for as long as any individual lease agreement is outstanding.

The individual equipment lease agreements between Jebs Enterprise and each of our Singaporean subsidiaries provide for the lease of specified equipment for an initial three-year term and shall automatically renew for an additional one-year term on the same terms and conditions unless either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiry of the term. Rental fees are based on actual usage and agreed in writing before each rental period, with payment due within thirty (30) days of invoice. Title to the equipment remains with Jebs Enterprise, while risk of loss or damage passes to the lessee upon delivery and remains until return. Lessees must maintain and operate the equipment properly, are prohibited from transferring or encumbering it, and must return it at the end of the rental period or upon termination. The lease may be terminated by the lessee with 30 days' written notice, by the lessor for uncured breach, or automatically in the event of a total loss of the equipment. These agreements are governed by Singapore law and require arbitration of disputes at the Singapore International Arbitration Centre.

**Competition**

We operate in the corrosion protection services (CPS) industry in Singapore, which includes grit blasting, hydro jetting, coating and painting, maintenance and repair, and manpower supply. The industry is composed of fewer than 50 players, many of whom have been active for over 15 years and maintain long-standing relationships with major shipyards. These relationships, combined with an in-depth understanding of operational and safety standards, create a competitive environment where reputation, consistency, and credibility are key differentiators.

Our major competitors are the existing resident contractors in the major shipyards, such as See Hup Seng Ltd, Beng Kuang Marine, Trident Pte Ltd, Soh Tong Heng Pte Ltd, and Entraco Ltd. In addition, for coating and painting, maintenance and repair, and manpower supply, we face competition from established service providers like BoilerMaster Group, Shipblast Marine Enterprise, and Allbest Group. Entry into this space is challenging due to regulatory compliance obligations and the limited number of resident contractor slots available within shipyards.

The level of competition in our industry is considered moderate. While each shipyard controls and limits the number of approved contractors permitted to deliver designated services, the market overall is moderately saturated, with a combination of long-established players and smaller contractors actively competing. These dynamics often place pressure on pricing and service differentiation.

Despite this, our key differentiator is our ability to deliver both grit blasting and hydro jetting services as an integrated provider—unlike most competitors who specialize in only one area. We also offer a wider scope of services across vessel construction and repair phases, including touch-up painting and post-mechanical coating, which enhances value for shipyard clients. Furthermore, industry players frequently collaborate under certain conditions, including job referrals or subcontracting during periods of peak workload.

We believe our status as a resident contractor, combined with our strong track record, regulatory compliance, and multi-disciplinary expertise, positions us competitively within Singapore's CPS sector and reinforces our ability to maintain stable, long-term engagements with shipyards.

**Intellectual Property**

As of the date of this prospectus, we do not currently own any patents, registered trademarks, or registered copyrights. We have a registered domain name (jeneric.com.sg).

Our business is not dependent on proprietary technologies or patentable inventions, but rather on our industry know-how, specialized service methodologies, customer relationships, and brand reputation. To protect our proprietary information, we rely on internal confidentiality procedures, non-disclosure agreements with employees, contractors, and business partners, and other contractual arrangements designed to safeguard our trade secrets and commercially sensitive information.

**Certificates**

The following table summarizes the certifications currently held by our subsidiaries.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Certification** | **Issuing Authority** | **Issuance Date** | **Term (years)** |
| Jeneric Marine Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Engineering Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Offshore Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Services Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Venture Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric International Pte. Ltd. | ISO 45001:2018 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Marine Pte. Ltd. | ISO 9001:2015 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Marine Pte. Ltd. | ISO 14001:2015 | &nbsp;&nbsp;Banyan Certification Pte Ltd | October 14, 2024 | 3 |
| Jeneric Marine Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | October 17, 2024 | 3 |
| Jeneric Engineering Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | October 21, 2024 | 3 |
| Jeneric Offshore Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | October 17, 2024 | 3 |
| Jeneric Services Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | October 18, 2024 | 3 |
| Jeneric Venture Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | January 2, 2025 | 3 |
| Jeneric International Pte. Ltd. | BizSafe Star | &nbsp;&nbsp;WSH Council | October 24, 2024 | 3 |

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**Employees and Human Capital**

As of December 31, 2024, 2023 and 2022, we had 140, 149 and 162 employees, respectively. As of August 15, 2025, we had 161 employees, comprising 154 full-time and 7 part-time employees, all based in Singapore. The following table sets forth the breakdown of our employees by function.

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| | | |
|:---|:---|:---|
| **Function** | **Number of<br> Employees** | **Percentage** |
| General Management Office | 3 | 1.9% |
| Finance | 2 | 1.2% |
| Procurement | 1 | 0.6% |
| Commercial/Costing | 2 | 1.2% |
| Administration and Human Resources | 2 | 1.2% |
| Consultant | 2 | 1.2% |
| Operations | 21 | 13.1% |
| Technical/Maintenance | 25 | 15.5% |
| Logistics | 13 | 8.1% |
| Quality Control | 1 | 0.6% |
| General Workers | 20 | 12.5% |
| Skilled Workers | 62 | 38.5% |
| Flexible Hour Workers (Part-Time Employees) | 7 | 4.4% |
| **Total** | **161** | **100%** |

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We enter into standard employment contracts with our employees which contain standard confidentiality provisions. We believe that we have good relationships with our employees. None of our employees are represented by a labor union or covered by a collective bargaining agreement.

**Facilities**

Our principal executive office is located at 1 Tuas View Place, #03-14, Westlink One, Singapore 637433. Our principal executive office is leased from Jebs Enterprise Pte. Ltd., a company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, at no cost.

As of the date of this prospectus, our aggregate monthly rent is S$69,004 (approximately $53,721). The table below summarizes the real properties we lease.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Address** | **Address** | **Leased/Owned** | **Term** | **Purpose** |
| 1. | 1 Tuas View Place, #03-14, Westlink One, Singapore 637433 | Leased | November 1, 2024 to October 31, 2026 <br> (2 years) | Office and Warehouse |
| 2. | 2 Woodlands Sector 2 #07-11 Block B, Singapore 737723 | Leased | December 1, 2024 to November 30, 2025 <br> (1 year) | Workers' dormitory |
| 3. | 2 Woodlands Sector 2 #07-13 Block B, Singapore 737723 | Leased | October 1, 2024 to September 30, 2025 <br> (1 year) | Workers' dormitory |
| 4. | 2 Woodlands Sector 2 #12-06 Block A, Singapore 737723 | Leased | August 1, 2025 to July 31, 2026<br> (1 year) | Workers' dormitory |
| 5. | 2 Woodlands Sector 2 #12-09 Block A, Singapore 737723 | Leased | December 1, 2024 to November 30, 2025 <br> (1 year) | Workers' dormitory |
| 6. | 11A Jalan Tukang #01-14/15 Block 9, Singapore 619267 | Leased | October 1, 2024 to September 30, 2025 <br> (1 year) | Workers' dormitory |
| 7. | 11A Jalan Tukang #01-02/05 Block 6, Singapore 619267 | Leased | October 21, 2024 to October 31, 2025 <br> (1 year) | Workers' dormitory |
| 8. | Blk 9 Kian Teck Lane #04-34, Singapore 627847 | Leased | February 1, 2024 to January 31, 2026 <br> (2 years) | Workers' dormitory |
| 9. | Blk 11 Kian Teck Lane #04-44, Singapore 627848 | Leased | January 1, 2025 to December 31, 2026 <br> (2 years) | Workers' dormitory |
| 10. | Blk 15 Kian Teck Lane #03-60, Singapore 627850 | Leased | January 1, 2025 to December 31, 2026 <br> (2 years) | Workers' dormitory |
| 11. | Blk 15 Kian Teck Lane #06-64, Singapore 627850 | Leased | September 1, 2023 to August 31, 2025 <br> (2 years) | Workers' dormitory |
| 12. | Blk 13 Kian Teck Lane #01-55, Singapore 627849 | Leased | January 1, 2025 to December 31, 2026 <br> (2 years) | Workers' dormitory |
| 13. | Blk 7 Kian Teck Lane #04-22, Singapore 627846 | Leased | January 1, 2025 to December 31, 2026 <br> (2 years) | Workers' dormitory |

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**Insurance**

We maintain insurance policies to protect our business operations, employees, and liabilities in accordance with industry standards. Our coverage includes workmen's compensation and public liability insurance provided by Chubb Insurance Pte Ltd, ensuring compliance with regulatory and customer requirements. Additionally, we provide medical insurance for our employees through EQ Insurance Company Limited, safeguarding their well-being and aligning with applicable labor regulations. The table below summarizes the key terms of our current insurance policies:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Insurance Type** | **Insurer** | **Policy Period** | **Coverage Highlights** | **Insured Entities** |
| Workmen's Compensation | Chubb Insurance Singapore Limited | May 15, 2025 –<br> May 14, 2026 | Covers all statutory liabilities under the Work Injury Compensation Act and Common Law; includes enhancements for medical, incapacity, and repatriation benefits | ☐ Jeneric Engineering Pte Ltd<br> ☐ Jeneric Marine Pte Ltd<br> ☐ Jeneric Offshore Pte Ltd<br> ☐ Jeneric Services Pte Ltd<br> ☐ Jeneric Venture Pte Ltd<br> ☐ Jeneric International Pte Ltd |
| Public Liability | Chubb Insurance Singapore Limited | May 15, 2025 –<br> May 14, 2026 | S$500,000 limit per occurrence; covers third-party bodily injury and property damage within Singapore; includes subcontractor liability and liability to shipyards | ☐ Jeneric Engineering Pte Ltd<br> ☐ Jeneric Services Pte Ltd<br> ☐ Jeneric International Pte Ltd<br> ☐ Jeneric Marine Pte Ltd<br> ☐ Jeneric Offshore Pte Ltd<br> ☐ Jebs Enterprise Pte. Ltd.<br> ☐ Jeneric Venture Pte Ltd |
| Foreign Workers Medical | EQ Insurance Company Limited | June 12, 2025 –<br> June 11, 2026 | Up to S$60,000 annual limit per worker; covers hospitalization, pre/post-treatment, funeral expenses (S$3,000), repatriation (S$2,000), and personal accident (S$10,000) | ☐ Jeneric Engineering Pte Ltd<br> ☐ Jeneric Services Pte Ltd<br> ☐ Jeneric Marine Pte Ltd<br> ☐ Jeneric Offshore Pte Ltd<br> ☐ Jeneric Venture Pte Ltd |

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Additionally, on March 25, 2021 and June 6, 2024, the Company purchased two life insurance policies for Mr. Goh Kwang Yong, the Chief Executive Officer and Chairman of APEX Global, which took effect as of March 18, 2021 and June 3, 2024. The policy owners and beneficiaries are our subsidiaries Jeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd., and the insured individual is Mr. Goh Kwang Yong. The premiums paid on commencement date for the two policies were S$150,006 (approximately $109,804) and $20,755, respectively.

We continuously assess our risk portfolios and insurance needs to ensure adequate coverage across our operations. As industry practices evolve, we remain committed to reviewing and adjusting our insurance policies to maintain alignment with best practices in Singapore.

**Seasonality**

Historically, seasonality has not materially impacted our operating results.

**Legal Proceedings**

We may from time to time become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial costs and diversion of our resources, including our management's time and attention. As of the date of this prospectus, we are not aware of any such legal proceedings or claims that in the opinion of our management will have a material adverse effect on our business, financial condition or operating results. Although the results of litigation and claims cannot be predicted with certainty, we believe that the final outcome of ordinary course matters will not have a material adverse effect on our business, operating results, financial condition or cash flows.

**REGULATIONS**

Currently, all of our business operations are conducted in Singapore. This section sets forth a summary of the most significant rules and regulations that affect our business activities in Singapore.

**Government Regulations**

We have obtained the necessary business licenses for our day-to-day operations. Save as disclosed under "Risk Factors" on pages 12 to 31 of this prospectus and below, we are not subject to any government regulations in the countries where we operate, other than those generally applicable to companies and businesses in such countries, which will have a material effect on our business operations.

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***Workplace Safety and Health Act 2006***

The Workplace Safety and Health Act 2006 (the "WSHA") is administered by the Ministry of Manpower of Singapore. The WSHA lays down the legal requirements and responsibilities imposed on the employers to ensure the health, safety and welfare of persons employed while at work and persons (not being an employee) who may be affected by any undertaking carried on by the employer in the workplace. The WSHA also provides for the penalties for contravening or failing to comply with the standards.

The measures necessary to ensure the safety and health of persons at work include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) providing
 and maintaining for those persons a work environment which is safe, without risk to health,
 and adequate as regards facilities and arrangements for their welfare at work;

&nbsp;&nbsp;&nbsp;&nbsp;(b) ensuring
 that adequate safety measures are taken in respect of any machinery, equipment, plant, article
 or process used by those persons;

&nbsp;&nbsp;&nbsp;&nbsp;(c) ensuring
 that those persons are not exposed to hazards arising out of the arrangement, disposal, manipulation,
 organization, processing, storage, transport, working or use of things —

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. in
 their workplace; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. near
 their workplace and under the control of the employer;

&nbsp;&nbsp;&nbsp;&nbsp;(d) developing
 and implementing procedures for dealing with emergencies that may arise while those persons
 are at work; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) ensuring
 that those persons at work have adequate instruction, information, training and supervision
 as is necessary for them to perform their work.

In addition to the above, under the WSHA, inspectors appointed by the Commissioner for Workplace Safety and Health ("Commissioner") may, amongst others, inspect and examine any workplace and any machinery, equipment, plant, installation or article at any workplace, to make such examination and inquiry as may be necessary to ascertain whether the provisions of the WSHA are complied with, to take samples of any material or substance found in the workplace or being discharged from any workplace for the purpose of analysis or test, to assess the levels of noise, illumination, heat or harmful or hazardous substances in any workplace and the exposure levels of persons at work therein and to take into custody any article in the workplace which is required for the purpose of an investigation or inquiry under the WSHA.

The WSHA empowers the Commissioner to serve a remedial or a stop-work order in respect of a workplace, for contravention or omission of any WSHA-specified condition.

Additional duties apply to employers under the Workplace Safety and Health (General Provisions) Regulations. Where any person at work in any workplace carries out any process, operation or work involving exposure to any infectious agents or biohazardous material which may constitute a risk to his health, the employer of such person has a duty to take effective measures to protect that person from their harmful effects.

Our workplace is in compliance with the requirements under WSHA as seen from the bizSafe Star certification attained by each of the six (6) subsidiaries awarded by the Workplace Safety and Health Council.

***Workplace Safety and Health (Risk Management) Regulations 2006***

The Workplace Safety and Health (Risk Management) Regulations 2006 (the "WSHRMR") aims to reduce the risks at the source, requiring the employer to conduct a risk assessment in relation to the safety and health risks posed to any employee when undertaking any work at the workplace and imposes the responsibility on the employer to take practicable steps to eliminate any foreseeable risk. Employers are required to maintain a record of risk assessment and review them once every three years.

***Workplace Safety and Health (Abrasive Blasting) Regulations 2008***

The Workplace Safety and Health (Abrasive Blasting) Regulations 2008 (the "WSHABR") set out the requirements on the use of abrasives such as grit in blasting apparatus and certain precautions to be undertaken in connection with the construction of the blasting chambers and the carrying out of any blasting work. We observe strict compliance with the requirements of the WSHABR such as the following:–

&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 blasting is carried out in an enclosed blasting chamber;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 enclosed blasting chamber used is of sound construction, well-illuminated and provided with
 inspection ports;

&nbsp;&nbsp;&nbsp;&nbsp;(c) dust
 generated in the enclosed blasting chamber is removed by a proper ventilation system to ensure
 that the dust generated is minimized and does not cause nuisance or pose any hazard to any
 person in the workplace at which the blasting is carried out;

&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 persons employed in blasting work are provided with suitable personal protective equipment
 (i.e. suitable overalls, boots, gloves and air-supply blasting helmets); and

&nbsp;&nbsp;&nbsp;&nbsp;(e) all
 plant and equipment are properly maintained.

***Workplace Safety and Health (Shipbuilding and Ship-Repairing) Regulations 2008***

<br> The Workplace Safety and Health (Shipbuilding and Ship-Repairing) Regulations 2008 (the "WSHSSR") imposes the requirement that every employee undergo the relevant safety and health training courses approved by the Commissioner Workplace Safety and Health before carrying out any hazardous work. The WSHSSR also imposes minimum safety and health requirements for any work carried out in a shipyard or on board a ship in a harbour. The WSHSSR mandates contractors in a shipyard to appoint a safety supervisor to ensure compliance with the WSHA and any subsidiary legislation made thereunder and to promote and ensure the safety, health and welfare of persons working in the shipyard or on board the ship. Shipyards are also required to ensure that ship repair managers and persons carrying out spray painting or painting in confined spaces are provided with adequate safety training.

***Workplace Safety and Health (Safety and Health Management System and Auditing) Regulations 2009***

The Workplace Safety and Health (Safety and Health Management System and Auditing) Regulations 2009 requires that occupiers of any premises which is a shipyard to implement a safety and health management system for the purpose of ensuring the safety and health of persons at work in the workplace.

***Workplace Safety and Health (Work at Heights) Regulations 2013***

The Workplace Safety and Health (Work at Heights) Regulations 2013 (the "WSHWHR") stipulates the minimum safety and health requirements for working at height where an employee risks falling. The WSHWHR imposes the requirement that every employee undergo the relevant safety and health training to familiarize themselves with the hazards associated with work at height and the precautions to be observed. It also imposes the requirement that the employer put in place fall prevention plans and provide supervision of work at height.

***Central Provident Fund Act 1953***

The Central Provident Fund Act 1953 (the "CPF Act") governs the contributions made by employers and employees into the central provident fund (the "CPF"). The CPF Act is administered by the CPF Board.

The CPF Act provides that every employer of an employee shall pay to the CPF monthly in respect of each employee's contribution at the appropriate rates set out in the First Schedule of the CPF Act. Notwithstanding the provisions of any written law or any contract to the contrary, an employer is entitled to recover from the monthly wages of an employee the amount shown in the First Schedule of the CPF Act as so recoverable from the employee. Employers who fail to make the prescribed CPF contributions are liable to pay interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and such interest shall be calculated at the rate of 1.5% per month or the sum of S$5, whichever is greater. Where any employer who has recovered any amount from the monthly wages of an employee in accordance with the CPF Act and fails to pay the contributions to the CPF within such time as may be prescribed, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding seven (7) years or to both.

The CPF Act further provides that except as otherwise provided in Section 61(2) of the CPF Act, any person convicted of an offence under the CPF Act for which no penalty is provided shall be liable on conviction (i) to a fine not exceeding S$5,000 or to imprisonment for a term not exceeding six (6) months or to both; and (ii) if that person is a repeat offender in relation to the same offence, to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding 12 months or to both.

Section 61(2) of the CPF Act provides that where any person (i) is guilty of an offence under Section 7(5) or 58(1)(b) of the CPF Act; or (ii) being a director, manager or secretary or any other officer of a body corporate, is guilty of an offence under Section 60 by virtue of the fact that an offence under Section 7(3) or (5) or 58(1)(b) of the CPF Act has been committed by that body corporate and is found to have been committed with the consent or connivance of or to be attributable to any act or default on the part of that person, that person shall be liable on conviction (a) to a fine of not less than S$1,000 and not more than S$5,000 or to imprisonment for a term not exceeding six months or to both; and (b) if that person is a repeat offender in relation to the same offence, to a fine of not less than S$2,000 and not more than S$10,000 or to imprisonment for a term not exceeding 12 months or to both.

The Company is compliant with the employer's obligations under the CPF Act for all employees it employs that are Singapore citizens or permanent residents by ensuring that the required employer's contribution is made every month and deducting the relevant amount from each employee's wage for contribution to the CPF.

 ****

***Regulations on Employment***

The Employment Act 1968 of Singapore (the "EA") is administered by the Ministry of Manpower and sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. The term "employee" is defined in the EA to mean a person who has entered into or works under a contract of service with an employer and includes, among others, a workman, but does not include certain specified categories of employees including, among others, any domestic worker. The provisions of the EA include:

&nbsp;&nbsp;&nbsp;&nbsp;(a) minimum
 days of statutory annual and sick leave;

&nbsp;&nbsp;&nbsp;&nbsp;(b) paid
 public holidays;

&nbsp;&nbsp;&nbsp;&nbsp;(c) statutory
 protection against wrongful dismissal;

&nbsp;&nbsp;&nbsp;&nbsp;(d) provision
 of key employment terms in writing; and

&nbsp;&nbsp;&nbsp;&nbsp;(e) statutory
 maternity leave and childcare leave benefits.

In particular, Part IV of the EA sets out requirements for rest days, hours of work and other conditions of service for workmen who receive salaries not exceeding S$4,500 a month and employees (other than workmen or persons employed in managerial or executive positions) who receive salaries not exceeding S$2,600 a month. The EA further provides that an employee is not allowed to work for more than 12 hours in any one day except in specified circumstances, such as where the work is essential to the life of the community, defense or security, where urgent work is to be done to machinery or plant, or where an interruption of work which was impossible to foresee. In addition, the EA also limits the extent of overtime work that an employee can perform to 72 hours a month.

An employer who breaches the above provisions shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$5,000, and for a second or subsequent offence to a fine not exceeding S$10,000 and/or to imprisonment for a term not exceeding 12 months.

Our Company is compliant with the obligations under the EA and have accorded such rights as may be mandated under the EA to all employees.

***Regulations on Employment of Foreign Workers in Singapore***

The Employment of Foreign Manpower Act 1990 of Singapore (the "EFMA") is administered by the Ministry of Manpower of Singapore and regulates the employment of foreign manpower in Singapore.

In Singapore under Section 5(1) of the EFMA, no person shall employ a foreign worker unless he has obtained in respect of the foreign worker a valid work permit, which allows the foreign worker to work for him. A work pass includes the following: (a) employment pass, for foreign professionals, managers and executives earning at least S$5,000 per month and who have acceptable qualifications; (b) S pass, for mid-level skilled staff who earn at least S$3,150 per month and who meet the assessment criteria; and (c) work permit for foreign worker, for semi-skilled foreign workers.

The foreign worker has to be employed and carrying out duties in respect of his work permit. Singapore employers are subject to foreign manpower quota prescribed by the MOM which seeks to encourage employers to hire local employees. Any person who fails to comply with or contravenes Section 5(1) of the EFMA shall be guilty of an offence and shall be:–

&nbsp;&nbsp;&nbsp;&nbsp;(a) liable
 on conviction to a fine of at least S$5,000 and not more than S$30,000 or to imprisonment
 for a term not exceeding 12 months or to both; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) on
 a second and subsequent conviction, be punished –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 the case of an individual, be punished with a fine of at least S$10,000 and not more than
 S$30,000 and with imprisonment for a term of not less than one month and not more than 12
 months; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 any case, be punished with a fine of at least S$20,000 and not more than S$60,000.

Additionally, the EFMR requires employers of work permit holders, among others, to: (a) bear the costs of medical treatment (unless in excess of the minimum mandatory coverage in certain instances); (b) provide safe working conditions and take such measures as are necessary to ensure the safety and health of the foreign employee; (c) provide acceptable accommodation consistent with any law or governmental regulations; and (d) purchase and maintain medical insurance for inpatient care and day surgery, with coverage of at least S$60,000 (for policies with start date effective on or after 1 July 2023) per every 12-month period (or for such shorter period where the foreign employee's period of employment is less than 12 months).

***Work Injury Compensation Act 2019***

The Work Injury Compensation Act 2019 (the "WICA") which is administered by the Ministry of Manpower of Singapore, applies to workmen across all industries in respect of injuries suffered during the course of their employment and sets out, among others, the amount of compensation they are entitled to and the methods of calculating such compensation. The WICA provides that if a workman suffers any personal injury due to an accident arising out of and in the course of employment, the employer is liable to pay compensation in accordance with the provisions of WICA.

The WICA provides, among other things, that where any person (referred to as a principal) in the course of or for the purposes of their business, enters into a contract with any other person (referred to as the contractor) for the execution of the whole or any part of any work undertaken by the principal, the principal shall be liable to pay any workmen employed in the execution of the work any compensation which he would have been liable to pay if the workman had been directly employed by the principal.

Employers are required to insure and maintain insurance under one or more approved policies with one or more designated insurers against all liabilities that the employer may incur under the WICA in respect of every employee. Failure to do so is an offence punishable by a maximum fine of S$10,000 and/or imprisonment of up to 12 months or if the person is a repeat offender, to a fine not exceeding S$20,000 and/or to imprisonment for a term not exceeding 12 months.

***Regulation on Public Schemes***

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Section 6 of the Inland Revenue Authority of Singapore Act 1992 ("IRASA") provides that the Inland Revenue Authority of Singapore ("IRAS") is the authority to administer scheduled public schemes for and on behalf of the Singapore Government or a Singapore statutory body. As provided for in the Second Schedule of the IRASA the applicable scheduled public schemes include the Progressive Wage Credit Scheme ("PWCS") and Senior Employment Credit. These schemes are not applicable to local government agencies, businesses not registered in Singapore, foreign high commissions, embassies, trade offices and international organizations do not qualify for PWCS.

*PWCS*

The PWCS is a scheme introduced by the Singapore Government in its Annual Budget of 2022 to provide transitional wage support for employers to adjust to mandatory wage increases for lower-wage workers covered by the Progressive Wage Model and Local Qualifying Salary requirements, and to support employers who voluntarily raise wages of lower-wage workers. Under this scheme, the Singapore Government will co-fund wage increases of eligible resident employees (i.e. Singapore Citizens and Permanent Residents) from 2022 to 2026 of Singapore-registered businesses.

The qualification for PWCS is automatic for the Singapore-registered business so long as the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 resident employee received CPF contributions from a single employer for at least 3 calendar
 months in the preceding calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;2. the
 resident employee has been on the firm's payroll for at least 3 calendar months, and
 the resident employee received CPF contributions from a single employer for at least 3 calendar
 months in the qualifying year; and

&nbsp;&nbsp;&nbsp;&nbsp;3. the
 resident employee has an average monthly wage increase of at least S$100 in the qualifying
 year.

The payout for the respective year by the Singapore Government to co-fund wage increases for eligible resident employees will be made by the first quarter of the following year so long as the Singapore-registered business meet the aforementioned qualifying conditions. Additional information on the PWCS can be found on the IRAS website.

*Senior Employment Credit*

The Senior Employment Credit is a scheme introduced by the Singapore Government in its Annual Budget of 2021 to help provide wage offsets to help employers that employ Singaporean workers (i.e. Singapore Citizens) adjust to the higher Retirement Age and Re-employment Age. Higher support will be given for the older age bands.

The qualification for the Senior Employment Credit is automatic for the Singapore-registered business so long as the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;1. employ
 employees (Singapore Citizens) aged 60 years and above;

&nbsp;&nbsp;&nbsp;&nbsp;2. the
 employee earns below S$4,000 per month; and

&nbsp;&nbsp;&nbsp;&nbsp;3. the
 employer has made timely mandatory CPF contributions for the employee.

For wages paid from January to June, employers will receive the payout from the Singapore Government in September the same year. For wages paid from July to December, employers will receive the payout from the Singapore Government in March the following year. Additional information on the Senior Employment Credit can be found on the IRAS website.

Section 17F of the IRASA provides that a person commits an offence if, for the purposes of obtaining, or assisting another person to obtain, any money, credit, rebate or other grant under a scheduled public scheme, the person either gives to a public agency any information that is false or misleading in any material particular; or omits from any application, form or other document given to a public agency any material particular. Any person who contravenes the act is punishable by penalties, fines and/or imprisonment of varying severity, further details regarding the penalties can be found at the Singapore Statutes Online website.

 ****

***Regulation on Data Protection***

The Personal Data Protection Act 2012 of Singapore (the "PDPA") generally requires organizations to provide notification and obtain consents prior to collection, use or disclosure of personal data (being data, whether true or not, about an individual who can be identified from that data or other accessible information), and to provide individuals with the right to access and correct their own personal data. Organizations have mandatory obligations to assess data breaches they suffer, and to notify the Personal Data Protection Commission (the "PDPC") and where applicable, the relevant individuals where the data breach is (or is likely to be) of a significant scale or resulting in (or is likely to result in) significant harm to individuals. Other obligations include accountability, protection, retention, and requirements around the overseas transfers of personal data.

Additionally, prior to sending marketing messages addressed to Singapore telephone numbers, organizations must check the "Do-Not-Call" registries, unless clear and unambiguous consent to such marketing was obtained from the individual.

An organization is required to comply with the following obligations under the PDPA:

&nbsp;&nbsp;&nbsp;&nbsp;(a) obtain
 the consent of the individual before collecting, using or disclosing his personal data, save
 in situations required and authorized under the PDPA or any other written law;

&nbsp;&nbsp;&nbsp;&nbsp;(b) may
 collect, use or disclose personal data about an individual only for purposes that a reasonable
 person would consider appropriate in the circumstances and, if applicable, have been notified
 to the individual concerned;

&nbsp;&nbsp;&nbsp;&nbsp;(c) notify
 the individual of the purpose(s) for which it intends to collect, use or disclose the individual's
 personal data on or before such collection, use or disclosure of the personal data;

&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 request, (i) provide an individual with his or her personal data in the possession or under
 the control of the organization and information about the ways in which the personal data
 may have been used or disclosed during the past year; and (ii) correct an error or omission
 in an individual's personal data that is in the possession or under the control of
 the organization;

&nbsp;&nbsp;&nbsp;&nbsp;(e) make
 a reasonable effort to ensure that personal data collected by or on behalf of the organization
 is accurate and complete if the personal data is likely to be used by the organization to
 make a decision that affects the individual concerned or disclosed by the organization to
 another organization;

&nbsp;&nbsp;&nbsp;&nbsp;(f) protect
 personal data in its possession or under its control by making reasonable security arrangements
 to prevent unauthorized access, collection, use, disclosure, copying, modification, disposal
 or similar risks;

&nbsp;&nbsp;&nbsp;&nbsp;(g) cease
 to retain documents containing personal data, or remove the means by which the personal data
 can be associated with particular individuals as soon as it is reasonable to assume that
 (i) the purpose for which the personal data was collected is no longer being served by retention
 of the personal data; and (ii) retention is no longer necessary for legal or business purposes;

&nbsp;&nbsp;&nbsp;&nbsp;(h) not
 transfer personal data to a country or territory outside Singapore except in accordance with
 the requirements prescribed under the PDPA; and

&nbsp;&nbsp;&nbsp;&nbsp;(i) develop
 and implement the necessary policies and practices to meet its obligations under the PDPA
 and make information about its policies and practices available on request.

The PDPC may impose sanctions for certain failures to comply with the PDPA, including the Do-Not-Call requirements. Organizations who contravene provisions of the PDPA may be liable for a financial penalty of (a)(i) up to S$1 million or (ii) in the case of a contravention by an organization whose annual turnover in Singapore exceeds S$10 million, 10% of the annual turnover in Singapore of the organization, and/or (b) imprisonment. The Company has put in place a PDPA policy to ensure that it is compliant with the obligations under the PDPA.

To the best of our Directors' knowledge, we are in compliance with all the above-mentioned government rules and regulations.

**MANAGEMENT**

**Directors and Executive Officers** 

The following table sets forth certain information regarding our directors and executive officers.

---

| | | |
|:---|:---|:---|
| **NAME** | **AGE** | **POSITION** |
| Goh Kwang Yong | 53 | Chairman of the Board of Directors and Chief Executive Officer |
| Wan Hwee Chein | 52 | Director and Chief Operating Officer |
| Foo Ling Han | 41 | Chief Financial Officer |
| Lok Tze Kong <sup>(1)(2)(3)</sup> | 39 | Independent Director |
| Yang Pik Wei <sup>(1)(2)(3)</sup> | 51 | Independent Director |
| Yap Jin Yuan<sup>(1)(2)(3)</sup> | 39 | Independent Director |

---

(1) Member
 of the Audit Committee, effective upon the effectiveness of the registration statement of
 which this prospectus forms a part.

(2) Member
 of the Compensation Committee, effective upon the effectiveness of the registration statement
 of which this prospectus forms a part.

(3) Member
 of the Nominating and Corporate Governance Committee, effective upon the effectiveness of
 the registration statement of which this prospectus forms a part.

***Goh Kwang Yong***. Mr. Goh has served as APEX Global's Chairman of the Board and Chief Executive Officer since May 20, 2025. Mr. Goh is a seasoned professional in the marine industry with extensive experience since 1998. He founded our subsidiary, Jeneric International Pte. Ltd., in 2009, where he successfully drove strategic planning and identified key opportunities for growth. His career is marked by a deep expertise in the marine and oil & gas industries. Prior to establishing our business, Mr. Goh founded the Hypex Group of Companies in Singapore in 2002 and served as its Managing Director until 2009. Earlier in his career, Mr. Goh held multiple roles at Allbest Marine Engineering Pte. Ltd. in Singapore, advancing from Operations Executive to General Manager from 1998 to 2002. Mr. Goh holds a bachelor's degree in business (banking) from Nanyang Technological University in Singapore, equipping him with a strong foundation in business management and finance.

***Wan Hwee Chein***. Ms. Wan has served as APEX Global's director and Chief Operating Officer since May 20, 2025. Ms. Wan is an experienced professional who has accumulated over 20 years of professional experience. In 2009, she joined our subsidiary, Jeneric International Pte. Ltd., as the General Manager, where she has been instrumental in overseeing the administration, purchasing, and human resource functions for the Company and has played a key role in driving our organizational efficiency. Ms. Wan holds a Bachelor of Science (Economics) degree in Management Studies from the University of London, which has equipped her with a strong foundation in monitoring financial performances and streamlining operational procedures.

 ****

***Foo Ling Han***. Mr. Foo has served as APEX Global's Chief Financial Officer since May 20, 2025. Mr. Foo is an experienced finance professional with nearly 20 years of experience in audit, accounting, and financial reporting. From April 2017 to December 2024, Mr. Foo served as an Audit Manager at Hall Chadwick Assurance PAC (formerly known as Assurance PAC), a Singapore-based public accounting firm, where he led audit engagements for clients across various industries and advised on complex U.S. GAAP, Singapore Financial Reporting Standards (FRS), and International Financial Reporting Standards (IFRS) matters. Prior to that, he held audit and finance roles at several firms in senior positions. Mr. Foo holds a Bachelor of Arts (Hons) degree in Accounting from the University of Bedfordshire.

***Lok Tze Kong***. Mr. Lok has served as APEX Global's independent director since May 20, 2025. Mr. Lok has more than ten years of engineering and management experience in industrial sectors. Since May 2021, he has been serving as the financial vice president for Hempel (Malaysia) Sdn. Bhd, where he oversees commercial and finance functions for engineering services across Southeast Asia and supervises overall internal control relating to business operations and financial reporting. From June 2018 to April 2021, he served as an operation manager at Dayang Enterprise Holdings Berhad. From July 2014 to May 2018, Mr. Lok was a senior engineer at Bahru Stainless Sdn Bhd. Mr. Lok earned his Bachelor of Science degree in Mechanical Engineering from Universiti Teknologi Malaysia in 2008, and his Master in Business Administration degree from University of Malaya in 2013. He has also completed annual continuing-professional-development workshops covering International Financial Reporting Standards (IFRS) and basic corporate-reporting requirements in Singapore and Malaysia.

***Yang Pik Wei***. Mr. Yang has served as APEX Global's independent director since May 20, 2025. Mr. Yang is the co-founder of Axxel Marketing Pte Ltd, an SME1000 company in Singapore with subsidiaries in Singapore, Malaysia, China and Vietnam. He had been a member of the Board of Directors for Axxel Marketing Pte Ltd for 19 years from 2003 until 2022, and has served as the chief executive officer of Axxel Marketing Pte Ltd since 2018. Mr. Yang graduated from Nanyang Technological University in 1996 with a Bachelor's Degree in Business Studies (Banking).

***Yap Jin Yuan.*** Mr. Yap has served as APEX Global's independent director since August 7, 2025*.* Since March 2022, he has been an engineering advisor with Tenaga Nasional Berhad, a Malaysian public company, reviewing power-plant maintenance plans, equipment records, and safety documentation. From June 2017 to February 2022, he worked as a reliability engineer at Petronas Gas Berhad, a Malaysian public company, coordinating scheduled shutdowns, and preparing compliance reports. Mr. Yap earned a Bachelor of Engineering degree in Mechanical Engineering from UCSI University in 2009.

Other than Goh Kwang Yong and Wan Hwee Chein being spouses, no family relationship exists between any of our directors and executive officers. There are no arrangements or understandings with major shareholders, customers, suppliers or others pursuant to which any person referred to above was selected as a director or member of senior management.

**Board of Directors** 

The rules of Nasdaq generally require that a majority of an issuer's board of directors must consist of independent directors. Our board of directors consists of five (5) directors, including three independent directors.

A director is not required to hold any shares in APEX Global to qualify to serve as a director of APEX Global. The board of directors of APEX Global may exercise all the powers of APEX Global 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 or other securities, whether outright or as collateral security for any debt, liability or obligation of the company or of any third-party.

A director of APEX Global who is in any way, whether directly or indirectly, interested in a contract or arrangement or proposed contract or arrangement with APEX Global is required to declare the nature of his interest to the board of directors of APEX Global. Following a declaration being made, subject to any separate requirement for any audit committee approval under applicable law or the listing rules of Nasdaq, and unless disqualified by the chairman of the relevant board meeting, a director may vote in respect of any contract, proposed contract, or arrangement 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 our directors at which any such contract or proposed contract or arrangement is considered.

**Board Committees** 

Prior to the completion of this offering, APEX Global intends to establish an audit committee, a compensation committee, and a nominating and corporate governance committee of the board of directors of APEX Global. APEX Global intends to adopt a charter for each of the three committees prior to the completion of this offering. Each committee's members and functions are described below.

 ****

 ****

***Audit Committee***

The audit committee of APEX Global will consist of three directors, namely, Lok Tze Kong, Yang Pik Wei and Yap Jin Yuan, each of whom satisfies the "independence" requirements under the rules of Nasdaq and SEC. Each member of our audit committee is financially literate. Lok Tze Kong will be the chairperson of our audit committee. The board of directors of APEX Global has also determined that Lok Tze Kong qualifies as an "audit committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not, however, impose on him any supplemental duties, obligations, or liabilities beyond those that are generally applicable to the other members of our audit committee and board of directors. The audit committee will oversee our accounting and financial reporting processes and the audits of the financial statements of our company. The audit committee will be responsible for, among other things:

● appointing the independent auditors and pre-approving all auditing and non-auditing services permitted to be performed by the independent auditors;

● reviewing with the independent auditors any audit problems or difficulties and management's response;

● discussing the annual audited financial statements with management and the independent auditors;

● reviewing the adequacy and effectiveness of our accounting and internal control policies and procedures and any steps taken to monitor and control major financial risk exposures;

● reviewing and approving all proposed related party transactions;

● meeting separately and periodically with management and the independent auditors; and

● monitoring compliance with our code of ethics and business conduct, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance.

***Compensation Committee***

The compensation committee of APEX Global will consist of three directors, namely, Lok Tze Kong, Yang Pik Wei and Yap Jin Yuan, each of whom satisfies the "independence" requirements under the rules of Nasdaq and SEC. Each member of this committee is also a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act. Yang Pik Wei will be the chairperson of our compensation committee. The compensation committee will assist the board of directors of APEX Global in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. The compensation committee will be responsible for, among other things:

● reviewing and approving, or recommending to the board for its approval, the compensation for our chief executive officer and other executive officers;

● reviewing and recommending to the board for determination with respect to the compensation of our non-employee directors;

● reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements; and

● selecting compensation consultant, legal counsel or other adviser only after taking into consideration all factors relevant to that person's independence from management.

 ****

***Nominating and Corporate Governance Committee***

The nominating and corporate governance committee of APEX Global will consist of three directors, namely, Lok Tze Kong, Yang Pik Wei and Yap Jin Yuan, each of whom satisfies the "independence" requirements under the rules of Nasdaq and SEC. Yap Jin Yuan will be the chairperson of our nominating and corporate governance committee. The nominating and corporate governance committee will assist the board of directors of APEX Global in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

● selecting and recommending to the board nominees for election by the shareholders or appointment by the board;

● reviewing annually with the board the current composition of the board with regards to characteristics such as independence, knowledge, skills, experience and diversity;

● making recommendations on the frequency and structure of board meetings and monitoring the functioning of the committees of the board; and

● advising the board periodically with regards to significant developments in the law and practice of corporate governance as well as our compliance with applicable laws and regulations, and making recommendations to the board on all matters of corporate governance and on any remedial action to be taken.

**Duties of Directors** 

Under British Virgin Islands law, the directors of APEX Global owe fiduciary duties to APEX Global, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider in good faith to be in the best interests of APEX Global. The directors of APEX Global must also exercise their powers only for a proper purpose. The directors of APEX Global also owe to APEX Global a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his 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 British Virgin Islands. In fulfilling their duty of care to APEX Global, its directors must ensure compliance with the Memorandum and Articles of Association. APEX Global has the right to seek damages if a duty owed by its directors is breached. In limited exceptional circumstances, a shareholder may have the right to seek damages in the name of APEX Global if a duty owed by the directors of APEX Global is breached. You should refer to "*Description of Shares—Differences in Corporate Law*" for additional information on our standard of corporate governance under British Virgin Islands law.

The functions and powers of the board of directors of APEX Global include, among others:

● convening shareholders' annual general meetings and reporting its work to shareholders at such meetings;

● declaring dividends and distributions;

● appointing officers and determining the term of office of officers;

● exercising the borrowing powers of our company and mortgaging the property of our company; and

● approving the transfer of shares of APEX Global, including the registering of such shares in the share register of APEX Global.

**Terms of Directors and Officers** 

Directors of APEX Global may be elected by a shareholder resolution. In addition, the board of directors of APEX Global may, by the affirmative vote of a simple majority of the directors present and voting at a board meeting appoint any person as a director either to fill a casual vacancy on its board or as an addition to the existing board. Officers of APEX Global are elected by and serve at the discretion of the board of directors of APEX Global. The directors of APEX Global are not subject to a term of office and will hold office until such time as they resign or otherwise removed from office by ordinary resolution of the shareholders. A director will cease to be a director automatically if, among other thing, the director (i) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from the board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is prohibited by law from being a director or; (vi) is removed from office pursuant to the laws of British Virgin Islands or any other provisions of our Memorandum and Articles of Association.

**Employment Agreements** 

APEX Global has entered into service agreements with its officers governed under Singapore law in the form filed as an exhibit to the registration statement of which this prospectus forms a part. Under such agreements, each executive officer is employed for an initial term of one (1) year, with automatic renewals on a one-year basis, unless earlier terminated in accordance with the agreement's terms. The officer's annual salary is payable in twelve equal monthly installments, and he or she will be eligible to receive an annual performance-based and/or variable bonus, payable in cash and/or shares, as determined by our board of directors and compensation committee in their discretion based on, among other factors, the profitability of the Company. In addition, the agreement provides that the officer will be eligible to participate in any share option or equity incentive plan that may be adopted by the Company, at the discretion of the board of directors and compensation committee.

The agreement also provides that the Company will cover reasonable business expenses, travel expenses, and medical insurance premiums in accordance with the Company's policies, and will provide additional standard executive benefits, including annual leave and other statutory and discretionary leave entitlements. The agreement is subject to a six-month notice period for termination by either party following the initial term, or payment of six months' salary in lieu of notice, except where termination is for cause as defined in the agreement. The Company may also terminate the agreement with immediate effect for certain specified grounds, including misconduct, breach of agreement, bankruptcy, or permanent incapacity. The officer is not entitled to any severance payments upon a sale of the Company, nor is the officer entitled to any compensation for loss of office upon termination for any reason.

The officer is subject to customary confidentiality, intellectual property assignment, and restrictive covenant provisions, including non-competition and non-solicitation covenants that apply during employment and for a period of one year following termination of employment.

**Compensation of Directors and Officers** 

For the fiscal year ended December 31, 2024, the aggregate cash compensation and benefits that we paid to our executive officers and directors was approximately S$225,120 (approximately $164,788), including salaries, bonus and employer's contribution to the Central Provident Fund, a mandatory social security scheme in Singapore funded by contributions from employers and employees. None of our directors or executive officers received any equity awards, including, options, restricted shares or other equity incentives in the year ended December 31, 2024.

**2025 Equity Incentive Plan**

*Purposes of the 2025 Plan*

The 2025 Plan is designed to promote the long-term success of APEX Global by encouraging employees, directors and consultants to focus on the Company's performance, attracting and retaining talent and aligning participants' interests with shareholders through increased share ownership. It permits grants of award types including incentive share options ("ISOs"), non-statutory share options ("NSOs"), restricted shares, restricted share units ("RSUs") and share appreciation rights ("SARs").

*Administration*

Unless otherwise determined by the board of directors of APEX Global, the 2025 Plan is administered by its compensation committee. The committee has broad powers to determine fair market value, select participants, set the number and terms of awards, interpret the 2025 Plan and accelerate vesting or exercisability, among other discretionary authorities.

*Authorized Shares*

Subject to the adjustment provisions contained in the 2025 Plan, a total of 10,000,000 Class A Ordinary Shares are reserved for issuance pursuant to the 2025 Plan. If restricted shares or shares issued upon the exercise of options under the 2025 Plan are forfeited or repurchased, then such shares shall again become available for awards under the 2025 Plan. If RSUs, options or SARs under the 2025 Plan are forfeited or terminated for any other reason before being exercised or settled, then the corresponding Class A Ordinary Shares shall again become available for awards under the 2025 Plan.

*Share Options (ISOs and NSOs)*

Share options may be granted under the 2025 Plan. Except with respect to substitute awards granted in connection with certain corporate transactions, the per share exercise price of options granted under the 2025 Plan must be equal to at least 100% of the fair market value of a Class A Ordinary Share of APEX Global on the date of grant. The term of an option may not exceed ten years. With respect to any participant who owns more than 10% of the voting power of all classes of APEX Global's (or any of its parents' or subsidiaries') outstanding shares, the term of an incentive share option granted to such participant must not exceed five years and the per share exercise price must equal at least 110% of the fair market value of a Class A Ordinary Share on the grant date of APEX Global. The administrator will determine the methods of payment of the exercise price of an option, which shall be cash or cash equivalents, or, if the administrator permits, by share surrender or other methods. After the cessation of service of an employee, director or consultant, he or she may exercise his or her option for the period of time stated in his or her option agreement. In the absence of a specified time in an award agreement, if such cessation is due to termination of service for cause, the option will terminate upon such cessation of services. If such cessation is due to death or disability, the vested portion of the option will remain exercisable for twelve (12) months. In all other cases, in the absence of a specified time in an award agreement, the vested portion of the option will remain exercisable for three (3) month following the cessation of service. An option, however, may not be exercised later than the expiration of its term. Subject to the provisions of the 2025 Plan, the administrator determines the terms of options. Until the Class A Ordinary Shares are issued (as evidenced by the appropriate entry in the Register of Members of APEX Global), the participant will not have any right to vote or receive dividends or have any other rights as a shareholder with respect to such shares, and no adjustment will be made for a dividend or other right for which the record date is before the date such shares are issued, except as otherwise provided in the 2025 Plan.

*Restricted Shares*

Each award will be evidenced by an award agreement. The award agreement sets the number of shares, period of restriction, purchase price (if any), vesting criteria and transfer restrictions. The Company may hold certificates until restrictions lapse. During the restriction period, restricted shares are subject to forfeiture if vesting conditions are not met; the administrator may waive any vesting conditions or shorten the restriction period. Restricted shares may be sold for any form of consideration (cash, property, promissory notes, past or future services) and may be issued in exchange for cancelled options or SARs. Holders of restricted shares have full voting rights and receive dividends during the restriction period; any dividend shares are subject to the same vesting and forfeiture conditions. Restricted shares generally cannot be transferred until vesting conditions are satisfied; restrictions are removed once vesting is achieved.

 

*Restricted Share Units (RSUs)*

RSUs may be granted under the 2025 Plan. Award agreements specify the number of units, vesting criteria, form of payout and such other terms and conditions. During the restriction period, RSUs are subject to forfeiture. The administrator may waive the forfeiture or shorten the period. Payment of vested RSUs occurs at the time and in the manner specified in the award agreement. RSUs may be settled in cash equal to the market value of the underlying shares, in shares or a combination. Participants have no voting or dividend rights until shares are actually issued.

*Share Appreciation Rights (SARs)*

SARs may be granted under the 2025 Plan. SARs allow the recipient to receive the appreciation in the fair market value of APEX Global Class A Ordinary Shares between the exercise date and the date of grant. The exercise price may not be less than the fair market value of a share on the grant date, and no SAR may be exercised after the tenth anniversary of the grant date. Payment upon exercise may be made in cash, shares or a combination, as the administrator decides.

*Adjustments, Corporate Transactions and Change-in-Control*

The administrator may adjust the number and type of shares and other terms of outstanding awards to reflect dividends, share splits or similar events. In a dissolution or liquidation, awards terminate immediately before the transaction. Upon a change in control, the administrator may (i) accelerate vesting; (ii) have awards assumed by the acquirer; (iii) substitute with awards of the surviving entity; (iv) make awards fully exercisable and require exercise before the closing; or (v) cancel options and SARs in exchange for cash equal to the excess of fair market value over exercise price and cancel RSUs for cash equal to fair market value of the underlying shares.

*Non-Transferability of Awards*

Awards granted under the 2025 Plan are generally non-transferable and may be exercised during the participant's lifetime only by the participant. Any shares issued pursuant to an award will be registered in the participant's name and remain subject to the terms of the applicable award agreement. Limited exceptions permit transfers, upon notice to the administrator, to certain family members (as defined under SEC Rule 701) by gift, to a trust established solely for tax planning purposes, or pursuant to a qualified domestic relations order.

*Forfeiture and Clawback*

Awards granted under the 2025 Plan, and any proceeds received in respect of such awards, are subject to the Company's clawback policy, as may be adopted or amended from time to time, in order to comply with the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, applicable stock exchange listing standards, and other applicable laws and regulations. The clawback may include, where permitted by law, the recoupment of compensation through future deductions from salary, bonuses or other compensation. Acceptance of an award constitutes the participant's agreement to these clawback provisions as a condition of the award.

*Amendment or Termination*

The 2025 Plan became effective as of August 13, 2025. The 2025 Plan will expire on, and no award may be granted pursuant to the 2025 Plan after, the tenth (10th) anniversary of August 13, 2025. Any awards that are outstanding on the tenth (10th) anniversary of August 13, 2025 shall remain in force according to the terms of the 2025 Plan and the applicable award agreement.

**Code of Ethics and Business Conduct**

Our board of directors has adopted a code of ethics and business conduct, which is filed as an exhibit to this registration statement and applicable to all of our directors, officers and employees. We will make our code of ethics and business conduct publicly available on our website prior to the closing of this public offering.

**PRINCIPAL SHAREHOLDERS**

The following table sets forth certain information with respect to the beneficial ownership of our Ordinary Shares as of the date of this prospectus for (i) each of our executive officers and directors; (ii) all of our executive officers and directors as a group; and (iii) each other shareholder known by us to be the beneficial owner of 5% or more of our outstanding Ordinary Shares of each class (Class A Ordinary Shares or Class B Ordinary Shares). The following table assumes that the underwriters have not exercised the over-allotment option.

Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o APEX Global Solutions Limited, 1 Tuas View Place, #03-14, Westlink One, Singapore 637433.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Beneficial Ownership<sup>(1)</sup>** | **Beneficial Ownership<sup>(1)</sup>** | | | | |
|  | **Class A<br> Ordinary <br> Shares** | **Class B<br> Ordinary <br> Shares** | **Percent of**<br>**Class A<br> Ordinary<br> Shares<sup>(2)</sup>** | **Percent of**<br>**Class B<br> Ordinary<br> Shares<sup>(3)</sup>** | **Percent of<br> Total<br> Voting**<br>**Shares<br> Prior to<br> Offering<sup>(4)</sup>** | **Percent of<br> Total<br> Voting**<br>**Shares<br> After<br> Offering<sup>(4)(5)</sup>** |
| **Directors and Executive Officers:** | | | | | | |
| Goh Kwang Yong, Chairman and Chief Executive Officer<sup>(6)</sup> | 20000000 | 7500000 | 47.1% | 100% | 88.3% | [ ] |
| Wan Hwee Chein, Director and Chief Operating Officer<sup>(6)</sup> | 20000000 | 7500000 | 47.1% | 100% | 88.3% | [ ] |
| Foo Ling Han, Chief Financial Officer |  |  | \* | \* | \* | \* |
| Lok Tze Kong, Director |  |  | \* | \* | \* | \* |
| Yang Pik Wei, Director |  |  | \* | \* | \* | \* |
| Yap Jin Yuan, Director Nominee |  |  | \* | \* | \* | \* |
| **All directors and executive officers as a group** | 20000000 | 7500000 | 47.1% | 100% | 88.3% | [ ] |
| **<u>Other Principal Shareholders:</u>** |  |  |  |  |  |  |
| Triggen Holdings Limited<sup>(7)</sup> | 4415000 |  | 10.4% | \* | 2.3% | \* |
| Jeneric Holdings<sup>(6)</sup> | 20000000 | 7500000 | 47.1% | 100% | 88.3% | [ ] |

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\* Less than 1%.

(1) Beneficial
 Ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to
 securities. Except as noted below, each of the beneficial owners listed above has direct ownership of and sole voting power and investment
 power with respect to the ordinary shares. For each beneficial owner above, any options exercisable within 60 days have been included
 in the denominator.

(2) Based
 on 42,500,000 Class A Ordinary Shares issued and outstanding as of the date of this prospectus. Holders of Class A Ordinary Shares
 are entitled to one (1) vote per share.

(3) Based
 on 7,500,000 Class B Ordinary Shares issued and outstanding as of the date of this prospectus. Holders of Class B Ordinary Shares
 are entitled to twenty (20) votes per share. Pursuant to our Memorandum and Articles of Association, Class B Ordinary Shares are
 convertible into Class A Ordinary Shares at the option of the holder on a 1:1 basis.

(4) Percentage
 of Total Voting Shares represents total ownership with respect to all Class A Ordinary Shares and Class B Ordinary Shares, which
 vote together as a single class on all matters.

(5) Based
 on [ ] Class A Ordinary Shares outstanding upon completion of this offering, assuming the underwriters do not exercise
 its over-allotment, and 7,500,000 Class B Ordinary Shares issued and outstanding.

(6) Represents
 20,000,000 Class A and 7,500,000 Class B Ordinary Shares held by Jeneric Holdings Pte. Ltd. Goh Kwang Yong is the sole director and
 the controlling shareholder of Jeneric Holdings, and has voting and dispositive power over the securities held by Jeneric Holdings.
 Mr. Goh disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein. Wan Hwee Chein
 and Mr. Goh are spouses.

(7) The
 registered address of Triggen Holdings Limited is Asia Leading Chambers, Road Town, Tortola VG1110, British Virgin Islands. Ang Yaw
 Chung is the sole director and owner of Triggen Holdings Limited, exercises voting and dispositive power over the securities it holds,
 and is deemed the beneficial owner of such securities.

As of the date of this prospectus, to our knowledge, none of our outstanding Ordinary Shares are held in the United States. Except for the Class B Ordinary Shares held by Jeneric Holdings Pte. Ltd., none of our major shareholders have different voting rights from other shareholders. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

**RELATED PARTY TRANSACTIONS**

A related party is defined as any person who is or was (since the beginning of the last three fiscal years, even if such person does not presently serve in that role) (a) an enterprise that directly or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Company; (b) an associate, which is an unconsolidated enterprise in which the Company has a significant influence or which has significant influence over the Company; (c) an individual owning, directly or indirectly, more than 10% of any class of the Company's voting securities, and immediate family members of such individual; (d) an executive officer, director or nominee for director of the Company and immediate family members of such individual; and (e) an enterprise 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 (which includes enterprises owned by directors or major shareholders of the Company and enterprises that have a member of key management in common with the Company).

Set forth below are the related party transactions that we have entered into during the past three fiscal years and up to the date of this prospectus.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** | **Fiscal years Ended December 31,** |
| <br>**Nature of transactions** | **2024** | **2024** | **2023** | **2022** |
|  | **US$** | **S$** | **S$** | **S$** |
| **Revenue (1)** |  |  |  |  |
| - Jebs Enterprise Pte. Ltd<sup>.</sup> |  |  | 360000 | 687000 |
| - PT Jeneric Jaya \* | 35136 | 48000 |  |  |
| **Purchase of plant and equipment (2)** |  |  |  |  |
| - Jebs Enterprise Pte. Ltd. |  |  |  | 360000 |
| **Rental of equipment (3)** |  |  |  |  |
| - Jebs Enterprise Pte. Ltd. \* | 808043 | 1103884 | 1080969 | 1085314 |
| **Gain on disposal of plant and equipment / right-of-use assets (4)** |  |  |  |  |
| - Jebs Enterprise Pte. Ltd. \* | 81331 | 111107 | 27763 | - |

---

\* Companies in which Mr. Goh Kwang Yong is a common director, and over which he exercises control.

&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 2022 and 2023, we rented used blasting equipment related to corrosion prevention services
 to Jebs Enterprise amounting to S$687,000 and S$360,000, respectively. These transactions
 were conducted on an ad-hoc basis based on the operational needs of Jebs Enterprise at the
 time. The equipment leased was part of our used plant and equipment and was not in active
 use by us during the relevant periods. In
 2024, we seconded one office employee to PT Jeneric Jaya to perform management functions. The total amount for the secondment was
 S$48,000 for the year. This amount includes salary, statutory contributions, and overhead allocations. The seconded employee remained
 on our payroll, and PT Jeneric Jaya reimbursed us for the related costs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) On
 December 31, 2022, we purchased two units of used blasting equipment from Jebs Enterprise for a total consideration of S$360,000.
 The equipment was acquired for use in our core operations related to corrosion prevention services. The purchase price was determined
 considering the equipment's age, condition, and the prevailing market value for similar machinery. The equipment was transferred
 with full title and free from any encumbrances.

(3) Jebs
 Enterprise has been our largest supplier, which accounted for 54% and 42% of our total purchases
 in 2024 and 2023, respectively. We have entered into a master equipment lease agreement with
 Jebs Enterprise, a copy of which is filed as an exhibit to the registration statement of
 which this prospectus forms a part. Jebs Enterprise is directly owned by Jeneric Holdings,
 which holds all of the outstanding Class B Ordinary Shares of APEX Global. The
 master equipment lease agreement with Jebs Enterprise establishes the framework under which
 each of our six Singaporean subsidiaries acts as a lessee and leases various equipment from
 Jebs Enterprise on an ongoing basis. Under the master agreement, individual lease agreements
 are also required to be executed by and between Jebs Enterprise and each of these six subsidiaries,
 specifying the particular equipment to be leased, the rental period, and the rental fees
 applicable to each transaction. The obligations of each subsidiary as a lessee under the
 master agreement are several and not joint, meaning that each subsidiary is responsible only
 for its own obligations and not those of any other lessee. The agreement expressly provides
 that the lessees are not considered a partnership, association, or joint venture, and that
 each subsidiary should independently negotiate and enter into its individual lease arrangement
 with Jebs Enterprise. The agreement is governed by the laws of Singapore and includes an
 arbitration clause requiring that any disputes be resolved by arbitration administered by
 the Singapore International Arbitration Centre. The agreement remains in effect for as long
 as any individual lease agreement is outstanding. The individual
equipment lease agreements between Jebs Enterprise and each of our Singaporean subsidiaries provide for the lease of specified equipment
for an initial three-year term and shall automatically renew for an additional one-year term on the same terms and conditions unless
either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiry of the term. Rental
fees are based on actual usage and agreed in writing before each rental period, with payment due within thirty (30) days of invoice.
Title to the equipment remains with Jebs Enterprise, while risk of loss or damage passes to the lessee upon delivery and remains until
return. Lessees must maintain and operate the equipment properly, are prohibited from transferring or encumbering it, and must return
it at the end of the rental period or upon termination. The lease may be terminated by the lessee with 30 days' written notice,
by the lessor for uncured breach, or automatically in the event of a total loss of the equipment.. These agreements are governed by Singapore
law and require arbitration of disputes at the Singapore International Arbitration Centre.

&nbsp;&nbsp;&nbsp;&nbsp;(4) During
 2023 and 2024, we entered into a series of asset disposal transactions with Jebs Enterprise involving the sale of used equipment.
 These transactions were conducted based on management's assessment of fair market value, considering the condition, age, and
 usage of the equipment. The details are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 January 31, 2023, we sold four units of used blasting equipment to Jebs Enterprise for a total consideration of S$720,000, with an
 aggregate carrying amount of S$704,907.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 November 19, 2023, we sold one unit of used air-cooler dehumidifier for S$38,500, with a carrying amount of S$25,830.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On
 January 2, 2024, we sold three units of used high-pressure pumps for a total consideration of S$435,000, with an aggregate carrying
 amount of S$379,864.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On
 October 16, 2024, we sold two units of used high-pressure pumps for a total consideration of S$200,000, with an aggregate carrying
 amount of S$165,750.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On
 December 31, 2024, we sold two units of used high-pressure pumps for a total consideration of S$320,000, with an aggregate carrying
 amount of S$298,279.

The total gain on disposal recognized in 2023 and 2024 was S$27,763 and S$111,107, respectively. The equipment sold consisted of functional equipment that had been partially depreciated, and the gains from these disposals were recognized as other income in our financial statements.

*Advances Among Related Parties*

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Due from related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* | 1975600 | 2698907 | 1552426 |
| - Jebs Enterprise Pte. Ltd. \* | - | - | 777600 |
|  | **1975600** | **2698907** | **2330026** |
| **Due to related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* |  |  | 399117 |
| - Jebs Enterprise Pte. Ltd. \* | 40553 | 55400 | 66960 |
|  | **40553** | **55400** | **466077** |

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The amounts due from and due to related parties in the table above represent advances made for operational purposes, such as funding day-to-day business activities, supporting working capital needs, and facilitating timely payments for goods and services on behalf of entities within our Company or the related party. These advances are typically provided to ensure smooth business operations and to address short-term liquidity requirements. The balances arising from these transactions are unsecured, interest-free, and repayable on demand without any formal agreement or fixed repayment schedule.

During 2023 and 2024, we made advances to related parties, net of repayments, amounting to S$378,288 and S$779,558 (approximately US$570,636), respectively.

The amount due from Jeneric Holdings as of December 31, 2024, was settled through (i) a dividend declared in the amount of $2,592,688 on January 1, 2025, and (ii) a cash payment of $106,219 received on April 24, 2025. Since such settlement, we have not provided any additional advances to related parties and do not expect to provide advances to related parties going forward. This change reflects our current financial policies, which are focused on minimizing advances and maintaining a clearer separation of financial resources with related parties.

*Office Lease*

Our principal executive office is located at 1 Tuas View Place, #03-14, Westlink One, Singapore 637433. Our principal executive office is leased from Jebs Enterprise Pte. Ltd., a company controlled by Mr. Goh Kwang Yong, our Chief Executive Officer and Chairman, at no cost.

*Life Insurance*

On March 25, 2021 and June 6, 2024, the Company purchased two life insurance policies for Mr. Goh Kwang Yong, the Chief Executive Officer and Chairman of APEX Global, which took effect as of March 18, 2021 and June 3, 2024. The policy owners and beneficiaries are our subsidiaries Jeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd., and the insured individual is Mr. Goh Kwang Yong. The premiums paid on commencement date for the two policies were S$150,006 (approximately $109,804) and $20,755, respectively.

*Share Issuances*

On April 29, 2025, Chong Kee Min, a former director of APEX Global, acquired 50,000 shares of APEX Global from the then existing shareholder for consideration of $50,000. On April 30, 2025, such 50,000 shares held by Chong Kee Min were converted into 50,000 Class A Ordinary Shares. Chong Kee Min resigned as a director of APEX Global on August 7, 2025.

On May 20, 2025, Jeneric Holdings, APEX Global, and Ascendo entered into a Share Swap Agreement, pursuant to which Jeneric Holdings agreed to transfer to APEX Global all the issued shares of Ascendo. As consideration for the shares of Ascendo, APEX Global agreed to allot and issue 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On or around the same date, APEX Global completed the acquisition of Ascendo and issued 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On June 12, 2025, Jeneric Holdings converted 20,000,000 Class B Ordinary Shares into 20,000,000 Class A Ordinary Shares on a 1:1 basis.

**Employment Agreements**

See "*Management—Employment Agreements*."

**Compensation of Directors and Officers**

See "*Management—Compensation of Directors and Officers*."

**DESCRIPTION OF SHARES**

APEX Global is a BVI business company with limited liability and its affairs are governed by its Memorandum and Articles of Association, and the BVI Companies Act, and the common law of British Virgin Islands.

As of the date of this prospectus, APEX Global is authorized to issue unlimited shares with no par value consisting of Class A Ordinary Shares and Class B Ordinary Shares. The Class A Ordinary Shares and the Class B Ordinary Shares are collectively referred to as the Ordinary Shares below.

As of the date of this prospectus, there are 42,500,000 Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares issued and outstanding.

Upon the closing of this offering, APEX Global will have [ ] Class A Ordinary Shares and 7,500,000 Class B Ordinary Shares issued and outstanding, or [ ] Class A Ordinary Shares and [ ] Class B Ordinary Shares issued and outstanding if the underwriter exercises the over-allotment option in full.

**APEX Global's Memorandum and Articles of Association** 

The following are summaries of certain material provisions of our Memorandum and Articles of Association and of the BVI Companies Act, insofar as they relate to the material terms of the Ordinary Shares.

 

*Objects of APEX Global*. Under our Memorandum and Articles of Association, the objects of APEX Global are unrestricted, and APEX Global is capable of exercising all the functions of a natural person of full capacity irrespective of any question of corporate benefit, as provided by section 27(2) of the BVI Companies Act.

 

*Ordinary Shares*. Holders of the Class A Ordinary Shares and Class B Ordinary Shares will have the same rights except for voting and conversion rights. The Ordinary Shares are issued in registered form and are issued when registered in APEX Global's register of members. APEX Global may not issue shares to bearer. Shareholders who are non-residents of British Virgin Islands may freely hold and vote their shares.

 

*Conversion.* Each Class B Ordinary Share is convertible into one Class A Ordinary Share on a 1:1 basis at any time at the option of the holder thereof. Class A Ordinary Shares are not convertible into Class B Ordinary Shares under any circumstances.

 

*Distributions*. The holders of our Ordinary Shares are entitled to such dividends as may be declared by our board of directors subject to the BVI Companies Act.

 

*Voting Rights*. Any action required or permitted to be taken by the shareholders must be effected at a duly called general meeting of the shareholders entitled to vote on such action or may be effected by a resolution in writing. At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each Class A Ordinary Share which such shareholder holds and 20 votes for each Class B Ordinary Share which such shareholder holds. Holders of Class A Ordinary Shares and holders of Class B Ordinary Shares shall vote together as a single class, on all matters that require shareholders' approval. A resolution to be passed at a meeting by the shareholders requires the affirmative vote of a majority of the votes cast by those shareholders who are present and voting at the meeting.

 

*General Meetings of Shareholders*. APEX Global must provide not less than five (5) days' notice of all meetings of shareholders to those persons whose names appear as shareholders in the register of members on the date of the notice is given and are entitled to vote at the meeting. Our board of directors shall call a meeting of the shareholders upon the written request of shareholders holding at least 30% of voting rights. In addition, our board of directors may call a meeting of shareholders on its own motion. A meeting of shareholders held in contravention of the requirement to give notice is valid if shareholders holding at least 90 percent 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 shareholder at the meeting shall constitute waiver on his part.

At any meeting of shareholders, a quorum will be present if there are shareholders present in person or by proxy representing not less than one-third of the votes of Ordinary Shares entitled to vote on the resolutions to be considered at the meeting. Such quorum may be represented by only a single shareholder or proxy. If no quorum is present within two hours of the start time of the meeting, the meeting shall be dissolved if it was requested by shareholders. In any other case, the meeting shall be adjourned to the next business day at the same time and place or to such other time and place as the board of directors may determine, and if shareholders representing not less than one-third of the votes of the Ordinary Shares entitled to vote on the matters to be considered at the meeting are present within one hour of the start time of the adjourned meeting, a quorum will be present. No business may be transacted at any general meeting unless a quorum is present at the commencement of business. If present, the chair of our board of directors shall be the chair presiding at any meeting of the shareholders. If the chair of our board of directors is not present then the shareholders present shall choose a shareholder to chair the meeting of shareholders. If the shareholders are unable to choose a chairman for any reason, then the person representing the greatest number of voting shares present in person or by proxy at the meeting shall preside as chairman.

A corporation that is a shareholder shall be deemed for the purpose of our Memorandum and Articles of Association to be present in person if represented by its duly authorized representative. This duly authorized representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as that corporation could exercise if it were our individual shareholder.

 

*Transfer of Ordinary Shares*. Subject to the restrictions contained in our Memorandum and Articles of Association, 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 designated by the relevant stock exchange or any other form approved by the board of directors. Notwithstanding the foregoing, Ordinary Shares may also be transferred in accordance with the applicable rules and regulations of the relevant stock exchange.

 

*Liquidation*. The BVI court has authority under the Insolvency Act of the BVI 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.

A BVI business company may enter into voluntary liquidation under the BVI Companies Act if it has no liabilities or is able to pay its debts as they fall due and the value of its assets equals or exceeds its liabilities.

 

*Calls on Shares and Forfeiture of Shares*. The board of directors of APEX Global may from time to time make calls upon shareholders for any amounts unpaid on their shares in a notice served to such shareholders at least 14 days prior to the specified time and place of payment. The Ordinary Shares that have been called upon and remain unpaid are subject to forfeiture.

 

*Purchase or redemption of Ordinary Shares.* Subject to the provisions of the BVI Companies Act, the board of directors of APEX Global may purchase, redeem or otherwise acquire and hold its own shares on such terms and in such manner as may be determined by our Memorandum and Articles of Association and subject to any applicable requirements imposed from time to time by, the BVI Companies Act, the SEC, or by any recognized stock exchange on which our securities are listed*.*

 

*Variations of Rights of Shares.* If at any time the shares of APEX Global are divided into different classes, the rights attached to any class may only be varied, whether or not the Company is in liquidation, (i) with the written consent of the holders of the majority of the issued shares of that class or (ii) by a resolution of shareholders of that class.

 

*Issuance of Additional Shares.* Our Memorandum and Articles of Association authorize its board of directors to issue additional Ordinary Shares from time to time as the board of directors shall determine, to the extent of available authorized but unissued shares.

 

*Inspection of Books and Records*. Under the BVI Companies Act, holders of our shares are entitled, upon giving written notice to us, to inspect (i) our Memorandum and Articles of Association, (ii) our register of shareholders, (iii) our register of directors and (iv) minutes of meetings and resolutions of our shareholders, and to make copies and take extracts from these documents and records. However, our directors can refuse access if they are satisfied that to allow such access would be contrary to our interests. 

**Differences in Corporate Law**

The BVI Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent English statutory enactments and accordingly there are significant differences between the BVI Companies Act and the current Companies Act of England. In addition, the Companies Act differs from laws applicable to U.S. corporations and their shareholders. Set forth below is a summary of certain significant differences between the provisions of the BVI Companies Act applicable to us and the laws applicable to companies incorporated in the United States and their shareholders.

*Mergers and Similar Arrangements.* The laws of the BVI, two or more BVI companies may merge or consolidate in accordance with section 170 of the BVI Companies Act. A merger means the merging of two or more constituent companies into one of the constituent companies and a consolidation means the consolidating of two or more constituent companies into a new company. In order to merge or consolidate, then (among other things) the directors of each constituent company must approve a written plan of merger or consolidation, which must be authorized by a resolution of shareholders.

Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan of merger or consolidation contains any provision which, if proposed as an amendment to the Memorandum and Articles of Association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting held to approve the plan of merger or consolidation.

The shareholders of the constituent companies are not required to receive shares of the surviving or consolidated company but may receive debt obligations or other securities of the surviving or consolidated company, other assets, or a combination thereof. Further, some or all of the shares of a class or series may be converted into a kind of asset while the other shares of the same class or series may receive a different kind of asset. As such, not all the shares of a class or series must receive the same kind of consideration.

After the plan of merger or consolidation has been approved by the directors and authorized by a resolution of the shareholders, articles of merger or consolidation are executed by each company and filed with the Registrar of Corporate Affairs in the BVI.

A shareholder may dissent from a merger (unless the shareholder was a shareholder of the surviving company prior to the merger and continues to hold the same or similar shares after the merger) or a consolidation. A shareholder properly exercising his dissent rights is entitled to a cash payment equal to the fair value of his shares.

A shareholder dissenting from a merger or consolidation must object in writing to the merger or consolidation before the vote by the shareholders on the merger or consolidation, unless notice of the meeting was not given to the shareholder. If the merger or consolidation is approved by the shareholders, the company must give notice of this fact to each shareholder who gave written objection within 20 days. These shareholders then have 20 days to give to the company their written election in the form specified by the Companies Act to dissent from the merger or consolidation, provided that in the case of a merger, the 20 days starts when the plan of merger is delivered to the shareholder.

Upon giving notice of his election to dissent, a shareholder ceases to have any of the rights of a shareholder except the right to be paid the fair value of his shares. As such, the merger or consolidation may proceed in the ordinary course notwithstanding his dissent.

Within seven days of the later of the delivery of the notice of election to dissent and the effective date of the merger or consolidation, the surviving or consolidated company must make a written offer to each dissenting shareholder to purchase his shares at a specified price per share that the company determines to be the fair value of the shares. The company and the shareholder then have 30 days to agree upon the price. If the company and a shareholder fail to agree on the price within the 30 days, then the company and the shareholder shall, within 20 days immediately following the expiration of the 30-day period, each designate an appraiser and these two appraisers shall designate a third appraiser. These three appraisers shall fix the fair value of the shares as of the close of business on the day prior to the shareholders' approval of the transaction without taking into account any change in value as a result of the transaction.

*Shareholders' Suits.* The BVI Companies Act provides for remedies which may be available to shareholders. Where a company incorporated under the BVI Companies Act or any of its directors engages in, or proposes to engage in, conduct that contravenes the BVI Companies Act or the company's memorandum and articles of association, the BVI courts can issue a restraining or compliance order. Shareholders may also bring derivative, personal and representative actions under certain circumstances. The traditional English basis for members' remedies has also been incorporated into the BVI Act: where a shareholder of a company considers that the affairs of the company have been, are being or are likely to be conducted in a manner likely to be oppressive, unfairly discriminating or unfairly prejudicial to him, he may apply to the court for an order based on such conduct.

Any shareholder of a company may apply to court for the appointment of a liquidator of the company and the court may appoint a liquidator of the company if it is of the opinion that it is just and equitable to do so.

*Indemnification of Directors and Executive Officers and Limitation of Liability*. British Virgin 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 British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association provide that that APEX Global shall indemnify its directors and officers, and their personal representatives, against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such persons, other than by reason of such person's dishonesty, wilful default or fraud, in or about the conduct of APEX Global'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 director or officer in defending (whether successfully or otherwise) any civil proceedings concerning APEX Global or its affairs in any court whether in British Virgin Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

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 acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his 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, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of British Virgin Islands law, a director of a BVI business 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 in good faith in the best interests of the company, a duty not to make a personal profit based on his position as director (unless the company permits him to do so), a duty not to put himself in a position where the interests of the company conflict with his personal interest or his duty to a third party and a duty to exercise powers for the purpose for which such powers were intended. A director of a British Virgin Islands business 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 duties a greater degree of skill than may reasonably be expected from a person of his 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 British Virgin Islands.

*Shareholder Action by Written Consent*. Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Articles of Association provide that any action required or permitted to be taken at any general meetings may be taken upon the vote of shareholders at a general meeting duly noticed and convened in accordance with our post offering articles of association and may be taken by written consent of the shareholders without a meeting.

*Shareholder Proposals*. Under the Delaware General Corporation Law, 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.

BVI law and our Memorandum and Articles of Association provide our shareholders holding 30% or more of the voting rights entitled to vote on any matter for which a meeting is to be convened may request that the directors shall requisition a shareholders' meeting. As a BVI business company, we are not obliged by law to call an annual general meeting of shareholders, however our Memorandum and Articles of Association do permit the directors to convene meetings of the shareholders at such times as the director considers necessary or desirable.

 

*Cumulative Voting*. Under the Delaware General Corporation Law, 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. There are no prohibitions in relation to cumulative voting under the laws of British Virgin Islands but our Articles of Association do not provide for cumulative voting. As a result, shareholders of APEX Global 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.

Our Articles of Association provide that a director of APEX Global may be removed from office by a resolution of shareholders or by resolution of directors. A resolution for the removal of a director may only be passed at a meeting called for the purpose of removing the director or for purposes including the removal of the director.

*Transactions with Interested Shareholders*. The Delaware General Corporation Law 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 share 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.

British Virgin 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 British Virgin Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and not with the effect of constituting a fraud on the minority shareholders.

 

*Dissolution; Winding up*. Under the Delaware General Corporation Law, 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 the BVI Companies Act and our Memorandum and Articles of Association, we may appoint a voluntary liquidator by a resolution of shareholders or (subject to section 199(2) of the Companies Act) a resolution of directors.

*Variation of Rights of Shares*. Under the Delaware General Corporation Law, 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 British Virgin Islands law and our Articles of Association, if our authorized shares are divided into more than one class of shares, we may vary the rights attached to any class only with the consent in writing of or by a resolution passed at a meeting by the holders of not less than 50 percent of the issued Shares in that class.

 

*Amendment of Governing Documents*. Under the Delaware General Corporation Law, 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 British Virgin Islands law, our Memorandum and Articles of Association may be amended by a resolution of shareholders and, subject to certain exceptions, by a resolution of directors. Any amendment is effective from the date it is registered at the BVI Registry of Corporate Affairs.

 

*Rights of Non-resident or Foreign Shareholders*. There are no limitations imposed by our Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on the Ordinary Shares. In addition, there are no provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

**History of Securities Issuances** 

See the section titled "*Corporate History and Structure.*"

**Listing**

We have applied to list the Class A Ordinary Shares on Nasdaq under the symbol "APEX." At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq.

**Transfer Agent and Registrar**

The transfer agent and registrar for the Class A Ordinary Shares is Transhare Corporation. The transfer agent and registrar's address is 17755 North US Highway 19 Suite 140, Clearwater, Fl 33764.

**SHARES ELIGIBLE FOR FUTURE SALE**

Upon completion of this offering, we will have issued and outstanding [ ] Class A Ordinary Shares (or [ ] Class A Ordinary Shares if the underwriters exercise the over-allotment option in full). All of the Class A Ordinary Shares sold in this offering will be freely transferable without restriction under the Securities Act unless purchased by one of our affiliates as that term is defined in Rule 144 under the Securities Act, which generally includes directors, executive officers and 10% shareholders. Sales of substantial amounts of the Class A Ordinary Shares in the public market could adversely affect prevailing market prices of Class A Ordinary Shares. All outstanding Class A Ordinary Shares prior to this offering are "restricted securities" as that term is defined in Rule 144 and may be sold only if they are sold pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act such as those provided in Rules 144 and 701 promulgated under the Securities Act, which rules are summarized below. Restricted Class A Ordinary Shares may also be sold outside of the United States in accordance with Regulation S under the Securities Act. This prospectus may not be used in connection with any resale of the Class A Ordinary Shares acquired in this offering by our affiliates.

**Rule 144** 

In general, under Rule 144 of the Securities Act, a person or entity that has beneficially owned the Class A Ordinary Shares for at least six months and is not our "affiliate" will be entitled to sell the Class A Ordinary Shares, subject only to the availability of current public information about us, and will be entitled to sell Class A Ordinary Shares held for at least one year without any restriction. A person or entity that is our "affiliate" and has beneficially owned Class A Ordinary Shares for at least six months will be able to sell, within a rolling three month period, the number of Class A Ordinary Shares that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) 1%
 of the then outstanding Class A Ordinary Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 average weekly trading volume of Class A Ordinary Shares on Nasdaq during the four calendar weeks preceding the date on which notice
 of the sale is filed with the SEC.

Sales by affiliates under Rule 144 must be made through unsolicited brokers' transactions. They are also subject to manner of sale provisions, notice requirements and the availability of current public information about us.

**Rule 701** 

In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, directors or consultants who purchases the Class A Ordinary Shares from us pursuant to a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such Class A Ordinary Shares 90 days after we become a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, such as the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to 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.

**Lock-up Agreements** 

See "*Underwriting—Lock-up Agreements*."

We are not aware of any plans by any significant shareholders to dispose of significant numbers of the Class A Ordinary Shares. However, we cannot predict what effect, if any, future sales of the Class A Ordinary Shares, or the availability of Class A Ordinary Shares for future sale, will have on the trading price of the Class A Ordinary Shares from time to time. Sales of substantial amounts of the Class A Ordinary Shares in the public market, or the perception that these sales could occur, could adversely affect the trading price of the Class A Ordinary Shares.

**TAXATION**

*The following sets forth material British Virgin Islands, Singapore and U.S. federal income tax consequences of an investment in the Class A Ordinary Shares. It is based upon laws and relevant interpretations thereof as of the date of this prospectus, all of which are subject to change. This discussion does not address all possible tax consequences relating to an investment in the Class A Ordinary Shares, such as the tax consequences under state, local and other tax laws.*

**British Virgin Islands Taxation** 

The Government of the British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon the Company or its shareholders who are not tax resident in the British Virgin Islands.

The Company and all distributions, interest and other amounts paid by the Company to persons who are not tax resident in the British Virgin Islands will not be subject to any income, withholding or capital gains taxes in the British Virgin Islands, with respect to the Ordinary Shares in the Company owned by them and dividends received on such shares, nor will they be subject to any estate or inheritance taxes in the British Virgin Islands.

No estate, inheritance, succession or gift tax, rate, duty, levy or other charge is payable by persons who are not residents of the BVI with respect to any shares, debt obligations or other securities of the Company.

All instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from payment of the stamp duty in the BVI provided they do not relate to real estate in the BVI.

There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its shareholders.

*BVI Economic Substance*

The British Virgin Islands, together with several other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the European Union regarding offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the "ESA") came into force in the British Virgin Islands introducing certain economic substance requirements for British Virgin Islands tax resident companies which are engaged in certain "relevant activities". However, it is anticipated that the Company as a "purely equity holding equity" will only be subject to more limited substance requirements. Although it is presently anticipated that the ESA will have little material impact on the Company or its operations, as the legislation is new and remains subject to further clarification and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on the Company.

**Singapore Taxation** 

 

*Dividend Distributions*

Singapore adopted the one-tier corporate tax system beginning on January 1, 2003. Under the one-tier corporate tax system, the tax paid by a Singapore resident company on its corporate profits is a final tax. Dividends payable by the Singapore resident company to its shareholders are exempt from Singapore income tax in the hands of the shareholders.

There is no withholding tax on the dividend payments to both resident and non-resident shareholders.

Foreign shareholders receiving tax exempt (one-tier) dividends are advised to consult their tax advisors to take into account the tax laws of their respective countries of residence and the applicability of any double taxation agreement which their country of residence may have with Singapore.

*Corporate Income Tax*

Corporate taxpayers (both resident and non-resident) are subject to Singapore income tax on income accrued in or derived from Singapore (i.e. Singapore-sourced) and income received in Singapore from outside Singapore (i.e. foreign-sourced income received or deemed received in Singapore) unless specifically exempt from income tax.

Foreign-sourced income is deemed to be received in Singapore when it is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) remitted
 to, transmitted or brought into Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;(b) used
 to pay off any debt incurred in respect of a trade or business carried on in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) used
 to purchase any movable property brought into Singapore.

Foreign-sourced income in the form of branch profits, dividends and service fee income ("specified foreign income") received or deemed received in Singapore by a Singapore tax resident company are exempted from Singapore tax provided that the following qualifying conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 income is subject to tax of a similar character to income tax under the law of the territory
 from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;(b) at
 the time the income is received in Singapore, the highest rate of tax of a similar character
 to income tax (by whatever name called) levied under the law of the territory from which
 the income is received is at least 15.0%; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the
 recipient of the specified foreign income.

The prevailing corporate income tax rate in Singapore is 17.0%, which applies to both local and foreign companies. With effect from the year of assessment 2020, 75% of up to the first S$10,000, and 50% of up to the next S$190,000 of a company's chargeable income (otherwise subject to normal taxation) is exempt from corporate tax. The remaining chargeable income that exceeds S$200,000 will be fully taxable at the prevailing corporate tax rate.

For the year of assessment 2024, corporate taxpayers were entitled to corporate income tax rebates of 50% of the corporate tax payable (which were capped at S$40,000 less the corporate income tax rebate cash grant of S$2,000 where applicable.) To be applicable for the rebate cash grant, a company must be active and have at least one local employee. The corporate income tax rebate will apply to income taxed at a concessionary tax rate but will not apply to income that is subject to a final withholding tax. Similarly, for the year of assessment 2025, a corporate income tax rebate of 50% of the corporate tax payable will be granted to all taxpaying companies, whether tax resident or not, with a rebate cash grant of S$2000 where applicable. As such, the total maximum benefits of corporate income tax rebate and rebate cash grant that a company may receive is S$40,000.

A company is regarded as a tax resident in Singapore if the control and management of its business is exercised in Singapore. Control and management is defined as the making of decisions on strategic matters, such as those concerning the company's policy and strategy. Generally, the location of the company's board of directors meetings where strategic decisions are made determines where the control and management is exercised. However, under certain scenarios, holding board meetings in Singapore may not be sufficient and other factors will be considered to determine if the control and management of the business is indeed exercised in Singapore. The place of incorporation of a company is not necessarily indicative of the tax residency of a company.

**U.S. Federal Income Taxation** 

The following summarizes the material U.S. federal income tax consequences to the U.S. Holders described below of owning and disposing of the Class A Ordinary Shares. This discussion does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person's decision to acquire our Class A Ordinary Shares.

This discussion applies only to a U.S. Holder that acquires the Class A Ordinary Shares in this offering and holds the Class A Ordinary Shares as capital assets for U.S. federal income tax purposes. In addition, it does not describe all of the tax consequences that may be relevant in light of a U.S. Holder's particular circumstances, including the alternative minimum tax, the net investment income tax and tax consequences applicable to U.S. Holders subject to special rules, such as:

● certain financial institutions;

● securities dealers or traders in securities that use a mark-to-market method of tax accounting;

● persons holding Class A Ordinary Shares as part of a straddle, conversion transaction, integrated transaction or similar transaction;

● persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

● entities classified as partnerships for U.S. federal income tax purposes and their partners or investors;

● tax-exempt entities, "individual retirement accounts" or "Roth IRAs";

● persons that own or are deemed to own Class A Ordinary Shares representing 10% or more of the voting power or value; or

● persons holding Class A Ordinary Shares in connection with a trade or business outside the United States.

If a partnership (or other entity that is classified as a partnership for U.S. federal income tax purposes) owns Class A Ordinary Shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships owning Class A Ordinary Shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of our Class A Ordinary Shares.

This discussion is based on the Internal Revenue Code of 1986, as amended, or the Code, administrative pronouncements, judicial decisions, final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. The United States currently has no tax treaty with either the British Virgin Islands or Singapore.

As used herein, a "U.S. Holder" is a beneficial owner of the Class A Ordinary Shares that is, for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

● an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of Class A Ordinary Shares in their particular circumstances.

***Taxation of Distributions***

Except as described below under "—Passive Foreign Investment Company Rules," distributions paid on the Class A Ordinary Shares, other than certain pro rata distributions of Class A Ordinary Shares, will be treated as dividends to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Dividends will not be eligible for the dividends received deduction generally available to U.S. corporations under the Code. Subject to applicable limitations and the discussion above regarding concerns expressed by the U.S. Treasury, and subject to the passive foreign investment company rules described below, dividends paid to certain non-corporate U.S. Holders may be taxable at favorable rates. Non-corporate U.S. Holders should consult their tax advisers regarding the availability of these favorable rates in their particular circumstances.

Dividends will be included in a U.S. Holder's income on the date of receipt by the U.S. Holder. The amount of any dividend income paid in foreign currency will be the U.S. dollar amount calculated by reference to the spot rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. Dollars on such date. If the dividend is 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 of the amount received. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. Dollars after the date of receipt.

Dividends will be treated as foreign-source income for foreign tax credit purposes. As described in "—Singapore Taxation," dividends paid by the Company may be subject to Singapore withholding tax. For U.S. federal income tax purposes, the amount of the dividend income will include any amounts withheld in respect of Singapore withholding tax. Subject to applicable limitations, which vary depending upon the U.S. Holder's circumstances, and subject to the discussion above regarding concerns expressed by the U.S. Treasury, Singapore taxes withheld from dividend payments generally will be creditable against a U.S. Holder's U.S. federal income tax liability. The rules governing foreign tax credits are complex, and U.S. Holders should consult their tax advisers regarding the creditability of foreign tax credits in their particular circumstances. In lieu of claiming a credit, a U.S. Holder may elect to deduct such Singapore taxes in computing its taxable income, subject to applicable limitations. An election to deduct foreign taxes instead of claiming foreign tax credits must apply to all foreign taxes paid or accrued in the taxable year.

***Sale or Other Taxable Disposition of Class A Ordinary Shares***

Except as described below under "—Passive Foreign Investment Company Rules," a U.S. Holder will generally recognize capital gain or loss on a sale or exchange or other taxable disposition of the Class A Ordinary Shares in an amount equal to the difference between the amount realized on the sale or exchange or other taxable disposition and the U.S. Holder's tax basis in the Class A Ordinary Shares disposed of, in each case as determined in U.S. Dollars. The gain or loss will be long-term capital gain or loss if, at the time of the sale or disposition, the U.S. Holder has owned the Class A Ordinary Shares for more than one year. Long-term capital gains recognized by non-corporate U.S. Holders may be subject to tax rates that are lower than those applicable to ordinary income. The deductibility of capital losses is subject to limitations.

As described in "—Singapore Taxation," gains on the sale of Class A Ordinary Shares may be subject to Singapore taxes. A U.S. Holder is entitled to use foreign tax credits to offset only the portion of its U.S. federal income tax liability that is attributable to foreign-source income. Because under the Code capital gains of U.S. persons are generally treated as U.S.-source income, this limitation may preclude a U.S. Holder from claiming a credit for all or a portion of any Singapore taxes imposed on any such gains. U.S. Holders should consult their tax advisers regarding the creditability in their particular circumstances of any Singapore tax on disposition gains.

***Passive Foreign Investment Company Rules***

In general, a non-U.S. corporation is a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and certain gains. Cash is a passive asset for these purposes.

Based on the expected composition of our income and assets and the value of our assets, including goodwill, which in turn is based on the expected price of our shares in this offering, we do not expect to be a PFIC for our current taxable year. However, the proper application of the PFIC rules to a company with a business such as ours is not entirely clear. We will hold a substantial amount of cash following this offering, and because our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of the Class A Ordinary Shares, which could be volatile), there can be no assurance that we will not be a PFIC for our current taxable year or any future taxable year.

If we were a PFIC for any taxable year and any of our subsidiaries were also a PFIC (any such entity referred to as a Lower-tier PFIC), U.S. Holders would be deemed to own a proportionate amount (by value) of the shares of each Lower-tier PFIC and would be subject to U.S. federal income tax according to the rules described in the subsequent paragraph on (i) certain distributions by a Lower-tier PFIC and (ii) dispositions of shares of Lower-tier PFICs, in each case as if the U.S. Holders held such shares directly, even though the U.S. Holders did not receive the proceeds of those distributions or dispositions.

In general, if we were a PFIC for any taxable year during which a U.S. Holder holds Class A Ordinary Shares, gain recognized by such U.S. Holder on a sale or other disposition (including certain pledges) of its Class A Ordinary Shares would be allocated ratably over that U.S. Holder's holding period. The amounts allocated to the taxable year of the sale or disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed on the resulting tax liability for each such year. Furthermore, to the extent that distributions received by a U.S. Holder in any year on its Class A Ordinary Shares exceed 125% of the average of the annual distributions on Class A Ordinary Shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, such distributions would be subject to taxation in the same manner. In addition, if we were a PFIC (or with respect to a particular U.S. Holder were treated as a PFIC) for a taxable year in which we paid a dividend or for the prior taxable year, the favorable tax rates described above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.

Alternatively, if we were a PFIC and if the Class A Ordinary Shares were "regularly traded" on a "qualified exchange," a U.S. Holder could make a mark-to-market election that would result in tax treatment different from the general tax treatment for PFICs described in the preceding paragraph. The Class A Ordinary Shares would be treated as "regularly traded" for any calendar year in which more than a *de minimis* quantity of the shares were traded on a qualified exchange on at least 15 days during each calendar quarter. Nasdaq, where the Class A Ordinary Shares are expected to be listed, is a qualified exchange for this purpose. If a U.S. Holder makes the mark-to-market election, the U.S. Holder generally will recognize as ordinary income any excess of the fair market value of the Class A Ordinary Shares at the end of each taxable year over their adjusted tax basis, and will recognize an ordinary loss in respect of any excess of the adjusted tax basis of the Class A Ordinary Shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder makes the election, the U.S. Holder's tax basis in the Class A Ordinary Shares will be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other disposition of Class A Ordinary Shares in a year in which we are a PFIC will be treated as ordinary income, and any loss will be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election, with any excess treated as capital loss). If a U.S. Holder makes the mark-to-market election, distributions paid on Class A Ordinary Shares will be treated as discussed under "—Taxation of Distributions" above.

We do not intend to provide the information necessary for U.S. Holders to make qualified electing fund elections, which if available could materially affect the tax consequences of the ownership and disposition of the Class A Ordinary Shares if we were a PFIC for any taxable year. Therefore, U.S. Holders will not be able to make such elections.

If we were a PFIC for any taxable year during which a U.S. Holder owns Class A Ordinary Shares, we would generally continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which the U.S. Holder owns Class A Ordinary Shares, even if we ceased to meet the threshold requirements for PFIC status.

If we were a PFIC for any taxable year during which a U.S. Holder owned any Class A Ordinary Shares, the U.S. Holder would generally be required to file annual reports with the U.S. Internal Revenue Service ("IRS"). U.S. Holders should consult their tax advisers regarding the determination of whether we are a PFIC for any taxable year and the potential application of the PFIC rules to their ownership of Class A Ordinary Shares.

***Information Reporting and Backup Withholding***

Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries may be subject to information reporting and backup withholding, unless (i) the U.S. Holder is a corporation or other "exempt recipient" and (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals (or certain specified entities) may be required to report information relating to their ownership of Class A Ordinary Shares, unless the Class A Ordinary Shares are held in accounts at financial institutions (in which case the accounts may be reportable if maintained by non-U.S. financial institutions). U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to the Class A Ordinary Shares.

**ENFORCEABILITY OF CIVIL LIABILITIES**

**British Virgin Islands** 

We are incorporated under the laws of the British Virgin Islands as a BVI business company limited by shares. We are incorporated in the British Virgin Islands because of certain benefits associated with being a British Virgin Islands entity, such as political and economic stability, an effective judicial system, a favorable tax system, the absence of exchange control or currency restrictions and the availability of professional and support services. However, the British Virgin Islands has a less developed body of securities laws as compared to the United States and provides protections for investors to a lesser extent. In addition, British Virgin Islands companies may not have standing to sue before the federal courts of the United States.

Substantially all of our assets are located outside the United States, in Singapore. In addition, all our directors and officers are nationals and/or residents of countries other than the United States, and all or a substantial portion of such persons' assets are located outside the United States. In particular, all our directors and officers are nationals or residents of Singapore and Malaysia. As a result, it may be difficult for investors to effect service of process within the United States upon us or such persons or to enforce against them or against us, 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 thereof.

Harney Westwood & Riegels, our counsel as to BVI law, has advised us that there is uncertainty as to whether the courts of the BVI would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in the BVI against us or our directors or officers predicated upon the securities laws of the United States or any state in the United States.

We have been advised by Harney Westwood & Riegels that the United States and the BVI do not have a treaty providing for reciprocal recognition and enforcement of judgments of courts of the United States in civil and commercial matters and that a final judgment for the payment of money rendered by any general or state court in the United States based on civil liability, whether or not predicated solely upon the U.S. federal securities laws, would not be automatically enforceable in the BVI. We have also been advised by Harney Westwood & Riegels that the courts of the BVI would treat a final and conclusive monetary judgment for a definitive sum obtained against us in the U.S. federal or state courts as a cause of action in itself and sued upon as a debt at common law so that no retrial of the issues would be necessary provided that (a) such U.S. federal or state courts had jurisdiction in the matter and we either submitted to such jurisdiction or was resident or carrying on business within such jurisdiction and was duly served with process, (b) the judgment given by such U.S. federal or state courts was not in respect of penalties, fines, taxes or similar fiscal or revenue obligations, (c) in obtaining judgment there was no fraud on the part of the person in whose favour judgment was given or on the part of such U.S. federal or state courts, (d) recognition or enforcement in the BVI would not be contrary to public policy, and (e) the proceedings pursuant to which judgment was obtained were not contrary to the principles of natural justice.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against it under the federal or state securities law of the United States.

**Singapore**

Shook Lin & Bok LLP, our counsel as to Singapore law, has advised us that there is uncertainty as to whether the courts of Singapore would (i) recognize or enforce judgments of United States courts obtained against us or our Directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) entertain original actions brought in Singapore against us or our directors or officers predicated upon the securities laws of the United States.

In making a determination as to enforceability of a judgment of the courts of the United States, and subject to the Singapore courts having jurisdiction over the judgment debtor, the Singapore courts would have regard to whether the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money. In general, an *in personam* foreign judgment that is final and conclusive (that is, in general, a judgment that makes a final determination of rights between the parties and cannot be re-opened or altered by the court that delivered it, or be overridden by another body not being an appellate or supervisory body, although it may be subject to an appeal), given by a competent court of law having jurisdiction over the parties subject to such judgment, and for a fixed and ascertainable sum of money, may be enforceable as a debt in the Singapore courts under common law unless procured by fraud, or the proceedings in which such judgments were obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to fundamental public policy, or if the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws (save where any such component of the judgment can be duly severed from the rest of the judgment sought to be enforced). Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our Directors and officers. Singapore courts would not recognize or enforce judgments against us, our Directors and officers to the extent that doing so would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being pursuant to foreign penal, revenue or other public laws. Such a determination has yet to be made by a Singapore court in a reported decision.

**UNDERWRITING**

We will enter into an underwriting agreement with US Tiger Securities, Inc., as representative of the several underwriters in this offering (the "Representative"), with respect to the Class A Ordinary Shares to be sold in this offering. Subject to certain conditions, we have agreed to sell to the underwriters named below, and the underwriters have severally agreed to purchase, the number of Class A Ordinary Shares provided below opposite their respective names at the initial public offering price less the underwriting discounts, as set forth on the cover page of this prospectus and as indicated below.

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| | |
|:---|:---|
| **Underwriters** | **Number of <br> Class A Ordinary<br> Shares** |
| US Tiger Securities, Inc. | [ ] |
| Total | [ ] |

---

We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to [ ], or 15%, additional Class A Ordinary Shares at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus.

A copy of the underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus forms a part.

The underwriters are offering the Class A Ordinary Shares subject to their acceptance of the Class A Ordinary Shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the securities offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the securities if any such securities are taken.

**Underwriting Discounts and Expenses**

The underwriting discounts are equal to 7.0% of the initial public offering price.

The following table shows the public offering price, underwriting discount, and proceeds, before expenses, to us.

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| | | |
|:---|:---|:---|
|  | **Per Class A<br> Ordinary<br> Share** | **Total<sup>(2)</sup>** |
| Public offering price | $[ ] | $[ ] |
| Underwriting discounts<sup>(1)</sup> | $[ ] | $[ ] |
| Proceeds, before expenses, to us | $[ ] | $[ ] |

---

(1) The
 underwriting discounts are equal to 7% of the initial public offering price set forth on
 the cover of this prospectus.

(2) Assuming
 no exercise of the over-allotment option granted to the underwriters.

We have agreed to reimburse the Representative for certain out-of-pocket expenses incurred by it up to an aggregate of $230,000 (including the Advance, as defined below), including fees and disbursements of its counsel, with respect to this offering. We have paid an expense deposit of $60,000 (the "Advance") to the Representative, which will be applied against the out-of-pocket accountable expenses that will be reimbursed by us in connection with this offering. Any portion of the Advance payment will be returned to us in the event it is not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We have also agreed to pay to the Representative a non-accountable expense allowance equal to 1% of the gross proceeds raised in this offering at closing.

We estimate that expenses payable by us in connection with this offering, other than the underwriting discounts referred to above, the underwriter expense reimbursement and the non-accountable expense allowance, will be approximately $[ ].

**Escrow Account**

We have agreed to establish and maintain an SEC compliant offering deposit or escrow account with the financial institution as designated by the Company and Representative, and we have agreed to deposit into the designated account an amount of Three Hundred Thousand dollars ($300,000) (the "Escrow Amount") in order to provide source of funding for certain indemnification obligations of the Company to the Representative/underwriters and other indemnified persons as described in the underwriting agreement. The Escrow Amount shall be held at the designated account for six (6) months after the closing of this offering, during which period we may use the Escrow Amount for low risk investment (e.g. bonds, mutual funds, money market funds, etc.) at our discretion, subject to the terms and conditions set forth under the underwriting agreement and/or the registration statement, provided that we shall notify the Representative in writing in advance.

**Indemnification**

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

**Lock-Up Agreements**

Our directors, officers and holders of 5% or more of our total outstanding Class A Ordinary Shares (or securities convertible into our Class A Ordinary Shares) as of the effective date of this registration statement have agreed to enter into customary "lock-up" agreements in favor of the Representative for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part. In addition, we and any successors of us have agreed, for a period of six (6) months from the effective date of the registration statement of which this prospectus forms a part, not to (a) offer, sell, or otherwise transfer or dispose of, directly or indirectly, any of our Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares; or (b) file or caused to be filed any registration statement with the SEC relating to the offering of any Class A Ordinary Shares or any securities convertible into or exercisable or exchangeable for our Class A Ordinary Shares, without the prior written consent of the Representative, except for filing a Form S-8 registration statement to register our equity incentive plan which has been duly approved and validly existing as of the date of the lock-up agreement. The lock-up restriction in the "lock-up" agreement is subject to certain customary exceptions.

**Listing**

We have applied to list the Class A Ordinary Shares on Nasdaq under the symbol "APEX." At this time, Nasdaq has not yet approved our application to list our Class A Ordinary Shares. The closing of this offering is conditioned upon Nasdaq's final approval of our listing application, and there is no guarantee or assurance that our Class A Ordinary Shares will be approved for listing on Nasdaq.

**Price Stabilization, Short Positions, and Penalty Bids**

Until the distribution of the Class A Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the underwriters to bid for and to purchase our Class A Ordinary Shares. As an exception to these rules, in connection with this offering, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A Ordinary Shares in accordance with Regulation M under the Exchange Act.

Specifically, the underwriters may engage in over-allotment sales, syndicate covering transactions, stabilizing transactions and penalty bids in accordance with Regulation M.

● Stabilizing transactions consist of bids or purchases made by the underwriters for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

● Short sales and over-allotments occur when the underwriters, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may engage in syndicate covering transactions. There is no contractual limit on the size of any syndicate covering transaction. The underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

● Syndicate covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the underwriters.

● A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Class A Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

The underwriters may also bid for, and purchase, our Class A Ordinary Shares in market making transactions, including "passive" market making transactions as described below.

These activities may have the effect of raising or maintaining the market price of our Class A Ordinary Shares or preventing or delaying a decline in the market price of our Class A Ordinary Shares which may stabilize or maintain the market price of our Class A Ordinary Shares at a price that is higher than the price that might otherwise exist in the absence of these activities. The underwriters are not required to engage in these activities, and may discontinue any of these activities at any time without notice. These transactions may be effected on Nasdaq, in the over-the-counter market, or otherwise. As a result, the price of our Class A Ordinary Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of our Class A Ordinary Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

**Electronic Distribution**

A prospectus in electronic format may be made available on websites or through other online services maintained by one or more of the underwriters of this offering, or by their affiliates. Other than the prospectus in electronic format, the information on any underwriter's website and any information contained in any other website maintained by an underwriter is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by investors.

In connection with this offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Passive Market Making**

Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

**Pricing of the Offering**

Prior to the completion of this offering, there has been no public market for our Class A Ordinary Shares. The initial public offering price of the Class A Ordinary Shares will be negotiated between us and the underwriters. Among the factors to be considered in determining the initial public offering price of the Class A Ordinary Shares, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management, and the consideration of the above factors in relation to market valuation of companies in related businesses.

**Selling Restrictions Outside the United States**

No action may be taken in any jurisdiction other than the United States that would permit a public offering of the Class A Ordinary Shares or the possession, circulation, or distribution of this prospectus in any jurisdiction where action for that purpose is required. Accordingly, the Class A Ordinary Shares may not be offered or sold, directly or indirectly, and neither the 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 under circumstances that will result in compliance with any applicable laws, rules and regulations of any such country or jurisdiction. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any Class A Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

**Stamp Taxes**

If you purchase Class A Ordinary Shares offered by this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the initial public offering price listed on the cover page of this prospectus.

**EXPENSES RELATED TO THIS OFFERING**

Set forth below is an itemization of our total expenses, excluding underwriting discounts and the non-accountable expense allowance, which are expected to be incurred in connection with the offer and sale of the Class A Ordinary Shares by us. With the exception of the SEC registration fee, the FINRA filing fee and the Nasdaq listing fee, all amounts are estimates.

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| | |
|:---|:---|
|  | **Amount** |
| SEC registration fee | $1408.52 |
| FINRA filing fee | [ ] \* |
| Nasdaq listing fee | 75000 |
| Accounting fees and expenses | [ ] \* |
| Legal fees and expenses | [ ] \* |
| Printing fees and expenses | [ ] \* |
| Miscellaneous | [ ] \* |
| TOTAL | $[ ] \* |

---

\* To file by amendment.

**LEGAL MATTERS**

Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for us by Bevilacqua PLLC. Certain legal matters as to the United States federal and New York law in connection with this offering will be passed upon for the underwriters by Loeb & Loeb LLP, New York, New York. The validity of the Class A Ordinary Shares offered in this offering and certain other legal matters as to British Virgin Islands law will be passed upon for us by Harney Westwood & Riegels. Legal matters as to Singapore laws will be passed upon for us by Shook Lin & Bok LLP. Bevilacqua PLLC may rely upon Harney Westwood & Riegels with respect to matters governed by British Virgin Islands law and Shook Lin & Bok LLP with respect to matters governed by Singapore law. Legal matters as to Singapore law will be passed upon for the underwriters by Bird & Bird ATMD LLP.

**EXPERTS**

Our consolidated financial statements as of December 31, 2023 and 2024 and for the years then ended included in this prospectus have been audited by Assentsure PAC, an independent registered public accounting firm, as stated in their report appearing herein. Such financial statements are included in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.

The offices of Assentsure PAC are located at 180B Bencoolen Street, #03-01, The Bencoolen, Singapore 189648.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form F-1, including relevant exhibits and schedules, under the Securities Act with respect to the Class A Ordinary Shares to be sold in this offering. This prospectus, which constitutes a part of the registration statement, does not contain all of the information contained in the registration statement. You should read the registration statement on Form F-1 and its exhibits and schedules for further information with respect to us and the Class A Ordinary Shares.

Immediately upon completion of this offering, we will become 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. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov. Additionally, we will make these filings available, free of charge, on our website at https://jeneric.com.sg as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than these filings, is not, and should not be, considered part of this prospectus and is not incorporated by reference into this document.

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, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

**INDEX TO FINANCIAL STATEMENTS**

**INDEX TO APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES** 

**AUDITED CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | **PAGE** |
| [Report of Independent Registered Accounting Firm](#f_001) | F-2 |
| [Audited Consolidated Balance Sheets as of December 31, 2024 and 2023](#f_002) | F-3 |
| [Audited Consolidated Statements of Operations and Comprehensive Income for the Fiscal years Ended December 31, 2024 and 2023](#f_003) | F-4 |
| [Audited Consolidated Statements of Changes in Shareholders' Equity for the Fiscal years Ended December 31, 2024 and 2023](#f_004) | F-5 |
| [Audited Consolidated Statements of Cash Flows for the Fiscal years Ended December 31, 2024 and 2023](#f_005) | F-6 |
| [Notes to Audited Consolidated Financial Statements](#f_006) | F-7 |

---

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Stockholders of

**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**

*Opinion on the Financial Statements*

We have audited the accompanying balance sheets of **APEX Global Solutions Limited and Subsidiaries** (the Company) as of December, 2024 and 2023, and the related statements of operations and comprehensive income, statements of changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related note (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 December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, 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. 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.

/s/ Assentsure PAC

PCAOB ID 6783

We have served as the Company's auditor since 2025.

Singapore,

June 13, 2025

**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Assets** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | 1497312 | 2045509 | 1776304 |
| Accounts receivable | 2620049 | 3579302 | 1824235 |
| Contract assets | 950318 | 1298248 | 1370367 |
| Other current assets | 152874 | 208844 | 132056 |
| Amount due from related parties | 1975600 | 2698907 | 2330026 |
| Income tax receivable | - | - | 6000 |
| **Total current assets** | **7196153** | **9830810** | **7438988** |
| **Non-current assets:** |  |  |  |
| Plant and equipment, net | 99105 | 135390 | 782961 |
| Right-of-use assets, net | 161589 | 220751 | 1001840 |
| Other investments | 111423 | 152217 | 124505 |
| **Total non-current assets** | **372117** | **508358** | **1909306** |
| **Total assets** | **7568270** | **10339168** | **9348294** |
| **Liabilities and shareholders' equity** |  |  |  |
| **Current liabilities:** |  |  |  |
| Accounts payable | 478799 | 654097 | 465813 |
| Accrued liabilities and other payables | 556842 | 760714 | 463714 |
| Amount due to related parties | 40553 | 55400 | 466077 |
| Amount due to director |  |  | 688 |
| Bank borrowings | 2345136 | 3203738 | 2423078 |
| Lease liabilities | 103907 | 141950 | 348995 |
| Income tax payable | 33347 | 45556 | 6920 |
| **Total current liabilities** | **3558584** | **4861455** | **4175285** |
| **Non-current liabilities:** |  |  |  |
| Bank borrowings | 668615 | 913408 | 1898689 |
| Lease liabilities | 12905 | 17630 | 94713 |
| Deferred tax liabilities | 12871 | 17583 | 17583 |
| **Total long-term liabilities** | **694391** | **948621** | **2010985** |
| **Total liabilities** | **4252975** | **5810076** | **6186270** |
| **Shareholders' equity** |  |  |  |
| Ordinary shares, Class A, no par value, unlimited number of ordinary shares authorized, 42,500,000 ordinary shares issued and outstanding as of December 31, 2024 and 2023\* |  |  |  |
| Ordinary shares, Class B, no par value, unlimited number of ordinary shares authorized, 7,500,000 ordinary shares issued and outstanding as of December 31, 2024 and 2023\* |  |  |  |
| Share subscription receivable | (33000) | (45082) | (45082) |
| Additional paid-in capital | 1465201 | 2001641 | 2001641 |
| Retained earnings | 1883094 | 2572533 | 1205465 |
| **Total shareholders' equity** | **3315295** | **4529092** | **3162024** |
| **Total liabilities and shareholders' equity** | **7568270** | **10339168** | **9348294** |

---

\* Retrospective restated for effect of share reorganization (see Note 1)

See accompanying notes to consolidated financial statements.

**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME**

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Revenue | 6365572 | 8696136 | 8000921 |
| Cost of revenue | (3194521) | (4364099) | (4954702) |
| Gross profit | 3171051 | 4332037 | 3046219 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | (2042387) | (2790147) | (2761082) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | (2042387) | (2790147) | (2761082) |
| **Income from operations** | **1128664** | **1541890** | **285137** |
| Other income (expense): |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance costs | (236503) | (323091) | (261778) |
| &nbsp;&nbsp;&nbsp;Other income | 136815 | 186905 | 72318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense), net | (99688) | (136186) | (189460) |
| **Income before income taxes** | **1028976** | **1405704** | **95677** |
| Income tax (expense) credit | (28282) | (38636) | 8005 |
| **Net income** | **1000694** | **1367068** | **103682** |
| **Weighted average number of ordinary shares outstanding** |  |  |  |
| Basic and diluted\* | 50000000 | 50000000 | 50000000 |
| **Earnings per share attributable to ordinary shareholders** |  |  |  |
| Basic and diluted\* | 0.020 | 0.027 | 0.002 |

---

\* Retrospective restated for effect of share reorganization (see Note 1)

See accompanying notes to consolidated financial statements.

**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary shares, <br> Class A and Class B** | **Ordinary shares, <br> Class A and Class B** | | | | |
|  | **Shares outstanding\*** | **Amount\*** | **Additional**<br>**paid-in capital** | **Share**<br>**subscription receivable** |<br>**Retained<br> earnings** | **Total**<br>**shareholders' equity** |
|  | | **S$** | **S$** | | **S$** | **S$** |
| Balance as of January 1, 2023 | 50000000 |  | 1501641 | (45082) | 2101783 | 3558342 |
| Issuance of new shares |  |  | 500000 |  |  | 500000 |
| Dividends distribution |  |  |  |  | (1000000) | (1000000) |
| Net income for the year | - |  | - | - | 103682 | 103682 |
| **Balance as of December 31, 2023** | **50000000** |  | **2001641** | **(45082)** | **1205465** | **3162024** |
| Net income for the year | - |  | - | - | 1367068 | 1367068 |
| **Balance as of December 31, 2024** | **50000000** |  | **2001641** | **(45082)** | **2572533** | **4529092** |
| **Balance as of December 31, 2024 (US$)** | **50000000** |  | **1465201** | **(33000)** | **1883094** | **3315295** |

---

\* Retrospective restated for effect of share reorganization (see Note 1)

See accompanying notes to consolidated financial statements.

**APEX GLOBAL SOLUTIONS LIMITED AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Cash flows from operating activities:** |  |  |  |
| Net income | 1000694 | 1367068 | 103682 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation of plant and equipment | 74633 | 101957 | 184364 |
| &nbsp;&nbsp;&nbsp;Amortization of right-of-use assets | 287407 | 392633 | 336911 |
| &nbsp;&nbsp;&nbsp;Gain on disposal of plant and equipment | (65431) | (89386) | (15093) |
| &nbsp;&nbsp;&nbsp;Gain on disposal of right-of-use assets | (15900) | (21721) | (12670) |
| &nbsp;&nbsp;&nbsp;Fair value gain on other investments |  |  | (1500) |
| Changes in operating assets and liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | (433873) | (592723) | 1540992 |
| &nbsp;&nbsp;&nbsp;Contract assets | 52791 | 72119 | (939196) |
| &nbsp;&nbsp;&nbsp;Other current assets | (56209) | (76788) | (10623) |
| &nbsp;&nbsp;&nbsp;Income tax receivable | 4392 | 6000 | (6000) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 95193 | 130045 | (519930) |
| &nbsp;&nbsp;&nbsp;Contract liabilities |  |  | (40000) |
| &nbsp;&nbsp;&nbsp;Accrued liabilities and other payables | 260035 | 355239 | (478865) |
| &nbsp;&nbsp;&nbsp;Income tax payable | 28282 | 38636 | 3773 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities |  |  | (8613) |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | (206261) | (281777) | (218537) |
| **Net cash provided by (used in) operating activities** | **1025753** | **1401302** | **(81305)** |
| **Cash flows from investing activities:** |  |  |  |
| Purchase of other investments | (20285) | (27712) | - |
| **Net cash used in investing activities** | **(20285)** | **(27712)** | **-** |
| **Cash flows from financing activities:** |  |  |  |
| (Repayment of) Proceeds from bank borrowings | (149783) | (204621) | 492410 |
| Repayment of finance lease liabilities | (87487) | (119518) | (258211) |
| Amount due from related parties | (270021) | (368881) | 483335 |
| Amount due to related parties | (300616) | (410677) | (703623) |
| Amount due to director | (503) | (688) | (2779) |
| **Net cash (used in) provided by financing activities** | **(808410)** | **(1104385)** | **11132** |
| **Net changes in cash and cash equivalents** | **197058** | **269205** | **(70173)** |
| **Cash and cash equivalents at beginning of year\*** | **1300254** | **1776304** | **1846477** |
| **Cash and cash equivalents at end of year** | **1497312** | **2045509** | **1776304** |
| **Supplementary cash flows information:** |  |  |  |
| Cash paid for income taxes |  |  | 2835 |
| Cash paid for interest | 236503 | 323091 | 261778 |

---

\* Retrospective restated for effect of share reorganization (see Note 1)

See accompanying notes to consolidated financial statements.

**1. ORGANIZATION AND BUSINESS OVERVIEW**

APEX Global Solutions Limited ("APEX") was incorporated in the British Virgin Islands on July 5, 2024 as an exempted company with limited liability. It is a holding company with no business operation.

APEX, through its subsidiaries (collectively referred to as the "Company"), is primarily engaged in providing corrosion prevention services, including blasting (hydro and grit) and painting work, in the Marine and Oil & Gas industries in Singapore. The Company also offers specialized manpower solutions to support marine operations. With over 10 years of experience in delivering corrosion prevention services, the Company has established itself as a trusted partner in Singapore's maritime sector. As a resident contractor at several major shipyards across Singapore, the Company has built a strong presence in the industry.

<u>Reorganization</u>

A reorganization of the Company's legal structure (the "Reorganization") was completed on May 22, 2025. Prior to the Reorganization, the group consisted of Jeneric Holdings Pte. Ltd. ("Jeneric Holdings"), a private company incorporated in Singapore on April 22, 2011, and eight wholly owned subsidiaries. Of these, six were considered operating subsidiaries (the "Operating Subsidiaries"), namely Jeneric Engineering Pte. Ltd., incorporated in Singapore on April 22, 2011, Jeneric International Pte. Ltd., incorporated in Singapore on January 5, 2009, Jeneric Marine Pte. Ltd., incorporated in Singapore on March 28, 2011, Jeneric Offshore Pte. Ltd., incorporated in Singapore on May 20, 2011, Jeneric Services Pte. Ltd., incorporated in Singapore on May 20, 2011, and Jeneric Venture Pte. Ltd., incorporated in Singapore on October 29, 2019. The remaining two subsidiaries - Jebs Enterprise Pte. Ltd. ("Jebs Enterprise"), incorporated in Singapore on June 29, 2011, and PT Jeneric Jaya ("PT Jeneric"), incorporated in Indonesia on November 23, 2013 - were not classified as Operating Subsidiaries, as Jebs Enterprise primarily provided equipment rental services to the Operating Subsidiaries, while PT Jeneric engaged in business activities that differed slightly from those of the Operating Subsidiaries.

As part of the Reorganization, the following steps were undertaken:

&nbsp;&nbsp;&nbsp;&nbsp;1. Jeneric
 Holdings established a wholly owned intermediate holding company, Ascendo Global Limited
 ("Ascendo"), in the British Virgin Islands.

&nbsp;&nbsp;&nbsp;&nbsp;2. Jeneric
 Holdings transferred ownership of the Operating Subsidiaries to Ascendo.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Company acquired Ascendo from Jeneric Holdings in exchange for newly issued shares of the
 Company, resulting in Ascendo and the Operating Subsidiaries becoming wholly owned subsidiaries
 of the Company.

Following the completion of the Reorganization, Jeneric Holdings is no longer part of the group. This reorganization is considered a transaction among entities under common control, as the same ultimate shareholders controlled the group both before and after the Reorganization. Accordingly, the consolidated financial statements have been prepared on a predecessor basis, as if the current structure (with the Company as the ultimate parent) had been in place throughout all periods presented and in accordance with ASC 805-50-45-5.

These consolidated financial statements reflect the financial position, results of operations, and cash flows of the Operating Subsidiaries (together, the "Group") as the accounting predecessor to the Company. Jeneric Holdings has been excluded from these consolidated financial statements, as it is not part of the post-reorganization group and does not form part of the IPO issuer's legal or reporting structure. All intercompany balances and transactions among the Group have been eliminated upon consolidation.

<u>Description of subsidiaries incorporated and controlled by the Company</u>

---

| | | |
|:---|:---|:---|
| **Name** | **Background** | **Effective ownership** |
| Ascendo Global Limited | ● British Virgin Islands company<br> ● Incorporated on April 9, 2025<br> ● Issued and outstanding 2 ordinary share for SGD 2<br> ● Investment holding company | 100% owned by APEX |
| Jeneric Engineering Pte. Ltd. | ● Singaporean company<br> ● Incorporated on April 22, 2011<br> ● Issued and outstanding 100,000 ordinary share for SGD 100,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |
| Jeneric International Pte. Ltd. | ● Singaporean company<br> ● Incorporated on January 5, 2009<br> ● Issued and outstanding 100,000 ordinary share for SGD 100,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |
| Jeneric Marine Pte. Ltd. | ● Singaporean company<br> ● Incorporated on March 28, 2011<br> ● Issued and outstanding 500,000 ordinary share for SGD 500,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |
| Jeneric Offshore Pte. Ltd. | ● Singaporean company<br> ● Incorporated on May 20, 2011<br> ● Issued and outstanding 200,000 ordinary share for SGD 200,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |
| Jeneric Services Pte. Ltd. | ● Singaporean company<br> ● Incorporated on May 20, 2011<br> ● Issued and outstanding 100,000 ordinary share for SGD 100,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |
| Jeneric Venture Pte. Ltd. | ● Singaporean company<br> ● Incorporated on October 29, 2019<br> ● Issued and outstanding 100,000 ordinary share for SGD 100,000<br> ● Provision of corrosion prevention services and specialized manpower solutions | 100% owned by Ascendo |

---

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

These accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes.

● Basis
 of presentation

This summary of significant accounting policies is presented to assist in understanding the Company's consolidated financial statements and have been consistently applied in the preparation of the financial statements The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").

● Use
 of estimates and assumptions

The preparation of consolidated financial statements in conformity with US GAAP requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources.

Significant accounting estimates reflected in the Company's consolidated financial statements include, but are not limited to, the expected credit loss for accounts receivable and other current assets, including deposits and other receivables, as well as assumptions used in assessing right-of-use assets and impairment of long-lived assets. Actual results may differ from these estimates.

● Basis
 of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

● Business
 combination

<u>Merger accounting for business combinations involving entities under common control</u>

The consolidated financial statements incorporate the financial statements items of the combining entities or businesses in which the common control combination occurs as if they had been combined from the date when the combining entities or businesses first came under the control of the controlling parties.

The net assets of the combining entities or businesses are combined using the existing book values from the controlling parties' perspective. No amount is recognized in respect of goodwill or excess of acquirer's interest in the net fair value of acquiree's identifiable assets, liabilities and contingent liabilities over cost at the time of common control combination, to the extent of the continuation of the controlling parties' interest.

The combined statement of operations and comprehensive income includes the results of each of the combining entities or businesses from the earliest date of presented or since the date when the combining entities or businesses first came under the common control, where this is a shorter period, regardless of the date of the common control combination.

● Foreign
 currency translation and transaction

The accompanying financial statements are presented in the Singapore Dollars ("SGD" or "S$"), which is the reporting currency of the Company. The functional currency of the Company and its subsidiary in the British Virgin Islands is United States Dollars ("USD" or "US$"), its other subsidiaries which are incorporated in Singapore is SGD, which is a functional currency as being the primary currency of the economic environment in which their operations are conducted.

In the consolidated financial statements, the financial information of the Company and other entities located outside of Singapore has been translated into SGD, in accordance with ASC Topic 830-30, *Translation of Financial Statement*. Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains and losses are translated using the average rate for the period.

Translation of amounts from USD into SGD has been made at the following exchange rates for the fiscal years ended December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
| Year-end USD:SGD exchange rate | S$ | 0.7320 | S$ | 0.7587 |

---

Translation gains and losses that arise from exchange rate fluctuations from transactions denominated in a currency other than the functional currency are translated, as applicable, at the rate on the date of the transaction and included in the results of operations as incurred.

● Convenience
 translation

Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows from SGD into USD as of December 31, 2024 are solely for the convenience of the readers and are calculated at the rate of SGD 1.00 = USD 0.7320, representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2024. Nor representation is made that the SGD amounts could have been, or could be, converted, realized or settled into USD at such rate, or at any other rate.

● Cash
 and cash equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. The carrying amounts are approximately fair value due to the short maturity of these instruments. The Company maintains most of its bank accounts in Singapore.

● Accounts
 receivable

Accounts receivable mainly represent amounts due from customers that meet the revenue recognition criteria. These accounts receivable is recorded net of any allowance for credit losses and specific customer credit allowances. The Company maintains an allowance for estimated credit losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the Company's customers' financial condition, the receivable amount in dispute, and the current receivables aging and current payment patterns, over the contractual life of the receivable. Forward-looking information is also considered in the evaluation of current expected credit losses. The Company writes off the receivable when it is determined to be uncollectible.

● Contract
 assets

Contract assets represent the Company's right to consideration in exchange for goods or services that have been transferred to the customer, but for which invoicing has not yet occurred as of the reporting date. Contract assets are classified as current assets unless the Company expects to bill or collect the amounts beyond one year from the reporting date.

The Company evaluates its contract assets for collectability and includes them in the scope of the allowance for credit losses in accordance with ASC 326 (*Financial Instruments – Credit Losses*), applying the expected credit loss model.

● Other
 current assets

Other current assets, primarily consist of other receivables, Goods and Services Tax receivables, deposits and prepayments. These other current assets are unsecured and are reviewed periodically to determine whether their carrying value has become impaired.

● Plant
 and equipment, net

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

---

| | |
|:---|:---|
|  | **Expected<br> useful<br> life** |
| Machineries | 10 years |
| Motor vehicles | 10 years |
| Forklift | 10 years |

---

Expenditure on repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

● Impairment
 of long-lived assets

In accordance with the provisions of ASC Topic 360, *Impairment or Disposal of Long-Lived Assets*, all long-lived assets such as plant and equipment owned and held by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset is not recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

● Leases

Effective from January 1, 2020, the Company adopted the guidance of ASC 842, *Leases*, which requires an entity to recognize a right-of-use asset and a lease liability for virtually all leases. On February 25, 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. ASC 842 requires that lessees recognize right-of-use assets and lease liabilities calculated based on the present value of lease payments for all lease agreements with terms that are greater than twelve months. It requires for leases longer than one year, a lessee to recognize in the balance sheet a right-of-use asset, representing the right to use the underlying asset for the lease term, and a lease liability, representing the liability to make lease payments. ASC 842 distinguishes leases as either a finance lease or an operating lease that affects how the leases are measured and presented in the statement of operations and statement of cash flows. ASC 842 supersedes nearly all existing lease accounting guidance under GAAP issued by the Financial Accounting Standards Board ("FASB") including ASC Topic 840, Leases.

The accounting update also requires that for finance leases, a lessee recognize interest expense on the lease liability, separately from the amortization of the right-of-use asset in the statements of operations, while for operating leases, such amounts should be recognized as a combined expense. In addition, this accounting update requires expanded disclosures about the nature and terms of lease agreements.

● Related
 parties

The Company follows the ASC 850-10, *Related Party* for the identification of related parties and disclosure of related party transactions.

Pursuant to section 850-10-20 the related parties include: (a) affiliates of the Company; (b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section825-10-15, to be accounted for by the equity method by the investing entity; (c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; (d) principal owners of the Company; (e)management of the Company; (f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and (d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

● Employee
 compensation – Defined contribution plan

The Company participates in the national pension schemes as defined by the laws of Singapore's jurisdictions in which it has operations. Contributions to defined contribution pension schemes are recognized as an expense in the period in which the related service is performed.

● Commitments
 and contingencies

The Company follows the ASC 450-20, *Commitments to report accounting for contingencies*. Certain conditions exist as of the date the financial statements are issued, which result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company's financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company's business, financial position, and results of operations or cash flows.

● Revenue
 recognition

The Company adopted the revenue standard Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers, starting January 1, 2020 using the modified retrospective method for contracts that were not completed as of the date of adoption. The adoption of this ASC 606 did not have a material impact on the Company's consolidated financial statements. As discussed in Note 1, the Company primarily provides corrosion prevention services, including blasting (hydro and grit) and painting work, in the Marine and Oil & Gas industries in Singapore. The Company also offers specialized manpower solutions to support marine operations. The Company enters into agreements with clients that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as goods and services transfer to the clients. It is customary practice for the Company to have written agreements with its clients and revenue on oral or implied arrangements is generally not recognized.

The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identify
 the contract(s) with a client;

&nbsp;&nbsp;&nbsp;&nbsp;2. Identify
 the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;3. Determine
 the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;4. Allocate
 the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;5. Recognize
 revenue when (or as) the entity satisfies a performance obligation.

***Revenue from corrosion prevention services***

The Company provides corrosion prevention services, comprising blasting and painting services. Revenue from corrosion prevention services is recognised over time based on the stage of completion or to the extent of contract costs incurred where it is probable that those costs will be recoverable. The Company enters into agreements with customers that create enforceable rights and obligations and for which it is probable that the Company will collect the consideration to which it will be entitled as services transfer to the customer. The Company recognizes revenue based on the consideration specified in the applicable agreement.

The contracts which the Company enters into with the clients are at a fixed price. The Company does not assess whether a contract contains a significant financing component if the Company expects, at contract inception, that the period between payment by the customers and the transfer of promised services to the customers will be less than one year. Since the Company has concluded that the promises to be delivered on the contract would be one single performance obligation, no allocation of the transaction price is required and expected.

The Company's contract with the customer has payment terms specified based upon certain conditions completed. The Company will submit a completion report to the customer when a job is completed, and after the Company received the certificate from customer, the Company will issue a tax invoice to the customer.

When the outcome of the contract cannot be reasonably measured, revenue is recognized only to the extent of contract costs incurred that are expected to be recovered.

***Revenue from manpower supply***

The Company provides manpower supply services to customers, including the provision of skilled labor, typically on a time-based (hourly) billing structure. Revenue is recognized over time as the services are rendered, as the customer simultaneously receives and consumes the benefits of the Company's performance. Each hour worked represents a distinct and measurable unit of service delivered, with no significant future obligations remaining after performance of each labor hour.

The Company uses an input method based on actual hours worked to measure progress toward complete satisfaction of the performance obligation. Billing is based on agreed-upon hourly rates, and invoices are typically issued on a periodic basis (e.g. monthly), based on time sheets or other evidence of hours worked.

● Cost
 of revenue

Cost of revenue mainly consists of direct payroll costs, subcontractor costs, rental costs and material costs. Direct payroll costs represent the portion of salaries and wages incurred in connection with corrosion prevention services provided. Subcontractor costs refer to manpower supplied by third-party vendors. Rental costs include the rental of compressors and other blasting equipment from both related party and third-party vendors. Material costs represent raw materials used in the course of providing services.

● Government
 grant

A government grant or subsidy is not recognized until there is reasonable assurance that: (a) the enterprise will comply with the conditions attached to the grant; and (b) the grant will be received. When the Company receives government grant or subsidies but the conditions attached to the grants have not been fulfilled, such government subsidies are deferred and recorded under other payables and accrued expenses, and other long-term liability. The classification of short-term or long-term liabilities depends on the management's expectation of when the conditions attached to the grant can be fulfilled.

● Income
 taxes

The Company accounts for income taxes in accordance with the provisions of ASC Topic 740, Income Taxes ("ASC 740"). The charge for taxation is based on the results for the fiscal year as adjusted for items, which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. No penalties and interest incurred related to under payment of income tax for the year ended December 31, 2024 and 2023. The Company had no uncertain tax positions for the year ended December 31, 2024 and 2023.

The Company is subject to tax in local and foreign jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the relevant tax authorities.

● Earnings
 per share

Basic earnings per share is computed by dividing net earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if outstanding stock options, warrants and convertible debt were exercised or converted into ordinary shares. In event the Company is in a loss position, diluted shares are not included as their effect would be anti-dilutive.

● Segment
 reporting

FASB ASC 280, "*Segment Reporting"*, establishes standards for reporting information about operating segments on a basis consistent with the Company's internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details on the Company's business segments.

The Company has determined that it operates as a single operating and reportable segment. This conclusion is based on the manner in which the Company's decision maker ("CDM") evaluates financial performance and allocates resources on a consolidated basis, using a single measure of operating profit and a total expense amount. No disaggregated expense categories are regularly reviewed by the CDM. As such, the Company has not identified any segment expense categories that meet the criteria for disclosure under ASC 280, as amended by ASU 2023-07.

The Company has a centralized management structure, with shared resources, strategies, and cost structures across its operations, which is fairly straight-forward. As such, the Company does not track discrete financial information by separate business units that would qualify as individual operating segments under ASC 280. Accordingly, for the fiscal years ended December 31, 2024 and 2023, the Company has determined that it has one operating and reportable segment.

In addition, the Company's long-lived assets are substantially located in Singapore. As such, one reportable geographic segment is being presented.

● Concentration
 of credit risk

Financial instruments that potentially subject the Company to credit risk consist of cash equivalents, accounts receivable, contract assets, deposits, other receivables and amount due from related parties. Cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored by management. From April 1, 2024 onwards, the Singapore Deposit Protection Board pays compensation up to a limit of S$100,000 (approximately US$73,200) if the bank with which an individual/a company hold its eligible deposit fails. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

For accounts receivable, the Company determines, on a continuing basis, the allowance for expected credit losses is based on the estimated realizable value. The Company identifies credit risk on a customer-by-customer basis. The information is monitored regularly by management. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions.

For contract assets, deposits, other receivables and amount due from related parties, the Company assessed the latest performance and financial position of the counterparties, adjusted for the future outlook of the industry in which the counterparties operate in, and concluded that there has been no significant increase in the credit risk since the initial recognition of the financial assets.

● Liquidity
 risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.

● Fair
 value measurement

The Company follows the guidance of the ASC Topic 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

● *Level 1*: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

● *Level 2:* Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

● *Level 3*: Inputs are generally unobservable and typically reflect management's estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

The carrying value of the Company's financial instruments: cash and cash equivalents, accounts receivable, other current assets, including deposits and other receivables, amount due from related parties, accounts payable, accrued liabilities and other payables, amount due to related parties and amount due to director approximate at their fair values because of the short-term nature of these financial instruments.

Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of bank borrowings approximates the carrying amount.

The Company's non-marketable investments relates to keyman insurance policy, which is valued based on the annual net surrender value of the policy and is classified as Level 3, due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable and require management's judgment.

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

● Recently
 issued accounting pronouncements

In December 2023, the FASB issued ASU No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This ASU requires additional quantitative and qualitative income tax disclosures to enable financial statements users better assess how an entity's operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. We adopted this guidance effective January 1, 2025 and the adoption of this ASU did not have a material impact on our financial statements.

In November 2024, the FASB issued ASU No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This ASU requires entities to 1. disclose amounts of (a) purchase of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and, (e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities, 2. include certain amounts that are already required to be disclosed under current Generally Accepted Accounting Principles in the same disclosures as other disaggregation requirements, 3. disclose a qualitative description of the amounts remaining in relevant expense captions that are not necessarily disaggregated quantitatively, and 4. disclose the total amount of selling expenses, in annual reporting periods, an entity's definition of selling expense. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Additionally, in January 2025, the FASB issued ASU No. 2025-01 to clarify the effective date of ASU 2024-03. The standard provides guidance to expand disclosures related to the disaggregation of income statement expenses. The standard requires, in the notes to the financial statements, disclosure of specified information about certain costs and expenses which includes purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on a retrospective or prospective basis, with early adoption permitted. We plan to adopt this guidance effective January 1, 2027 and we are currently evaluating the impact of adopting this ASU on our financial statements.

Except for the above-mentioned pronouncements, there are no new recently issued accounting standards that will have a material impact on our consolidated financial position, statements of operations, and cash flows.

**3. ACCOUNTS RECEIVABLE**

Accounts receivable consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Third parties | 2168551 | 2962502 | 1590955 |
| Related parties | 451498 | 616800 | 233280 |
| **Accounts receivable** | **2620049** | **3579302** | **1824235** |

---

For the fiscal years ended December 31, 2024 and 2023, the Company made no allowance for expected credit losses and charged to the consolidated statements of operations. The Company has not experienced any significant bad debt write-offs of accounts receivable in the past.

The Company generally conducts its business with creditworthy third parties. The Company determines, on a continuing basis, the probable losses and an allowance for expected credit losses, based on several factors including internal risk ratings, customer credit quality, payment history, historical bad debt/write-off experience and forecast economic and market conditions. Accounts receivables are written off after exhaustive collection efforts occur and the receivable is deemed uncollectible. In addition, receivable balances are monitored on an ongoing basis and its exposure to bad debts is not significant.

As of December 31, 2024 and 2023, the aging analysis of accounts receivable, based on past due date is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Days past due: |  |  |  |
| &nbsp;&nbsp;&nbsp;Not past due | 772704 | 1055606 | 531946 |
| &nbsp;&nbsp;&nbsp;< 30 days | 364294 | 497670 | 491723 |
| &nbsp;&nbsp;&nbsp;31-60 days | 853369 | 1165805 | 89815 |
| &nbsp;&nbsp;&nbsp;61-90 days | 5585 | 7630 | 155386 |
| &nbsp;&nbsp;&nbsp;> 90days | 624097 | 852591 | 555365 |
|  | **2620049** | **3579302** | **1824235** |

---

**4. CONTRACT ASSETS**

Contract assets consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Contract assets: |  |  |  |
| - Revenue recognized to date | **950318** | **1298248** | **1370367** |

---

The Company does not have contract liabilities during the fiscal years ended December 31, 2024 and 2023 due to there were no billings in advance of performance obligation under contracts to the customers.

The Company also regularly monitors outstanding contract assets. Credit approvals and other monitoring procedures are also in place to ensure that follow-up action is taken to recover overdue debts. Furthermore, the Company reviews the recoverable amount of each trade debt on an individual basis at the end of the reporting period to ensure that adequate loss allowance is made for irrecoverable amounts.

**5. OTHER CURRENT ASSETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Other receivables | 55005 | 75143 | 14894 |
| GST receivables |  |  | 11201 |
| Deposits | 94263 | 128775 | 98468 |
| Prepayments | 3606 | 4926 | 7493 |
| **Other current assets** | **152874** | **208844** | **132056** |

---

**6. AMOUNT DUE FROM / TO RELATED PARTIES**

Amount due from / to related parties consists of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Due from related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* | 1975600 | 2698907 | 1552426 |
| - Jebs Enterprise Pte. Ltd. \* | - | - | 777600 |
|  | **1975600** | **2698907** | **2330026** |
| **Due to related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* |  |  | 399117 |
| - Jebs Enterprise Pte. Ltd. \* | 40553 | 55400 | 66960 |
|  | **40553** | **55400** | **466077** |

---

\* A company in which Mr. Goh Kwang Yong is a common director.

The amounts are unsecured, interest-free and repayable on demand.

The amount due from related parties is considered to have low risk of default.

**7. PLANT AND EQUIPMENT, NET**

Plant and equipment, net consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| At cost: |  |  |  |
| - Machineries | 256936 | 351005 | 1391005 |
| - Motor vehicles | 271464 | 370852 | 370852 |
| - Forklift | 32500 | 44400 | 44400 |
|  | 560900 | 766257 | 1806257 |
| Less: Accumulated depreciation | (461795) | (630867) | (1023296) |
| **Plant and equipment, net** | **99105** | **135390** | **782961** |

---

Depreciation expense for the fiscal years ended December 31, 2024 and 2023 were S$101,957 (approximately US$74,633) and S$184,364, respectively.

As of December 31, 2024, the depreciation expense attributable to future periods is S$71,606 (approximately US$52,416) for 2025, S$39,540 (approximately US$28,943) for 2026 and S$24,244 (approximately US$17,746) for 2027.

**8. RIGHT-OF-USE ASSETS, NET**

The Company adopted ASU No. 2016-02, Leases, on January 1, 2019, the beginning of the fiscal 2019, using the modified retrospective approach. The Company determines whether an arrangement is a lease at inception. This determination generally depends on whether the arrangement conveys the right to control the use of an identified fixed asset explicitly or implicitly for a period of time in exchange for consideration. Control of an underlying asset is conveyed if we obtain the rights to direct the use of and to obtain substantially all of the economic benefit from the use of the underlying asset. Some of our leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient. Some of the operating lease agreements include variable lease costs, primarily taxes, insurance, common area maintenance or increases in rental costs related to inflation. Substantially all of our equipment leases and some of our real estate leases have terms of less than one year and, as such, are accounted for as short-term leases as we have elected the practical expedient.

Operating leases are included in the right-of-use lease assets, other current liabilities and long-term lease liabilities on the Consolidated Balance Sheet. Right-of-use assets and lease liabilities are recognized at each lease's commencement date based on the present values of its lease payments over its respective lease term. When a borrowing rate is not explicitly available for a lease, the incremental borrowing rate is used based on information available at the lease's commencement date to determine the present value of its lease payments. Operating lease payments are recognized on a straight-line basis over the lease term.

The Company excludes short-term leases (those with lease terms of less than one year at inception) from the measurement of lease liabilities or right-of-use assets. The following table presents the lease-related assets and liabilities recorded on the consolidated balance sheet:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets, net | 87817 | 119969 | 736472 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets, net | 73772 | 100782 | 265368 |
| **Right-of-use assets, net** | **161589** | **220751** | **1001840** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Current** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 33895 | 46305 | 119362 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 70012 | 95645 | 229633 |
|  | 103907 | 141950 | 348995 |
| &nbsp;&nbsp;&nbsp;**Non-current** |  |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities | 9145 | 12493 | 58954 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 3760 | 5137 | 35759 |
|  | 12905 | 17630 | 94713 |
| **Lease liabilities** | **116812** | **159580** | **443708** |

---

The following table summarize the lease expense for the fiscal years:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Finance lease cost** |  |  |  |
| Interest on lease liabilities (per ASC 842) | 3743 | 5113 | 13362 |
| **Operating lease cost** |  |  |  |
| Operating lease expense (per ASC 842) | 215808 | 294819 | 235134 |
| Short-term lease expense (other than ASC 842) | 270669 | 369766 | 254178 |
| **Total lease expense** | **490220** | **669698** | **502674** |

---

The following summarizes other supplemental information about the Company's operating lease as of December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  | **S$** | **S$** |
| Weighted average discount rate | 5.37% | 5.27% |
| Weighted average remaining lease term | 0.88 year | 0.96 year |

---

<u>Components of lease expense</u>

We recognize lease expense on a straight-line basis over the term of the operating leases, as reported within operating expenses on the accompanying consolidated statement of operations and comprehensive income.

<u>Lease commitment as of December 31, 2024</u>

Future minimum lease payments under non-cancellable lease agreements as of December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended December 31,** | **Operating and finance lease** | **Operating and finance lease** |
|  | **US$** | **S$** |
| 2025 | 107438 | 146773 |
| 2026 | 15579 | 21284 |
| Less: Interest | (6205) | (8477) |
| **Present value of lease liabilities** | **116812** | **159580** |
| Representing: |  |  |
| Current | 103907 | 141950 |
| Non-current | 12905 | 17630 |
|  | **116812** | **159580** |

---

**9. OTHER INVESTMENTS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| At fair value through net income: |  |  |  |
| - Keyman insurance policies | **111423** | **152217** | **124505** |

---

On March 25, 2021 and June 6, 2024, the Company purchased two life insurance policies for Mr. Goh Kwang Yong, the CEO of the Company. The policy owners and beneficiaries are Jeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd., and the insured individual is Mr. Goh Kwang Yong. The premiums paid on commencement date for the two policies were S$150,006 (approximately US$109,804) and S$27,712 (approximately US$20,285), respectively.

As of December 31, 2024 and 2023, the cash surrender value of the insurance contracts was S$126,005 (approximately US$92,236) and S$Nil, respectively. For the years ended December 31, 2024 and 2023, changes in fair value recorded were S$Nil and S$1,500, respectively.

**10. ACCOUNTS PAYABLE**

Accounts payable consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Third parties | 306208 | 418317 | 426688 |
| Related party | 172591 | 235780 | 39125 |
| **Accounts payable** | **478799** | **654097** | **465813** |

---

**11. ACCRUED LIABILITIES AND OTHER PAYABLES**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Accrued liabilities | 250077 | 341635 | 297635 |
| Other payables | 75145 | 102657 | 110879 |
| GST payables | 231620 | 316422 | 55200 |
| **Accrued liabilities and other payables** | **556842** | **760714** | **463714** |

---

**12. BANK BORROWINGS**

Bank borrowings consisted of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **Annual**<br>**interest rate** | **2024** | **2024** | **2023** |
|  |  | **US$** | **S$** | **S$** |
| Bank loans | 2.0% - 10.0% | 1375441 | 1879017 | 3335614 |
| Invoice financing |  | 1638310 | 2238129 | 986153 |
| **Bank borrowings** |  | **3013751** | **4117146** | **4321767** |
| Representing: |  |  |  |  |
| Within 12 months |  | 2345136 | 3203738 | 2423078 |
| Over 12 months |  | 668615 | 913408 | 1898689 |
|  |  | **3013751** | **4117146** | **4321767** |

---

As of December 31, 2024 and 2023, bank borrowings were comprised of term loans which bear annual interest from 2.0% to 10.0% per year and become repayable in 3 to 7 years, and invoice financing payable on demand that were obtained from financial institutions in Singapore.

The Company's bank borrowings currently are guaranteed by personal guarantees from directors, Goh Kwang Yong and Wan Hwee Chein (Fan Huijun).

Interest related to the bank borrowings was S$317,978 (approximately US$232,760) and S$248,415 for the fiscal years ended December 31, 2024 and 2023, respectively.

**13. SHAREHOLDERS' EQUITY**

*<u>Ordinary Shares</u>*

The Company was established under the laws of British Virgin Islands on July 5, 2024 with an unlimited number of authorized shares, consisting of Class A ordinary shares and Class B ordinary shares.

Holders of the Company's ordinary shares are entitled to the following rights:

**Voting Rights**: Each Class A ordinary share of the Company entitles its holder to one (1) vote per share, and each Class B ordinary share entitles its holder to twenty (20) votes per share. Holders of Class A ordinary shares and holders of Class B ordinary shares shall vote together as a single class, on all matters that require shareholders' approval.

**Conversion Rights:** Each Class B ordinary share is convertible into one Class A ordinary share on a 1:1 basis at any time at the option of the holder. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

**Dividend Rights**: Subject to limitations under British Virgin Islands, holders of the Company's ordinary share are entitled to receive ratably such dividends or other distributions, if any, as may be declared by the Board of the Company.

**Other Matters**: The holders of the Company's ordinary share have no subscription and redemption privileges. The Company's ordinary share does not entitle its holders to preemptive rights. All of the outstanding shares of the Company's ordinary share are fully paid and non-assessable.

*<u>Dividends Distribution</u>*

On July 31, 2023, Jeneric Engineering Pte. Ltd. and Jeneric International Pte. Ltd. approved the total amount of the distribution of interim dividend of S$1 million to Jeneric Holdings Pte. Ltd. The dividends have been settled by offsetting against the amount due from Jeneric Holdings Pte. Ltd.

On January 1, 2025, Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd. and Jeneric Venture Pte. Ltd. approved the total amount of the distribution of interim dividend of S$2,592,688 (approximately US$1,897,848) to Jeneric Holdings Pte. Ltd. The dividends have been settled by offsetting against the amount due from Jeneric Holdings Pte. Ltd. (Note 6).

**14. REVENUE**

The following tables present the Company's revenue disaggregated by business segment, based on management's assessment of available data:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Disaggregation of revenue, of which revenue is recognized over time:** |  |  |  |
| (i) Corrosion prevention services |  |  |  |
| &nbsp;&nbsp;&nbsp;- Third parties | 5656405 | 7727329 | 7248430 |
| &nbsp;&nbsp;&nbsp;- Related party |  |  | 360000 |
| (ii) Manpower supply services |  |  |  |
| &nbsp;&nbsp;&nbsp;- Third parties | 674031 | 920807 | 392491 |
| &nbsp;&nbsp;&nbsp;- Related party | 35136 | 48000 | - |
| **Revenue** | **6365572** | **8696136** | **8000921** |

---

In accordance with ASC 280, Segment Reporting ("ASC 280"), we have one reportable geographic segment. Sales are based on the countries in which the customer is located. Summarized financial information concerning our geographic segments is shown in the following tables:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Singapore | **6365572** | **8696136** | **8000921** |

---

**15. GENERAL AND ADMINISTRATIVE EXPENSES**

General and administrative expenses consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Accounting and audit fees | 13693 | 18706 | 23743 |
| Amortization of finance lease right-of-use assets | 81164 | 110880 | 118667 |
| Depreciation of plant and equipment | 74633 | 101957 | 184364 |
| Diesel for lorry | 16658 | 22757 |  |
| Entertainment | 3077 | 4203 | 152047 |
| Fine and back charges | 40840 | 55793 | 11347 |
| Insurance |  |  | 46596 |
| Medical fees | 27593 | 37696 | 21875 |
| Operating lease expense | 215808 | 294819 | 235134 |
| Petrol expenses for motor vehicles | 8985 | 12274 | 3492 |
| Rental of shipyard office | 52055 | 71113 | 94995 |
| Safety/Survey fees | 10069 | 13755 | 7921 |
| Staff salaries | 919131 | 1255644 | 1185150 |
| Staff central provident fund contribution | 117416 | 160404 | 167422 |
| Telephone and internet expenses | 9185 | 12548 | 12196 |
| Utilities | 29545 | 40362 | 35558 |
| Upkeep of motor vehicles/lorry | 12080 | 16503 | 55365 |
| Workers' injury compensation | 19796 | 27044 |  |
| Workers' lodging | 270669 | 369766 | 254178 |
| Workers' expenses | 76886 | 105036 | 49380 |
| Other expenses | 43104 | 58887 | 101652 |
| **General and administrative expenses** | **2042387** | **2790147** | **2761082** |

---

**16. OTHER INCOME**

Other income consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Fair value gain on other investment |  |  | 1500 |
| Government grants | 55484 | 75798 | 35062 |
| Gain on disposal of plant and equipment | 65431 | 89386 | 15093 |
| Gain on disposal of right-of-use assets | 15900 | 21721 | 12670 |
| Other income | - | - | 7993 |
| **Other income** | **136815** | **186905** | **72318** |

---

**17. INCOME TAXES**

The provision for income taxes consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Current tax | 28282 | 38636 | 6920 |
| Deferred tax |  |  | (8613) |
| CIT rebate cash grant |  |  | (6000) |
| Under-provision of income tax in prior years | - | - | (312) |
| **Income tax expense (credit)** | **28282** | **38636** | **(8005)** |

---

The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company's subsidiaries mainly operate in Singapore that are subject to taxes in the jurisdictions in which they operate, as follows:

<u>British Virgin Islands</u>

The Company and its subsidiary, Ascendo Global Limited, are domiciled in the British Virgin Islands respectively. The locality currently enjoys permanent income tax holidays; accordingly, the Company does not accrue for income taxes.

<u>Singapore</u>

The subsidiaries that are incorporated in Singapore is subject to Singapore Corporate Income Tax on the taxable income as reported in its statutory financial statements adjusted in accordance with relevant Singapore tax laws. The applicable tax rate is 17% in Singapore.

The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the fiscal years ended December 31, 2024 and 2023 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Income before income taxes | 1028976 | 1405704 | 95677 |
| Statutory income tax rate | 17% | 17% | 17% |
| Income tax expense at statutory rate | 174926 | 238970 | 16265 |
| Non-deductible expenses | 11932 | 16301 | 21668 |
| Income not subject to tax |  |  | (13478) |
| Utilization of deferred tax assets not recognized | (108710) | (148512) | (3290) |
| Deferred tax assets not recognized |  |  | 22277 |
| Reversal of temporary differences |  |  | (8613) |
| Under-provision of income tax in prior years |  |  | (312) |
| CIT rebate cash grant |  |  | (6000) |
| Tax exemption and rebate | (61574) | (84118) | (14173) |
| Others | 11708 | 15995 | (22349) |
| **Income tax expense (credit)** | **28282** | **38636** | **(8005)** |

---

The following table sets forth the significant components of the deferred tax liabilities of the Company as of December 31, 2024 and 2023:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Accelerated tax depreciation | 12871 | 17583 | 17583 |

---

<u>Uncertain tax positions</u>

The Company applies the provisions of ASC topic 740 ("ASC 740"), Accounting for Income Taxes, to account for uncertainty in income taxes. ASC 740 prescribes a recognition threshold a tax position is required to meet before being recognized in the financial statements. The benefit of a tax position is recognized if a tax return position or future tax position is "more likely than not" to be sustained under examination based solely on the technical merits of the position. Tax positions that meet the "more likely than not" recognition threshold is measured, using a cumulative probability approach, at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The estimated liability for unrecognized tax benefits is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and or developments with respect to tax audits, and the expiration of the statute of limitations.

Additionally, in future periods, changes in facts and circumstances, and new information may require the Company to adjust the recognition and measurement of estimates about changes in individual tax position. Changes in recognition and measurement of estimates are recognized in the period in which the change occurs.

The Company did not accrue any liability, interest or penalties related to uncertain tax positions in its provision for income taxes line of its consolidated statements of income for the fiscal years ended December 31, 2024 and 2023, respectively.

**18. RELATED PARTY TRANSACTIONS AND BALANCES**

<u>Related party transactions</u>

In the ordinary course of business, during the fiscal years ended December 31, 2024 and 2023, the Company was involved in the following transactions, either at cost or current market prices, and on the normal commercial terms among related parties.

---

| | | | |
|:---|:---|:---|:---|
| | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
| <br>**Nature of transactions** | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Revenue (1)** |  |  |  |
| - Jebs Enterprise Pte. Ltd. \* |  |  | 360000 |
| - PT Jeneric Jaya \* | 35136 | 48000 |  |
| **Rental of equipment (2)** |  |  |  |
| - Jebs Enterprise Pte. Ltd. \* | 808043 | 1103884 | 1080969 |
| **Gain on disposal of plant and equipment / right-of-use assets (3)** |  |  |  |
| - Jebs Enterprise Pte. Ltd. \* | 81331 | 111107 | 27763 |

---

(1) In
 2023, the Company rented used blasting equipment related to corrosion prevention services
 to Jebs Enterprise amounting to S$360,000. These transactions were conducted on an ad-hoc
 basis based on the operational needs of Jebs Enterprise at the time. The equipment leased
 was part of the Company's used plant and equipment and was not in active use by the
 Company during the relevant periods. In
 2024, the Company seconded one office employee to PT Jeneric Jaya to perform management functions. The total amount for the secondment
 was S$48,000 for the year. This amount includes salary, statutory contributions, and overhead allocations. The seconded employee
 remained on the Company's payroll, and PT Jeneric Jaya reimbursed the Company for the related costs.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 Company has entered into a master equipment lease agreement with Jebs Enterprise. The
 master equipment lease agreement with Jebs Enterprise establishes the framework under which each of the Operating Subsidiaries acts
 as a lessee and leases various equipment from Jebs Enterprise on an ongoing basis. Under the agreement, individual lease agreements
 are also required to be executed by and between Jebs Enterprise and each operating subsidiary, specifying the particular equipment
 to be leased, the rental period, and the rental fees applicable to each transaction. The obligations of each operating subsidiary
 as a lessee under the agreement are several and not joint, meaning that each operating subsidiary is responsible only for its own
 obligations and not those of any other lessee. The agreement expressly provides that the lessees are not considered a partnership,
 association, or joint venture, and that each operating subsidiary should independently negotiate and enter into its individual lease
 arrangement with Jebs Enterprise. The agreement is governed by the laws of Singapore and includes an arbitration clause requiring
 that any disputes be resolved by arbitration administered by the Singapore International Arbitration Centre. The agreement remains
 in effect for as long as any individual lease agreement is outstanding. The
 individual equipment lease agreements between Jebs Enterprise and each operating subsidiary provide for the lease of specified equipment
 for an initial three-year term and shall automatically renew for an additional one-year term on the same terms and conditions unless
 either party provides written notice of its intention not to renew at least thirty (30) days prior to the expiry of the term. Rental
 fees are based on actual usage and agreed in writing before each rental period, with payment due within thirty (30) days of invoice.
 Title to the equipment remains with Jebs Enterprise, while risk of loss or damage passes to the lessee upon delivery and remains
 until return. Lessees must maintain and operate the equipment properly, are prohibited from transferring or encumbering it, and must
 return it at the end of the rental period or upon termination. The lease may be terminated by the lessee with 30 days' written
 notice, by the lessor for uncured breach, or automatically in the event of a total loss of the equipment. These agreements are governed
 by Singapore law and require arbitration of disputes at the Singapore International Arbitration Centre.

&nbsp;&nbsp;&nbsp;&nbsp;(3) During
 2023 and 2024, the Company entered into a series of asset disposal transactions with Jebs
 Enterprise involving the sale of used equipment. These transactions were conducted based
 on management's assessment of fair market value, considering the condition, age, and
 usage of the equipment. The details are as follows: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) 
 On January 31, 2023, the Company sold four units of used blasting equipment to Jebs Enterprise for a total consideration of S$720,000,
 with an aggregate carrying amount of S$704,907. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) 
 On November 19, 2023, the Company sold one unit of used air-cooler dehumidifier for S$38,500, with a carrying amount of S$25,830. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) 
 On January 2, 2024, the Company sold three units of used high-pressure pumps for a total consideration of S$435,000, with an aggregate
 carrying amount of S$379,864. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) 
 On October 16, 2024, the Company sold two units of used high-pressure pumps for a total consideration of S$200,000, with an aggregate
 carrying amount of S$165,750. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) 
 On December 31, 2024, the Company sold two units of used high-pressure pumps for a total consideration of S$320,000, with an aggregate
 carrying amount of S$298,279. The
 total gain on disposal recognized in 2023 and 2024 was S$27,763 and S$111,107, respectively. The equipment sold consisted of functional
 equipment that had been partially depreciated, and the gains from these disposals were recognized as other income in financial statements.

On September 1, 2024, the Company, through its related party, Jebs Enterprise Pte. Ltd., entered into a Property Lease Agreement. The leased property is used for operational purposes. The lease commenced on November 1, 2024, for a term of 2 years, ending on October 31, 2026.

However, the lease is provided rent-free by the related party, and as such, no lease liability or right-of-use asset is recognized in the Company's financial statements. Accordingly, the Company does not have any externally leased office premises with rental obligations as of December 31, 2024 and 2023.

<u>Related party balances</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| **Due from related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* | 1975600 | 2698907 | 1552426 |
| - Jebs Enterprise Pte. Ltd. \* | - | - | 777600 |
|  | **1975600** | **2698907** | **2330026** |
| **Due to related parties** |  |  |  |
| - Jeneric Holdings Pte. Ltd. \* |  |  | 399117 |
| - Jebs Enterprise Pte. Ltd. \* | 40553 | 55400 | 66960 |
|  | **40553** | **55400** | **466077** |

---

The amounts due from and due to related parties represent business advances made for operational purposes. These balances are unsecured, interest-free, and repayable on demand without any formal agreement. During 2023 and 2024, we made advances to related parties, net of repayments, of S$378,288 and S$779,558 (approximately US$570,636), respectively. The amount due from Jeneric Holdings Pte. Ltd. has been recovered by offsetting it against the dividends declared on January 1, 2025, and through a cash settlement on April 24, 2025. The amount due to Jebs Enterprise Pte. Ltd. has been settled on April 24, 2025.

\* A company in which Mr. Goh Kwang Yong is a common director.

<u>Key management personnel remuneration</u>

The remuneration for key management personnel of the Company, representing the Company's director, is as follow:

---

| | | | |
|:---|:---|:---|:---|
|  | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** | **Fiscal Years Ended December 31,** |
|  | **2024** | **2024** | **2023** |
|  | **US$** | **S$** | **S$** |
| Key management personnel remuneration | 164788 | 225120 | 225120 |

---

**19. CONCENTRATION OF RISK**

The Company is exposed to the following concentration of risk:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Major
 customers

For the year ended December 31, 2024, customer A, B and C accounted for 29%, 20% and 12% of the Company's total revenue.

For the year ended December 31, 2023, customer A and B accounted for 30% and 20% of the Company's total revenue.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Major
 vendors

For the year ended December 31, 2024, vendor A and B accounted for 54% and 15% of the Company's total purchases.

For the year ended December 31, 2023, vendor A and B accounted for 42% and 16% of the Company's total purchases.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Credit
 risk

Financial instruments that potentially subject the Company to credit risk consist of cash equivalents, accounts receivable, other current assets, including deposits and other receivables, and amount due from related parties. Cash and cash equivalents are maintained with high credit quality institutions, the composition and maturities of which are regularly monitored by management. From April 1, 2024 onwards, the Singapore Deposit Protection Board pays compensation up to a limit of S$100,000 (approximately US$74,360) if the bank with which an individual/a company hold its eligible deposit fails. While management believes that these financial institutions are of high credit quality, it also continually monitors their credit worthiness.

For accounts receivable, the Company determines, on a continuing basis, the probable losses and sets up an allowance for expected credit losses based on the estimated realizable value.

The Company has adopted a policy of only dealing with creditworthy counterparties. The Company performs ongoing credit evaluation of its counterparties' financial condition and generally does not require a collateral. The Company also considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period.

The Company has determined the default event on a financial asset to be when internal and/or external information indicates that the financial asset is unlikely to be received, which could include default of contractual payments due for more than 90 days, default of interest due for more than 365 days or there is significant difficulty of the counterparty.

To minimize credit risk, the Company has developed and maintained its credit risk grading to categorize exposures according to their degree of risk of default. The credit rating information is supplied by publicly available financial information and the Company's own trading records to rate its major customers and other debtors. The Company considers available reasonable and supportive forward-looking information which includes the following indicators:

● Actual or expected significant adverse changes in business, financial or economic conditions that are expected to cause a significant change to the debtor's ability to meet its obligations

● Internal credit rating

● External credit rating and when necessary

Regardless of the analysis above, a significant increase in credit risk is presumed if a debtor is more than 30 days past due in making contractual payment.

As of December 31, 2024 and 2023, there was no outstanding from a single customer whose account receivable balances of total consolidated amounts.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest
 rate risk

As the Company has no significant interest-bearing assets, the Company's income and operating cash flows are substantially independent of changes in market interest rates.

The Company's interest-rate risk arises from bank borrowings. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of December 31, 2024 and 2023, bank borrowings amounting to S$506,322 (approximately US$370,628) and S$791,961 were at floating interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Economic
 and political risk

The Company's major operations are conducted in Singapore. Accordingly, the political, economic, and legal environments in Singapore, as well as the general state of Singapore's economy influence the Company's business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Liquidity
 risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company's policy is to ensure that it has sufficient cash to meet its liabilities when they become due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. A key risk in managing liquidity is the degree of uncertainty in the cash flow projections. If future cash flows are fairly uncertain, the liquidity risk increases.

Potential impact to the Company's results of operations for 2024 will also depend on economic impact due to the pandemic and if any future resurgence of the virus globally, which are beyond the Company's control. There is no guarantee that the Company's revenues will grow or remain at a similar level year after year in 2025.

**20. COMMITMENTS AND CONTINGENCIES**

<u>Contracted expenditure commitments</u>

From time to time, the Company entered into various short-term lease agreements to worker dormitories. The Company's contracted expenditures commitments as of December 31, 2024 but not provided in the consolidated financial statements are as follows:

---

| | | |
|:---|:---|:---|
|  | **Contracted expenditure<br> commitments** | **Contracted expenditure<br> commitments** |
|  | **US$** | **S$** |
| Within 1 year | 264332 | 361110 |

---

<u>Litigation</u>

From time to time, the Company is involved in various legal proceedings and claims in the ordinary course of business. The Company currently is not aware of any legal proceedings or claims that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition, operating results, or cash flows.

As of December 31, 2024 and 2023, the Company has no material contingencies.

**21. OFF-BALANCE SHEET ARRANGEMENT**

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

**22. SUBSEQUENT EVENTS**

In accordance with ASC Topic 855, "*Subsequent Events*", which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the consolidated financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2024, up through the date the Company issued the audited consolidated financial statements.

On January 1, 2025, Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd. and Jeneric Venture Pte. Ltd. approved the total amount of the distribution of interim dividend of S$2,592,688 (approximately US$1,897,848) to Jeneric Holdings Pte. Ltd. The dividends have been settled by offsetting against the amount due from Jeneric Holdings Pte. Ltd. (Note 6).

On August 13, 2025, the Company adopted APEX Global Solutions Limited 2025 Equity Incentive Plan (the "2025 Plan"). The purpose of the 2025 Plan is to grant share options, restricted share units and other forms of incentive compensation to our officers, employees, directors and consultants. The maximum number of Class A Ordinary Shares that may be issued pursuant to awards granted under the 2025 Plan is 10,000,000 shares. All shares remain available for issuance under the 2025 Plan.

**[ ] Class A Ordinary Shares**![](image_012.jpg)

**APEX Global Solutions Limited**

**PROSPECTUS**

**US Tiger Securities**

**[ ], 2025**

Until [●], 2025 (the 25th day after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS** 

**Item 6. Indemnification of Directors and Officers.**

British Virgin 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 British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association provide that APEX Global shall indemnify against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who (i) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director of APEX Global or (ii) is or was, at the request of APEX Global, serving as a director of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise. Such indemnity only applies if the person acted honestly and in good faith with a view to the best interests of APEX Global and, in the case of criminal proceedings, the person had no reasonable cause to believe that his/her conduct was unlawful. There is no pending litigation or proceeding involving a director or executive officer of the registrant for which indemnification is sought.

The form of underwriting agreement filed as an exhibit to this registration statement will also provide for indemnification of officers and directors of APEX Global by the underwriters against certain liabilities.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to 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.

**Item 7. Recent Sales of Unregistered Securities.** 

The following sets forth information regarding all unregistered sales of our securities within the past three years.

All of these sales were exempt from registration under the Securities Act by reason of Section 4(2) of the Securities Act, as transactions by an issuer not involving a public offering, or were exempt from registration pursuant to Regulation S. The recipients of securities in each of these transactions represented their intentions to acquire the securities for investment only and not with a view to or for sale in connection with any distribution of the securities, and appropriate legends were affixed to the share certificates issued in such transactions and there were no investors who are citizens or residents of the United States. We relied on information from purchasers that they were accredited investors and/or such investors were provided adequate information and were otherwise determined to be suitable. In all cases, there was no public solicitation. The issuances of the securities described below were effected without the involvement of underwriters.

Upon incorporation on July 5, 2024, APEX Global issued 50,000 shares to John Ting Tiew Hui for consideration of $50,000. On April 29, 2025, John Ting Tiew Hui transferred such 50,000 shares to Chong Kee Min for consideration of $50,000. On April 30, 2025, such 50,000 shares held by Chong Kee Min were converted into 50,000 Class A Ordinary Shares.

On May 8, 2025, APEX Global issued a total of 22,450,000 Class A Ordinary Shares to ten (10) investors, including six (6) individuals and four (4) entities, for consideration of $658,533.

On May 20, 2025, Jeneric Holdings, APEX Global, and Ascendo entered into a Share Swap Agreement, pursuant to which Jeneric Holdings agreed to transfer to APEX Global all the issued shares of Ascendo. As consideration for the shares of Ascendo, APEX Global agreed to allot and issue 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On May 20, 2025, APEX Global issued 27,500,000 Class B Ordinary Shares to Jeneric Holdings. On June 12, 2025, Jeneric Holdings converted 20,000,000 Class B Ordinary Shares into 20,000,000 Class A Ordinary Shares on a 1:1 basis.

**Item 8. Exhibits and Financial Statement Schedules.** 

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\* | Form of Underwriting Agreement |
| 3.1 | [Memorandum and Articles of Association of the registrant](ea025364401ex3-1_apexglo.htm) |
| 4.1\* | Specimen Certificate for Class A Ordinary Shares |
| 5.1\* | Opinion of Harney Westwood & Riegels regarding the validity of the Class A Ordinary Shares being registered |
| 8.1\* | Opinion of Harney Westwood & Riegels regarding certain British Virgin Islands tax matters (included in Exhibit 5.1) |
| 8.2\* | Opinion of Shook Lin & Bok LLP regarding certain Singapore tax matters (included in Exhibit 99.1) |
| 10.1† | [Form of Executive Service Agreement between the Registrant and its executive officers](ea025364401ex10-1_apexglo.htm) |
| 10.2 | [Business Instalment Loan between Jeneric Offshore Pte. Ltd. and Standard Chartered Bank (Singapore) Limited dated June 8, 2023](ea025364401ex10-2_apexglo.htm) |
| 10.3 | [Temporary Bridging Loan between Jeneric Offshore Pte. Ltd. and United Overseas Bank Limited dated January 25, 2021](ea025364401ex10-3_apexglo.htm) |
| 10.4 | [Temporary Bridging Loan between Jeneric Services Pte. Ltd. and United Overseas Bank Limited dated November 11, 2020](ea025364401ex10-4_apexglo.htm) |
| 10.5 | [Form of Tenancy Agreement between Westlite Dormitory (Woodlands) Pte. Ltd. and Jeneric Engineering Pte. Ltd.](ea025364401ex10-5_apexglo.htm) |
| 10.6 | [Form of Tenancy Agreement between Westlite Juniper (Mandai) Pte. Ltd. and Jeneric Offshore Pte. Ltd.](ea025364401ex10-6_apexglo.htm) |
| 10.7 | [Form of Tenancy Agreement between KT Mesdorm Pte. Ltd. and Jeneric Marine Pte. Ltd.](ea025364401ex10-7_apexglo.htm) |
| 10.8 | [Form of Tenancy Agreement between KT Mesdorm Pte. Ltd. and Jeneric Offshore Pte. Ltd.](ea025364401ex10-8_apexglo.htm) |
| 10.9 | [Master Equipment Lease Agreement by and among Jebs Enterprise Pte. Ltd., Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd., Jeneric Marine Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd., and Jeneric Venture Pte. Ltd.](ea025364401ex10-9_apexglo.htm) |
| 10.10 | [Form of Equipment Lease Agreement by and between Jebs Enterprise Pte. Ltd., and each of Jeneric Engineering Pte. Ltd., Jeneric International Pte. Ltd., Jeneric Marine Pte. Ltd., Jeneric Offshore Pte. Ltd., Jeneric Services Pte. Ltd., and Jeneric Venture Pte. Ltd.](ea025364401ex10-10_apexglo.htm) |
| 10.11+ | [Share Swap Agreement by and among Jeneric Holdings Pte. Ltd., APEX Global Solutions Limited and Ascendo Global Limited, dated May 20, 2025](ea025364401ex10-11_apexglo.htm) |
| 10.12 | [APEX Global Solutions Limited 2025 Equity Incentive Plan](ea025364401ex10-12_apexglo.htm) |
| 10.13 | [Form of Share Option Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan.](ea025364401ex10-13_apexglo.htm) |
| 10.14 | [Form of Restricted Share Award Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan.](ea025364401ex10-14_apexglo.htm) |
| 10.15 | [Form of Restricted Share Unit Award Agreement for APEX Global Solutions Limited 2025 Equity Incentive Plan.](ea025364401ex10-15_apexglo.htm) |
| 14.1 | [Code of Ethics and Business Conduct of the registrant](ea025364401ex14-1_apexglo.htm) |
| 21.1 | [List of subsidiaries of the registrant](ea025364401ex21-1_apexglo.htm) |
| 23.1 | [Consent of Assentsure PAC](ea025364401ex23-1_apexglo.htm) |
| 23.2\* | Consent of Harney Westwood & Riegels (contained in Exhibit 5.1) |
| 23.3\* | Consent of Shook Lin & Bok LLP (included in Exhibit 99.1) |
| 24.1 | [Power of Attorney (included in the signature page)](#a_026) |
| 99.1\* | Opinion of Shook Lin & Bok LLP regarding certain Singapore law matters |
| 99.2 | [Audit Committee Charter](ea025364401ex99-2_apexglo.htm) |
| 99.3 | [Compensation Committee Charter](ea025364401ex99-3_apexglo.htm) |
| 99.4 | [Nominating and Corporate Governance Committee Charter](ea025364401ex99-4_apexglo.htm) |
| 99.5 | [Converging Knowledge Consent](ea025364401ex99-5_apexglo.htm) |
| 107 | [Filing Fee Table](ea025364401ex-fee_apexglo.htm) |

---

---

| | |
|:---|:---|
| \* | To be filed by amendment |
| † | Executive Compensation Plan or Agreement |
| + | Certain schedules to this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any such omitted schedule to the SEC upon request. |

---

(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 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.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant under the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(a) The
 undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) For
 purposes of determining any liability under the Securities Act, the information omitted from
 the form of prospectus filed as part of this registration statement in reliance upon Rule 430A
 and contained in a form of prospectus filed by the registrant under Rule 424(b)(1)
 or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
 statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;(2) For
 the purpose of determining any liability under the Securities Act, 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.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on the 19th day of August, 2025.

---

| | |
|:---|:---|
| **APEX Global Solutions Limited** | **APEX Global Solutions Limited** |
| By: | /s/ Goh Kwang Yong |
| Name: | Goh Kwang Yong |
| Title: | Chairman of the Board of Directors and Chief Executive Officer |

---

**POWER OF ATTORNEY** 

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

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Goh Kwang Yong, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement, and any registration statement relating to the offering covered by this registration statement and filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys in fact and agents or their substitute or substitutes may lawfully do or cause to be done by virtue hereof.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Goh Kwang Yong | Chairman of the Board of Directors and Chief Executive Officer | August 19, 2025 |
| Goh Kwang Yong | (Principal Executive Officer) |  |
| /s/ Foo Ling Han | Chief Financial Officer | August 19, 2025 |
| Foo Ling Han | (Principal Financial and Accounting Officer) |  |
| /s/ Wan Hwee Chein | Director and Chief Operating Officer | August 19, 2025 |
| Wan Hwee Chein |  |  |
| /s/ Yap Jin Yuan | Director | August 19, 2025 |
| Yap Jin Yuan |  |  |
| /s/ Lok Tze Kong | Director | August 19, 2025 |
| Lok Tze Kong |  |  |
| /s/ Yang Pik Wei | Director | August 19, 2025 |
| Yang Pik Wei |  |  |

---

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

Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of APEX Global Solutions Limited has signed this registration statement or amendment thereto in New York on August 19, 2025.

---

| | |
|:---|:---|
| **Cogency Global Inc.** | **Cogency Global Inc.** |
| Authorized U.S. Representative | Authorized U.S. Representative |
| 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**

![](ex3-1_001.jpg)

BRITISH VIRGIN ISLANDS

THE BRITISH VIRGIN ISLANDS BUSINESS COMPANIES ACT, 2004

MEMORANDUM OF ASSOCIATION

AND

ARTICLES OF ASSOCIATION

OF

**<u>APEX Global Solutions Limited</u>**

(Formerly Named Quantum Technologies Limited 量子科技公司)

**Incorporated on the 5th day of July, 2024**

**Amended and Restated on the 30th day of April, 2025**

![](ex3-1_002.jpg)

**Asia Leading Corporate Services (BVI) Limited**

**Asia Leading Chambers, Road Town, Tortola VG1110**

**British Virgin Islands**

TERRITORY OF THE BRITISH VIRGIN ISLANDS

THE BVI BUSINESS COMPANIES ACT, 2004

MEMORANDUM OF ASSOCIATION

OF

**APEX Global Solutions Limited**

A COMPANY LIMITED BY SHARES

1. DEFINITIONS & INTERPRETATION

1.1. In this Memorandum
of Association and the attached Articles of Association, if not inconsistent with the subject or context:

**"Act"** means the BVI Business Companies Act (No. 16 of 2004) and includes the regulations made under the Act;

**"Articles"** means the attached Articles of Association of the Company;

**"Chairman of the Board"** has the meaning specified in Regulation 12;

**"Distribution"** in relation to a distribution by the Company means the direct or indirect transfer of an asset, other than Shares, to or for the benefit of the Shareholder in relation to Shares held by a Shareholder, and whether by means of a purchase of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness or otherwise, and includes a dividend;

**"Eligible Person"** means individuals, corporations, trusts, the estates of deceased individuals, partnerships and unincorporated associations of persons;

**"Memorandum"** means this Memorandum of Association of the Company;

**"Registrar"** means the Registrar of Corporate Affairs appointed under section 229 of the Act:

**"Resolution of Directors"** means either:

(a) a resolution approved at a duly convened and constituted meeting of directors of
the Company or of a committee of directors of the Company by the affirmative vote of a majority of the directors present at the meeting
who voted except that where a director is given more than one vote, he shall be counted by the number of votes he casts for the purpose
of establishing a majority; or

(b) a resolution consented to in writing by all directors or by all members of a committee
of directors of the Company, as the case may be;

**"Resolution of Shareholders"** means either:

(a) a resolution approved at a duly convened and constituted meeting of the Shareholders
of the Company by the affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present at the meeting
and were voted; or

(b) a resolution consented to in writing by a majority of the votes of Shares entitled
to vote thereon;

**"Seal"** means any seal which has been duly adopted as the common seal of the Company;

**"Securities"** means Shares and debt obligations of every kind of the Company, and including without limitation options, warrants and rights to acquire shares or debt obligations;

**"Share"** means a share issued or to be issued by the Company;

**"Shareholder"** means an Eligible Person whose name is entered in the register of members of the Company as the holder of one or more Shares or fractional Shares;

**"Treasury Share"** means a Share that was previously issued but was repurchased, redeemed or otherwise acquired by the Company and not cancelled; and

**"Written"** or any term of like import includes information generated, sent, received or stored by electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange, electronic mail, telegram, telex or telecopy, and "in writing" shall be construed accordingly.

1.2. In the Memorandum
and the Articles, unless the context otherwise requires a reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a "Regulation" is a reference to a regulation of the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a "Clause" is a reference to a clause of the Memorandum;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) voting by Shareholders is a reference to the casting of the votes attached to the
Shares held by the Shareholder voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Act, the Memorandum or the Articles is a reference to the Act or those documents
as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the singular includes the plural and vice versa

1.3. Any words or expressions defined in the Act unless the context otherwise requires
bear the same meaning in the Memorandum and Articles unless otherwise defined herein.

1.4. Headings are inserted for convenience only and shall be disregarded in interpreting
the Memorandum and Articles.

2. NAME

The name of the Company is **APEX Global Solutions Limited**.

3. STATUS

The Company is a company limited by shares.

4. REGISTERED OFFICE AND REGISTERED AGENT

4.1 The first registered office of the Company is at ICS Corporate Services (BVI)
Limited of Sea Meadow House, P.O. Box 116, Road Town, Tortola,
British Virgin Islands, the office of the first registered agent.

4.2 The first registered agent of the Company is ICS Corporate Services (BVI) Limited
of Sea Meadow House, P.O. Box 116, Road Town, Tortola,
British Virgin Islands.

4.3 The current registered office of the Company is at Asia Leading Chambers, Road
Town, Tortola VG1110, British Virgin Islands.

4.4 The current registered agent of the Company is Asia Leading Corporate Services
(BVI) Limited of Asia Leading Chambers, Road Town, Tortola VG1110, British Virgin Islands.

4.5 The Company may by Resolution of Shareholders or by Resolution of Directors change
the location of its registered office or change its registered agent.

4.6 Any change of registered office or registered agent will take effect on the registration
by the Registrar of a notice of the change filed by the existing registered agent or a legal practitioner in the British Virgin Islands
acting on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CAPACITY AND POWERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Subject to the Act and any other British Virgin Islands legislation, the Company has,
irrespective of corporate benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) full capacity to carry on or undertake any business or activity, do any act or enter
into any transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purposes of paragraph (a), full rights, powers and privileges.

5.2 For the purposes of section 9(4) of the Act, there are no limitations on the business
that the Company may carry on.

6. NUMBER AND CLASSES OF SHARES

6.1 The Company is authorised to issue an unlimited
number of Shares, consisting of two Classes of ordinary Shares, Class A ordinary shares, with no par value each, and Class B ordinary
shares, with no par value each, consisting of such numbers and such Series, as the Directors may determine.

6.2 The Class B ordinary share issued may be converted, at the ratio of 1:1, into Class
A ordinary share, at the option of the holder; the Class A ordinary share issued may not be converted to Class B ordinary share in any
way. Any conversion of Class B ordinary shares into Class A ordinary shares shall be effected by means of the redesignation and reclassification
of the relevant Class B ordinary share as a Class A ordinary share together with such rights and restrictions and which shall rank pari
passu in all respects with the Class A ordinary shares then in issue. Such conversion shall become effective forthwith upon entries being
made in the register of members of the Company to record the redesignation and reclassification of the relevant Class B ordinary shares
as Class A ordinary shares.

6.3 The shares may be divided into such number of classes and series of shares as may be determined from time to
time by Resolution of Directors or Resolution of Members.

6.4 The directors or members may from time to time by Resolution of Directors or Resolution
of Members increase or decrease the maximum number of shares the Company is authorised to issue, by amendment to this Memorandum in accordance
with the provisions below.

7. DESIGNATIONS, POWERS, PREFERENCES, ETC. OF SHARES

7.1 Each Class A ordinary share in the Company confers on the holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to one (1) vote on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any dividend paid by the Company in accordance with
the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company.

7.2 Each Class B ordinary share in the Company confers on the holder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right to twenty (20) votes on any Resolution of Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the right to an equal share in any dividend paid by the Company in accordance
with the Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the right to an equal share in the distribution of the surplus assets of the Company;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the right to convert to Class A ordinary share on a one-for-one basis at the option
of the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. VARIATION OF RIGHTS

The rights attached to Shares as specified in Clause 7 may only, whether or not the Company is being wound up, be varied with the consent in writing of or by a resolution passed at a meeting by the holders of more than *50* per cent of the issued Shares of that class.

9. RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU

The rights conferred upon the holders of the Shares of any class issued with preferred or other rights 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. REGISTERED SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Company shall issue registered shares only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Company is not authorised to issue bearer shares, convert registered shares
to bearer shares or exchange registered shares for bearer shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. TRANSFER OF SHARES

11.1 The Company shall, on receipt of an instrument of transfer complying with Sub-Regulation
6.1 of the Articles, enter the name of the transferee of a Share in the register of members unless the directors resolve to refuse or
delay the registration of the transfer for reasons that shall be specified in a Resolution of Directors.

11.2 The directors may not resolve to refuse or delay the transfer of a Share unless
the Shareholder has failed to pay an amount due in respect
of the Share.

12. AMENDMENT OF MEMORANDUM AND ARTICLES

12.1 Subject to Clause 8, the Company may amend its Memorandum or Articles by a Resolution
of Shareholders or by a Resolution of Directors, save that no amendment may be made by a Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to restrict the rights or powers of the Shareholders to amend the Memorandum or
Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to change the
percentage of Shareholders required to pass a Resolution of Shareholders to amend the Memorandum or Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in circumstances where the Memorandum or Articles cannot be amended by the Shareholders;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to Clauses 7, 8 or 9 or this Clause 12.

12.2 Any amendment of the Memorandum or Articles will take effect on the registration
by the Registrar of a notice of amendment, or restated Memorandum and Articles, filed by the registered agent.

We, ICS Corporate Services (BVI) Limited of Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 5th day of July, 2024.

Incorporator

SGD HAO Sixin and ZHONG Caiqing

Authorised Signatory

ICS Corporate Services (BVI) Limited

Sea Meadow House

P.O. Box 116

Road Town, Tortola

British Virgin Islands

TERRITORY OF THE BRITISH VIRGIN ISLANDS

THE BVI BUSINESS COMPANIES ACT, 2004

ARTICLES OF ASSOCIATION

OF

**APEX Global Solutions Limited**

A COMPANY LIMITED BY SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. REGISTERED SHARES

1.1. Every Shareholder
is entitled to a certificate signed by a director of the Company or under the Seal specifying the number of Shares held by him and the
signature of the director and the Seal may be facsimiles.

1.2. Any Shareholder 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
on production of the worn out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution
of Directors.

1.3. If several Eligible Persons are registered as joint holders of any Shares, any one
of such Eligible Persons may give an effectual receipt for any Distribution.

2. SHARES

2.1. Shares and other Securities may be issued at such times, to such Eligible Persons,
for such consideration and on such terms as the directors may by Resolution of Directors determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Section 46 of the Act *(Pre-emptive rights)* does not apply to the Company.

2.3. A Share may be issued for consideration in any form, including money, a promissory
note, real property, personal property (including goodwill and know-how) or a contract for future services.

2.4. No Shares may be issued for a consideration other than money, unless a Resolution
of Directors has been passed stating:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount to be credited for the issue of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) their determination of the reasonable present cash value of
the non-money consideration for the issue; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, in their opinion, the present cash value of the non-money
consideration for the issue is not less than the amount to be credited for the issue of the Shares.

2.5. The Company shall keep a register (the "register of members") containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the Eligible Persons who hold Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of each class and series of Shares held by each
Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on which the name of each Shareholder was entered
in the register of members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the date on which any Eligible Person ceased to be a Shareholder.

2.6. The register
of members may be in any such form as the directors may approve, but if it is in magnetic, electronic or other data storage form, the
Company must be able to produce legible evidence of its contents. Until the directors otherwise determine, the magnetic, electronic or
other data storage form shall be the original register of members.

2.7. A Share is deemed to be issued when the name of the Shareholder is entered in the
register of members.

2.8. The Company may by a Resolution of Shareholders or by a Resolution of Directors amend
the Memorandum to increase or reduce the number of Shares the Company is authorised to issue.

2.9. The Company may by a Resolution of Directors or of the Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) divide the Shares, including issued Shares, of a Class or Series into a larger number of Shares of the same Class or Series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) combine the Shares, including issued Shares, of a Class or Series into a smaller number of Shares of the same Class or Series.

3. REDEMPTION OF SHARES AND TREASURY SHARES

3.1. The Company may purchase, redeem or otherwise acquire and hold its own Shares save
that the Company may not purchase, redeem or otherwise acquire its own Shares without the consent of Shareholders whose Shares are
to be purchased, redeemed or otherwise acquired unless the Company is permitted by the Act or any other provision in the Memorandum or
Articles to purchase, redeem or otherwise acquire the Shares without their consent.

3.2. The Company may only offer to acquire Shares if at the relevant time the directors
determine by Resolution of Directors that immediately after the acquisition the value of the Company's assets will exceed its liabilities
and the Company will be able to pay its debts as they fall due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Sections 60 *(Process for acquisition of own shares),* 61 *(Offer to one or more shareholders)* and 62 *(Shares redeemed otherwise than at the option of company)* of the Act shall not apply to the Company.

3.4. Shares that the Company purchases, redeems or otherwise acquires pursuant to this
Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in excess of 50 percent of the issued
Shares in which case they shall be cancelled but they shall be available for reissue.

3.5. 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.

3.6. Treasury Shares may be disposed of by the Company on such terms and conditions
(not otherwise inconsistent with the Memorandum and Articles) as the Company may by Resolution of Directors determine.

3.7 Where Shares are held by another body corporate of which the Company holds, directly
or indirectly, shares having more than 50 per cent of the votes in the election of directors of the other body corporate, all rights and
obligations attaching to the Shares held by the other body corporate are suspended and
shall not be exercised by the other body corporate.

4. MORTGAGES AND CHARGES OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Shareholders may mortgage or charge their Shares.

4.2. There shall be entered in the register of members at the written request of the
Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that the Shares held by him are mortgaged or charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the name of the mortgagee or chargee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the date on
which the particulars specified in subparagraphs (a) and (b) are entered in the register of members.

4.3. Where particulars of a mortgage or charge are entered in the register of members,
such particulars may be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with the written consent of the named mortgagee or chargee or anyone authorised
to act on his behalf; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon evidence satisfactory to the directors of the discharge of the liability secured
by the mortgage or charge and the issue of such indemnities as the directors shall consider necessary or desirable.

4.4. Whilst particulars of a mortgage or charge over Shares are entered in the register
of members pursuant to this Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no transfer of any Share the subject of those particulars shall be effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company may not purchase, redeem or otherwise acquire any such Share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no replacement certificate shall be issued in respect of such Shares, without
the written consent of the named mortgagee or chargee.

5. FORFEITURE

5.1. Shares that are not fully paid on issue are subject to the forfeiture provisions
set forth in this Regulation and for this purpose Shares issued for a promissory note or a contract for future services are deemed to
be not fully paid.

5.2. A written notice of call specifying the date for payment to be made shall be served
on the Shareholder who defaults in making payment in respect of the Shares.

5.3. The written notice of call referred to in Sub-Regulation *5.2* shall name
a further date not earlier than the expiration of 14 days from the date of service of the notice on or before which the payment required
by the notice is to be made and shall contain a statement that in the event of non-payment at or before the time named in the notice the
Shares, or any of them, in respect of which payment is not made will be liable to be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Where a written notice of call has been issued pursuant to Sub-Regulation 5.3 and
the requirements of the notice have not been complied with, the directors may, at any time before tender of payment, forfeit and cancel
the Shares to which the notice relates.

5.5. The Company is under no obligation to refund any moneys to the Shareholder whose
Shares have been cancelled pursuant to Sub-Regulation *5.4* and that Shareholder shall be discharged from any further obligation
to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TRANSFER OF SHARES

6.1. Shares may be transferred by a written instrument of transfer signed by
the transferor and Containing the name and address of the transferee, which shall he sent to the Company for registration.

6.2 The transfer of a Share is effective when the name of the transferee is entered on the register of members.

6.3. If the directors of the Company are satisfied that an instrument of transfer relating
to Shares has been signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to accept such evidence of the transfer of Shares as they consider appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that the transferee's
name should be entered in the register of members notwithstanding the absence of the instrument of transfer.

6.4. Subject to the Memorandum, the personal representative of a deceased Shareholder may
transfer a Share even though the personal representative is not a Shareholder at the time of the transfer.

7. MEETINGS AND CONSENTS OF SHAREHOLDERS

7.1. Any director of the Company may convene meetings of the Shareholders at such times
and in such manner and places within or outside the British Virgin Islands as the director considers necessary or desirable.

7.2. Upon the written request of Shareholders entitled to exercise 30 per cent or more
of the voting rights in respect of the matter for which the meeting is requested the directors shall convene a meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. The director convening a meeting shall give not less than 5 days' notice of a
meeting of Shareholders to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) those Shareholders whose names on the date the notice is given appear as Shareholders in the register
 of members of the Company and are entitled to vote at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the other directors.

7.4. The director convening a meeting of Shareholders may fix as the record date for
determining those Shareholders that are entitled to vote at the meeting the date notice is given of the meeting, or such other date as
may be specified in the notice, being a date not earlier than the date of the notice.

7.5. A meeting of Shareholders held in contravention of the requirement to give notice
is valid if Shareholders holding at least 90 per cent 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 Shareholder at the meeting shall constitute waiver in relation to
all the Shares which that Shareholder holds.

7.6. The inadvertent failure of a director who convenes a meeting to give notice of
a meeting to a Shareholder or another director, or the fact that a Shareholder or another director has not received notice, does not invalidate
the meeting.

7.7. A Shareholder may be represented at a meeting of Shareholders by a proxy who may
speak and vote on behalf of the Shareholder.

7.8. 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.

7.9. The instrument appointing a proxy shall be in substantially the following form
or such other form as the chairman of the meeting shall accept as properly evidencing the wishes of the Shareholder appointing the
proxy.

[APEX Global Solutions Limited]

1/We being a Shareholder of the above Company HEREBY APPOINT ………………………………………..……………………..of………………. ………………or failing him …………………………of………………………………….. to be my/our proxy to vote for me/us at the meeting of Shareholders to be held on the day of 20 and at any adjournment thereof.

(Any restrictions on voting to be inserted here.) Signed this day of 20 .

Shareholder

7.10. The following applies 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 Shareholders and may speak as a Shareholder;

&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;(e) if two or more of the joint owners are present in person or
by proxy they must vote as one.

7.11. A Shareholder shall be deemed to be present at a meeting of Shareholders if he
participates by telephone or other electronic means and all Shareholders participating in the meeting are able to hear each other.

7.12. A meeting of Shareholders is duly constituted if, at the commencement of the meeting,
there are present in person or by proxy not less than *1/3* of all voting rights attached to all classes or series of shares entitled
to vote on a meeting of members. A quorum may comprise
a single Shareholder or proxy and then such person may pass a Resolution of Shareholders 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 Shareholders.

7.13. If within two hours from the time appointed for the meeting a quorum is not present,
the meeting, if convened upon the requisition of Shareholders, 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 there are present within one hour from the time appointed for the meeting
in person or by proxy not less than one third of the votes of the Shares or each class or series of Shares entitled to vote on the matters
to be considered by the meeting, those present shall constitute a quorum but otherwise the meeting shall be dissolved.

7.14. At every meeting of Shareholders, the Chairman of the Board shall preside as chairman
of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present at the meeting, the Shareholders present
shall choose one of their number to be the chairman. If the Shareholders are unable to choose a chairman for any reason, then the person
representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside as chairman failing which
the oldest individual Shareholder or representative of a Shareholder present shall take the chair.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15. 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.

7.16. At any meeting of the Shareholders 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 Shareholder 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.

7.17. Subject to the specific provisions contained in this Regulation for the appointment
of representatives of Eligible Persons other than individuals the right of any individual to speak for or represent a Shareholder shall
be determined by the law of the jurisdiction where, and by the documents by which, the Eligible Person is constituted or derives its existence.
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 Shareholder
or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18. Any Eligible Person other than an individual which is a Shareholder may by resolution
of its directors or other governing body authorise such individual as it thinks fit to act as its representative at any meeting of Shareholders
or of any class of Shareholders, and the individual so authorised shall be entitled to exercise the same rights on behalf of the Eligible
Person which he represents as that Eligible Person could exercise if it were an individual.

7.19. The chairman of any meeting at which a vote is cast by proxy or on behalf of any
Eligible Person other than an individual may call for a notarially certified copy of such proxy or authority which shall be produced within
7 days of being so requested or the votes cast by such proxy or on behalf of such Eligible Person shall be disregarded.

7.20. Directors of the Company may attend and speak at any meeting of Shareholders and
at any separate meeting of the holders of any class or series of Shares.

7.21. An action that may be taken by the Shareholders
at a meeting may also be taken by a Resolution of Shareholders consented to in writing, without the need for any notice, but if any Resolution
of Shareholders is adopted otherwise than by the unanimous written consent of all Shareholders, a copy of such resolution shall forthwith
be sent to all Shareholders not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being
signed by one or more Shareholders. If the consent is in one or more counterparts, and the counterparts bear different dates, then the
resolution shall take effect on the earliest date upon which Eligible Persons holding a sufficient number of votes of Shares to constitute
a Resolution of Shareholders have consented to the resolution by signed counterparts.

8. DIRECTORS

8.1. The first directors of the Company shall be appointed by the first registered
agent within 30 days of the incorporation of the Company; and thereafter, the directors shall be elected by Resolution of Shareholders
or by Resolution of Directors for such term as the Shareholders or directors determine.

8.2. No person shall be appointed as a director of the Company unless he has consented in writing
to act as a director.

8.3. The minimum number of directors shall be one and the maximum number shall be 12.

8.4. Each director holds office for the term, if any, fixed by the Resolution of Shareholders
or Resolution of Directors appointing him, or until his earlier death, resignation or removal. If no term is fixed on the appointment
of a director, the director serves indefinitely until his earlier death, resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. A director may be removed from office,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with or without
cause, by a Resolution of Shareholders passed at a meeting of Shareholders called for the purposes of removing the director or for purposes
including the removal of the director or by a written resolution passed by at least seventy five per cent of the Shareholders of the
Company entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with cause, by a Resolution of Directors passed at a meeting of directors called
for the purpose of removing the director or for purposes including the removal of the director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6. A director may resign his office by giving written notice of his resignation to
the Company and the resignation has effect from the date the notice is received by the Company or from such later date as may be specified
in the notice. A director shall resign forthwith as a director if he is, or becomes, disqualified from acting as a director under the
Act.

8.7. The directors may at any time appoint any person to be a director either to
 fill a vacancy or as an addition to the existing directors. Where the directors appoint a person as director to fill a vacancy, the term shall not exceed the term
that remained when the person who has ceased to be a director ceased to hold office.

8.8. A vacancy in relation to directors occurs if a director dies or otherwise ceases
to hold office prior to the expiration of his term of office.

8.9. The Company shall keep a register of directors containing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names and addresses of the persons who are directors of the Company;

&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 of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the date on which each person named as a director ceased to be a director of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other information as may be prescribed by the Act.

8.10. The register of directors may be kept in any such form as the directors may approve,
but if it is in magnetic, electronic or other data storage form, the Company must be able to produce legible evidence of its contents.
Until a Resolution of Directors determining otherwise is passed, the magnetic, electronic or other data storage shall be the original
register of directors.

8.11. The directors may, by a Resolution of Directors, fix the emoluments of directors
with respect to services to be rendered in any capacity to the Company

8.12. A director is not required to hold a Share as a qualification to office.

9. POWERS OF DIRECTORS

9.1. The business and affairs of the Company shall be managed by, or under the direction
or supervision of, the directors of the Company. The directors of
the Company have all the powers necessary for managing, and for directing and supervising, the business and affairs of the Company. The
directors may pay all expenses incurred preliminary to and in connection with the incorporation of the Company and may exercise all such
powers of the Company as are not by the Act or by the Memorandum or the Articles required to be exercised by the Shareholders.

9.2. Each director
shall exercise his powers for a proper purpose and shall not act or agree to the Company acting in a manner that contravenes the Memorandum,
the Articles or the Act. 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.

9.3. If the Company is the wholly owned subsidiary of a holding company, a director
of the Company may, when exercising powers or performing duties as a director, act in a manner which he believes is in the best interests
of the holding company even though it may not be in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. Any director which is a body corporate may appoint any individual as its duly authorised
representative for the purpose of representing it at meetings of the directors, with respect to the signing of consents or otherwise.

9.5. The continuing directors may act notwithstanding any vacancy in their body.

9.6. The directors may by Resolution of Directors exercise all the powers of the Company
to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of
any third party.

*9.7.* All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.

9.8. For the purposes of Section 175 *(Disposition of assets)* of the Act, the
directors may by Resolution of Directors determine that any sale, transfer, lease, exchange or other disposition is in the usual or regular
course of the business carried on by the Company and such determination is, in the absence of fraud, conclusive.

10. PROCEEDINGS OF DIRECTORS

10.1. Any one director of the Company may call a meeting of the directors by sending
a written notice to each other director.

10.2. The directors of the Company or any committee thereof may meet at such times and
in such manner and places within or outside the British Virgin Islands as the directors may determine to be necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. A director is deemed to be present at a meeting of directors if he participates
by telephone or other electronic means and all directors participating in the meeting are able to hear each other.

10.4. A director shall be given not less than 3 days' notice of meetings of directors,
but a meeting of directors held without 3 days' notice having been given to all directors shall be valid if all the directors entitled
to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a director at a meeting shall
constitute waiver by that director. The inadvertent failure to give notice of a meeting to a director, or the fact that a director has
not received the notice, does not invalidate the meeting.

10.5. A director may by a written instrument appoint an alternate who need not be a
director and the alternate shall be entitled to attend meetings in the absence
of the director who appointed him and to vote or consent in place of the director until the appointment lapses or is terminated.

10.6. A meeting of directors is duly constituted for all purposes if at the commencement
of the meeting there are present in person or by alternate not less than one-half of the total number of directors, unless there are only
2 directors in which case the quorum is 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7. If the Company
has only one director the provisions herein contained for meetings of directors do not apply and such sole director has full power to
represent and act for the Company in all matters as are not by the Act, the Memorandum or the Articles required to be exercised by the
Shareholders. In lieu of minutes of a meeting the sole director shall record in writing and sign a note or memorandum of all matters
requiring a Resolution of Directors. Such a note or memorandum
constitutes sufficient evidence of such resolution for all purposes.

10.8. At meetings of directors at which the Chairman of the Board is present, he shall
preside as chairman of the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the directors
present shall choose one of their number to be chairman of the meeting.

10.9. An action that may be taken by the directors or a committee of directors at a meeting
may also be taken by a Resolution of Directors or a resolution of a committee of directors consented to in writing by all directors or
by all members of the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each
counterpart being signed by one or more directors. If the consent is in one or more counterparts, and the counterparts bear different
dates, then the resolution shall take effect on the date upon which the last director has consented to the resolution by signed counterparts.

11. COMMITTEES

11.1. The directors may, by Resolution of Directors, designate one or more committees,
each consisting of one or more directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. The directors have no power to delegate to a committee of directors any of the
following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to amend the Memorandum or the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to designate committees of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to delegate powers to a committee of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to appoint directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to appoint an agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to approve a plan of merger, consolidation or arrangement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to make a declaration of solvency or to approve a liquidation plan.

11.3. Sub-Regulation 11.2(b) and (c) do not prevent a committee of directors, where
authorised by the Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee
and delegating powers exercisable by the committee to the sub-committee.

11.4. The meetings and proceedings of each committee of directors consisting of 2 or
more directors shall be governed *mutatis mutandis* by the provisions of the Articles regulating the proceedings of directors so
far as the same are not superseded by any provisions in the Resolution of Directors establishing the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. Where the directors delegate their powers to a committee of directors they remain
responsible for the exercise of that power by the committee, unless they believed on reasonable grounds at all times before the exercise
of the power that the committee would exercise the power in conformity with the duties imposed on directors of the Company under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OFFICERS AND AGENTS

12.1. The Company may by Resolution of Directors appoint
officers of the Company at such times as may be considered necessary or expedient. Such officers may consist of a Chairman of the Board
of Directors, a president and one or more vice-presidents, secretaries and treasurers and such other officers as may from time to time
be considered necessary or expedient. Any number of offices may be held by the same person.

12.2. The officers shall perform such duties as are prescribed at the time of their appointment
subject to any modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific
prescription of duties it shall be the responsibility of the Chairman of the Board to preside at meetings of directors and Shareholders,
the president to manage the day to day affairs of the Company, the vice-presidents to act in order of seniority in the absence of the
president but otherwise to perform such duties as may be delegated to them by the president, the secretaries to maintain the register
of members, minute books and records (other than financial records) of the Company and to ensure compliance with all procedural requirements
imposed on the Company by applicable law, and the treasurer to be responsible for the financial affairs of the Company.

12.3. The emoluments of all officers shall be fixed by Resolution of Directors.

12.4. The officers of the Company shall hold office until their successors are duly
appointed, but any officer elected or appointed by the directors may be removed at any time, with or without cause, by Resolution of Directors.
Any vacancy occurring in any office of the Company may be filled by Resolution of Directors.

12.5. The directors may, by a Resolution of Directors, appoint any person, including
a person who is a director, to be an agent of the Company. An agent of the Company shall have such powers and authority of the directors,
including the power and authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the
agent, except that no agent has any power or authority with respect to the matters specified in Sub-Regulation 11.2. The Resolution of
Directors appointing an agent may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers
conferred on the agent by the Company. The directors may remove an agent appointed by the Company and may revoke or vary' a power
conferred on him,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. CONFLICT OF INTERESTS

13.1. A director of the Company shall, forthwith after becoming aware of the fact that
he is interested in a transaction entered into or to be entered into by the Company, disclose the interest to all other directors of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. For the purposes of Sub-Regulation 13.1, a disclosure to all other directors to
the effect that a director is a member, director or officer of another named entity or has a fiduciary relationship with respect to the
entity or a named individual and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure,
be entered into with that entity or individual, is a sufficient disclosure of interest in relation to that transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3. A director of the Company who is interested in a transaction entered into or to
be entered into by the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) vote on a matter relating to the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attend a meeting of directors at which a matter relating to the transaction arises
and be included among the directors present at the meeting for the purposes of a quorum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sign a document on behalf of the Company, or do any other thing in his capacity
as a director, that relates to the transaction and, subject to compliance with the Act shall not, by reason of his office be accountable
to the Company for any benefit which he derives from such transaction and no such transaction shall be liable to be avoided on the grounds
of any such interest or benefit.

14. INDEMNIFICATION

14.1. Subject to the limitations hereinafter provided the Company shall indemnify against
all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection
with legal, administrative or investigative proceedings any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or was a party or is threatened to be made a party to any threatened, pending or
completed proceedings, whether civil, criminal, administrative or investigative, by reason of the fact that the person is or was a director
of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is or was, at the request of the Company, serving as a director of, or in any other
capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise.

14.2. The indemnity in Sub-Regulation 14.1 only applies if the person acted honestly
and in good faith with a view to the best interests of the Company and, in the case of criminal proceedings, the person had no reasonable
cause to believe that their conduct was unlawful.

14.3. The decision of the directors as to whether the person acted honestly and in good
faith and with a view to the best interests of the Company and as to whether the person had no reasonable cause to believe that his conduct
was unlawful is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.

14.4. The termination
of any proceedings by any judgment, order, settlement, conviction or the entering of a *nolle prosequi* does not, by itself, create
a presumption that the person did not act honestly and in good faith and with a view to the best interests of the Company or that the
person had reasonable cause to believe that his conduct was unlawful.

14.5. The Company may purchase and maintain insurance in relation to any person who
is or was a director, officer or liquidator of the Company, or who at the request of the Company is or was serving as a director, officer
or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint Venture, trust or other enterprise,
against any liability asserted against the person and incurred by the person in that capacity, whether or not the Company has or would
have had the power to indemnify the person against the liability as provided in the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. RECORDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. The Company shall keep the following documents at the office of its registered
agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Memorandum and the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the register of members, or a copy of the register of members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the register of directors, or a copy of the register of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) copies of all notices and other documents filed by the Company with the Registrar
of Corporate Affairs in the previous 10 years.

15.2. Until the directors
determine otherwise by Resolution of Directors the Company shall keep the original register of members and original register of directors
at the office of its registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. If the Company maintains only a copy of the register of members or a copy of the
register of directors at the office of its registered agent, it shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within 15 days of any change in either register, notify the registered agent in
writing of the change; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the registered agent with a written record of the physical address of the
place or places at which the original register of members or the original register of directors is kept.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. The Company shall keep the following records at the office of its registered agent
or at such other place or places, within or outside the British Virgin Islands, as the directors may determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) minutes of meetings and Resolutions of Shareholders and classes of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) minutes of meetings and Resolutions of Directors and committees of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an impression of the Seat, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. Where any original records referred to in this Regulation are maintained other
than at the office of the registered agent of the Company, and the place at which the original records is changed, the Company shall provide
the registered agent with the physical address of the new location of the records of the Company within 14 days of the change of location.

15.6. The records kept by the Company under this Regulation shall be in written form
or either wholly or partly as electronic records complying with the requirements of the Electronic Transactions Act (No. *5* of 2001).

16. REGISTERS OF CHARGES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of creation of the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short description of the liability secured by the charge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short description of the property charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the name and address of the trustee for the security or, if there is no such trustee,
the name and address of the chargee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the charge is a security to bearer, the name and address of the holder of
the charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) details of any prohibition or restriction contained in the instrument creating
the charge on the power of the Company to create any future charge ranking in priority to or equally with the charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. SEAL

The Company may have more than one Seal and references herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The directors shall provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one director or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed, may be general or specific and may refer to any number of sealings. The directors may provide for a facsimile of the Seal and of the signature of any director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. DISTRIBUTIONS BY WAY OF DIVIDEND

18.1. The directors of the Company may, by Resolution of Directors, authorise a distribution
by way of dividend at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after the
distribution, the value of the Company's assets will exceed its liabilities and the Company will be able to pay its debts as they
fall due.

18.2. Dividends may be paid in money, shares, or other property.

18.3. Notice of any dividend that may have been declared shall be given to each
 Shareholder as specified in Sub-Regulation 20.1 and all dividends unclaimed for 3 years after having been declared may be forfeited
 by Resolution of Directors for the benefit of the Company.

18.4. No dividend shall bear interest as against the Company and no dividend shall be
paid on Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. ACCOUNTS AND AUDIT

19.1. The Company shall keep records that are sufficient to show and explain the Company's
transactions and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.

19.2. The Company may by Resolution of Shareholders
call for the directors to prepare periodically and make available a profit and loss account and a balance sheet. The profit and loss
account and balance sheet shall be drawn up so as to give respectively a true and fair view of the profit and loss of the Company for
a financial period and a true and fair view of the assets and liabilities of the Company as at the end of a financial period.

19.3. The Company may by Resolution of Shareholders call for the accounts to be examined
by auditors.

19.4. The first auditors shall be appointed by Resolution of Directors; subsequent auditors
shall be appointed by a Resolution of Shareholders.

19.5. The auditors may be Shareholders, but no director or other officer shall be eligible
to be an auditor of the Company during their continuance in office.

19.6. The remuneration of the auditors of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of auditors appointed by the directors, may be fixed by Resolution
of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to the foregoing, shall be fixed by Resolution of Shareholders or in such
manner as the Company may by Resolution of Shareholders determine.

19.7. The auditors shall examine each profit and loss account and balance sheet required
to be laid before a meeting of the Shareholders or otherwise given to Shareholders and shall state in a written report whether or not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in their opinion the profit and loss account and balance sheet give a true and fair
view respectively of the profit and loss for the period covered by the accounts, and of the assets and liabilities of the Company at the
end of that period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the information
and explanations required by the auditors have been obtained.

19.8. The report of the auditors shall be annexed to the accounts and shall be read at
the meeting of Shareholders at which the accounts are laid before the Company or shall be otherwise given to the Shareholders.

19.9. Every auditor of the Company shall have a right of access at all times to the books
of account and vouchers of the Company, and shall be entitled to require from the directors and officers of the Company such information
and explanations as he thinks necessary for the performance of the duties of the auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10. The auditors of the Company shall be entitled to receive notice of, and to attend
any meetings of Shareholders at which the Company's profit and loss account and balance sheet are to be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. NOTICES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. Any notice, information or written statement to be given by the Company to Shareholders
may be given by personal service or by mail addressed to each Shareholder at the address shown in the register of members.

20.2. Any summons, notice, order, document, information or written statement to be served
on the Company may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or
by leaving it with, or by sending it by registered mail to, the registered agent of the Company.

20.3. Service of any summons, notice, order, document, process, information or written
statement to be served on the Company may be proved by showing that the summons, notice, order, document, process, information or written
statement was delivered to the registered office or the registered agent of the Company or that it was mailed in such time as to admit
to its being delivered to the registered office or the registered agent of the Company in the normal course of delivery within the period
prescribed for service and was correctly addressed and the postage was prepaid.

21. VOLUNTARY WINDING UP AND DISSOLUTION

The Company may by a Resolution of Shareholders or by a Resolution of Directors appoint a voluntary liquidator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. CONTINUATION

The Company may by Resolution of Shareholders or by a resolution passed unanimously by all directors of the Company continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the manner provided under those laws.

We, ICS Corporate Services (BVI) Limited of Sea Meadow House, P.O. Box 116, Road Town, Tortola, British Virgin Islands in our capacity as registered agent for the Company hereby apply to the Registrar for the incorporation of the Company this 5th day of July, 2024.

Incorporator

SGD HAO Sixin and ZHONG Caiqing

Authorised Signatory

ICS Corporate Services (BVI) Limited

Sea Meadow House

P.O. Box 116

Road Town, Tortola

British Virgin Islands

## Exhibit 10.1

**Exhibit 10.1**

Dated the day of 2025

**Between**

**[●]**

**and**

**APEX GLOBAL SOLUTIONS LIMITED**

(the "**Company**")

**SERVICE AGREEMENT**

ADVOCATES & SOLICITORS

1 Robinson Road

#18-00 AIA Tower

Singapore 048542

**CONTENTS**

---

| | | |
|:---|:---|:---|
| **CLAUSE** | | **PAGE** |
| **1** | **DEFINITIONS** | **1** |
| **2** | **APPOINTMENT AND TERMS OF EMPLOYMENT** | **2** |
| **3** | **SECONDMENT** | **3** |
| **4** | **DUTIES** | **3** |
| **5** | **OBEDIENCE AND REPORTING** | **4** |
| **6** | **DEALINGS IN SECURITIES** | **4** |
| **7** | **INVENTIONS** | **4** |
| **8** | **REMUNERATION** | **4** |
| **9** | **OTHER BENEFITS** | **5** |
| **10** | **HOURS OF WORK AND HOLIDAYS** | **6** |
| **11** | **TERMINATION** | **7** |
| **12** | **ACTIVITIES OF EXECUTIVE** | **9** |
| **13** | **EXECUTIVE'S POSITION AS DIRECTOR** | **10** |
| **14** | **INDEMNITY** | **10** |
| **15** | **NOTICES** | **10** |
| **16** | **CONFIDENTIAL INFORMATION** | **11** |
| **17** | **DATA PROTECTION** | **12** |
| **18** | **REMEDIES AND WAIVERS** | **12** |
| **19** | **AMENDMENTS** | **12** |
| **20** | **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT** | **12** |
| **21** | **ENTIRE AGREEMENT** | **12** |
| **22** | **MISCELLANEOUS** | **13** |
| **SCHEDULE 1** | **SCHEDULE 1** | **14** |

---

i

**THIS SERVICE AGREEMENT** (the "**Agreement**") is made on the day of 2025

**BETWEEN**

(1) **[●]** (NRIC/Passport No.: [●]) of [Address] (the "**Executive** ");

**AND** 

(2) **APEX GLOBAL SOLUTIONS LIMITED** (Company Registration No.: 2152650), a company incorporated
 in the British Virgin Islands, with its registered office at Asia Leading Chambers, Road
 Town, Tortola VG1110, British Virgin Islands (the "**Company** "),

(each, a "**Party**" and collectively, the "**Parties**").

**WHEREAS:**

The Company wishes to appoint the Executive as [TITLE] of the Company, and the Executive wishes to accept such appointment, on the terms and subject to the conditions set out in this Agreement.

**IT IS HEREBY AGREED** as follows:

**1.** **DEFINITIONS** 

1.1 In
 this Agreement (including the Schedule 1), except so far as the context otherwise requires,
 the following expressions shall have the following meanings respectively:

"**Audit Committee**" means the audit committee of the Company from time to time;

"**AWS**" has the meaning ascribed to it in Clause 8.2;

"**Board**" means the Directors acting as the board of directors of the Company from time to time;

"**Commencement Date**" means [the date on which the registration statement relating to the Company's initial public offering is declared effective by the U.S. Securities and Exchange Commission];

"**Constitution**" means the memorandum and articles of association of the Company, as amended, modified and/or supplemented from time to time

"**Director**" means a director of the Company, and "**Directors**" shall be constructed accordingly;

"**Documents**" has the meaning ascribed to it in Clause 16.2;

"**Employment**" means the employment of the Executive by the Company established under the terms and subject to the conditions of this Agreement;

"**Financial Year**" or "**FY**" means the period of 12 months commencing on 1 January and ending on 31 December of each calendar year, or such other period determined by the Board as it deems fit;

"**First Year**" has the meaning ascribed to it in Clause 10.3;

"**Group**" means the Company and its Subsidiaries from time to time;

"**Group Company**" means any company within the Group, and "**Group Companies**" means any two (2) or more of such companies within the Group;

"**Incentive Bonus**" has the meaning ascribed to it in Clause 8.3;

"**Initial Period**" has the meaning ascribed to it in Clause 2.2;

"**Inventions**" has the meaning ascribed to it in Clause 7;

"**Nasdaq**" means The Nasdaq Stock Market LLC;

"**Nasdaq Rules**" means the Listing Rules as amended, modified and/or supplemented by The Nasdaq Stock Market LLC, from time to time;

"**Notice**" has the meaning ascribed to it in Clause 15.1;

"**Relevant Group Company**" has the meaning ascribed to it in Clause 7;

"**Compensation Committee**" means the compensation committee of the Company from time to time;

"**Salary**" has the meaning ascribed to it in Clause 8.1;

"**Secondee**" has the meaning ascribed to it in 3.1;

"**Secondment**" has the meaning ascribed to it in 3.1;

"**Second Year**" has the meaning ascribed to it in Clause 10.3;

"**Subsidiary**" in relation to a company means any company (a) in which the composition of the board of directors is controlled by the first-mentioned company; (b) in which more than half of the voting power is controlled by the first-mentioned company; or (c) which is a subsidiary of any corporation which is a subsidiary of the first-mentioned company, and the "**Subsidiaries**" shall be constructed accordingly; and

"**S$"** means the lawful currency of Singapore.

1.2 The
 headings of this Agreement shall not affect the interpretation of this Agreement.

1.3 Reference
 in this Agreement to any law, regulation or other statutory provision includes reference
 to such law, regulation or provision as may be modified, consolidated or re-enacted from
 time to time.

1.4 Unless
 the context otherwise requires or permits, references to the singular number shall include
 references to the plural number and *vice versa*, reference to natural persons shall
 include firms, associations and bodies corporate and *vice versa*, and references to
 the masculine gender shall include the feminine gender and *vice versa*.

1.5 Schedule
 1 shall form part of this Agreement.

**2.** **APPOINTMENT AND TERMS OF EMPLOYMENT** 

2.1 The
 Company shall employ the Executive to perform the duties as set out in Clause 4 and hold
 the appointment of **[TITLE]** of the Company and such other executive appointments or
 positions in the Group as the Board may deem advisable from time to time.

2.2 The
 Employment shall commence on the date hereof and shall continue (subject to earlier termination
 as provided in this Agreement) thereafter shall be for a term of one (1) year (the "**Initial Period** ").

2.3 The
 Employment shall be on and subject to the terms provided in this Agreement.

2.4 The
 Employment shall be automatically renewed for a further term of one (1) year, on the same
 terms in this Agreement upon expiry thereof unless either Party notifies the other Party
 by giving six (6) months' written notice prior to the expiry thereof, of its intention
 not to renew the Employment. For the avoidance of doubt, the Employment renewed on different
 terms as provided in this Agreement upon expiry shall not constitute termination of the Employment.
 Any such variation of the terms in this Agreement shall be subject to the approval of the
 Board, the Compensation Committee and/or (if necessary) the shareholders, of the Company.
 The Executive shall abstain from voting in respect of any resolution or decision to be made
 by the Board and/or the Compensation Committee in relation to the terms and renewal of this
 Agreement concerning the relevant Executive.

**3.** **SECONDMENT** 

3.1 The
 Company reserves the right to second (the "**Secondment**") the Executive from
 time to time to any Group Company (the "**Secondee** "). The Secondment shall
 not result in a reduction in the Executive's pay or any other material deterioration in the
 Executive's terms of employment, whether with the Company or with the Secondee.

**4.** **DUTIES** 

4.1 The
 Executive shall undertake such responsibilities and perform such duties as may from time
 to time be assigned to him by or under the authority of the Board, including without limiting
 the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 hold appointments (whether executive or non-executive) with such Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) devote
 such substantial amount of his time and attention during business hours as is reasonably
 necessary for the proper discharge of his duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) perform
 such services for any Group Company, existing or future Subsidiary or Subsidiaries of the
 Company and without further remuneration (unless otherwise agreed) and accept such offices
 in any such companies as the Board may from time to time reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise
 his best endeavours to procure the Company's compliance with the Nasdaq Rules, the Constitution,
 and all other applicable laws, rules, regulations, guidelines and practice notes which are
 binding on or applicable to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) undertake
 all other duties and obligations as may be required of the Executive pursuant to the Nasdaq
 Rules, the Constitution, all other applicable laws, rules and guidelines, and all other best
 practices from time to time, as may be requested from time to time by the Board and to perform
 such duties in connection therewith as may be requested by the Board and shall comply with
 all directions made by or under the authority of the Board.

4.2 Subject
 to such instructions and directions as may, from time to time, be given to him by the Board,
 the Executive shall use all proper means in his power to improve, develop, extend, maintain,
 advise and promote the Company's business and to protect and further the reputation,
 interests and success of the Company and the Group.

4.3 During
 the Employment, the Executive shall well and faithfully serve the Company and use his utmost
 endeavours to promote the interests of the Company and the Group, and shall devote the whole
 of his time, attention and abilities to the affairs of the Company and the Group and not
 accept any other employment, engagement or public office except with the prior written consent
 of the Board.

**5.** **OBEDIENCE AND REPORTING** 

The Executive shall obey all lawful and reasonable directions of the Board and at all times keep the Board promptly and fully informed (in writing if requested) of his conduct of the business or affairs of the Company and any Group Company and provide such explanations as the Board may require.

**6.** **DEALINGS IN SECURITIES** 

The Executive shall at all times whether during or after the Employment comply and shall procure that his parents, spouse and children below the age of twenty-one (21) years old comply with all applicable laws and rules as well as recognised investment exchange regulations. The Executive shall further, during his Employment, comply with any policy issued by the Company from time to time in relation to dealings in shares, debentures or other securities of the Company and any Group Company or any unpublished price sensitive information affecting the securities of any other company.

**7.** **INVENTIONS** 

The Executive agrees that all processes, procedures, programs, discoveries, ideas, formulae, improvements, developments, technologies, designs, inventions (collectively, the "**Inventions**"), whether or not patentable or copyrightable, conceived, developed, invented, or made solely by the Executive, or jointly with others, during the Employment shall be conclusively deemed "work for hire" (to the extent applicable), and are the property of, and belong to, the relevant Group Company where the Inventions were developed (the "**Relevant Group Company**") and shall in connection therewith (whether during the term of the Employment or after the termination of this Agreement) (i) assign to the Relevant Group Company, without additional compensation, all patent, copyright, trademark, trade name, service mark and other rights to such Inventions for any country, (ii) sign all documents and instruments necessary to carry out the foregoing and (iii) take such further actions as the Relevant Group Company may reasonably request in order to protect and otherwise perfect the rights of the Relevant Group Company to such Inventions. The Executive irrevocably waives any rights to the Inventions pursuant to statute or otherwise.

**8.** **REMUNERATION** 

8.1 The Executive's salary during the Employment shall be [S$ ●] per annum payable in twelve (12) equal monthly payments (i.e. a basic salary of [S$ ●] per month) within seven (7) days after the end of the month, and shall be deemed to accrue from day to day (the "**Salary** "). The remuneration package in this Clause 8 shall be subject to annual review by the Board and the Compensation Committee which is in line with the Company's annual year-end salary review exercise.

8.2 The
 Executive shall also be entitled to participate in any performance bonus and/or variable
 bonus of the Company (the "**Incentive Bonus** "), to be determined and approved
 by the Board and the Compensation Committee from time to time based on, amongst others, the
 profitability of the Company and the Group, and shall be payable on the last business day
 of the Financial Year (or such date(s) which the Board in its absolute discretion deems fit),
 and provided always that if the Employment is for less than a full Financial Year, the Incentive
 Bonus for that Financial Year shall be apportioned in respect of the actual number of days
 of the Employment on the basis of a 365-day Financial Year. The Incentive Bonus may be paid
 in the form of cash and/or shares in the capital of the Company at the sole discretion of
 the Board, subject to all requisite approvals for the same being obtained prior to the payment
 of the Incentive Bonus.

8.3 If
 the Employment is terminated for whatsoever reason, the Incentive Bonus shall not be payable
 for that particular Financial Year.

8.4 Notwithstanding
 Clauses 8.2 and 8.3, the Company shall be entitled to reclaim, in full or in part, any Incentive
 Bonus paid, whether in the current Financial Year or from previous Financial Years, to the
 Executive, under circumstances of (i) misstatement of financial results, or (ii) misconduct
 of the Executive, resulting, directly or indirectly, in financial loss to the Company, as
 may be determined by the Board in its absolute discretion. In such an event, the Executive
 shall refund to the Company the relevant portion of the Incentive Bonus paid, within one
 (1) month after receipt of the written notice from the Company.

8.5 The
 Executive shall be responsible for the payment of his individual income tax in respect of
 the Employment and all other payments received or deemed received by him from the Company
 in connection therewith.

8.6 The
 Company and the Executive shall make all pension fund and other payments required by law
 to be made by the Company and/or the Executive in the Republic of Singapore and/or any other
 jurisdictions in which the Executive may be based or posted, including but not limited to,
 the employer's portion of the Central Provident Fund of Singapore levy at the appropriate
 rate on the basic salary and bonus. The Company reserves the right to deduct, from the Executive's
 salary and/or any other sums due to the Executive, any amount in respect of the Executive's
 contribution to the Central Provident Fund of Singapore, any applicable pension fund or any
 amount whatsoever, as the Company may be entitled to deduct or as may be required by any
 applicable law and/or regulation.

8.7 Except
 as herein otherwise provided in this Clause 8 and Clause 9 below and under any share option
 or awards scheme as may be administered by the Company, the Executive shall not be entitled
 to any further remuneration by way of salary, annual wage supplement, benefits or compensation.

**9.** **OTHER BENEFITS** 

9.1 The
 Company shall bear the Executive's entertaining expenses, subject to limits from time to
 time set by the Board in line with the Company's policy, in respect of entertaining
 connected with the Company's business, and provided always that such expenses shall be reasonably
 incurred in or pursuant to the discharge of his duties on behalf of the Company or the Group,
 and for which the Executive shall submit to the Company written evidence of payment for purposes
 of reimbursement.

9.2 The
 Company shall bear all travelling, hotel, training and other out-of-pocket expenses, subject
 to limits from time to time approved by the Board in line with the Company's policy
 from time to time, and provided always that such expenses shall be incurred in or pursuant
 to the discharge of his duties on behalf of the Company or the Group, and for which the Executive
 shall submit to the Company written evidence of payment for purposes of reimbursement.

9.3 The
 Company shall pay for the insurance premiums of the Executive's medical and hospitalization
 insurance, employee personal accident insurance, work injury compensation insurance and travel
 insurance, and provided always that such insurance(s) is taken with such insurance company
 approved by the Company and in accordance with the prevailing policies of the Company from
 time to time as may be approved by the Board.

9.4 The
 Company will meet the expenses for the Executive's medical treatment as recommended
 by a medical practitioner from an approved public medical institution or appointed by the
 Company. However, the Company shall not bear the cost of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 expenses not covered under the scope of employee benefits as stated in the Company's
 policy from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 expenses arising out of, or incurred through, any self-inflicted injury or other injury,
 illness or disease caused by misconduct or negligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 expenses in respect of illness or accident arising out of and in the course of the Employment,
 which constitutes a valid claim under the terms of the Work Injury Compensation Act 2019
 of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 other expenses incurred in respect of illness or disablement arising from attempted suicide,
 the performance of an unlawful act, exposure to any unjustifiable hazard, except when endeavouring
 to save human life, provoked assault, abortive measure, the use of drugs or any breach of
 the peace or disorderly conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) other
 exclusions and special conditions mentioned in the Company's hospitalisation and surgical
 insurance scheme, if any.

9.5 If
 the Board and/or the Compensation Committee shall in its absolute discretion deem fit, and
 subject to the approvals of the shareholders of the Company, the Nasdaq and other regulatory
 authorities being obtained where necessary, the Executive may be entitled to participate
 in such share option or awards scheme as may be administered by the Company, upon the terms
 and conditions of such share option or awards scheme.

9.6 Subject
 to approval of the Compensation Committee, the Board may in addition to the payments referred
 to in this Clause 9, make such other payments, allowances or benefits to the Executive as
 may be determined by the Board and the Compensation Committee.

**10.** **HOURS OF WORK AND HOLIDAYS** 

10.1 This
 is a full-time appointment. The Executive shall work such hours as may be necessary or appropriate
 from time to time to carry out his responsibilities and duties properly and effectively.

10.2 The
 Executive shall be entitled in each calendar year to fourteen (14) days of annual leave with
 full salary (in addition to statutory holidays of the Republic of Singapore and/or any other
 jurisdictions in which the Executive may be based or posted) to be taken at such reasonable
 time or times as may be approved by the Board, and proportionately for any lesser period
 in the event of his Employment under this Agreement being terminated before the end of a
 completed year.

10.3 Any
 leave to which the Executive is entitled for any year (the "**First Year** ")
 and which is not taken in the First Year will be carried forward to the next year (the "**Second Year** "), provided that prior approval has been obtained from the Board, but any
 such accrued leave must be taken before the end of the Second Year otherwise such leave shall
 be forfeited without any payment in lieu thereof.

10.4 The
 Executive shall in addition to the foregoing, be entitled to the following paid leave for
 every year of service with the Company, provided that the Executive has served the Company
 for at least three (3) consecutive months:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Six
 (6) working days of compassionate leave, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fourteen
 (14) working days of medical leave;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sixty
 (60) calendar days of hospitalisation leave;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sixteen
 (16) weeks of maternity leave, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) two
 (2) weeks of paternity leave, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Six
 (6) working days of childcare leave, if applicable.

10.5 For
 the avoidance of doubt, all government declared public holidays at the place of work of the
 Executive, for the time being, shall be deemed to be public holidays for the Executive.

**11.** **TERMINATION** 

11.1 This
 Agreement shall be effective for the Initial Term and may not be terminated by either Party
 by giving notice of termination during the Initial Term save in accordance with Clauses 11.2,
 11.3 and 11.4. After the expiry of the Initial Term, subject always to Clauses 11.2, 11.3
 and 11.4, this Agreement may be terminated by either Party upon giving to the other Party
 notice in writing of not less than six (6) months, or in lieu of the said six (6) months'
 notice, an amount equivalent to six (6) months' salary based on the Executive's
 last drawn monthly salary.

11.2 Notwithstanding
 anything in this Agreement, the Company shall be entitled to terminate this Agreement forthwith
 upon notice in writing to the Executive if the Executive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits
 an act of bankruptcy under any applicable law, is declared a bankrupt, makes any arrangement
 or composition with his creditors generally, or has bankruptcy proceedings commenced against
 him, or any such analogous event occurs under any provisions under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits
 any act of criminal breach of trust or dishonesty or is convicted of or otherwise found guilty
 by any court of competent jurisdiction, or pleads guilty to, any criminal offence (save for
 an offence under any road traffic legislation for which he is not sentenced to any term of
 immediate or suspended imprisonment) or any other offence involving fraud or dishonesty,
 or of a felony, serious misdemeanour, or crime involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) misappropriates
 assets of the Company or the Group; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by
 reason of ill health, mental illness or injury caused by his own default, becomes unable
 to perform any of his duties under this Agreement for a period of 120 days or more.

11.3 At
 any time during the Employment, the Company, without prejudice to any remedy which it may
 have against the Executive for the breach or non-performance of any of the provisions of
 this Agreement, may terminate the Executive's Employment with immediate effect if the
 Executive, in the reasonable opinion of the Board, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be
 guilty of any misconduct or default in the discharge of his duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be
 guilty of any act or thing which may bring serious discredit or disrepute on the Company
 or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be
 guilty of any gross default or grave misconduct in connection with or affecting the business
 of the Company or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be
 found to be disqualified from holding the office of, or acting as, a director or an executive
 officer of any company, pursuant to any applicable laws or rules of any stock exchange, for
 whatever reason, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) be
 found to have committed by act that is reported in general or trade press or otherwise achieves
 general notoriety which involves conduct that is likely to be regarded as illegal, immoral
 or scandalous and which, in the reasonable opinion of the Board is likely to discredit the
 Executive to a degree which materially reduces the value of his services to the Company or
 the Group or may discredit the Company or the Group through association with the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) be
 found to be incompetent in the performance of his duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) be
 found to have neglected or refused, without reasonable cause, to attend to the business of
 the Company or the Group; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) breach
 any material provision of this Agreement.

11.4 If
 the Executive having been appointed a Director of the Company shall subsequently resign as
 a Director of the Company or of any other Group Company of which he is a director without
 the consent of the Board, such resignation may at the discretion of the Company be deemed
 a breach of this Agreement entitling the Company to terminate the same without prior notice.

11.5 Upon
 such termination under Clauses 11.2, 11.3 and/or 11.4, the Executive shall not be entitled
 to claim any compensation or damage for or in respect or by reason of such termination, including
 any direct or indirect losses due to loss of income or compensation.

11.6 Notwithstanding
 the above, the Executive's Employment will cease if the Executive dies or becomes permanently
 incapacitated during the term of this Agreement, without any payment by way of compensation,
 damages or otherwise from the Company to the Executive.

11.7 Clauses
 7, 11.8 to 11.11 and 14 to 20 shall continue in force in accordance with their terms, and
 subject as otherwise provided in this Agreement and to any rights or obligations which accrued
 prior to termination, neither Party shall have any further obligation to the other Party
 under this Agreement.

11.8 Upon
 termination of the Employment for whatever reason, the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver
 to the Company all plans, designs, specifications, price lists of clients, correspondence,
 papers, memoranda, notes, records, videos, tapes or details of business methods/know-how
 or marketing strategy or the identity or requirements or terms of dealing of its suppliers
 or clients and all copies of the foregoing (including in electronic or magnetic media or
 other forms of computer storage), charge and credit cards in his possession or under his
 control and which relate to the performance of his services hereunder or to the business,
 finances or affairs of the Company or any Group Company. For the avoidance of doubt, it is
 hereby declared that the property and all such documents as aforesaid shall at times be vested
 in the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 otherwise approved by the Board, take all necessary action to resign without claim for compensation
 from all directorship offices held in the Group and from membership of any organisation acquired
 by reason of, or in connection with, the Employment and if he shall fail to do so, the Company
 is hereby irrevocably authorised to appoint any person in the Executive's name and on the
 Executive's behalf to sign any documents and do any act or thing necessary or requisite to
 give effect thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) not
 at any time thereafter represent himself as being in any way connected with the business
 of the Company or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) not,
 at any time or for any purpose, use the name of the Company or any Group Company in connection
 with his own or any other name in any way which may suggest that he is or have been connected
 with the Company or the Group or the businesses of any Group Company, nor in any way hold
 himself out as having or having had any such connection and will not use any proprietary
 information concerning the Company or any Group Company in his businesses or affairs which
 he may have acquired in the course of or as incident to his Employment for his own benefit
 or to the detriment or intended or probable detriment of the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) execute
 an acknowledgment under seal to the effect that he has no claim against the Company or any
 Group Company (as the case may be) for compensation for loss of office or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 so requested, provide a signed statement confirming that he has complied with this Clause
 11.8.

11.9 If
 before the expiry of this Agreement, the Employment of the Executive hereunder shall be terminated
 by reason of the liquidation of the Company for the purposes of amalgamation or reconstruction
 or as part of any arrangement for the amalgamation of the undertakings of the Company not
 involving liquidation, the Executive shall have no claim against the Company in respect of
 the termination of the Employment by the Company.

11.10 Further
 to Clause 11.9 above, if before the expiry of this Agreement, the Employment of the Executive
 shall be terminated because the Company had been acquired by another company, the Executive
 shall not be entitled to any severance payments.

11.11 Notwithstanding
 anything to the contrary contained in this Agreement, the Executive shall not be entitled
 to any compensation for loss of office upon termination of this Agreement.

**12.** **ACTIVITIES OF EXECUTIVE** 

12.1 The
 Executive shall observe and be subject to the terms, conditions and restrictions relating
 to his activities set out in Schedule 1.

12.2 The
 Executive acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the paragraphs of Schedule 1 constitutes an entirely separate and independent restriction
 on him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 duration, extent and application of each of the restrictions are reasonable and are no greater
 than is necessary for the protection of the interests of the Company or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 any such restriction shall be adjudged by any court of competent jurisdiction to be void
 or unenforceable as going beyond what is reasonable in the circumstances for the protection
 of the interests of the Company or the Group but would be valid if a part of the wording
 thereof was deleted and/or the period thereof was reduced and/or the area dealt with thereby
 was reduced, the said restriction shall apply within the jurisdiction of that court with
 such modifications as may be necessary to make it valid and effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) damages
 alone will not be an adequate remedy for the Company or the Group in the event of breach
 of the restrictions set forth in Schedule 1, and that in addition to all other remedies available
 to the Company, in the event of a breach or a threatened breach of any such restriction,
 the Company may obtain temporary, preliminary and permanent injunctions against any and all
 such actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 the Executive violates any of the restrictive covenants set forth in Schedule 1 and the Company
 brings legal action for injunctive or other relief hereunder, the Company, as a result of
 the time involved in obtaining the relief, will not be deprived of the benefit of the full
 twelve (12) months period of the restrictions. Accordingly, the period of the restrictions
 shall be deemed to include the full twelve (12) months duration computed from the date relief
 is granted and increased by the time between the date of relief and the date of the first
 violation of the restriction by the Executive.

**13.** **EXECUTIVE'S POSITION AS DIRECTOR (IF APPLICABLE)** 

13.1 The
 duties of the Executive as a Director shall be subject to the Constitution of the Company
 and shall be separate from and additional to his duties pursuant to the Employment. The Salary
 of the Executive under this Agreement is inclusive of the remuneration to which the Executive
 may be entitled as a Director.

13.2 Upon
 expiry or termination of the Employment for whatever reason, if the Executive is a director
 of the Company and/or any Group Company, and if required by the Board, the Executive shall,
 at the request of the Company, forthwith take all necessary steps (including without limitation,
 obtaining any necessary approvals) to resign from his position as a director of the Company
 and/or any Group Company in writing (and, if so directed by the Company, under seal) without
 compensation for loss of office as such director and in the event of his failure to do so,
 the Company is hereby irrevocably and unconditionally authorised to appoint any Director
 of the Company to act as his attorney to do all things and execute all documents and instruments
 necessary on his behalf to effect his resignation from all offices held by him or her in
 the Group.

**14.** **INDEMNITY** 

The Executive hereby irrevocably undertakes to the Group that the Executive shall at all times well and sufficiently indemnify and keep the Group indemnified from and against all charges, costs, claims, fines, penalties, damages, expenses (including legal expenses on a full indemnity basis), losses, liabilities, proceedings, demands or suits of whatsoever nature which the Group may at any time and from time to time sustain, incur or suffer, or be adjudged to be liable for by reason of, or in relation to, any wilful misconduct or negligence on the Executive's part in relation to the performance of the Executive's duties or otherwise. The indemnities set out herein are irrevocable and continuing indemnities to the Group.

**15.** **NOTICES** 

15.1 Any
 notice, communication or demand (the "**Notice**") required to be given, made
 or served under this Agreement shall be in writing in the English language and delivered
 by hand or sent by registered post or electronic mail to the intended recipient thereof at
 the address or email address as notified by a Party to the other Party from time to time
 and marked for the attention of the person (if any), from time to time designated by that
 Party to the other Party for the purpose of this Agreement.

The initial addresses and email addresses of the Parties are set out below:

---

| | | |
|:---|:---|:---|
| If to the **<u>Executive</u>** | : | **[●]** |
|  |  | [Address] |
|  |  | Email address: [●] |
| If to the **<u>Company</u>** | : | **APEX GLOBAL SOLUTIONS LIMITED** |
|  |  | 1 Tuas View Place #03-14 Westlink One, Singapore 637433 |
|  |  | Email address: [●] |
|  |  | Attention: [●] |

---

15.2 Any
 Notice under this Agreement shall be deemed to have been received by such other Party (if
 sent by email) on the day of transmission or (in any other case) when left at the address
 stated in this Agreement or within three (3) working days after being sent by registered
 post addressed to it at such address.

**16.** **CONFIDENTIAL INFORMATION** 

16.1 Save
 where authorised by the Board in writing or as otherwise required by law, the Executive shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) keep
 secret and not reveal, during the Employment or at any time after its termination, to any
 person, firm or company any of the trade secrets, secret or confidential operations, processes
 (including technological know-how and the working of any process, technology, invention or
 methods) carried on or used by the Group, or dealings or confidential information of the
 Group (including in particular lists or details of customers and suppliers of the Group),
 or information in respect of which the Group is bound by an obligation of confidence to a
 third party, or any information concerning the organisation, business, finances, transactions
 or affairs of the Group which may come to his knowledge during the Employment or in connection
 therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not use or attempt to use any such information in any manner which may (i) injure or cause
 loss, either directly or indirectly, to the Group or its business; and/or (ii) benefit, either
 directly or indirectly, the Executive or any third party.

16.2 The
 Executive shall not make, use or permit to be used, otherwise than for the benefit of the
 Company or the Group, any document, note or memoranda (whether in print, in electronic form
 or otherwise) relating to any matter within the scope of the business of the Company or the
 Group or concerning any confidential information of the Company or the Group or any of its
 dealings or affairs (the "**Documents** ").

16.3 The
 Parties agree that all Documents made shall be the property of the Company or the Group.
 Upon termination of the Employment, the Executive shall return all Documents or provide evidence
 of destruction to the satisfaction of the Company.

16.4 No
 statement or disclosure concerning this Agreement or the subject matter of, or any matter
 referred to in, this Agreement shall be made or issued by the Executive or on the Executive's
 behalf without the prior written consent of the Company.

16.5 The
 Executive hereby agrees that the restrictions provided in this Clause 16 shall continue to
 apply after expiry or termination of this Agreement and for a period of two (2) years from
 the date of expiry or termination, provided that the relevant information or knowledge has
 not come into the public domain as the result of a breach of the Executive's obligations
 under this Agreement or other applicable laws.

**17.** **DATA PROTECTION** 

17.1 The
 Executive hereby consents to the Group using, disclosing and/or processing personal data
 relating to the Executive for legal, personal, administrative and management purposes, including
 monitoring and recording any use that the Executive may make of the Group's electronic communications
 systems for the purpose of ensuring that the company policies are being complied with and
 for legitimate business purposes.

17.2 In
 connection with the consent provided in Clause 17.1, the Company may make available the Executive's
 personal data to any of its Subsidiaries, those who provide products or services to the Group
 (such as advisers and payroll administrators), regulatory authorities, potential or future
 employers, governmental or quasi-governmental organisations and potential purchasers of any
 Group company or the business in which the Executive works for.

17.3 The
 Executive hereby consents to the disclosure, processing and/or transfer of his personal data
 to any Group company or Group company's business contacts outside Singapore in order to further
 its or their business interests in accordance with the Personal Data Protection Act 2012
 of Singapore.

17.4 The
 Executive shall comply with the Personal Data Protection Act 2012 of Singapore when handling
 personal data during the Employment including personal data relating to any employee, customer,
 client, supplier or agent of the Group.

**18.** **REMEDIES AND WAIVERS** 

No failure on the part of any Party to exercise and no delay in exercising any right under this Agreement shall operate as a waiver thereof, nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise thereof or of the exercise of any other right. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. Any waiver or consent given by any Party under this Agreement shall be in writing and may be given subject to such conditions as such Party may impose. Any waiver or consent shall be effective only in the instance and for the purpose for which it is given.

**19.** **AMENDMENTS** 

No amendment or variation of this Agreement shall be effective unless so amended or varied in writing and signed by or on behalf of each of the Parties.

**20.** **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT** 

The Contracts (Rights of Third Parties) Act 2001 of Singapore shall not under any circumstances apply to this Agreement and save for any Group Company, any person who is not a party to this Agreement (whether or not such person shall be named, referred to, or otherwise identified, or form part of a class of persons so named, referred to or identified in this Agreement) shall have no right under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce this Agreement.

**21.** **ENTIRE AGREEMENT** 

This Agreement supersedes and cancels all previous understandings, agreements, warranties and undertakings whether oral or written, express or implied, given or made by or between the Parties, and constitutes the entire agreement between the Parties in respect of the matters set out herein and no other terms and conditions shall be included or implied.

**22.** **MISCELLANEOUS** 

22.1 The
 Executive understands and agrees that the Company may assign any and all of its rights under
 this Agreement upon notice to the Executive. Further, the Executive understands that this
 Agreement is personal to him and that he may not assign his rights or delegate his duties
 under this Agreement, in whole or in part, to any other person or entity without the prior
 written consent of the Company.

22.2 Each
 Party confirms that it has received independent legal advice relating to all the matters
 provided for in this Agreement. Each Party agrees that it considers any restrictions imposed
 by the terms and conditions of this Agreement to be reasonable and no greater than is necessary
 for the protection of the interest of the other Party. If any such restriction shall be held
 to be unreasonable, overly broad or otherwise unenforceable, but would be valid if deleted
 in part or reduced in application, such restriction shall apply with such deletion or modification
 as may be necessary to make it valid and enforceable.

22.3 The
 various provisions of this Agreement are severable and if any provision or identifiable part
 is held to be invalid or unenforceable by any court of competent jurisdiction then such invalidity
 or unenforceability shall not affect the remaining provisions of this Agreement. If any invalid,
 unenforceable or illegal provision would be valid, enforceable and legal if some part of
 it were deleted, such provision shall apply with such deletion or modification as may be
 necessary to make it valid, enforceable and legal.

22.4 The
 expiry or termination of this Agreement howsoever arising shall not operate to affect such
 of the provisions hereof as are expressed to operate or have effect thereafter and shall
 be without prejudice to any other accrued rights or remedies of the Parties.

22.5 This
 Agreement may be signed in any number of counterparts and by the Parties on separate counterparts,
 each of which when so executed shall be an original, but all counterparts shall together
 constitute one and the same document. Each counterpart may be signed by a party and delivered
 via electronic means. The receiving Party may rely on the receipt of such document so executed
 and delivered by electronic means as if the original had been executed and received.

22.6 This
 Agreement shall be governed by, and construed in accordance with, the laws of Singapore and
 the Parties hereby irrevocably submit to the exclusive jurisdiction of the courts of Singapore
 for any disputes arising in connection with this Agreement.

*[The remainder of this page is intentionally left blank.]*

 

**SCHEDULE 1**

 ****

**Terms, Conditions and Restrictions on Activities** 

(referred to in Clause 12)

1. During
 the period of the Employment, the Executive shall not (without the Company's prior written
 consent) be directly or indirectly engaged or interested in any capacity in any other business,
 trade or occupation whatsoever, except as disclosed or declared to the Company in writing
 on the date of this Agreement but so that this provision shall not prohibit the holding whether
 directly or through nominees of quoted investments.

2. The
 Executive shall not, during the Employment and until one (1) year after the termination of
 the Employment (the "**Termination Date**") for whatever reason, in Singapore
 and in any other geographical region which the Company and/or the Group has operations, whether
 directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage,
 be concerned or interested in any other business which in regard to any goods and services,
 is a supplier or customer of any Group Company, except as a representative or nominee of
 any Group Company or otherwise with the prior written consent of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) persuade
 or attempt to persuade any employee of the Group, or any individual who was an employee during
 the period of two (2) years prior to the Commencement Date, to leave the Group's employment,
 or to become employed by any company outside the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) solicit
 or attempt to solicit any person, firm or partnership, company corporation, association,
 organization or trust (in each case whether or not having a separate legal personality) who
 is or has been a customer, client or supplier of the Group at any time within the period
 of two (2) years before the Termination Date for the purpose of offering to such customer,
 client or supplier, goods or services similar to or competing with those of the business
 of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be
 interested in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 business or asset in which any Group Company was during the Initial Term considering to acquire,
 turn to account, develop or invest, unless the Group shall have decided against such acquisition,
 turning to account, development or investment or invited the Executive or his associates
 (as defined in the Nasdaq Rules) in writing to participate in, or consented to in writing
 to the Executive or his associates' acquisition, turning to account or development of or
 investment in, such business or asset; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 asset of any Group Company, unless such asset is offered by the relevant Group Company for
 sale to, turning to account or development by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) either
 solely or jointly with or on behalf of any other person, firm or partnership, company corporation,
 association, organization or trust (in each case whether or not having a separate legal personality)
 be engaged or attempt to engage or interested in any capacity in any business in Singapore,
 and any other geographical region which the Company and/or the Group has operations, which
 is similar to or in competition with the business of the Group; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) cause
 or permit any person or company under their control or in which they have any beneficial
 interests to do any of the foregoing acts or things.

3. The
 Executive further undertakes with the Company that during the Employment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he
 shall not have any interest, directly or indirectly, in, and/or provide any assistance, financial,
 technical or otherwise, to, any person, entity or corporation whose business is similar to
 or in competition with the business of the Group, in Singapore and any other geographical
 region which the Company and/or the Group has operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he
 shall ensure that none of the Group Companies shall contract or deal with any entity or corporation
 that he has an interest (whether financial or otherwise) in (the "**Connected Entities** "),
 save with the prior written consent of the Board or the Audit Committee; and in any event,
 without prejudice to the foregoing, any contract or transaction with any Connected Entity
 or otherwise any dealings, negotiations or other transactions between any Group Company and
 any Connected Entity shall be on terms that are strictly normal commercial terms and arm's
 length and which have been entered into with the utmost good faith after due regard to the
 interests of the Company or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) he
 shall not be a director and/or hold an executive management position (including but not limited
 to board membership) in any entity or corporation whose business is similar to or in competition
 with the business of the Group, in Singapore and any other geographical region which the
 Company and/or the Group has operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) he
 shall not utilise the resources or assets of the Group for the benefit of, or otherwise assist,
 any person, entity or corporation carrying on any business or activity that is similar to
 or in competition with the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) he
 shall not use, divulge or communicate to any person, entity or corporation any important
 information related to the Group's affairs, business, customers, suppliers or business
 associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if
 aware or made aware of any actual or potential conflicts of interest that may involve such
 Executive, he shall use all reasonable endeavours to disclose to the Audit Committee of the
 Company the extent of such actual or potential conflicts of interest. Following such disclosure,
 he and/or any of his associates (as defined in the Nasdaq Rules) shall abstain from participating
 in making decisions or voting in respect of any such contract, arrangement, proposal, transaction
 or matter in which the conflict of interest arises, unless and until the Audit Committee
 has determined that no such conflict of interest exists, or notwithstanding such conflicts
 of interest, the transaction or matter is advisable and in the best interests of the Company's
 shareholders.

4. The
 Executive further agrees with the Company that he shall not during his Employment under this
 Agreement and upon his ceasing to be an Executive of the Company without limit in point of
 time, directly or indirectly, except with the Company's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) use
 any names, trade names, brands, and/or trade marks of any business of the Company or the
 Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) use
 any trade mark of any Group Company in connection with any business.

5. The
 Executive shall keep secret and shall not at any time (whether during the Employment or after
 the termination of the Employment for whatever reason) use for his own or another's advantage,
 business methods or information which the Executive knew or ought reasonably to have known
 to be confidential concerning the business or affairs of the Company or any Group Company
 so far as they shall have come to his knowledge during the Employment, provided always that
 the restrictions contained in this paragraph 5 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 any disclosure or use authorised by the Board or required by law or by the Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so
 as to prevent the Executive from using his own personal skill in any business in which he
 may be lawfully engaged (subject to the restrictions set out in this Agreement) after the
 Employment is ended; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any trade secrets, business methods or information which may lawfully have come into the
 public domain.

6. The
 Executive shall not at any time after the expiry or termination of the Employment use the
 name or trading style of any Group Company in any country in which the Group operates or
 any other part of the world, or use in any country in which the Group then operates any name
 or trading style which is the same as or similar to any of the trade or service marks of
 the Group or any brand name or proposed brand name of any of the Group's services or proposed
 services, or represent himself or themselves as carrying on or continuing or being connected
 with any Group Company or its business for any purpose whatsoever unless otherwise agreed
 by the Company in writing.

*[The remainder of this page is intentionally left blank.]*

 

**IN WITNESS WHEREOF** the parties hereto have executed this Agreement on the date first written above.

---

| |
|:---|
| **<u>The Executive</u>** |
| SIGNED by) |
| [●]) |
| in the presence of:) |

---

---

| |
|:---|
| *Witness' signature* |
| Name: |
| NRIC/Passport No.: |

---

---

| |
|:---|
| **<u>The Company</u>** |
| SIGNED by) |
| **[●]**) |
| Designation: [●]) |
| for and on behalf of) |
| **APEX GLOBAL SOLUTIONS LIMITED**) |
| in the presence of:) |

---

---

| |
|:---|
| *Witness' signature* |
| Name: |
| NRIC/Passport No.: |

---

*[Signature Page]*

## Exhibit 10.2

**Exhibit 10.2**

**PRIVATE AND CONFIDENTIAL**

Date: 08/06/2023

JENERIC OFFSHORE PTE. LTD.

80 WEST COAST ROAD

#05-15

CLEMENTIWOODS CONDOMINIUM

SINGAPORE 126816

Dear Sir,

**Your BUSINESS INSTALMENT LOAN has been approved (Loan No. 06852548).**

We're pleased to inform you that we've approved your Business Instalment Loan (the 'Loan') on the following terms:

<u>Loan Amount and Tenure</u>

The Business Instalment Loan amount of **SGD 420,750.00** is available to you in your Loan Repayment Account no. **0105373567** on **08/06/2023**.

The Total Loan amount is **SGD 425,000.00**

The Loan tenure is **60** months.

<u>Interest Rate</u>

The interest rate for the Loan is at the floating rate of **0.68**% per annum ('Margin') **ABOVE** our prevailing Business Instalment Loan Board Rate. We reserved the right to vary the interest rate. The Business Instalment Loan Board Rate is currently at 9% per annum and is subject to change from time to time at our sole discretion.

<u>Monthly Repayment Amount</u>

Your Monthly Repayment amount is **SGD 8,963.22** for **60** months.

Your First instalment is due on **01/07/2023**.

Subsequent monthly instalment will due on the **<u>First of each month</u>.**

You're required to ensure there are sufficient funds in your Loan Repayment Account for the Monthly Repayment amount within the period set above. Your Monthly Repayment amount is subject to change depending on the Interest Rate and the Business Instalment Loan Board Rate.

<u>Partial Prepayment</u>

You may by giving 1 month prior written notice to prepay part of the Loan, provided that all prepayments shall be of at least SGD10,000 and in further multiples of SGD5,000. A fee of 3% on sums prepaid prior to the expiry of the Loan tenure shall be charged. The monthly instalments after each prepayment shall be revised accordingly unless otherwise stated or agreed by us, and we will inform you of the revised monthly instalments, where applicable.

<u>Full Redemption</u>

You may by giving <u>1 month</u> prior written notice to repay the Loan in full. A fee (or such other fee as may be specified at any time at our sole discretion) shall be charged if the Loan is fully redeemed prior to the expiry of the Loan tenure in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;▪ 5% of the outstanding Loan amount if redeemed within First 12 months from the date
of disbursement of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;▪ 3% of the outstanding Loan amount, if redeemed after 1 month from the date of disbursement
of the Loan.

<u>Annual Fee</u>

We've received the First year annual fee of **SGD 4,250.00**. For each subsequent year, an annual fee of SGD100 will be imposed in advance and shall be debited from your Loan Repayment Account when the Annual Fee becomes payable till such time the Loan is repaid in full. Notwithstanding the above, we reserve our rights and in our sole and absolute discretion to vary the annual fee at any time and in any way.

<u>Special Requests</u>

A fee of SGD250 (or such other amount as may be determined by the Bank in its absolute discretion) shall be charged for any:

&nbsp;&nbsp;&nbsp;&nbsp;▪ request to convert/vary the interest applicable to the Loan; or,

&nbsp;&nbsp;&nbsp;&nbsp;▪ request to restructure the Loan; or,

&nbsp;&nbsp;&nbsp;&nbsp;▪ addition/changes to the names of the guarantor (if any); or,

&nbsp;&nbsp;&nbsp;&nbsp;▪ such requests as may be received by the Bank from time to time.

Any such requests stated as the above are subject to conditions that we may specify, and which are effective upon our acceptance.

<u>Default Fee and Default Interest for Overdue Instalments</u>

Default fee of SGD100 shall be charged for any overdue instalment on the Loan. In addition to the default fee, interest rate of 10% above our prevailing Business Instalment Loan Board Rate shall be levied on all overdue instalments until the date of payment (both before and after judgment). We reserve our rights to vary the interest rate at any time.

<u>Terms and Conditions</u> 

The Loan is subject to the Business Instalment Loan Terms and Conditions as well as the applicable terms and conditions entered into with the Bank (including but not limited to the General Business Banking Terms and Conditions (including the terms relating to Lending Services, Trade Services and Foreign Exchange Services) as the same may be updated or amended from time to time at sc.com/sg/business/booklet). All references to the Bank's 'facility letter' in the General Business Banking Terms and Conditions shall be construed to refer to the terms set out in the Business Instalment Loan Facility Request Form and the Business Instalment Loan Terms and Conditions. In the event of any inconsistency between the terms in this letter and the terms in the Business Instalment Loan Terms and Conditions, the terms in the Business Instalment Loan Facility Request Form and Business Instalment Loan Terms and Conditions shall prevail.

If you need any clarification, please contact our Client Contact Centre at +65 6743 3000 from Monday to Friday, 9am to 6pm.

Thank you for banking with Standard Chartered.

Standard Chartered (Singapore) Limited. (stamp)

## Exhibit 10.3

**Exhibit 10.3**

---

| | |
|:---|:---|
| ![](ex10-3_001.jpg) | United Overseas Bank Limited<br> **HEAD OFFICE**<br> 80 Raffles Place UOB Plaza<br> Singapore 048624<br> Tel (65) 6533 9898 fax (65) 6534 2334<br> uobgroup.com<br> Co. Reg. No. 193500026Z |

---

---

| | |
|:---|:---|
| Ref. | **153894/TBL** |

---

25 January 2021

**PRIVATE & CONFIDENTIAL**

JENERIC OFFSHORE PTE. LTD.

201112113W

80 WEST COAST ROAD

#05-15CWCONDO

SINGAPORE 126816

Dear Sir/Madam,

**TBL CONFIRMATION LETTER FOR THE TBL LOAN OF SGD450,000-00**

We refer to your UOB Business Loan Application Form dated 15 January 2021 and are pleased to offer you the Temporary Bridging Loan on the terms set out in this Confirmation Letter, as well as the terms in the Application Form, UOB Business Loan Terms and Conditions, and the Standard Terms and Conditions Governing Banking Facilities of the Bank (collectively, the "Applicable Terms and Conditions").

Except where the context otherwise requires, the terms and references used in this Confirmation Letter shall have the same meaning as those in the UOB Business Loan Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) <u>Disbursement</u> 

The TBL will be disbursed into the Operating Account that you have opened or will open with the Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) <u>Approved TBL Loan Details & Facility Fee</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. TBL: S$450,000-00 to be used solely for the purposes set out
under Clause 3(a) of the UOB Business Loan Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. TBL Tenure: 60 Months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Facility Fee\*: S$5,625-00 1.2%

\* Note: The Facility Fee will be deducted from the TBL before it is disbursed into your Operating Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) <u>Interest Rate</u> 

Interest shall be charged on the TBL at the following rate and calculated with monthly rest or at such other rate and calculated with such other periodical rests as the Bank may decide from time to time at its absolute discretion:-

SINGAPORE CHINA INDIA INDONESIA MALAYSIA PHILIPPINES THAILAND AUSTRALIA BRUNEI CANADA FRANCE HONG KONG JAPAN MYANMAR SOUTH KOREA TAIWAN UNITED KINGDOM USA VIETNAM

Page 1 of 3

![](ex10-3_001.jpg)

---

| | |
|:---|:---|
| **Ref.** | **153894/TBL** |

---

<u>Interest Rate Per Annum</u>

Interest is fixed at 2.25% per annum ("prescribed rate") or such other rate as may be approved by Enterprise Singapore under the Enterprise Financing Scheme ("EFS").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D) <u>Repayment</u> 

The TBL shall be repaid over 60 monthly instalments (comprising principal and interest), based on the interest rate(s) set out above.

The first of such monthly instalments shall be payable one month from the date of disbursement of the TBL. Subsequent monthly instalments shall be payable on the same day of each succeeding month.

The sum of the monthly instalments payable will be revised if there is a change in the interest rate. The Bank may also, by agreement with you, change the monthly instalment amount and repayment period.

Please ensure that there are sufficient funds in the Operating Account to service your monthly instalments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E) <u>Partial Prepayment/ Full Redemption</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Partial Prepayment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepayment of any part of the Temporary Bridging Loan is
permitted subject to all of the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** You shall have given **1** month prior written notice or
1 month interest in lieu of notice (calculated based on the amount to be prepaid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each partial prepayment shall be at least S$10,000-00 and any
amount in excess of S$10,000-00 shall be in multiples of S$5,000-00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) After each prepayment received, the monthly instalments (principal
and interest) shall be revised accordingly. In such an event, the Bank shall notify you of the revised monthly instalments (principal
and interest) payable to enable the Temporary Bridging Loan to be completely repaid within the agreed tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Full Redemption</u> 

Full redemption of the Temporary Bridging Loan is permitted subject to all of the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You shall have given 1 month prior written notice or 1 month
interest in lieu of notice (calculated based on the amount outstanding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amount prepaid, partially or wholly cannot be redrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any request to convert or vary the interest rate(s) applicable
shall be treated as a request to prepay in full in which event, the terms and conditions pertaining to full redemption will apply, unless
agreed otherwise by the Bank at its absolute discretion.

---

| | |
|:---|:---|
| United Overseas Bank limited Co. **Reg.** No.193500026Z | ![](ex10-3_002.jpg) |

---

Page 2 of 3

![](ex10-3_001.jpg)

---

| | |
|:---|:---|
| **Ref.** | **153894/TBL** |

---

F) <u>Drawdown</u> 

The TBL shall be drawdown in one tranche upon completion of all documentation and such conditions precedent as the Bank may require by giving the Bank 7 business days prior written notice of the intended drawdown.

**G)** <u>**Availability Period**</u> 

The **TBL** shall be available for drawdown within 6 months from date of this Confirmation Letter ("Availability Period") subject to approval by Enterprise Singapore and completion of all necessary documentation subject to the terms and conditions of this Facility Letter. Any extension shall be subject to the Bank's and Enterprise Singapore's approval.

**H)** <u>**Security**</u> 

The TBL and all monies and liabilities (whether actual, contingent or otherwise) owing and/or payable by you from time to time shall be secured by the following in form and substance satisfactory to the Bank:-

Personal Guarantee (Unlimited) to be executed by GOH KWANG YONG (NRIC No.\*\*\*)

We are pleased to be of service to you.

If you need any clarification, you can call our Business Banking Hotline at 6259 8188.

Thank you for banking with us.

Yours faithfully,

for United Overseas Bank Limited

/s/ Andy Koh

Head of Sales

Business Banking

Group Retail

---

| | |
|:---|:---|
| United Oversea5 Bank Limited Co. **Reg.** No. 193500026Z | ![](ex10-3_002.jpg) |

---

Page 3 of 3

## Exhibit 10.4

**Exhibit 10.4**

---

| | |
|:---|:---|
| ![](ex10-4_001.jpg) | United Overseas Bank Limited<br> **HEAD OFFICE**<br> 80 Raffles Place UOB Plaza<br> Singapore 048624<br> Tel (65) 6533 9898 fax (65) 6534 2334<br> uobgroup.com<br> Co. Reg. No. 193500026Z |

---

Ref. **149292/TBL**

11 November 2020

**PRIVATE & CONFIDENTIAL**

JENERIC SERVICES PTE. LTD.

201112114H

80 WEST COAST ROAD

# 05-15 CLEMENTIWOODS CONDO

SINGAPORE 126816

Dear Sir/Madam,

**TBL CONFIRMATION LETTER FOR THE TBL LOAN OF SGD335,000-00**

We refer to your UOB Business Loan Application Form dated 09 October 2020 and are pleased to offer you the Temporary Bridging Loan on the terms set out in this Confirmation Letter, as well as the terms in the Application Form, UOB Business Loan Terms and Conditions, and the Standard Terms and Conditions Governing Banking Facilities of the Bank (collectively, the**"Applicable Terms and Conditions").**

Except where the context otherwise requires, the terms and references used in this Confirmation Letter shall have the same meaning as those in the UOB Business Loan Terms and Conditions.

A) <u>Disbursement</u> 

The TBL will be disbursed into the Operating Account that you have opened or will open with the Bank.

B) <u>Approved TBL Loan Details & Facility Fee</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. TBL: S$335,000-00 to be used solely for the purposes set out under Clause 3(a) of the UOB Business Loan Terms and Conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. TBL Tenure: 60 Months

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Facility Fee\*: S$3,350-00

\* Note: The Facility Fee will be deducted from the TBL before it is disbursed into your Operating Account.

C) <u>Interest Rate</u> 

Interest shall be charged on the TBL at the following rate and calculated with monthly rest or at such other rate and calculated with such other periodical rests as the Bank may decide from time to time at its absolute discretion:-

---

| | |
|:---|:---|
| SINGAPORE CHINA INDIA INDONESIA MALAYSIA PHILIPPINES THAILAND AUSTRALIA BRUNEI CANADA FRANCE HONG KONG JAPAN MYANMAR SOUTH KOREA TAIWAN UNITEDKINGDOM USA VIETNAM | ![](ex10-4_002.jpg) |

---

Page 1 of 3

![](ex10-4_001.jpg)

**Ref. 149292/TBL**

<u>Interest Rate Per Annum</u>

Interest is fixed at 2.25% per annum ("prescribed rate") or such other rate as may be approved by Enterprise Singapore under the Enterprise Financing Scheme ("EFS").

D) <u>Repayment</u> 

The TBL shall be repaid over 60 monthly instalments (comprising principal and interest), based on the interest rate(s) set out above.

The first of such monthly instalments shall be payable one month from the date of disbursement of the TBL. Subsequent monthly instalments shall be payable on the same day of each succeeding month.

The sum of the monthly instalments payable will be revised if there is a change in the interest rate. The Bank may also, by agreement with you, change the monthly instalment amount and repayment period.

Please ensure that there are sufficient funds in the Operating Account to service your monthly instalments.

E) <u>Partial Prepayment/ Full Redemption</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Partial Prepayment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepayment of any part of the Temporary Bridging Loan is permitted subject to all of the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) You shall have given 1 month prior written notice or 1 month interest in lieu of notice (calculated based on the amount to be prepaid).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each partial prepayment shall be at least S$10,000-00 and any amount in excess of S$10,000-00 shall be in multiples of S$5,000-00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) After each prepayment received, the monthly instalments (principal and interest) shall be revised accordingly.
In such an event, the Bank shall notify you of the revised monthly instalments (principal and interest) payable to enable the Temporary
Bridging Loan to be completely repaid within the agreed tenure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>Full Redemption</u> 

Full redemption of the Temporary Bridging Loan is permitted subject to all of the following:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You shall have given 1 month prior written notice or 1 month interest in lieu of notice (calculated based on the amount outstanding).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> Any amount prepaid, partially or wholly cannot be redrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> Any request to convert or vary the interest rate(s) applicable shall be treated as a request to prepay
in full in which event, the terms and conditions pertaining to full redemption will apply, unless agreed otherwise by the Bank at its
absolute discretion.

![](ex10-4_002.jpg)

Page 2 of 3

![](ex10-4_001.jpg)

Ref. 149292/TBL

**F)** <u>**Drawdown**</u> 

The **TBL** shall be drawdown in one tranche upon completion of all documentation and such conditions precedent as the Bank may require by giving the Bank 7 business days prior written notice of the intended drawdown.

G) <u>Availability Period</u> 

The **TBL** shall be available for drawdown within 6 months from date of this Confirmation Letter ("Availability Period") subject to approval by Enterprise Singapore and completion of all necessary documentation subject to the terms and conditions of this Facility Letter. Any extension shall be subject to the Bank's and Enterprise Singapore's approval.

H) <u>Security</u> 

The TBL and all monies and liabilities (whether actual, contingent or otherwise) owing and/or payable by you from time to time shall be secured by the following in form and substance satisfactory to the Bank:-

Personal Guarantee (Unlimited) to be executed by GOH KWANG YONG (NRIC No.\*\*\*)

We are pleased to be of service to you.

If you need any clarification, you can call our Business Banking Hotline at 6259 8188. Thank you for banking with us.

Yours faithfully,

for United Overseas Bank Limited

---

| |
|:---|
| /s/ Andy Koh <br> Head of Sales |
| Business Banking <br> Group Retail |

---

![](ex10-4_002.jpg)

Page 3 of 3

## Exhibit 10.5

**Exhibit 10.5**

<u>Dated this Day Of 2024</u> 

**Between**

**WESTLITE DORMITORY (WOODLANDS) PTE LTD**

(Company Registration No. 200504041D)

... Landlord

*And*

**JENERIC ENGINEERING PTE LTD**

(Business/Company Registration No. <u>201109750Z</u>)

. Tenant

TENANCY AGREEMENT [NO. ________________(LO No. ________________<u>)</u>j

 

*2 Woodlands Sector 2, Singapore 737723*

Unit Numbers:__________________ <br>  

 

**THIS TENANCY AGREEMENT** is made the day of 2024

**BETWEEN: -**

(1) **WESTLITE DORMITORY (WOODLANDS) PTE LTD** (Company Registration No. 200504041D),
a company incorporated in the Republic of Singapore and having its registered address at 45 Ubi Road 1 Singapore 408696 (the "Landlord");

AND

(2) THE PARTY whose particulars are stated at Paragraph 1 of Schedule 1 (the "Tenant').

**THIS TENANCY AGREEMENT WITNESSETH** as follows:

1. INTERPRETATION

1.1 Definitions

In this Tenancy Agreement the following words and expressions shall where the context so admits have the following meanings:

"Building" means the building, particulars of which are stated at paragraph 2 of Schedule 1.

"Appliances" means the appliances provided by the Landlord, particulars of which are set out in paragraph 3(b)(ii) of Schedule 1.

"Demised Premises" means the premises described in Paragraph 2 of Schedule 1, excluding the exterior faces of external walls, the exterior faces of boundary walls and the roof.

"Deposit"" means the sum deposited by the Tenant with the Landlord pursuant to clause 3.4.

"Furniture" means the furniture, fittings and domestic appliances now in or about the Demised Premises, particulars of which are found in the inventory List found in Schedule 2.

"Hire Charges" means the hire charges for the Appliances payable by the Tenant to the Landlord in accordance with paragraph 3(b)(ii) of Schedule 1.

"Interest" means interest at the rate of twelve percent (12%) per annum, calculated in accordance with clause 6.13.

"Landlord" includes its successors, assigns and all persons entitled to the reversion immediately expectant upon the determination of this Tenancy Agreement

"Permitted Occupier" means any person on the Demised Premises expressly with the Tenant's authority as stipulated pursuant to the terms of clause 3.10.

"Rent" means the Rent payable by the Tenant in accordance with paragraph 3(a) of Schedule 1.

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|  | Please initial here | Please initial here |
|  | Landlord | Tenant |
| Page 1 |  |  |

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"Service Charge" means the service charge and conservancy charges for the Furniture, utilities consumed in the Demised Premises, laundry services and services to the Common Property to be provided, managed or operated by the Landlord and payable by the Tenant to the Landlord in accordance with paragraph 3(b) of Schedule 1.

"Tenant' includes, if the Tenant is an individual, his personal representatives and permitted assigns, or if the Tenant is a company, its successors in title and permitted assigns

"Term' means the term granted by this Tenancy Agreement

**1.2** **Restrictions on the Tenant** 

In any case where the Tenant is placed under a restriction by reason of the covenants and conditions contained in this Tenancy Agreement, the restriction shall be deemed to include the obligation on the Tenant not to permit or allow the infringement of the restriction by any person claiming rights to use, enjoy or visit the Demised Premises through, under or in trust for the Tenant

1.3 Schedules and Annexures

The Schedules and Annexures hereto shall be taken, read and construed as part of this Tenancy Agreement and the provisions thereof shall have the same force and effect as if expressly set out in the body of this Tenancy Agreement

**1.4** **Headings** 

The clause and paragraph headings in this Tenancy Agreement are for ease of reference only and shall not be taken into account in the construction or interpretation of any covenant, condition or proviso to which they refer.

1.5 Singular and Plural

Words in this Tenancy Agreement importing the singular meaning shall where the context so admits include the plural meaning and vice versa.

1.6 Joint and Several Obligations

Where two or more persons are included in the term the "Tenant" all covenants, agreements, terms, conditions and restrictions shall be binding on and applicable to them jointly and each of them severally, and shall also be binding on and applicable to their personal representatives and permitted assigns respectively jointly and severally.

2. DEMISE

In consideration of the Rent and the covenants reserved and hereinafter contained, the Landlord HEREBY DEMISES unto the Tenant ALL the Demised Premises (together with the Furniture) in the Building TO HOLD the Demised Premises unto the Tenant for the Term with effect from the Commencement Date set out in paragraph 4(a) of Schedule 1 and expiring on the Expiry Date set out in paragraph 4(b) of Schedule 1, YIELDING AND PAYING THEREFOR without any deduction, set-off, withholding or counterclaim, the Rent in accordance with paragraph 3(a) of Schedule 1. The Rent shall be payable in the manner set out in paragraph 3(c) of Schedule 1.

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|:---|:---|:---|
|  | Please initial here | Please initial here |
|  | Landlord | Tenant |
| Page 2 |  |  |

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3. TENANT'S COVENANTS

The Tenant covenants with the Landlord as follows:

**3.1** **Rent, Service Charge, Hire Charges, Interest and Taxes** 

3.1.1 To pay the Rent, Service Charge and Hire Charges at the times and in the manner
specified in this Tenancy Agreement

3.1.2 If the whole or any part of the Rent, Service Charge, Hire Charges interest and
other monies due under this Tenancy Agreement shall remain unpaid seven (7) days after they shall have become due (whether such Rent,
or other monies shall be formally demanded or not), then to pay Interest on such Rent, Service Charge, Hire Charges and other monies,
or part thereof, and such Interest shall be recoverable from the Tenant as if they were rent in arrears. Nothing in this clause shall
entitle the Tenant to withhold or delay any payment of the Rent, Service Charge, Hire Charges or any other sum due under this Tenancy
Agreement after the date upon which they fall due or in any way prejudice affect or derogate from the rights of the Landlord in relation
to such non-payment including (but without prejudice to the generality of the above) under the proviso for re-entry contained in this
Tenancy Agreement

3.1.3 It is hereby agreed that the Rent, Service Charge, Hire Charges and other sums payable by the Tenant
under this Tenancy Agreement (hereinafter collectively called "the Agreed Sum") shall, as between the Landlord and the Tenant,
be exclusive of any applicable goods and services tax, imposition, duty and levy whatsoever (hereinafter collectively called "Taxes")
which may from time to time be imposed or charged before, on or after the commencement of this Tenancy Agreement (including any subsequent
revisions thereto) by any government, quasi-government, statutory or tax authority (hereinafter called "the Authorities") on
or calculated by reference to the amount of the Agreed Sum (or any part thereof) and the Tenant shall pay all such Taxes or reimburse
the Landlord for the payment of such Taxes, as the case may be, in such manner and within such period as to comply or enable the Landlord
to comply with any applicable orders or directives of the Authorities and the relevant laws and regulations.

If the Landlord or the Tenant (or any person on their behalf) is required by law to make any deduction or withholding or to make any payment, on account of such Taxes, from or calculated by reference to the Agreed Sum (or any part thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Tenant shall pay, without requiring any notice from the Landlord all such Taxes for its own account
(if the liability to pay is imposed on the Tenant), or on behalf of and in the name of the Landlord (if the liability to pay is imposed
on the Landlord) on receipt of written notice from the Landlord, and without prejudice to the foregoing, if the law requires the Landlord
to collect and to account for such Taxes, the Tenant shall pay such Taxes to the Landlord (which shall be in addition to the Tenant's
liability to pay the Agreed Sum) on receipt of written notice from the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum payable by the Tenant in respect of which the relevant deduction, withholding or payment is
required on account of such Taxes, shall be increased to the extent necessary to ensure that after the making of the aforesaid deduction,
withholding or payment, the Landlord or any person or persons to whom such sum is to be paid, receives on due date and retains (free from
any liability in respect of any suchdeduction, withholding or Taxes)
a net sum equal to what would have been received and retained had no such deduction, withholding or payment been required or made.

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|:---|:---|:---|
|  | Please initial here | Please initial here |
|  | Landlord | Tenant |
| Page 3 |  |  |

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The rights of the Landlord under this clause shall be in addition and without prejudice to any other rights or powers of the Landlord under any applicable order or directive of the Authorities or any relevant law or regulation, to recover from the Tenant the amount of such Taxes which may be or is to be paid or borne by the Landlord.

The Tenant shall indemnify and hold harmless the Landlord from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Landlord arising from any claim, demand, proceeding or action that may be made or instituted by the Authorities in respect of such Taxes and resulting from any failure or delay on the part of the Tenant in the payment and discharge of any such Taxes

3.2 Utilities

**3.3** **Property tax** 

Property tax imposed or levied by the relevant government authority on the Demised Premises or on the Building (or any part thereof) and as may be apportioned by the Landlord or attributable to the Demised Premises shall be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Landlord shall for the duration of the Term pay property tax levied on or attributable to the Demised
Premises

3.4 Deposit

3.4.1 Upon the execution of this Tenancy Agreement, the Tenant shall pay to the Landlord
a deposit as set out in paragraph 5(a) of Schedule 1 ("Deposit") and a key deposit as set out in paragraph 5(d) of Schedule
1 ("Key Deposit").

3.4.2 The Key Deposit shall be held by the Landlord as security for the due return of
all keys handed to the Tenant on or before the commencement of the Term, and the Deposit shall be held by the Landlord as security for
the due performance and observance by the Tenant of all the covenants and provisions contained in this Tenancy Agreement and as security
for any claim by the Landlord at any time against the Tenant in relation to any matter in connection with the Demised Premises whether
the Tenancy Agreement is subsisting or not, and subject to any proper deductions to be made by the Landlord pursuant to the provisions
of this Tenancy Agreement, shall be refunded to the Tenant without interest

3.4.3 If the Tenant shall commit a breach of any of the provisions of this Tenancy Agreement,
the Landlord shall be entitled but not obliged to apply the Key Deposit and/or the Deposit or any part thereof in or towards payment of
moneys outstanding or making good any breach by the Tenant or to deduct from the Key Deposit and/or the Deposit the loss or expense to
the Landlord occasioned by such breach but without prejudice to any other remedy which the Landlord may be entitled. If any part of the
Key Deposit and/or the Deposit shall be applied by the Landlord in accordance herewith, the Tenant shall on demand by the Landlord forthwith
deposit with the Landlord the amount set-off by the Landlord from the Key Deposit and/or the Deposit. Provided Always that no part of
the Key Deposit and/or the Deposit shall without the written consent of the Landlord be set off by the Tenant against any Rent, Service
Charge, or other sums owing to the Landlord.

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|:---|:---|:---|
|  | Please initial here | Please initial here |
|  | Landlord | Tenant |
| Page 4 |  |  |

---

3.5 Insurance

3.5.1 At the Tenant's own cost and expense at all times during the Term to insure the
contents of Demised Premises and the Furniture and the Appliances against loss or damage against all risks and to punctually pay all premiums
for such insurance

3.5.2 On written demand at any time by the Landlord, to produce forthwith to the Landlord
any policy of insurance which the Tenant is required to effect hereunder and the receipt for the last premium payable in respect of such
policy.

3.6 Repair

3.6.1 At all times to repair and to keep the interior of the Demised Premises (including
the interior surfaces of windows, flooring, internal plaster and other surface materials or renderings on walls and ceilings and the Landlord's
fixtures and fittings therein including but not limited to electrical installations, sanitary and water apparatus, all doors, windows,
glass, locks, fastenings, air-conditioning, light fittings, all pipes, wires, mains, sewers, drains and other conducting media servicing
the Demised Premises and every part thereof and all additions thereto in a clean and good state of tenantable repair and condition (fair
wear and tear excepted) throughout the Term, and when called upon to do so verbally or in writing by the Landlord to clean and repaint
the internal parts of the Demised Premises to the specification and satisfaction of the Landlord.

3.6.2 To keep the Landlord's fixtures, fittings, Furniture and Appliances clean and
in good repair order and preservation, and to make good to the satisfaction of the Landlord any damage or breakage caused to any part
of the Demised Premises or to the Landlord's fixtures and fittings, Furniture and Appliances therein resulting from any action or omission
of the Tenant or the Occupiers, and to replace with similar articles of at least equal value all such parts thereof as may at any time
be destroyed or lost or so damaged as to be incapable of complete reinstatement to their former condition and not without the prior written
consent of the Landlord to remove any of the fittings or permit or suffer the same to be removed from the Demised Premises except only
for the purposes of necessary repair.

3.6.3 To keep the Demised Premises free from infestation by rodents, white ants, termites, cockroaches, silverfish
borers and other pests and insects and for that purpose at the Tenant's sole cost and expense to employ pest control exterminators and
maintain a regular comprehensive pest control service agreement with a reputable pest control company with inspections and treatment of
such pests and vectors at such frequency as may be required by the Landlord and to produce the same to the Landlord promptly thereafter
for the Landlord's record.

3.6.4 The obligations in this clause 3.6 extend to all improvements and additions to
the Demised Premises and all Landlord's fixtures, fittings and appurtenances of whatever nature affixed or fastened to the Demised Premises.

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3.7 Alterations

3.7 Not without the prior written consent of the Landlord, to make any alterations
or additions to or affecting the structure or exterior of the Demised Premises or the appearance of the Demised Premises as seen from
the exterior.

3.8 Landlord's right of entry, inspection and right of repair

3.8.1 To permit the Landlord and its agents, workmen and others employed by the Landlord
or by other tenants or occupiers of the Development at all reasonable times and after giving the Tenant prior notice (but at anytime in
any case which the Landlord considers an emergency) to enter upon the Demised Premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to inspect, clean, repair, remove, replace, alter or execute any works whatsoever; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to effect or carry out any maintenance, repairs, alterations or additions, upgrading,
retro-fitting or other works which the Landlord may consider necessary or desirable to any part of the Building or the Development or
the water, electrical, air-conditioning and other facilities and services of the Building or the Development; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purpose of exercising any of the powers and authorities of the Landlord
under this Tenancy Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to comply with an obligation of repair, maintenance or renewal affecting the Demised
Premises or the Building or the Development; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to construct, alter, maintain, repair or fix anything or additional thing serving
the Building or the adjoining premises or property of the Landlord, and running through or on the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with the development of the remainder of the Building or any adjoining neighbouring land
or premises, including the right to build on or onto or in prolongation of any boundary wall of the Demised Premises;

without payment of compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Demised Premise without unreasonable delay.

3.8.2 If any breach of covenant, defects, disrepair, removal of fixtures or unauthorised
alterations or additions shall be found upon such inspection for which the Tenant is liable then upon notice by the Landlord to the Tenant,
to execute all repairs, works, replacements or removals required within such reasonable period as may be stipulated by the Landlord and
to the reasonable satisfaction of the Landlord or its engineer.

3.8.3 In case of default by the Tenant, it shall be lawful for workmen or agents of the
Landlord to enter into the Demised Premises and execute such repairs, works, replacements or removal!

3.8.4 To pay to the Landlord within fourteen (14) days of demand all expenses so incurred with Interest from
the date of expenditure until the date they are paid by the Tenant to the Landlord (such expenses and Interest to be recoverable as if
they were rent in arrears).

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3.9 Yielding up

3.9.1 At the expiration or earlier determination of the Term (unless renewed in accordance with the terms
hereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to surrender to the Landlord all keys giving access to all parts of the Demised
Premises irrespective of whether or not the same have been supplied by the Landlord

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) quietly to yield up the Demised Premises, Furniture, fixtures and fittings and
Appliances repaired, cleaned, decorated and kept in accordance with the Tenant's covenants contained in this Tenancy Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if required by the Landlord, to remove from the Demised Premises all of the fixtures
and fittings installed by the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to reinstate the Demised Premises to their original state and condition, and to
the Landlord's satisfaction, fair wear and tear excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to make good to the satisfaction of the Landlord all damage to the Demised Premises
and the Building and the Development resulting from the removal of the Tenant's belongings, reinstatement or redecoration of the Demised
Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if at the expiration or earlier determination of the Term, the Tenant has failed to remove the fixtures
and fittings, reinstate, redecorate or make good any damage to the Demised Premises in accordance with the provisions of this clause 3.9,
the Landlord may effect the same at the Tenant's cost and expense Provided that the Landlord shall carry out such works and all costs
and expenses incurred by the Landlord together with the Rent, Service Charge and Hire Charges which the Landlord shall be entitled to
receive had the period within which such works effected by the Landlord been added to the Term, shall be paid by the Tenant within seven
(7) days of demand from the Landlord, and in this connection, a certificate of the Landlord as to the amount of cost and expenses incurred
shall be conclusive and binding on the Tenan1

3.10 Use of Premises

3.10.1 The Tenant shall use the Demised Premises solely as a dormitory for the occupation of the Tenant's employees,
the name of whom shall be furnished in the prescribed format provided by the Landlord. Employees shall at all times during the Term be
holders of valid work permits or employment passes or equivalent visas or permits ("Work Passes") as may be issued by the
relevant government or statutory authority under the Immigration Act and any rules and regulations made thereunder from time to time.
The Tenant shall forthwith inform the Landlord should any of the Permitted Occupiers cease to be in their employ and/or have had their
Work Passes revoked or cancelled.

3.10.2 Without affecting the generality of the aforesaid, the Tenant shall ensure that Permitted Occupiers
do not use public transport from the Development to their place of work during the morning peak hours of 0600 to 0900 hours (not including
Sundays and Public Holidays) but shall use the dedicated transport provided by the Landlord to the nearest public transport hub as directed
by the authorities.

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3.10.3 The Tenant shall make available to the Landlord or its authorized representative
or management agent, the Work Passes, passports and photographs of the Permitted Occupiers no later than ten (10) days prior to the Permitted
Occupiers moving into the Demised Premises, to enable the Landlord to enroll the occupants in the Dormitory Management System to allow
their access to the Development and the Demised Premises.

3.10.4 The Tenant shall also provide to the Landlord the addresses of the workplaces at which the Permitted
Occupiers work at, how they commute to the workplaces and the approximate time that they are required to leave the Development (collectively
referred to as "Commutation Information") no later than 10 days prior to the commencement date of the Term. In the event of
any change in the Commutation information of any Permitted Occupier, the Tenant shall provide updated Commutation Information to the Landlord
not later than 7 days prior to such change.

3.10.5 The Tenant shall at all times permit and ensure that no other persons except the
Permitted Occupiers occupy the Demised Premises. The Landlord may at the Tenant's request allow the inclusion of new employees as Permitted
Occupiers, provided that they hold valid Work Passes, and provided that there shall be no more than the maximum number of Permitted Occupiers
(as stated in paragraph 2 of Schedule 1) in the Demised Premises throughout the Term

3.10.6 The Tenant shall ensure that the Permitted Occupiers comply with the House Rules
and Regulations, a copy of which is annexed hereto as Schedule 3, and which may be amended from time to time.

3.11 Covenants affecting use of Demised Premises, Building and Development

3.11.1 Not to erect nor install in the Demised Premises any machinery which causes noise, fumes or vibration
which can be heard, smelt or felt outside the Demised Premises.

3.11.2 Not to store in the Demised Premises any petrol or other specially inflammable, explosive or combustible
substance.

3.11.3 Not to use the Demised Premises for any noxious, noisy or offensive trade or business nor for any illegal
or immoral act or purpose.

3.11.4 Not without the Landlord's prior written consent to hold in or on the Demised Premises any exhibition,
public meeting or public entertainment.

3.11.5 Not to permit any vocal or instrumental music in the Demised Premises so that it can be heard outside
the Demised Premises.

3.11.6 Not to permit livestock or animals of any kind to be kept on the Demised Premises.

3.11.7 Not to permit any alcoholic beverage to be brought into and/or consumed in the Demised Premises.

3.11.8 Not to do in or upon the Demised Premises anything which may be or may become
or cause a nuisance, annoyance, disturbance, inconvenience or damage to the Landlord or its other tenants of the Building or the development
or to the owners, tenants and occupiers of adjoining and neighbouring properties.

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3.11.9 Not to load or use the floors, walls, ceilings, or structure of the Demised Premises
in any manner which will cause strain, damage or interference with the structural parts, loadbearing framework, roof, foundations, joists
and external walls of the Demised Premises and without prejudice to the generality of the foregoing, not to load or permit or suffer to
be loaded on any part of the floors of the Building or the Demised Premises to a weight in excess of 4 kiloNewtons per square metre (or
such other weight as may be prescribed by the Landlord as being applicable to the Demised Premises) and, when required by the Landlord,
to distribute the load on any part of the floor of the Demised Premises in accordance with the directions and requirements of the Landlord
and in the interpretation and application of the provisions of this sub-clause, the decision of the surveyor, architect or engineer of
the Landlord shall be final and binding on the Tenant

3.11.10 Not to overload the lifts, electrical installation or any of the gas, water, electricity,
telephone, air-conditioning, sewage and other pipes, wires, conduits, drains, ducts, sewers, channels and shafts in, through, under or
over the Demised Premises and/or the Building and/or the Development.

3.11.11 Not to do or omit to do anything which interferes with or which imposes an additional
loading on any ventilation, air-conditioning or other plant or machinery serving the Building and/or the Development.

3.11.12 Not to do anything whereby any policy of insurance on including or in any way relating
to the Demised Premises taken out by the Landlord may become void or voidable or whereby the rate of premium thereon or on the remainder
of the Building and/or the Development may be increased (the Landlord will on request of Tenant provide relevant details of the policy
to enable Tenant to comply with the provisions of this sub-clause) but to provide one or more efficient fire extinguishers of a type approved
by the Landlord and to take such other precautions against fire as may be deemed necessary by the Landlord or its insurers.

3.11.13 To keep the Demised Premises and every part thereof clean and tidy, and not to
hang or place clothing, washing or any article in any place except within the Demised Premises and not to install or erect any structure
or any device whether of a permanent or temporary nature for hanging or drying clothes or other articles which would result in such structure
or device being or protruding from the Demised Premises or from the Building.

3.11.14 To ensure that all doors of the Demised Premises are safely and properly locked
and secured when the Demised Premises are not occupied.

3.11.15 Not to erect or install any television antenna on the exterior of the Demised Premises
or any other part of the Building or the Development.

3.11.16 Not to throw, place or allow to fall or cause or permit to be thrown or placed
in the lift shafts, water-closets or other conveniences in the Building and/or the Development, any sweepings, rubbish, waste paper or
other similar substances, and the Tenant shall on demand pay to the Landlord the costs of repairing any damage to such lift shafts, water-closets
or other conveniences arising therefrom.

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3.11.17 Not to permit or cause to be permitted the placing or parking of bicycles, motorcycles
or scooters, trolleys and other wheeled vehicles and/or the stocking or storage or littering of goods or things in the common parts of
the Building, the corridors, passageways, pavements and the car-parking areas and to keep all such internal and external parts of the
Building clear and free of all obstruction at all times.

3.11.18 At its own cost and expense, to replace all electrical light bulbs, tubes or globes
in the Demised Premises which may be damaged or fail to light.

3.11.19 The Tenant shall accept the Demised Premises together with all fixtures and fittings
therein installed, and the Furniture belonging to the Landlord on an "as-is" basis and shall confirm that the same are in good
condition at the time of the handing over of the Demised Premises.

3.11.20 The Tenant shall only use the Appliances as supplied by the Landlord under this
Agreement and shall not bring into, nor use any other electrical appliances in the Demised Premises.

3.12 Advertisements and signs

Not without the Landlord's prior written consent to display on the exterior of the Demised Premises or on the windows of the Demised Premises so as to be visible from the exterior of the Demised Premises any name, writing, notice, sign, illuminated sign, display of lights, placard, poster, sticker or advertisement.

3.13 Compliance with statutes etc

3.13.1 Except where such liability may be expressly within the Landlord's covenants contained
in this Tenancy Agreement, to comply in all respects with the provisions of all statutes and regulations for the time being in force and
requirements of any competent authority relating to the occupation and use by the Tenant of the Demised Premises or anything done in or
upon the Demised Premises by the Tenant

3.13.2 In particular but without prejudice to the generality of clause 3.13.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to comply with all requirements under any present or future Act of Parliament,
order, by-law or regulation as to the use or occupation of or otherwise concerning the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to execute with all due diligence all works to the Demised Premises for which the
Tenant is liable in accordance with clauses 3.13.1 and 3.13.2 and of which the Landlord has given notice to the Tenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Tenant shall not comply with clause 3.13.2(b) to permit the Landlord to
enter the Demised Premises to carry out such works and to pay to the Landlord on demand the expense of so doing (including surveyors'
and other professional advisers' fees) together with Interest from the date of expenditure until payment by the Tenant to the Landlord
(such monies to be recoverable as if they were rent in arrears).

3.13.3 Without prejudice to the generality of the foregoing, not to bring onto or permit
to be brought onto, or to employ or to permit to otherwise enter onto the Demised Premises or any part thereof, any person in contravention
of the Immigration Act (Cap. 133) or any statutory modification or re-enactment thereof for the time being in force and to indemnify the
Landlord against all costs, claims, liabilities, fines or expenses whatsoever which may fall upon the Landlord by reason of non-compliance
of this clause.

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3.14 Indemnity by Tenant

To indemnify and keep indemnified the Landlord from and against

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all claims, demands, writs, summonses, actions, suits, proceedings, judgments, orders, decrees, damages,
costs, losses and expenses of any nature whatsoever which the Landlord or any other person may suffer or incur directly or indirectly
on account of the condition of any part of the Demised Premises (including flooring, walls, ceiling, doors, windows and other fixtures)
or in connection with loss of life, personal injury and/or damage to property arising from or out of any occurrences of any kind in, upon
or at the Demised Premises or the use of the Demised Premises or any part thereof by the Tenant or by any of the Tenant's employees, independent
contractors, agents, visitors or any Permitted Occupier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all loss and damage to the Demised Premises, the Building, the Development, and
to all property therein caused directly or indirectly by the Tenant or the Tenant's employees, independent contractors, agents, visitors
or any permitted occupier and in particular but without limiting the generality of the foregoing caused directly or indirectly by the
use or misuse, waste or abuse of water, gas or electricity or faulty fittings or fixtures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all loss, damage and expenses of any kind suffered by the Landlord, whether directly
or indirectly, by reason of the Tenant's breach of any of the provisions herein

3.15 Assignment and Subletting

Not to transfer, assign, sublet, license, mortgage, encumber part with possession or in any way dispose of this Tenancy Agreement or the Demised Premises or any part thereof in any way.

3.16 Prohibition from registration of Caveats and Leases

The Tenant shall not at any time lodge any caveat in relation to the Demised Premises at the Singapore Land Authority or at any other registry in Singapore.

4. LANDLORD'S COVENANTS

The Landlord covenants with the Tenant as follows:

4.1 Quiet enjoyment

That the Tenant paying the Rent and performing the Tenant's covenants reserved by and contained in this Tenancy Agreement may lawfully and peaceably hold and enjoy the Demised Premises throughout the Term without any interruption by the Landlord or by any person lawfully claiming through, under or in trust for the Landlord.

4.2 Property tax

Subject to the provisions of this Agreement, to pay all present and future property taxes, rate\* taxes, assessments, impositions and outgoings imposed upon or in respect of the Demised Premises or any part thereof save and except such as are agreed to be paid by the Tenant

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5. LANDLORD'S EXEMPTIONS

5.1 No claim by Tenant

5.1.1 Notwithstanding anything herein contained, the Landlord shall not be liable to the Tenant nor shall
the Tenant have any claim against the Landlord in respect of or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any interruption, disruption or cessation in the Tenants enjoyment of the Premises
or in any of the services mentioned in this Tenancy Agreement by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any upgrading, retrofitting, necessary repair or maintenance of the Demised Premises,
Building, Development, or any installation, systems or apparatus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any damage or destruction to the Demised Premises, Building, installation, systems
or apparatus or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any defect or breakdown of any installation, systems or apparatus or any part
thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a strike of workmen or others or labour disputes or riot or fire or a shortage
of electricity, fuel, materials, water, labour, or inevitable accident or inclement conditions or Act of God and/or other cause beyond
the control of the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any act, omission, default, misconduct or negligence of any porter, attendant
or other servant or employee, independent contractor or agent of the Landlord in or about the performance or purported performance of
their duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any damage, injury or loss arising out of the leakage or defect of the piping
and/or wiring system(s) in the Demised Premises, Building, Development and/or the structure of the Demised Premises, Building or the defective
working of any of the installation, systems and apparatus in the Demised Premises, Building or Development, or for failure of the supply
of electricity or other utilities to the Building or the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any damage, injury or loss caused by other tenants or persons in the Demised Premises
or Building or Development.

5.1.2 The Landlord shall not be responsible to the Tenant or to the Tenant's employees, independent contractors,
agents, invitees, licensees nor to any other persons for any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accident, happening or injury suffered in the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) damage to or loss of any goods or property sustained in the Demised Premises,
Building (whether or not due to the negligence or misconduct of any security guards or the failure of any security system for which the
Landlord is in any way responsible); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) act, omission or negligence of any employee of the Landlord in respect of the
Demised Premises or Building or Development howsoever occurring.

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**6.** **GENERAL PROVISIONS** 

**6.1** **Re-entry** 

6.1.1 If and whenever during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any or any part of the Rent reserved by this Tenancy Agreement and/or any part
of the Deposit shall be unpaid for seven (7) days after their due date (whether or not they shall have been formally demanded); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Tenant shall at any time fail or neglect to perform or observe any of the
covenants, conditions or agreements contained in this Tenancy Agreement to be performed or observed by the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distress or execution shall be levied on the Tenant's goods or any service
of process or court notices shall be affixed onto any part of the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Tenant, being a company, shall be unable to pay its debts, or enters into liquidation
either compulsory or voluntary (except for the purpose of amalgamation or reconstruction), or passes a resolution for its winding up,
or makes a proposal to its creditors for a composition in satisfaction of its debts or a scheme of arrangement, or applies to the court
for the appointment of a judicial manager, or a receiver, a receiver and manager or judicial manager or interim judicial manager is appointed;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Tenant, being an individual, shall be unable to pay or shall have no reasonable
prospect of being able to pay his debts, or a bankruptcy petition shall be presented against him, or makes a proposal to his creditors
for a composition in satisfaction of his debts or a scheme of arrangement, or a receiver is appointed in respect of his property;

it shall be lawful for the Landlord or any person duly authorised by the Landlord for that purpose to re-enter the Demised Premises or any part thereof in the name of the whole at any time, and even if any previous right of re-entry has been waived, and thereupon this Tenancy Agreement shall absolutely cease and determine, but without prejudice to any rights or remedies of the Landlord in respect of any breach of any of the covenants by the Tenant contained in this Tenancy Agreement

6.1.2 Without prejudice to any other rights or remedies of the Landlord, the Tenant
shall pay to the Landlord compensation for the loss of Rent suffered by the Landlord consequential upon the Landlord exercising its rights
of re-entry.

6.2 Recovery of Possession by Landlord/ Re-location of Tenant

6.2.1 In the event the Landlord determines at its sole and absolute discretion that (i)
the Development, the Building or any part thereof is to be renovated, retrofitted, refurbished and/or altered; or (ii) there be a change
of use of the Demised Premises or that part of the Building in which the Demised Premises is situated, the Landlord shall be entitled
to issue to the Tenant a written notice of the Landlord's intention to recover possession of the Demised Premises and Terminate the Tenancy("Notice
to Recover Possession") pursuant to this clause 6.2.1.

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6.2.2 Upon issue of the Notice to Recover Possession, the Landlord shall inform the Tenant
whether the Landlord is able to find alternative premises in the Development ("Substitute Premises") as the Landlord deems
suitable for the Tenant, to re-locate the Tenant. If the Landlord is able to find suitable Substitute Premises, the Landlord shall issue
a Letter of Offer to the Tenant for the Substitute Premises.

6.2.3 In the event the Tenant shall accept the Landlord's offer, the Tenant shall surrender
the Tenancy Agreement and shall at the same time enter into and execute a tenancy agreement with the Landlord for the Substitute Premises
and the provision of maintenance and services to the Substitute Premises upon such terms and conditions as may be mutually agreed.

6.2.4 In the event (i) the Landlord is unable to offer to the Tenant suitable Substitute
Premises, or (ii) the Tenant shall refuse or fail to accept the Landlord's offer for the Substitute Premises within the period stipulated
in the offer, the Tenancy Agreement shall cease and determine upon the expiry of three months from the date of the Notice to Recover Possession,
but without prejudice to any right of action or other remedy which the Landlord has or otherwise could have for arrears or in respect
of any antecedent breach of any of the provisions hereof.

6.3 Removal of property after determination of Term

6.3.1 If at such time as the Tenant has vacated the Demised Premises after the determination
of this Tenancy Agreement, any property of the Tenant shall remain in or on the Demised Premises and the Tenant shall fail to remove the
same within three (3) days after being requested by the Landlord so to do by a notice to that effect then the Tenant shall be deemed to
have abandoned such property, and Landlord shall be entitled to dispose of the same at its absolute discretion, including without limitation:

6.3.1.1 as the agent of the Tenant selling such property to any party it deems fit, and applying the proceeds
of sale after deducting the costs and expenses of removal, storage and sale reasonably and properly incurred by it towards discharging
any sum due from the Tenant to the Landlord under the provisions of this Tenancy Agreement and shall hold the balance thereof (if any)
to the order of the Tenant; or

6.3.1.2 throwing away any or all of the property without the necessity of any sale.

6.3.2 The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose
property shall have been sold by the Landlord in the bona fide mistaken belief (which shall be presumed unless the contrary be proved)
that such property belonged to the Tenant and was liable to be dealt with as such pursuant to this clause.

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6.4 Notices, consents and approvals

6.4.1 All notices, demands or other communications required or permit to be given or
made hereunder shall be in writing and delivered personally or sent by prepaid post (by air-mail if to or from address outside Singapore)
with recorded delivery, or by facsimile (followed by a confirmatory letter) addressed to the intended recipient thereof at its address
set out below or at its facsimile number set out below (or to such other address or facsimile number any party may from time to time duly
notify in writing to other). Any such notice, demand or communication shall be deemed to have been duly served (if given or made by facsimile)
immediately or (if given or made by letter) 24 hours after posting or (if made or given to or from an address outside Singapore) 72 hours
after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped
and posted. The addresses and facsimile numbers of the parties for the purposes of this Tenancy Agreement are:

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| Landlord: | **WESTLITE DORMITORY (WOODLANDS) PTE LTD** |
|  | 2 Woodlands Sector 2 #01-01 |
|  | Singapore 737723 |
| Tenant | As stated at paragraph 6 of Schedule 1 hereof. |

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6.4.2 Any consent or approval under this Tenancy Agreement shall be required to be obtained
before the act or event to which it applies is carried out or done and shall be effective only when the consent or approval is given in
writing.

6.5 Payments

6.5.1 The Tenant covenants to pay to the Landlord promptly as and when due without demand,
deduction, set-off, or counterclaim whatsoever all sums due and payable by the Tenant to the Landlord pursuant to the provisions of this
Tenancy Agreement, and covenants not to exercise or seek to exercise any right or claim to legal or equitable set-off.

6.5.2 The Tenant hereby irrevocably authorises the Landlord to apportion any payment
made by the Tenant towards satisfaction of any arrears due or sums outstanding from the Tenant to the Landlord on the date of payment
as the Landlord deems fit, notwithstanding any instruction or direction from the Tenant to the contrary given hereafter.

6.6 Costs and expenses and Distress Act

6.6.1 The Tenant agrees to pay the Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all costs and expenses incurred by the Landlord in connection with the preparation
and completion of this Tenancy Agreement, including administrative fees, legal fees, stamp duty and all other disbursements and out-of-pocket
expenses in respect thereof on a full indemnity basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the Landlord's legal costs and expenses, on a full indemnity basis, incurred in enforcing or the
attempted enforcement of any provision of this Tenancy Agreement in the event of a breach by the Tenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all the Landlord's costs and expenses, including the costs of the Landlord's architect, engineer or
surveyor where applicable, incurred in connection with every application made by the Tenant for any consent or approval required under
this Tenancy Agreement whether, or not such consent or approval shall be granted or given.

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6.6.2 For the purpose of the Distress Act (Chapter 84), all moneys payable under the
Tenancy Agreement (including the Rent and any goods and services tax) and the interest payable on late payments shall be deemed to be
rent recoverable in the manner provided in the said Act and the rent shall be deemed to be in arrears if not paid in advance at the times
and in the manner hereinbefore provided for payment thereof. All costs and expenses (including legal fees on a solicitor and client and
indemnity basis) of and incidental to any distraint shall be payable by the Tenant and in so far as those not recovered under the distraint
shall be recoverable as a debt.

6.7 Untenantability

If the Demised Premises or any part thereof shall at any time be damaged or destroyed by fire so as to render the Demised Premises unfit for occupation and use (except where such damage or destruction has been caused by, or the policy or policies of insurance in relation to the Demised Premises shall have been vitiated or payment of the policy monies withheld in whole or in part in consequence of, some act or default of the Tenant, its servants, independent contractors, agents or any permitted occupier) the Rent reserved by this Tenancy Agreement or a fair and just proportion thereof according to the nature and extent of the damage sustained shall be suspended until the Demised Premises shall again be rendered fit for occupation and use, and any dispute concerning this clause shall be determined by a single arbitrator in accordance with the Arbitration Act (Cap. 10) Provided Always that if the aforesaid unfitness for occupation of the Demised Premises shall continue for a period of more than ninety (90) days, either the Landlord or the Tenant shall be at liberty by notice in writing to the other to terminate this Tenancy Agreement and upon such notice being given, this Tenancy Agreement shall terminate and the Tenant shall (if still in occupation) vacate the Demised Premises without compensation from the Landlord, but without prejudice to any right of action of the Landlord or the Tenant in respect of any antecedent breach of this Tenancy Agreement by the Tenant or the Landlord as the case may be.

**6.8** **No waiver** 

Knowledge or acquiescence by the Landlord of any breach by the Tenant of any of the covenants, conditions or obligations herein contained shall not operate or be deemed to operate as a waiver of such covenants, conditions or obligations and any consent or waiver of the Landlord shall only be effective if given in writing. No consent or waiver expressed or implied by the Landlord to or of any breach of any covenant, condition or obligation of the Tenant shall be construed as a consent or waiver to or of any other breach of the same or any other covenant, condition or obligation and shall not prejudice in any way the rights, powers and remedies of the Landlord herein contained.

6.9 No representations

The whole of the agreement between the Landlord and the Tenant shall be as set forth herein, and shall in no way be modified by any statement, discussions or agreements which may have preceded the signing of this Tenancy Agreement

6.10 Closure of the Building

The Landlord may in the case of invasion, mob, riot, public excitement or other circumstances rendering such action advisable in the Landlord's opinion, prevent access to the Building and the Development during the continuance of the same and for so long and in such manner as the Landlord deems necessary including the closure of all doors and entrances of the Building

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6.11 Tenant's Obligations to Landlord's Successor-in-Title

The Tenant acknowledges that in the event the Landlord's reversionary interest in the Demised Premises is sold, transferred, or assigned to any other party, the Tenant shall be bound by the terms and conditions herein vis-a-vis such other party as though such other party were a party to this Tenancy Agreement

**6.12** **Holding over** 

If the Tenant continues to occupy the Demised Premises beyond the expiration or determination of the Term or fails to deliver vacant possession thereof to the Landlord after the expiration or determination of the Term, the Tenant shall pay to the Landlord by way of damages for such holding over double the amount of Rent for each day of the holding over. The provisions herein shall not be construed as the Landlord's consent for the Tenant to hold over after the expiration or determination of the Term.

6.13 Interest

6.13.1 The Landlord will charge Interest for late payment of all monies due under this
Agreement if the said monies remain unpaid for seven (7) days after its due date (whether formally demanded or not).

The Interest shall be calculated on a daily basis from the date the respective sums are due to the Landlord to, and inclusive of, the date of actual payment. The Landlord's computation of Interest shall be final and conclusive. The Landlord's entitlement to Interest under this Tenancy Agreement shall be before as well as after any judgement obtained against the Tenant.

6.14 Severance

The illegality, invalidity or unenforceability of any provision of this Tenancy Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

6.15 Governing law and submission to jurisdiction

6.15.1 This Tenancy Agreement shall be construed and governed by the laws of Singapore

6.15.2 In relation any legal action or proceedings arising out of or in connection with
this Tenancy Agreement (the "Proceedings"), the parties hereby irrevocably submit to the jurisdiction of the courts of Singapore
and waive any objection to the Proceedings in any such court on the grounds of venue or on the grounds that the Proceedings have been
brought in an inconvenient forum. Such submission shall not affect the right of any party to take Proceedings in any other jurisdiction
nor shall the taking of Proceedings in any jurisdiction preclude any party from taking Proceedings in any other jurisdiction.

6.15.3 A person who is not a party to this Tenancy Agreement has no right under the Contracts (Rights of Third
Parties) Act 2001 to enforce or enjoy the benefit of any term of this Tenancy Agreement.

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**<u>SCHEDULE 1</u>**

**1.** **THE TENANT** 

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| Name of Tenant | <u>JENERIC ENGINEERING PTE LTD</u> |
| Company/Business Registration No.: | <u>201109750Z</u> |
| Registered Address: | <u>1 TUAS VIEW PLACE #03-14</u> |
|  | <u>WESTLINK ONE</u> |
|  | <u>Singapore 637433</u> |

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**2.** **THE DEMISED PREMISES** 

All that part of the premises in the units stated in the box below ("Demised Premises") which are located at Block ____, 2 Woodlands Sector 2 Singapore 737723 (collectively referred to as "Building") being part of the development currently known as WESTLITE DORMITORY WOODLANDS ("Development").

<br> Unit Numbers:__________________ <br>  

Where the Demised Premises are located in different blocks in the Development, the term "Building" shall (where the context permits) mean any one or more or all the blocks in which such Demised Premises are located in.

Each of the dormitory units may be occupied by up to the maximum number of occupants as permitted by the relevant laws. Based on the existing relevant laws there shall not be more than six occupants in each dormitory unit, and not more than a total of 12 of occupants in the Demised Premises throughout the Term.

**3.** **RENT AND SERVICE CHARGE** 

(a) The Tenant shall pay to the Landlord a monthly rent of $_______("Rent") being calculated
on the basis of S$_______ per unit.

(b) (i) The Tenant shall pay to the Landlord a monthly Service Charge of $_______ ("Service
Charge") being calculated on the basis of S$_______ per unit. (which including utilities consumed and laundry charges)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Tenant shall pay to the Landlord in aggregate monthly hire charges of $_______ ("Hire Charges"
for the hire of __ TV, __ fridges and __ washing machines.

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(c) The Rent, Service Charge and Hire Charges shall be payable monthly in advance without
demand and without any deductions or withholding on the first day of each calendar month, by way of Interbank Girl to the following Bank
Account:

Bank Account Name:

Bank Account No.:

Paynow ID :

Bank Particulars:

(d) In the event that the Tenant shall fail to submit a completed GIRO form for the
payment of the Rent, Service Charge and Hire Charges within 14 days from the Commencement Date, the Tenant shall pay to the Landlord an
amount equivalent to two month's Rent and Service Charge as additional security deposit.

4. TERM AND COMMENCEMENT DATE

(a) Commencement Date of Term ____________________ <br> ("Commencement Date")

(b) Expiry Date of Term: ______________________ <br> ("Expiry Date")

5. DEPOSIT

(a) The Sum of Singapore Dollars _________________ (SGD <u>$</u>_______) being the
equivalent of <u>Two (2) months'</u> Rent and Service Charge for the Demised Premises ("the Deposit") shall be payable upon
acceptance of the Letter of Offer.

(b) In the event that the Tenant shall
fail to submit a completed GIRO form for the payment of the Rent, Service Charge and Hire Charges in accordance with the terms of this
Tenancy Agreement, then the Deposit shall be increased to Singapore Dollars <u>________________</u> (SGD <u>$</u>_______) being
the equivalent of <u>Four (4) months'</u> Rent and Service Charge for the Demised Premises.

(c) The amount equivalent to the increase in the Deposit shall be paid to the Landlord no later than two
weeks after the Commencement Date. Failure to make payment of the Deposit and/or the top up of the increased Deposit shall be a fundamental
breach of this Tenancy Agreement which shall entitle the Landlord to exercise their right of re-entry.

(d) The sum of Singapore Dollars <u>_____________</u> (SGD $_______) ("Key Deposit") shall be payable
upon acceptance of the Letter of Offer.

6. ADMINISTRATIVE CHARGE

The Tenant shall pay to the Landlord a non-refundable Administrative Charge of S$ _______.

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**7.** **PLACE AND FACSIMILE NUMBER FOR NOTICE ON THE TENANT** 

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| The Tenant | NAME: | JENERIC ENGINEERING PTE LTD |
|  | ADDRESS: | 1 TUAS VIEW PLACE #03-14 WESTLINK ONE |
|  |  | Singapore 637433 |
|  | FAX NO.: | +6569090455 |

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**SCHEDULE 2**

**<u>LIST OF INVENTORY IN EACH OF THE DEMISED PREMISES</u>**

Note:

Actual Inventory of the unit would be confirmed during unit handover. A unit handover checklist with the unit inventory would be handover to the tenant.

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**<u>SCHEDULE 3</u>**

**<u>HOUSE RULES & REGULATIONS - TENANCY AT WESTLITE DORMITOR1</u>**

1.  **<u>ENTRY INTO WESTLITE DORMîTORY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Access into the dormitory** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Entry into Westlite Dormitory is by way of QR code access and it is strictly for residents and staff
only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Every resident/tenant will be able to generate a dynamic QR code through their MYMA App This functionality
will cease once the resident checks out of the dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An admin fee of $30 + GST is payable for any replacement/transfer of worker. The respective company
shall bear the cost of such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. New workers/residents and visitors must produce original identity cards/passports
or valid work permits to exchange for a temporary QR code at the security office prior to entry into Westlite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unauthorized possession, use, retention, alteration, destruction or transfer of
the QR code to another person is STRICTLY prohibited

1.2 **Restriction on Entry** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Anyone who is drunk, violent or act in any disorderly manner will be barred from
entering Westlite Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Visitors are allowed entry into Westlite premises only between 6.00pm till 10.00pm
(daily) and such visits are restricted to the canteen area only. No visitor is allowed to stay overnight at Westlite Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Workers without passes shall not be permitted to enter Westlite Dormitory at all
times, for any reason whatsoever. (Any person caught trespassing without valid passes will be removed/evicted from the premises. Non-criminal
violations will be dealt with by the management and the person may be subsequently barred from entering the premises. All illegal workers
& those who committed criminal offence shall be referred to the police).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The gates shall be closed at all times. Only upon verification or checking by the
security, shall any vehicle (delivery, etc) be allowed to enter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Only vehicles issued with valid parking labels authorized by the management will
be allowed to park in the parking lots provided. Visitors shall be allowed to park ONLY at designated visitor's parking lots.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Only authorized person shall be allowed at the guard post.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Promotion of religious, fund raising matters/events for political course/reasons
are prohibited within Westlite Dormitory's premises or precinct.

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| 2 | **<u>OFFENCES & PENALTIES</u>** |

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To ensure a safe, pleasant and harmonious living environment for all residents in Westlite Dormitory, all residents will be expected to abide by the dormitory's in-house rules. Certain major offences are strictly prohibited and will result in immediate eviction or denial of entry. These major offences are listed below. Other offences will result in offenders being fined at least $20. The respective companies offering employment to these residents will be responsible to ensure that these rules & regulations are strictly abided by their respective workers.

2.1 **Major Offences resulting in immediate eviction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rioting/Figng

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vandalism

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Money-lending, operating tontine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Possession, peddling, trafficking and consumption of illegal drugs, banned substances and duty-free goods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Possession, storage or use of dangerous weapons, corrosive and explosive materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Possession of, storage or sale of stolen property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Aiding and abetting unauthorized persons to enter into Westlite Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Illegal entry/exit from other areas other than the turn-tiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Abetting prostitution

11 Any criminal offences (All criminal offenders will be handed over to the authorities/police).

2.2 **Other offences punishable by fines of at least $20** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Possession or consumption of intoxicating drinks inside dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Misuse of access pass or abetting trespass of unauthorized persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Littering in any manner within dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Abusing or obstructing security guards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Distributing duty unpaid cigarettes, VCDs, phone-cards or other provision items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Urinating in public place

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Creating public nuisance or engaging in activities outside the unit between10.30 pm and 7 am.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Illegal entry/exit from other areas other than the turn-stiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Tampering with fire-call points or fire fighting equipment

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**3.** **OTHERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Bicycles are NOT allowed within the premises of the unit at all times. However,
bicycle parking lots are available. The parking fee for the bicycles is at S$6.00 per bicycle per month. Owners of bicycles parking at
Westlite Dormitory MUST tender proof /receipt of ownership and MUST register with Westlite Dormitory management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Interior of unit must be kept clean at all times. Inspections will be carried
out from time to time and tenant will be advised to clean the unit and attend to shortcomings detected. If the unit is not cleaned or
shortcomings are not rectified within 2 days of notice being given, management will proceed to rectify and bill the company accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon vacation of unit, the interior shall be cleaned and restored to its original
condition before the expiry date of tenancy. If cleaning, washing or painting needs to be done, tenant shall do so to the satisfaction
of the landlord. If restoration is not to the landlord's satisfaction, our management will proceed to rectify and bill tenant an amount
of not less than $350. Tenant must engage a professional pest controller to fumigate the vacated unit before it is returned to the management.
Alternatively, Centurion management will undertake to engage a pest controller for a flat fee of between $200 and $350 for cockroach and
bed bug infestation respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any objects/items, etc found left unattended along common passage way and within
the vicinity of the common corridors of the dormitory will be removed immediately without prior notification to the owners and disposed
of appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All residents must comply with public health requirements of public health authorities
or competent authorities, depending on prevailing health advisories. Failure to comply may result in action being taken by authorities.
Sick residents must inform management office and they will be isolated in the sick bay. Charges will be billed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Residents are not allow to hang wet laundry within the sleeping area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Our management will be responsible for any repairs to the fitting/fixtures in any
newly tenanted unit for a period of 3 months from the time of start of tenancy. Thereafter, tenants shall be responsible for any repairs
to fixtures/fittings.

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**IN WITNESS WHEREOF** the parties hereto have executed this Tenancy Agreement on the date stated above

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| Signed by) |
| Name:) |
| NRIC:) |
| for and on behalf of) |
| **WESTLITE DORMITORY (WOODLANDS) PTE LTD)** |
| in the presence of : |
| Signature of Witness |
| Name: |
| Signed by) |
| Name:) |
| NRIC:) |
| for and on behalf of) |
| **JENERIC ENGINEERING PTE LTD)** |
| in the presence of : |
| Signature of Witness |
| Name: |

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## Exhibit 10.6

**Exhibit 10.6**

<u>Dated this Day Of 2024</u> 

**Between**

**WESTLITE JUNIPER (MANDAI) PTE LTD**

(Company Registration No. 201326189D)

... Landlord

*And*

 

**JENERIC OFFSHORE PTE LTD**

(Business/Company Registration No. <u>201112113W</u>)

. Tenant

TENANCY AGREEMENT [NO. (LO No. <u>)j</u>

*Block 11A Jalan Tukang,* Singapore *619267*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Unit Numbers: _________________<br>

 

**THIS TENANCY AGREEMENT** is made the day of 2024

**BETWEEN: -**

(1) **WESTLITE JUNIPER (MANDAI) PTE LTD** (Company Registration
No. 201326189D), a company incorporated in the Republic of Singapore and having its registered address at 45 Ubi Road 1 #05-01 Singapore
408696 (the "Landlord");

AND

(2) THE PARTY whose particulars are stated at Paragraph 1 of
Schedule 1 (the "Tenant').

**THIS TENANCY AGREEMENT WITNESSETH** as follows:

**1.** **INTERPRETATION** 

1.1 Definitions

In this Tenancy Agreement the following words and expressions shall where the context so admits have the following meanings:

"Building" means the building, particulars of which are stated at paragraph 2 of Schedule 1.

"Appliances" means the appliances provided by the Landlord, particulars of which are set out in paragraph 3(b)(ii) of Schedule 1.

"Demised Premises" means the premises described in Paragraph 2 of Schedule 1, excluding the exterior faces of external walls, the exterior faces of boundary walls and the roof.

"Deposit" means the sum deposited by the Tenant with the Landlord pursuant to clause 3.4.

"Furniture" means the furniture, fittings and domestic appliances now in or about the Demised Premises, particulars of which are found in the inventory List found in Schedule 2.

"Hire Charges" means the hire charges for the Appliances payable by the Tenant to the Landlord in accordance with paragraph 3(b)(ii) of Schedule 1.

"Interest" means interest at the rate of twelve percent (12%) per annum, calculated in accordance with clause 6.13.

"Landlord" includes its successors, assigns and all persons entitled to the reversion immediately expectant upon the determination of this Tenancy Agreement

"Permitted Occupier" means any person on the Demised Premises expressly with the Tenant's authority as stipulated pursuant to the terms of clause 3.10.

"Rent" means the Rent payable by the Tenant in accordance with paragraph 3(a) of Schedule 1.

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"Service Charge" means the service charge and conservancy charges for the Furniture, utilities consumed in the Demised Premises, laundry services and services to the Common Property to be provided, managed or operated by the Landlord and payable by the Tenant to the Landlord in accordance with paragraph 3(b) of Schedule 1.

"Tenant' includes, if the Tenant is an individual, his personal representatives and permitted assigns, or if the Tenant is a company, its successors in title and permitted assigns

"Term' means the term granted by this Tenancy Agreement

**1.2** **Restrictions on the Tenant** 

In any case where the Tenant is placed under a restriction by reason of the covenants and conditions contained in this Tenancy Agreement, the restriction shall be deemed to include the obligation on the Tenant not to permit or allow the infringement of the restriction by any person claiming rights to use, enjoy or visit the Demised Premises through, under or in trust for the Tenant

**1.3** **Schedules and Annexures** 

The Schedules and Annexures hereto shall be taken, read and construed as part of this Tenancy Agreement and the provisions thereof shall have the same force and effect as if expressly set out in the body of this Tenancy Agreement

**1.4** **Headings** 

The clause and paragraph headings in this Tenancy Agreement are for ease of reference only and shall not be taken into account in the construction or interpretation of any covenant, condition or proviso to which they refer.

1.5 Singular and Plural

Words in this Tenancy Agreement importing the singular meaning shall where the context so admits include the plural meaning and vice versa.

1.6 Joint and Several Obligations

Where two or more persons are included in the term the "Tenant" all covenants, agreements, terms, conditions and restrictions shall be binding on and applicable to them jointly and each of them severally, and shall also be binding on and applicable to their personal representatives and permitted assigns respectively jointly and severally.

2. DEMISE

In consideration of the Rent and the covenants reserved and hereinafter contained, the Landlord HEREBY DEMISES unto the Tenant ALL the Demised Premises (together with the Furniture) in the Building TO HOLD the Demised Premises unto the Tenant for the Term with effect from the Commencement Date set out in paragraph 4(a) of Schedule 1 and expiring on the Expiry Date set out in paragraph 4(b) of Schedule 1, YIELDING AND PAYING THEREFOR without any deduction, set-off, withholding or counterclaim, the Rent in accordance with paragraph 3(a) of Schedule 1. The Rent shall be payable in the manner set out in paragraph 3(c) of Schedule 1.

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3. TENANT'S COVENANTS

The Tenant covenants with the Landlord as follows:

**3.1** **Rent, Service Charge, Hire Charges, Interest and Taxes** 

3.1.1 To pay the Rent, Service Charge and Hire Charges at the times and in the manner
specified in this Tenancy Agreement

3.1.2 If the whole or any part of the Rent, Service Charge, Hire Charges interest and
other monies due under this Tenancy Agreement shall remain unpaid seven (7) days after they shall have become due (whether such Rent,
or other monies shall be formally demanded or not), then to pay Interest on such Rent, Service Charge, Hire Charges and other monies,
or part thereof, and such Interest shall be recoverable from the Tenant as if they were rent in arrears. Nothing in this clause shall
entitle the Tenant to withhold or delay any payment of the Rent, Service Charge, Hire Charges or any other sum due under this Tenancy
Agreement after the date upon which they fall due or in any way prejudice affect or derogate from the rights of the Landlord in relation
to such non-payment including (but without prejudice to the generality of the above) under the proviso for re-entry contained in this
Tenancy Agreement

3.1.3 It is hereby agreed that the Rent, Service Charge, Hire Charges and other sums payable by the Tenant
under this Tenancy Agreement (hereinafter collectively called "the Agreed Sum") shall, as between the Landlord and the Tenant,
be exclusive of any applicable goods and services tax, imposition, duty and levy whatsoever (hereinafter collectively called "Taxes")
which may from time to time be imposed or charged before, on or after the commencement of this Tenancy Agreement (including any subsequent
revisions thereto) by any government, quasi-government, statutory or tax authority (hereinafter called "the Authorities") on
or calculated by reference to the amount of the Agreed Sum (or any part thereof) and the Tenant shall pay all such Taxes or reimburse
the Landlord for the payment of such Taxes, as the case may be, in such manner and within such period as to comply or enable the Landlord
to comply with any applicable orders or directives of the Authorities and the relevant laws and regulations.

If the Landlord or the Tenant (or any person on their behalf) is required by law to make any deduction or withholding or to make any payment, on account of such Taxes, from or calculated by reference to the Agreed Sum (or any part thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Tenant shall pay, without requiring any notice from the Landlord all such Taxes for its own account
(if the liability to pay is imposed on the Tenant), or on behalf of and in the name of the Landlord (if the liability to pay is imposed
on the Landlord) on receipt of written notice from the Landlord, and without prejudice to the foregoing, if the law requires the Landlord
to collect and to account for such Taxes, the Tenant shall pay such Taxes to the Landlord (which shall be in addition to the Tenant's
liability to pay the Agreed Sum) on receipt of written notice from the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum payable by the Tenant in respect of which the relevant deduction, withholding or payment is
required on account of such Taxes, shall be increased to the extent necessary to ensure that after the making of the aforesaid deduction,
withholding or payment, the Landlord or any person or persons to whom such sum is to be paid, receives on due date and retains (free from
any liability in respect of any such deduction, withholding or Taxes)
a net sum equal to what would have been received and retained had no such deduction, withholding or payment been required or made.

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The rights of the Landlord under this clause shall be in addition and without prejudice to any other rights or powers of the Landlord under any applicable order or directive of the Authorities or any relevant law or regulation, to recover from the Tenant the amount of such Taxes which may be or is to be paid or borne by the Landlord.

The Tenant shall indemnify and hold harmless the Landlord from any losses, damages, claims, demands, proceedings, actions, costs, expenses, interests and penalties suffered or incurred by the Landlord arising from any claim, demand, proceeding or action that may be made or instituted by the Authorities in respect of such Taxes and resulting from any failure or delay on the part of the Tenant in the payment and discharge of any such Taxes

3.2 Utilities

**3.3** **Property tax** 

Property tax imposed or levied by the relevant government authority on the Demised Premises or on the Building (or any part thereof) and as may be apportioned by the Landlord or attributable to the Demised Premises shall be paid as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Landlord shall for the duration of the Term pay property tax levied on or attributable to the Demised
Premises

3.4 Deposit

3.4.1 Upon the execution of this Tenancy Agreement, the Tenant shall pay to the Landlord
a deposit as set out in paragraph 5(a) of Schedule 1 ("Deposit") and a key deposit as set out in paragraph 5(d) of Schedule
1 ("Key Deposit").

3.4.2 The Key Deposit shall be held by the Landlord as security for the due return of
all keys handed to the Tenant on or before the commencement of the Term, and the Deposit shall be held by the Landlord as security for
the due performance and observance by the Tenant of all the covenants and provisions contained in this Tenancy Agreement and as security
for any claim by the Landlord at any time against the Tenant in relation to any matter in connection with the Demised Premises whether
the Tenancy Agreement is subsisting or not, and subject to any proper deductions to be made by the Landlord pursuant to the provisions
of this Tenancy Agreement, shall be refunded to the Tenant without interest

3.4.3 If the Tenant shall commit a breach of any of the provisions of this Tenancy Agreement,
the Landlord shall be entitled but not obliged to apply the Key Deposit and/or the Deposit or any part thereof in or towards payment of
moneys outstanding or making good any breach by the Tenant or to deduct from the Key Deposit and/or the Deposit the loss or expense to
the Landlord occasioned by such breach but without prejudice to any other remedy which the Landlord may be entitled. If any part of the
Key Deposit and/or the Deposit shall be applied by the Landlord in accordance herewith, the Tenant shall on demand by the Landlord forthwith
deposit with the Landlord the amount set-off by the Landlord from the Key Deposit and/or the Deposit. Provided Always that no part of
the Key Deposit and/or the Deposit shall without the written consent of the Landlord be set off by the Tenant against any Rent, Service
Charge, or other sums owing to the Landlord.

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**3.5** **Insurance** 

3.5.1 At the Tenant's own cost and expense at all times during the Term to insure the
contents of Demised Premises and the Furniture and the Appliances against loss or damage against all risks and to punctually pay all premiums
for such insurance

3.5.2 On written demand at any time by the Landlord, to produce forthwith to the Landlord
any policy of insurance which the Tenant is required to effect hereunder and the receipt for the last premium payable in respect of such
policy.

**3.6** **Repair** 

3.6.1 At all times to repair and to keep the interior of the Demised Premises (including
the interior surfaces of windows, flooring, internal plaster and other surface materials or renderings on walls and ceilings and the Landlord's
fixtures and fittings therein including but not limited to electrical installations, sanitary and water apparatus, all doors, windows,
glass, locks, fastenings, air-conditioning, light fittings, all pipes, wires, mains, sewers, drains and other conducting media servicing
the Demised Premises and every part thereof and all additions thereto in a clean and good state of tenantable repair and condition (fair
wear and tear excepted) throughout the Term, and when called upon to do so verbally or in writing by the Landlord to clean and repaint
the internal parts of the Demised Premises to the specification and satisfaction of the Landlord.

3.6.2 To keep the Landlord's fixtures, fittings, Furniture and Appliances clean and
in good repair order and preservation, and to make good to the satisfaction of the Landlord any damage or breakage caused to any part
of the Demised Premises or to the Landlord's fixtures and fittings, Furniture and Appliances therein resulting from any action or omission
of the Tenant or the Occupiers, and to replace with similar articles of at least equal value all such parts thereof as may at any time
be destroyed or lost or so damaged as to be incapable of complete reinstatement to their former condition and not without the prior written
consent of the Landlord to remove any of the fittings or permit or suffer the same to be removed from the Demised Premises except only
for the purposes of necessary repair.

3.6.3 To keep the Demised Premises free from infestation by rodents, white ants, termites, cockroaches, silverfish
borers and other pests and insects and for that purpose at the Tenant's sole cost and expense to employ pest control exterminators and
maintain a regular comprehensive pest control service agreement with a reputable pest control company with inspections and treatment of
such pests and vectors at such frequency as may be required by the Landlord and to produce the same to the Landlord promptly thereafter
for the Landlord's record.

3.6.4 The obligations in this clause 3.6 extend to all improvements and additions to
the Demised Premises and all Landlord's fixtures, fittings and appurtenances of whatever nature affixed or fastened to the Demised Premises.

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**3.7** **Alterations** 

3.7 Not without the prior written consent of the Landlord, to make any alterations
or additions to or affecting the structure or exterior of the Demised Premises or the appearance of the Demised Premises as seen from
the exterior.

**3.8** **Landlord's right of entry, inspection and right of repair** 

3.8.1 To permit the Landlord and its agents, workmen and others employed by the Landlord
or by other tenants or occupiers of the Development at all reasonable times and after giving the Tenant prior notice (but at anytime in
any case which the Landlord considers an emergency) to enter upon the Demised Premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to inspect, clean, repair, remove, replace, alter or execute
any works whatsoever; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to effect or carry out any maintenance, repairs, alterations
or additions, upgrading, retro-fitting or other works which the Landlord may consider necessary or desirable to any part of the Building
or the Development or the water, electrical, air-conditioning and other facilities and services of the Building or the Development; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purpose of exercising any of the powers and authorities
of the Landlord under this Tenancy Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to comply with an obligation of repair, maintenance or renewal
affecting the Demised Premises or the Building or the Development; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to construct, alter, maintain, repair or fix anything or
additional thing serving the Building or the adjoining premises or property of the Landlord, and running through or on the Demised Premises;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in connection with the development of the remainder of the
Building or any adjoining neighbouring land or premises, including the right to build on or onto or in prolongation of any boundary wall
of the Demised Premises;

without payment of compensation for any nuisance, annoyance, inconvenience or damage caused to the Tenant subject to the Landlord (or other person so entering) exercising such right in a reasonable manner and making good any damage caused to the Demised Premise without unreasonable delay.

3.8.2 If any breach of covenant, defects, disrepair, removal of fixtures or unauthorised
alterations or additions shall be found upon such inspection for which the Tenant is liable then upon notice by the Landlord to the Tenant,
to execute all repairs, works, replacements or removals required within such reasonable period as may be stipulated by the Landlord and
to the reasonable satisfaction of the Landlord or its engineer.

3.8.3 In case of default by the Tenant, it shall be lawful for workmen or agents of the
Landlord to enter into the Demised Premises and execute such repairs, works, replacements or removal!

3.8.4 To pay to the Landlord within fourteen (14) days of demand all expenses so incurred with Interest from
the date of expenditure until the date they are paid by the Tenant to the Landlord (such expenses and Interest to be recoverable as if
they were rent in arrears).

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**3.9** **Yielding up** 

3.9.1 At the expiration or earlier determination of the Term (unless renewed in accordance with the terms
hereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to surrender to the Landlord all keys giving access to all
parts of the Demised Premises irrespective of whether or not the same have been supplied by the Landlord

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) quietly to yield up the Demised Premises, Furniture, fixtures
and fittings and Appliances repaired, cleaned, decorated and kept in accordance with the Tenant's covenants contained in this Tenancy
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if required by the Landlord, to remove from the Demised Premises
all of the fixtures and fittings installed by the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to reinstate the Demised Premises to their original state
and condition, and to the Landlord's satisfaction, fair wear and tear excepted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to make good to the satisfaction of the Landlord all damage
to the Demised Premises and the Building and the Development resulting from the removal of the Tenant's belongings, reinstatement or
redecoration of the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if at the expiration or earlier determination of the Term,
the Tenant has failed to remove the fixtures and fittings, reinstate, redecorate or make good any damage to the Demised Premises in accordance
with the provisions of this clause 3.9, the Landlord may effect the same at the Tenant's cost and expense Provided that the Landlord
shall carry out such works and all costs and expenses incurred by the Landlord together with the Rent, Service Charge and Hire Charges
which the Landlord shall be entitled to receive had the period within which such works effected by the Landlord been added to the Term,
shall be paid by the Tenant within seven (7) days of demand from the Landlord, and in this connection, a certificate of the Landlord
as to the amount of cost and expenses incurred shall be conclusive and binding on the Tenan1

**3.10** **Use of Premises** 

3.10.1 The Tenant shall use the Demised Premises solely as a dormitory for the occupation of the Tenant's employees,
the name of whom shall be furnished in the prescribed format provided by the Landlord. Employees shall at all times during the Term be
holders of valid work permits or employment passes or equivalent visas or permits ("Work Passes") as may be issued by the
relevant government or statutory authority under the Immigration Act and any rules and regulations made thereunder from time to time.
The Tenant shall forthwith inform the Landlord should any of the Permitted Occupiers cease to be in their employ and/or have had their
Work Passes revoked or cancelled.

3.10.2 Without affecting the generality of the aforesaid, the Tenant shall ensure that Permitted Occupiers
do not use public transport from the Development to their place of work during the morning peak hours of 0600 to 0900 hours (not including
Sundays and Public Holidays) but shall use the dedicated transport provided by the Landlord to the nearest public transport hub as directed
by the authorities.

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3.10.3 The Tenant shall make available to the Landlord or its authorized representative
or management agent, the Work Passes, passports and photographs of the Permitted Occupiers no later than ten (10) days prior to the Permitted
Occupiers moving into the Demised Premises, to enable the Landlord to enroll the occupants in the Dormitory Management System to allow
their access to the Development and the Demised Premises.

3.10.4 The Tenant shall also provide to the Landlord the addresses of the workplaces at which the Permitted
Occupiers work at, how they commute to the workplaces and the approximate time that they are required to leave the Development (collectively
referred to as "Commutation Information") no later than 10 days prior to the commencement date of the Term. In the event of
any change in the Commutation information of any Permitted Occupier, the Tenant shall provide updated Commutation Information to the Landlord
not later than 7 days prior to such change.

3.10.5 The Tenant shall at all times permit and ensure that no other persons except the
Permitted Occupiers occupy the Demised Premises. The Landlord may at the Tenant's request allow the inclusion of new employees as Permitted
Occupiers, provided that they hold valid Work Passes, and provided that there shall be no more than the maximum number of Permitted Occupiers
(as stated in paragraph 2 of Schedule 1) in the Demised Premises throughout the Term

3.10.6 The Tenant shall ensure that the Permitted Occupiers comply with the House Rules
and Regulations, a copy of which is annexed hereto as Schedule 3, and which may be amended from time to time.

**3.11** **Covenants affecting use of Demised Premises, Building and Development** 

3.11.1 Not to erect nor install in the Demised Premises any machinery which causes noise, fumes or vibration
which can be heard, smelt or felt outside the Demised Premises.

3.11.2 Not to store in the Demised Premises any petrol or other specially inflammable, explosive or combustible
substance.

3.11.3 Not to use the Demised Premises for any noxious, noisy or offensive trade or business nor for any illegal
or immoral act or purpose.

3.11.4 Not without the Landlord's prior written consent to hold in or on the Demised Premises any exhibition,
public meeting or public entertainment.

3.11.5 Not to permit any vocal or instrumental music in the Demised Premises so that it can be heard outside
the Demised Premises.

3.11.6 Not to permit livestock or animals of any kind to be kept on the Demised Premises.

3.11.7 Not to permit any alcoholic beverage to be brought into and/or consumed in the Demised Premises.

3.11.8 Not to do in or upon the Demised Premises anything which may be or may become
or cause a nuisance, annoyance, disturbance, inconvenience or damage to the Landlord or its other tenants of the Building or the development
or to the owners, tenants and occupiers of adjoining and neighbouring properties.

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3.11.9 Not to load or use the floors, walls, ceilings, or structure of the Demised Premises
in any manner which will cause strain, damage or interference with the structural parts, loadbearing framework, roof, foundations, joists
and external walls of the Demised Premises and without prejudice to the generality of the foregoing, not to load or permit or suffer to
be loaded on any part of the floors of the Building or the Demised Premises to a weight in excess of 4 kiloNewtons per square metre (or
such other weight as may be prescribed by the Landlord as being applicable to the Demised Premises) and, when required by the Landlord,
to distribute the load on any part of the floor of the Demised Premises in accordance with the directions and requirements of the Landlord
and in the interpretation and application of the provisions of this sub-clause, the decision of the surveyor, architect or engineer of
the Landlord shall be final and binding on the Tenant

3.11.10 Not to overload the lifts, electrical installation or any of the gas, water, electricity,
telephone, air-conditioning, sewage and other pipes, wires, conduits, drains, ducts, sewers, channels and shafts in, through, under or
over the Demised Premises and/or the Building and/or the Development.

3.11.11 Not to do or omit to do anything which interferes with or which imposes an additional
loading on any ventilation, air-conditioning or other plant or machinery serving the Building and/or the Development.

3.11.12 Not to do anything whereby any policy of insurance on including or in any way relating
to the Demised Premises taken out by the Landlord may become void or voidable or whereby the rate of premium thereon or on the remainder
of the Building and/or the Development may be increased (the Landlord will on request of Tenant provide relevant details of the policy
to enable Tenant to comply with the provisions of this sub-clause) but to provide one or more efficient fire extinguishers of a type approved
by the Landlord and to take such other precautions against fire as may be deemed necessary by the Landlord or its insurers.

3.11.13 To keep the Demised Premises and every part thereof clean and tidy, and not to
hang or place clothing, washing or any article in any place except within the Demised Premises and not to install or erect any structure
or any device whether of a permanent or temporary nature for hanging or drying clothes or other articles which would result in such structure
or device being or protruding from the Demised Premises or from the Building.

3.11.14 To ensure that all doors of the Demised Premises are safely and properly locked
and secured when the Demised Premises are not occupied.

3.11.15 Not to erect or install any television antenna on the exterior of the Demised Premises
or any other part of the Building or the Development.

3.11.16 Not to throw, place or allow to fall or cause or permit to be thrown or placed
in the lift shafts, water-closets or other conveniences in the Building and/or the Development, any sweepings, rubbish, waste paper or
other similar substances, and the Tenant shall on demand pay to the Landlord the costs of repairing any damage to such lift shafts, water-closets
or other conveniences arising therefrom.

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3.11.17 Not to permit or cause to be permitted the placing or parking of bicycles, motorcycles
or scooters, trolleys and other wheeled vehicles and/or the stocking or storage or littering of goods or things in the common parts of
the Building, the corridors, passageways, pavements and the car-parking areas and to keep all such internal and external parts of the
Building clear and free of all obstruction at all times.

3.11.18 At its own cost and expense, to replace all electrical light bulbs, tubes or globes
in the Demised Premises which may be damaged or fail to light.

3.11.19 The Tenant shall accept the Demised Premises together with all fixtures and fittings
therein installed, and the Furniture belonging to the Landlord on an "as-is" basis and shall confirm that the same are in good
condition at the time of the handing over of the Demised Premises.

3.11.20 The Tenant shall only use the Appliances as supplied by the Landlord under this
Agreement and shall not bring into, nor use any other electrical appliances in the Demised Premises.

**3.12** **Advertisements and signs** 

Not without the Landlord's prior written consent to display on the exterior of the Demised Premises or on the windows of the Demised Premises so as to be visible from the exterior of the Demised Premises any name, writing, notice, sign, illuminated sign, display of lights, placard, poster, sticker or advertisement.

**3.13** **Compliance with statutes etc** 

3.13.1 Except where such liability may be expressly within the Landlord's covenants contained
in this Tenancy Agreement, to comply in all respects with the provisions of all statutes and regulations for the time being in force and
requirements of any competent authority relating to the occupation and use by the Tenant of the Demised Premises or anything done in or
upon the Demised Premises by the Tenant

3.13.2 In particular but without prejudice to the generality of clause 3.13.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to comply with all requirements under any present or future
Act of Parliament, order, by-law or regulation as to the use or occupation of or otherwise concerning the Demised Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to execute with all due diligence all works to the Demised
Premises for which the Tenant is liable in accordance with clauses 3.13.1 and 3.13.2 and of which the Landlord has given notice to the
Tenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Tenant shall not comply with clause 3.13.2(b) to permit
the Landlord to enter the Demised Premises to carry out such works and to pay to the Landlord on demand the expense of so doing (including
surveyors' and other professional advisers' fees) together with Interest from the date of expenditure until payment by the Tenant to
the Landlord (such monies to be recoverable as if they were rent in arrears).

3.13.3 Without prejudice to the generality of the foregoing, not to bring onto or permit
to be brought onto, or to employ or to permit to otherwise enter onto the Demised Premises or any part thereof, any person in contravention
of the Immigration Act (Cap. 133) or any statutory modification or re-enactment thereof for the time being in force and to indemnify the
Landlord against all costs, claims, liabilities, fines or expenses whatsoever which may fall upon the Landlord by reason of non-compliance
of this clause.

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**3.14** **Indemnity by Tenant** 

To indemnify and keep indemnified the Landlord from and against

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all claims, demands, writs, summonses, actions, suits, proceedings,
judgments, orders, decrees, damages, costs, losses and expenses of any nature whatsoever which the Landlord or any other person may suffer
or incur directly or indirectly on account of the condition of any part of the Demised Premises (including flooring, walls, ceiling,
doors, windows and other fixtures) or in connection with loss of life, personal injury and/or damage to property arising from or out
of any occurrences of any kind in, upon or at the Demised Premises or the use of the Demised Premises or any part thereof by the Tenant
or by any of the Tenant's employees, independent contractors, agents, visitors or any Permitted Occupier; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all loss and damage to the Demised Premises, the Building,
the Development, and to all property therein caused directly or indirectly by the Tenant or the Tenant's employees, independent
contractors, agents, visitors or any permitted occupier and in particular but without limiting the generality of the foregoing caused
directly or indirectly by the use or misuse, waste or abuse of water, gas or electricity or faulty fittings or fixtures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all loss, damage and expenses of any kind suffered by the
Landlord, whether directly or indirectly, by reason of the Tenant's breach of any of the provisions herein

**3.15** **Assignment and Subletting** 

Not to transfer, assign, sublet, license, mortgage, encumber part with possession or in any way dispose of this Tenancy Agreement or the Demised Premises or any part thereof in any way.

**3.16** **Prohibition from registration of Caveats and Leases** 

The Tenant shall not at any time lodge any caveat in relation to the Demised Premises at the Singapore Land Authority or at any other registry in Singapore.

**4.** **LANDLORD'S COVENANTS** 

The Landlord covenants with the Tenant as follows:

**4.1** **Quiet enjoyment** 

That the Tenant paying the Rent and performing the Tenant's covenants reserved by and contained in this Tenancy Agreement may lawfully and peaceably hold and enjoy the Demised Premises throughout the Term without any interruption by the Landlord or by any person lawfully claiming through, under or in trust for the Landlord.

**4.2** **Property tax** 

Subject to the provisions of this Agreement, to pay all present and future property taxes, rate\* taxes, assessments, impositions and outgoings imposed upon or in respect of the Demised Premises or any part thereof save and except such as are agreed to be paid by the Tenant

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**5.** **LANDLORD'S EXEMPTIONS** 

5.1 No claim by Tenant

5.1.1 Notwithstanding anything herein contained, the Landlord shall not be liable to the Tenant nor shall
the Tenant have any claim against the Landlord in respect of or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any interruption, disruption or cessation in the Tenants enjoyment of the Premises
or in any of the services mentioned in this Tenancy Agreement by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any upgrading, retrofitting, necessary repair or maintenance
of the Demised Premises, Building, Development, or any installation, systems or apparatus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any damage or destruction to the Demised Premises, Building,
installation, systems or apparatus or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any defect or breakdown of any installation, systems or apparatus
or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a strike of workmen or others or labour disputes or riot or
fire or a shortage of electricity, fuel, materials, water, labour, or inevitable accident or inclement conditions or Act of God and/or
other cause beyond the control of the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any act, omission, default, misconduct or negligence of any porter, attendant
or other servant or employee, independent contractor or agent of the Landlord in or about the performance or purported performance of
their duties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any damage, injury or loss arising out of the leakage or defect of the piping
and/or wiring system(s) in the Demised Premises, Building, Development and/or the structure of the Demised Premises, Building or the defective
working of any of the installation, systems and apparatus in the Demised Premises, Building or Development, or for failure of the supply
of electricity or other utilities to the Building or the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any damage, injury or loss caused by other tenants or persons in the Demised Premises
or Building or Development.

5.1.2 The Landlord shall not be responsible to the Tenant or to the Tenant's employees, independent contractors,
agents, invitees, licensees nor to any other persons for any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accident, happening or injury suffered in the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) damage to or loss of any goods or property sustained in the Demised Premises,
Building (whether or not due to the negligence or misconduct of any security guards or the failure of any security system for which the
Landlord is in any way responsible); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) act, omission or negligence of any employee of the Landlord in respect of the
Demised Premises or Building or Development howsoever occurring.

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| Please initial here | Please initial here |
| Landlord | Tenant |

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**6.** **GENERAL PROVISIONS** 

**6.1** **Re-entry** 

6.1.1 If and whenever during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any or any part of the Rent reserved by this Tenancy Agreement
and/or any part of the Deposit shall be unpaid for seven (7) days after their due date (whether or not they shall have been formally
demanded); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Tenant shall at any time fail or neglect to perform or
observe any of the covenants, conditions or agreements contained in this Tenancy Agreement to be performed or observed by the Tenant;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distress or execution shall be levied on the Tenant's
goods or any service of process or court notices shall be affixed onto any part of the Demised Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Tenant, being a company, shall be unable to pay its debts,
or enters into liquidation either compulsory or voluntary (except for the purpose of amalgamation or reconstruction), or passes a resolution
for its winding up, or makes a proposal to its creditors for a composition in satisfaction of its debts or a scheme of arrangement, or
applies to the court for the appointment of a judicial manager, or a receiver, a receiver and manager or judicial manager or interim
judicial manager is appointed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Tenant, being an individual, shall be unable to pay or
shall have no reasonable prospect of being able to pay his debts, or a bankruptcy petition shall be presented against him, or makes a
proposal to his creditors for a composition in satisfaction of his debts or a scheme of arrangement, or a receiver is appointed in respect
of his property;

it shall be lawful for the Landlord or any person duly authorised by the Landlord for that purpose to re-enter the Demised Premises or any part thereof in the name of the whole at any time, and even if any previous right of re-entry has been waived, and thereupon this Tenancy Agreement shall absolutely cease and determine, but without prejudice to any rights or remedies of the Landlord in respect of any breach of any of the covenants by the Tenant contained in this Tenancy Agreement

6.1.2 Without prejudice to any other rights or remedies of the Landlord, the Tenant
shall pay to the Landlord compensation for the loss of Rent suffered by the Landlord consequential upon the Landlord exercising its rights
of re-entry.

**6.2** **Recovery of Possession by Landlord/ Re-location of Tenant** 

6.2.1 In the event the Landlord determines at its sole and absolute discretion that (i)
the Development, the Building or any part thereof is to be renovated, retrofitted, refurbished and/or altered; or (ii) there be a change
of use of the Demised Premises or that part of the Building in which the Demised Premises is situated, the Landlord shall be entitled
to issue to the Tenant a written notice of the Landlord's intention to recover possession of the Demised Premises and Terminate the Tenancy("Notice
to Recover Possession") pursuant to this clause 6.2.1.

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| | |
|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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6.2.2 Upon issue of the Notice to Recover Possession, the Landlord shall inform the Tenant
whether the Landlord is able to find alternative premises in the Development ("Substitute Premises") as the Landlord deems
suitable for the Tenant, to re-locate the Tenant. If the Landlord is able to find suitable Substitute Premises, the Landlord shall issue
a Letter of Offer to the Tenant for the Substitute Premises.

6.2.3 In the event the Tenant shall accept the Landlord's offer, the Tenant shall surrender
the Tenancy Agreement and shall at the same time enter into and execute a tenancy agreement with the Landlord for the Substitute Premises
and the provision of maintenance and services to the Substitute Premises upon such terms and conditions as may be mutually agreed.

6.2.4 In the event (i) the Landlord is unable to offer to the Tenant suitable Substitute
Premises, or (ii) the Tenant shall refuse or fail to accept the Landlord's offer for the Substitute Premises within the period stipulated
in the offer, the Tenancy Agreement shall cease and determine upon the expiry of three months from the date of the Notice to Recover Possession,
but without prejudice to any right of action or other remedy which the Landlord has or otherwise could have for arrears or in respect
of any antecedent breach of any of the provisions hereof.

**6.3** **Removal of property after determination of Term** 

6.3.1 If at such time as the Tenant has vacated the Demised Premises after the determination
of this Tenancy Agreement, any property of the Tenant shall remain in or on the Demised Premises and the Tenant shall fail to remove the
same within three (3) days after being requested by the Landlord so to do by a notice to that effect then the Tenant shall be deemed to
have abandoned such property, and Landlord shall be entitled to dispose of the same at its absolute discretion, including without limitation:

6.3.1.1 as the agent of the Tenant selling such property to any party it deems fit, and applying the proceeds
of sale after deducting the costs and expenses of removal, storage and sale reasonably and properly incurred by it towards discharging
any sum due from the Tenant to the Landlord under the provisions of this Tenancy Agreement and shall hold the balance thereof (if any)
to the order of the Tenant; or

6.3.1.2 throwing away any or all of the property without the necessity of any sale.

6.3.2 The Tenant shall indemnify the Landlord against any liability incurred by it to any third party whose
property shall have been sold by the Landlord in the bona fide mistaken belief (which shall be presumed unless the contrary be proved)
that such property belonged to the Tenant and was liable to be dealt with as such pursuant to this clause.

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| | |
|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**6.4** **Notices, consents and approvals** 

6.4.1 All notices, demands or other communications required or permit to be given or
made hereunder shall be in writing and delivered personally or sent by prepaid post (by air-mail if to or from address outside Singapore)
with recorded delivery, or by facsimile (followed by a confirmatory letter) addressed to the intended recipient thereof at its address
set out below or at its facsimile number set out below (or to such other address or facsimile number any party may from time to time duly
notify in writing to other). Any such notice, demand or communication shall be deemed to have been duly served (if given or made by facsimile)
immediately or (if given or made by letter) 24 hours after posting or (if made or given to or from an address outside Singapore) 72 hours
after posting and in proving the same it shall be sufficient to show that the envelope containing the same was duly addressed, stamped
and posted. The addresses and facsimile numbers of the parties for the purposes of this Tenancy Agreement are:

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| | |
|:---|:---|
| Landlord: | **WESTLITE JUNIPER (MANDAI) PTE LTD**<br> 11A Jalan Tukang #01-01<br> Singapore 619267 |
| Tenant | As stated at paragraph 6 of Schedule 1 hereof. |

---

6.4.2 Any consent or approval under this Tenancy Agreement shall be required to be obtained
before the act or event to which it applies is carried out or done and shall be effective only when the consent or approval is given in
writing.

6.5 Payments

6.5.1 The Tenant covenants to pay to the Landlord promptly as and when due without demand,
deduction, set-off, or counterclaim whatsoever all sums due and payable by the Tenant to the Landlord pursuant to the provisions of this
Tenancy Agreement, and covenants not to exercise or seek to exercise any right or claim to legal or equitable set-off.

6.5.2 The Tenant hereby irrevocably authorises the Landlord to apportion any payment
made by the Tenant towards satisfaction of any arrears due or sums outstanding from the Tenant to the Landlord on the date of payment
as the Landlord deems fit, notwithstanding any instruction or direction from the Tenant to the contrary given hereafter.

**6.6** **Costs and expenses and Distress Act** 

6.6.1 The Tenant agrees to pay the Landlord:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all costs and expenses incurred by the Landlord in connection
with the preparation and completion of this Tenancy Agreement, including administrative fees, legal fees, stamp duty and all other disbursements
and out-of-pocket expenses in respect thereof on a full indemnity basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all the Landlord's legal costs and expenses, on a full
indemnity basis, incurred in enforcing or the attempted enforcement of any provision of this Tenancy Agreement in the event of a breach
by the Tenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all the Landlord's costs and expenses, including the
costs of the Landlord's architect, engineer or surveyor where applicable, incurred in connection with every application made by
the Tenant for any consent or approval required under this Tenancy Agreement whether, or not such consent or approval shall be granted
or given.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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6.6.2 For the purpose of the Distress Act (Chapter 84), all moneys payable under the
Tenancy Agreement (including the Rent and any goods and services tax) and the interest payable on late payments shall be deemed to be
rent recoverable in the manner provided in the said Act and the rent shall be deemed to be in arrears if not paid in advance at the times
and in the manner hereinbefore provided for payment thereof. All costs and expenses (including legal fees on a solicitor and client and
indemnity basis) of and incidental to any distraint shall be payable by the Tenant and in so far as those not recovered under the distraint
shall be recoverable as a debt.

**6.7** **Untenantability** 

If the Demised Premises or any part thereof shall at any time be damaged or destroyed by fire so as to render the Demised Premises unfit for occupation and use (except where such damage or destruction has been caused by, or the policy or policies of insurance in relation to the Demised Premises shall have been vitiated or payment of the policy monies withheld in whole or in part in consequence of, some act or default of the Tenant, its servants, independent contractors, agents or any permitted occupier) the Rent reserved by this Tenancy Agreement or a fair and just proportion thereof according to the nature and extent of the damage sustained shall be suspended until the Demised Premises shall again be rendered fit for occupation and use, and any dispute concerning this clause shall be determined by a single arbitrator in accordance with the Arbitration Act (Cap. 10) Provided Always that if the aforesaid unfitness for occupation of the Demised Premises shall continue for a period of more than ninety (90) days, either the Landlord or the Tenant shall be at liberty by notice in writing to the other to terminate this Tenancy Agreement and upon such notice being given, this Tenancy Agreement shall terminate and the Tenant shall (if still in occupation) vacate the Demised Premises without compensation from the Landlord, but without prejudice to any right of action of the Landlord or the Tenant in respect of any antecedent breach of this Tenancy Agreement by the Tenant or the Landlord as the case may be.

**6.8** **No waiver** 

Knowledge or acquiescence by the Landlord of any breach by the Tenant of any of the covenants, conditions or obligations herein contained shall not operate or be deemed to operate as a waiver of such covenants, conditions or obligations and any consent or waiver of the Landlord shall only be effective if given in writing. No consent or waiver expressed or implied by the Landlord to or of any breach of any covenant, condition or obligation of the Tenant shall be construed as a consent or waiver to or of any other breach of the same or any other covenant, condition or obligation and shall not prejudice in any way the rights, powers and remedies of the Landlord herein contained.

**6.9** **No representations** 

The whole of the agreement between the Landlord and the Tenant shall be as set forth herein, and shall in no way be modified by any statement, discussions or agreements which may have preceded the signing of this Tenancy Agreement

**6.10** **Closure of the Building** 

The Landlord may in the case of invasion, mob, riot, public excitement or other circumstances rendering such action advisable in the Landlord's opinion, prevent access to the Building and the Development during the continuance of the same and for so long and in such manner as the Landlord deems necessary including the closure of all doors and entrances of the Building

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**6.11** **Tenant's Obligations to Landlord's Successor-in-Title** 

The Tenant acknowledges that in the event the Landlord's reversionary interest in the Demised Premises is sold, transferred, or assigned to any other party, the Tenant shall be bound by the terms and conditions herein vis-a-vis such other party as though such other party were a party to this Tenancy Agreement.

**6.12** **Holding over** 

If the Tenant continues to occupy the Demised Premises beyond the expiration or determination of the Term or fails to deliver vacant possession thereof to the Landlord after the expiration or determination of the Term, the Tenant shall pay to the Landlord by way of damages for such holding over double the amount of Rent for each day of the holding over. The provisions herein shall not be construed as the Landlord's consent for the Tenant to hold over after the expiration or determination of the Term.

**6.13** **Interest** 

6.13.1 The Landlord will charge Interest for late payment of all monies due under this
Agreement if the said monies remain unpaid for seven (7) days after its due date (whether formally demanded or not).

The Interest shall be calculated on a daily basis from the date the respective sums are due to the Landlord to, and inclusive of, the date of actual payment. The Landlord's computation of Interest shall be final and conclusive. The Landlord's entitlement to Interest under this Tenancy Agreement shall be before as well as after any judgement obtained against the Tenant.

**6.14** **Severance** 

The illegality, invalidity or unenforceability of any provision of this Tenancy Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

**6.15** **Governing law and submission to jurisdiction** 

6.15.1 This Tenancy Agreement shall be construed and governed by the laws of Singapore.

6.15.2 In relation any legal action or proceedings arising out of or in connection with
this Tenancy Agreement (the "Proceedings"), the parties hereby irrevocably submit to the jurisdiction of the courts of Singapore
and waive any objection to the Proceedings in any such court on the grounds of venue or on the grounds that the Proceedings have been
brought in an inconvenient forum. Such submission shall not affect the right of any party to take Proceedings in any other jurisdiction
nor shall the taking of Proceedings in any jurisdiction preclude any party from taking Proceedings in any other jurisdiction.

6.15.3 A person who is not a party to this Tenancy Agreement has no right under the Contracts (Rights of Third
Parties) Act 2001 to enforce or enjoy the benefit of any term of this Tenancy Agreement.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**<u>SCHEDULE 1</u>**

**1.** **THE TENANT** 

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| | |
|:---|:---|
| Name of Tenant | <u>JENERIC OFFSHORE PTE LTD</u> |
| Company/Business Registration No.: | <u>201112113W</u> |
| Registered Address: | <u>80 WEST COAST ROAD #05-15</u> |
|  | <u>Singapore 126816</u> |

---

**2.** **THE DEMISED PREMISES** 

All that part of the premises in the units stated in the box below ("Demised Premises") which are located at Block ____, 11A Jalan Tukang, Singapore 619267 (collectively referred to as "Building") being part of the development currently known as WESTLITE JALAN TUKANG ("Development").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Unit Numbers: _________________<br>

Where the Demised Premises are located in different blocks in the Development, the term "Building" shall (where the context permits) mean any one or more or all the blocks in which such Demised Premises are located in.

Each of the dormitory units may be occupied by up to the maximum number of occupants as permitted by the relevant laws. Based on the existing relevant laws there shall not be more than six occupants in each dormitory unit, and not more than a total of 12 of occupants in the Demised Premises throughout the Term.

3. RENT AND SERVICE CHARGE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Tenant shall pay to the Landlord a monthly rent of $_______("Rent") being calculated
on the basis of S$_______ per unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Tenant shall pay to the Landlord a monthly Service Charge of $_______ ("Service
Charge") being calculated on the basis of S$_______ per unit. (which including utilities consumed and laundry charges)

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Tenant shall pay to the Landlord in aggregate monthly hire charges of $_______ ("Hire Charges"
for the hire of __ TV, __ fridges and __ washing machines.

(c) The Rent, Service Charge and Hire Charges shall be payable monthly in advance without
demand and without any deductions or withholding on the first day of each calendar month, by way of Interbank Girl to the following Bank
Account:

Bank Account Name:

Bank Account No.:

Paynow ID :

Bank Particulars:

(d) In the event that the Tenant shall fail to submit a completed GIRO form for the
payment of the Rent, Service Charge and Hire Charges within 14 days from the Commencement Date, the Tenant shall pay to the Landlord an
amount equivalent to two month's Rent and Service Charge as additional security deposit.

4. TERM AND COMMENCEMENT DATE

(a) Commencement
 Date of Term <u> </u> 

("Commencement Date")

(b) Expiry
 Date of Term: <u> </u> 

("Expiry Date")

**5.** **DEPOSIT** 

(a) The
 Sum of Singapore Dollars _________________ (SGD <u>$</u>) being the equivalent of <u>Two (2) months'</u> Rent and Service Charge for the Demised Premises ("the Deposit")
 shall be payable upon acceptance of the Letter of Offer.

(b) In
 the event that the Tenant shall fail to submit a completed GIRO form for the payment of the
 Rent, Service Charge and Hire Charges in accordance with the terms of this Tenancy Agreement,
 then the Deposit shall be increased to Singapore Dollars <u>________________</u> (SGD <u>$</u>) being the equivalent of <u>Four (4) months'</u> Rent
 and Service Charge for the Demised Premises.

(c) The amount equivalent to the increase in the Deposit shall be paid to the Landlord no later than two
weeks after the Commencement Date. Failure to make payment of the Deposit and/or the top up of the increased Deposit shall be a fundamental
breach of this Tenancy Agreement which shall entitle the Landlord to exercise their right of re-entry.

(d) The sum of Singapore Dollars <u>_____________</u> (SGD $_______) ("Key Deposit") shall be payable
upon acceptance of the Letter of Offer.

**6.** **ADMINISTRATIVE CHARGE** 

The Tenant shall pay to the Landlord a non-refundable Administrative Charge of S$ _______.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**7.** **PLACE AND FACSIMILE NUMBER FOR NOTICE ON THE TENANT** 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Tenant | NAME: | JENERIC OFFSHORE PTE LTD |
|  | ADDRESS: | 80 WEST COAST ROAD #05-15 |
|  |  | Singapore 126816 |
|  | FAX NO.: | +6569090455 |

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**SCHEDULE 2**

**<u>LIST OF INVENTORY IN EACH OF THE DEMISED PREMISES</u>**

Note:

Actual Inventory of the unit would be confirmed during unit handover. A unit handover checklist with the unit inventory would be handover to the tenant.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**<u>SCHEDULE 3</u>**

**<u>HOUSE RULES & REGULATIONS - TENANCY AT WESTLITE DORMITOR1</u>**

1.  **<u>ENTRY INTO WESTLITE DORMîTORY</u>** 

1.1 **Access into the dormitory** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Entry into Westlite Dormitory is by way of QR code access and it is strictly for residents and staff
only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Every resident/tenant will be able to generate a dynamic QR code through their MYMA App This functionality
will cease once the resident checks out of the dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. An admin fee of $30 + GST is payable for any replacement/transfer of worker. The respective company
shall bear the cost of such replacement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. New workers/residents and visitors must produce original identity cards/passports
or valid work permits to exchange for a temporary QR code at the security office prior to entry into Westlite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Unauthorized possession, use, retention, alteration, destruction or transfer of
the QR code to another person is STRICTLY prohibited

**1.2** **Restriction on Entry** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Anyone who is drunk, violent or act in any disorderly manner will be barred from
entering Westlite Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Visitors are allowed entry into Westlite premises only between 6.00pm till 10.00pm
(daily) and such visits are restricted to the canteen area only. No visitor is allowed to stay overnight at Westlite Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Workers without passes shall not be permitted to enter Westlite Dormitory at all
times, for any reason whatsoever. (Any person caught trespassing without valid passes will be removed/evicted from the premises. Non-criminal
violations will be dealt with by the management and the person may be subsequently barred from entering the premises. All illegal workers
& those who committed criminal offence shall be referred to the police).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The gates shall be closed at all times. Only upon verification or checking by the
security, shall any vehicle (delivery, etc) be allowed to enter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Only vehicles issued with valid parking labels authorized by the management will
be allowed to park in the parking lots provided. Visitors shall be allowed to park ONLY at designated visitor's parking lots.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Only authorized person shall be allowed at the guard post.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Promotion of religious, fund raising matters/events for political course/reasons
are prohibited within Westlite Dormitory's premises or precinct.

2.  **<u>OFFENCES & PENALTIES</u>** 

To ensure a safe, pleasant and harmonious living environment for all residents in Westlite Dormitory, all residents will be expected to abide by the dormitory's in-house rules. Certain major offences are strictly prohibited and will result in immediate eviction or denial of entry. These major offences are listed below. Other offences will result in offenders being fined at least $20. The respective companies offering employment to these residents will be responsible to ensure that these rules & regulations are strictly abided by their respective workers.

2.1 **Major Offences resulting in immediate eviction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rioting/Fighting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Vandalism

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Theft

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Money-lending, operating tontine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Possession, peddling, trafficking and consumption of illegal
drugs, banned substances and duty-free goods.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Possession, storage or use of dangerous weapons, corrosive
and explosive materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Possession of, storage or sale of stolen property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Aiding and abetting unauthorized persons to enter into Westlite
Dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Illegal entry/exit from other areas other than the turn-tiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Abetting prostitution

11 Any criminal offences (All criminal offenders will be handed over to the authorities/police).

2.2 **Other offences punishable by fines of at least $20** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Possession or consumption of intoxicating drinks inside dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Misuse of access pass or abetting trespass of unauthorized
persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Littering in any manner within dormitory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Abusing or obstructing security guards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Distributing duty unpaid cigarettes, VCDs, phone-cards or
other provision items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Urinating in public place

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Creating public nuisance or engaging in activities outside
the unit between10.30 pm and 7 am.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Illegal entry/exit from other areas other than the turn-stiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Tampering with fire-call points or fire fighting equipment

**3.** **OTHERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Bicycles are NOT allowed within the premises of the unit at
all times. However, bicycle parking lots are available. The parking fee for the bicycles is at S$6.00 per bicycle per month. Owners
of bicycles parking at Westlite Dormitory MUST tender proof /receipt of ownership and MUST register with Westlite Dormitory management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Interior of unit must be kept clean at all times. Inspections
will be carried out from time to time and tenant will be advised to clean the unit and attend to shortcomings detected. If the unit is
not cleaned or shortcomings are not rectified within 2 days of notice being given, management will proceed to rectify and bill the company
accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Upon vacation of unit, the interior shall be cleaned and restored
to its original condition before the expiry date of tenancy. If cleaning, washing or painting needs to be done, tenant shall do so to
the satisfaction of the landlord. If restoration is not to the landlord's satisfaction, our management will proceed to rectify and bill
tenant an amount of not less than $350. Tenant must engage a professional pest controller to fumigate the vacated unit before it is returned
to the management. Alternatively, Centurion management will undertake to engage a pest controller for a flat fee of between $200 and
$350 for cockroach and bed bug infestation respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Any objects/items, etc found left unattended along common
passage way and within the vicinity of the common corridors of the dormitory will be removed immediately without prior notification to
the owners and disposed of appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All residents must comply with public health requirements
of public health authorities or competent authorities, depending on prevailing health advisories. Failure to comply may result in action
being taken by authorities. Sick residents must inform management office and they will be isolated in the sick bay. Charges will be billed
accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Residents are not allow to hang wet laundry within the sleeping
area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Our management will be responsible for any repairs to the
fitting/fixtures in any newly tenanted unit for a period of 3 months from the time of start of tenancy. Thereafter, tenants shall be
responsible for any repairs to fixtures/fittings.

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|:---|:---|
| Please initial here | Please initial here |
| Landlord | Tenant |

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**IN WITNESS WHEREOF** the parties hereto have executed this Tenancy Agreement on the date stated above

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| |
|:---|
| Signed by) |
| Name:) |
| NRIC:) |
| for and on behalf of) |
| **WESTLITE JUNIPER (MANDAI) PTE LTD** |

---

in the presence of :

____________________

Signature of Witness

Name:

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| |
|:---|
| Signed by) |
| Name:) |
| NRIC:) |
| for and on behalf of) |
| **JENERIC OFFSHORE PTE LTD**) |

---

in the presence of :

__________________

Signature of Witness

Name:

## Exhibit 10.7

**Exhibit 10.7**

**Our Ref. :**

**Date :**

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| | |
|:---|:---|
| **JENERIC MARINE PTE. LTD.** | ![](ex10-7_001.jpg) |
| 1 Tuas View Place |  |
| #03-14 West Link One | **120 Lower Delta Road #04-10** |
| One Singapore 637433 | **Cendex Centre Singapore 169208** |
| Tel : 69090450 | **Tel: 6337 2666 Fax: 6337 3751** |
| Fax : 64501318 | **www.mesgroup.com.sg** |
| Email Address : | **GST Reg No: 200104225R** |
| **Attn :** |  |

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Dear Sir / Madam,

**<u>RE: RENEWAL OF TENANCY AGREEMENT AT BLUE STARS DORMITORY.</u>**

Thank you for deciding to renew the Tenancy Agreement (ref. no. ___________________) with us for your workers' housing needs.

With reference to your confirmation with your request, we enclose herewith our Renewal Tenancy Agreement for ____ unit(s) at the rate of S$ ______\* per unit / per month for 12 occupants inclusive of CREAM Service at S$ ______\* per unit per month for your execution. Do note that CREAM services will only commence from the month of ______, 2025

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| | |
|:---|:---|
| Being 2 month's deposit, One-time Issuance Fee & admin fee payable for this tenancy agreement. | S$ ______ |
| Less: Security Deposit with us now | S$ ______ |
| Nett amount due to us | S$ ______ |

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*Do take note of the following before returning both the signed Original and Duplicate Tenancy Agreement to us by*____________.

*(a)* *Both Original and Duplicate Tenancy Agreement(s) are signed and affixed with your company stamp on each page of the Tenancy Agreement(s).* 

 

*(b)* *Signatory, Witness Name and designation are indicated on both the Original and Duplicate Tenancy Agreement(s).* 

*(c)* *Fund Transfer payment of S$* ______ *payable to **'KT Mesdorm Pte Ltd'*** .

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| | |
|:---|:---|
| **Bank Transfer Detail:** | **PAYNOW Detail:** |

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We shall have the right to deem that you are foregoing the unit and allocate the unit reserved to others if we do not receive the above-mentioned within seven (07) days from date of this letter. Do note that for any request for amendments to the Tenancy Agreement(s), additional administrative charges will be incurred. Should you have any further clarifications, please do not hesitate to contact our Customer Service Representative at 63372666.

Yours sincerely,

[Name]

[Designation]

**Landlord's Authorised Representative**

\* Amount payable subject to GST excluding utilities.

\*\* Late submission of tenancy agreement to our office may delay stamping. This may result in penalty imposed by IRAS.This penalty charges with the stamping fee shall be borne by the tenant

**Tenancy Agreement Cover Page**

**REF . NO.:**

**<u>TENANCY AGREEMENT</u>**

**BETWEEN**

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| | |
|:---|:---|
| Landlord | **KT MESDORM PTE LTD** |
|  | 120 Lower Delta Road #04-10 Cendex Centre Singapore 169208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AND** |
| Tenant | **JENERIC MARINE PTE. LTD.** |
| Tenant's Registered Address | 80 West Coast Road, #05-15 <br> Clementiwoods Condominium <br> Singapore 126816 |
| Tenant's Correspondence Address | 1 Tuas View Place<br> #03-14 West Link One<br> Singapore 637433 |
| UEN | 201107376Z |
| Premises | ______ |
| Dormitory | Blue Stars Dormitory |
| Term | ______Years from_______ to_______ |
| Use of Premises | Accommodation for 12 occupants with valid work permit |
| Occupancy Fee Charges | S$ _____ payable monthly and in advance (GST exempted) |
| Service & Conservancy Charges | S$ _____ payable monthly and in advance (GST payable) |
| Furniture & Fittings Charges | S$ _____ payable monthly and in advance (GST payable) |
| Total amount per unit | S$ _____ |
| CREAM Services Charges | S$ _____ payable monthly and in advance (GST payable) |
| Gross amount per unit | S$ _____ |
| Total amount for __ units(s) | S$ _____\*('the Rental') payable monthly in advance **via GIRO** |
| Security Deposit | S$ _____ (Equivalent to Two months of Gross Amount) |
| Administration Fee for Tenancy Agreement | S$ _____ \*(GST included) |
| One-time Issuance Fees | S$ _____ \*(GST included) (12 x Storage Box, Bin and Broom) |
| Stamp Fees | To be paid by Tenant to the Landlord for stamping with IRAS |
| Basic Items to be issued for unit(s) | Double decker bed frames and lockers ('Basic Items') |
| Terms & Conditions of this Agreement | As per Schedules A and B attached |
| Option to Renew | Subject to Clauses 58, 59, 60 and 61 of Schedule A |
| Date of Agreement | _______________________ |
|  | (To be confirmed and filled in by Landlord upon receipt of the signed Agreement) |

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● The
 Tenant acknowledges that it has read and understood this Tenancy Agreement including all
 Schedules annexed hereto, and agrees to be bound by all of the terms and conditions herein.

● All
 prior oral representations and agreements are not valid if not included in writing in this
 Agreement.

● If
 the Tenant unilaterally terminates this Agreement before the Term commences, Clause 55 of
 Schedule A shall apply.

\*\* GST is payable on all monies payable to the Landlord except for Occupancy Fee Charges, Security Deposit, and Stamp Fees.

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| | | | |
|:---|:---|:---|:---|
| Name: | Stamp | Name: | Stamp |
| Signed by: |  | Signed by: |  |
| **Landlord's Authorised Representative** |  | (Designation) for and on behalf of |  |
|  |  | **JENERIC MARINE PTE. LTD.** |  |
| in the presence of: |  | in the presence of: |  |
| Witness Name: |  | Witness Name: |  |
| Designation: |  | Designation: |  |

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**SCHEDULE A**

**Terms and Conditions (T&Cs) of the Tenancy Agreement dated**<br> ________________

Between

**<u>KT MESDORM PTE LTD</u>**

And

**<u>JENERIC MARINE PTE. LTD.</u>**

This Agreement is made on the _________________ between KT MESDORM PTE LTD, UEN 200104225R of 120 Lower Delta Road, #04-10, Cendex Centre, Singapore 169208 (hereinafter "the Landlord") of 3 Kian Teck Lane, Singapore 627844 and JENERIC MARINE PTE. LTD., UEN 201107376Z of 1 Tuas View Place, #03-14, West Link One Singapore 637433 (hereinafter "the Tenant").

Whereby it is agreed as follows:

1. In
 consideration of the Rental and the Tenant's covenants contained in this Agreement,
 the Landlord agrees to let to the Tenant the Premises together with the right of the Tenant
 and others duly authorized by the Tenant and in consensus with the Landlord all others so
 authorised by the Landlord and all others so entitled thereto at all times during the tenancy
 for the Term hereby created and for all purposes connected with the use of the Premises but
 not for any other purpose, EXCEPTING AND RESERVING unto the Landlord and all others entitled
 thereto the free and uninterrupted use of all pipes, electric, telephone and other wires,
 drains and sewers in, through or under the Premises.

**Definitions**

2. In this Agreement,
 references to

a. "the
 Landlord" refers to KT MESDORM PTE LTD and includes its appointed nominee and managing
 agent, (hereinafter "the Managing Agent");

b. "the
 Tenant" refers to and includes the Tenant's employees who will be occupying the
 Premises (hereinafter the "Occupant(s)");

c. "Rental"
 includes all monetary amounts due from the Tenant to the Landlord under this Agreement subject
 to the prevailing and applicable rate of Goods and Services Tax ("GST") payable
 thereon and shall bear the same meaning as stated in the first (1<sup>st</sup>) page of this
 Agreement whereupon the authorized representatives of the Parties have executed.;

d. "Dormitory", "Premises", "Term", "Security Deposit",
 "Stamp Duties" and "Basic Items" shall bear the same meaning as stated
 in the first (1<sup>st</sup>) page of this Agreement whereupon the authorized representatives
 of the Parties have signed.

**Payments**

3. The
 Tenant covenants with the Landlord to pay without demand the Rental under this Agreement,
 such payment to be made on the first (1<sup>st</sup>) day of each month and for that month
 by way of GIRO payments. For the avoidance of doubt, the Rental shall be payable by the Tenant
 to the Landlord for so long as the Agreement is in force and regardless of whether the Premises
 are physically occupied by all or only some of the Occupants. Where the relevant GIRO deduction
 is unsuccessful and the Rentals is not paid, an additional administrative fee of $100.00
 together with the prevailing GST thereon shall be imposed for each month that the Rental
 remains unpaid (whether in part or in whole). If any GIRO deductions are unsuccessful on
 at least 3 occasions, whether continuous or not within a 12-month period, such failure shall
 constitute a repudiatory breach on the Tenant's part and shall entitle the Landlord
 to terminate this Agreement on an immediate basis and without prejudice to any and all of
 the Landlord's rights against the Tenant which includes but is not limited to the recovery
 of any outstanding Rental and/or additional administrative fee(s) together with the prevailing
 GST thereon.

4. If
 the Tenant fails or neglects to pay the Rental under this Agreement within seven (07) calendar
 days of the due date of the Landlord's invoice, the Tenant shall pay interest at the
 rate of one percent (1%) per month for all outstanding amounts from the date the amounts
 were due and until full payment of all such outstanding amounts are made to the Landlord.

5. All
 expenses, legal or otherwise, in connection with the preparation, execution and Stamp Duties
 of this Agreement in duplicate shall be borne by the Tenant.

6. The
 Security Deposit paid by the Tenant shall be a security against breach of any of the terms
 herein. It will be refunded without interest at the end of the Term subject to deductions
 made by the Landlord for costs, damages and expenses for any breach or outstanding Rental
 and/or any and all other outstanding fees and interests (if applicable). The Tenant shall
 not be entitled to use the Security Deposit to set off any of the amounts due to the Landlord
 hereunder at any time and for any reason whatsoever.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 2 of 16

7. If
 the Tenant breaches any term of this Agreement resulting in the termination of this Agreement,
 the Landlord shall be entitled to forfeit the Security Deposit without prejudice to the Landlord's
 rights and remedies against the Tenant which includes but is not limited to any and all losses
 suffered by the Landlord and the recovery of all outstanding sums due and owing to the Landlord.

8. The
 Tenant shall pay all charges for the supply of water, sanitation or electric light or power
 and all other utilities charges as may be determined by SP Services Ltd or such other service
 provider to be payable from time to time. The Landlord may choose to pay these charges by
 providing a separate service to the Tenant wherein all such charges and additional service
 fees are fully claimed from the Tenant.

8A. *Intentionally Left Blank*

 

9. The
 Tenant shall pay all costs, expenses and fees incurred by the Landlord in enforcing this
 Agreement on a 'solicitor and client' and on a full indemnity basis.

10. If
 the Tenant fails to pay any charges as required hereunder to any person / entity other than
 the Landlord or if the Tenant shall fail to perform any undertaking on the part of the Tenant
 herein contained, it shall be lawful (but not obligatory) for the Landlord to make any payment
 or do any act or thing and incur any expense as may be necessary to perform the said undertaking
 and any sum of money or expense which the Landlord may pay or incur for the purpose aforesaid
 shall constitute a liquidated debt due and owing by the Tenant to the Landlord and shall
 on demand be repaid to the Landlord.

11. The
 Tenant shall pay any amounts payable relating to payment as and when such amounts fall due.

**The Tenant's and Occupants' General Duties of Compliance**

12. The
 Tenant and the Occupants shall comply with the instructions of the Landlord, the Managing
 Agent, their employees, the Tenant's Handbook (including any and all House Rules contained
 therein), prevailing Client Portal (and/or the prevailing digital portal in use at the material
 time), and any other notices, rules and regulations that the Landlord or the Managing Agent
 may from time to time issue for the Premises and the Dormitory. The Landlord reserves the
 right to vary, add and/or amend the Tenant's Handbook (including any and all the House
 Rules contained therein), and any other rules and regulations.

a. For
 the avoidance of doubt, the Tenant agrees that the matters stated in the Tenant's Handbook
 are expressly incorporated by reference into this Agreement and shall consequently be deemed
 to be terms of this Agreement.

b. In
 the event of any conflict and/or inconsistency between the terms of this Agreement on the
 one part and the Tenant's Handbook on the other part, the former shall prevail.

c. In
 conjunction with Clause 12 herein, it shall be the sole obligation of the Tenant to ensure
 that it has access to and is appraised of and/or privy to the terms contained in the Tenant's
 Handbook (available for access via prevailing Client Portal and/or the prevailing digital
 portal in use at the material time).

13. The
 Tenant shall not do, omit or suffer to be done in the premises anything in contravention
 of any Acts of Parliament or Regulations now or hereafter in force and any Rules and Orders
 thereunder and to keep the Landlord fully indemnified against all penalties and costs in
 the event of any breach thereof.

14. The
 Tenant shall duly comply with its obligations set out in Clauses 16 to 47 (inclusive, and
 not limited to these clauses) herein.

15. The
 Tenant shall appoint one of its Occupants as a supervisor of the Occupants ("Supervisor")
 who shall receive and communicate instructions from the Landlord, ensure that the Occupants
 comply with the, terms in the Tenant's Handbook (including any and all House Rules
 contained therein), any and all other rules and/or regulations and the terms of this Agreement,
 including but not limited to Clauses 28, 29 and 47 herein.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 3 of 16

**Immigration Act and the Employment of Foreign Workers Act**

16. For
 the purpose of preventing any offences relating to illegal immigrants and/or foreign workers,
 the Tenant agrees:

a. to
 ensure that all of the Occupants have valid passports and/or travel or immigration documents
 and/or works permits at all times when they are in the Premises or the Dormitory.

b. to
 carry out due diligence checks and to ensure that the Tenant and the Occupants comply with
 the Immigration Act 1959, the Employment of Foreign Workers Act 1990 and any other Act of
 Parliament, Regulations or any rules or orders thereunder which relates to foreign residents
 and workers;

c. upon
 the Managing Agent's request, to provide to the Managing Agent, for physical inspection,
 certified true copies of all immigration and employment documents of the Occupants, including
 but not limited to the passports, employment passes work permits and/or proof of employment;

d. to
 authorise, permit and co-operate with the Landlord to make such enquiries with relevant government
 departments and/or employers to verify the immigration status of any of the Occupants; and

e. should
 any person(s) not holding and/or possessing any valid immigration and/or employment passes
 as issued by the competent authorities of the Republic of Singapore and in any and all circumstances
 or events in which such persons are found on the Premises, to assume sole and full responsibility
 including criminal prosecution and the consequences thereof, and to take any and all necessary
 and/or remedial actions as required by the said competent authorities of the Republic of
 Singapore and to hold the Landlord harmless and indemnify the Landlord to the fullest extent
 allowed by the laws of the Republic of Singapore.

**Opening of Utilities Accounts and Initial Occupation of the Premises**

17. The
 Tenant shall open, in the Tenant's name, utilities account(s) (and any other services),
 to be supplied to the Premises. The Tenant shall house its employees in the Premises only
 after providing documentary proof that the utilities account(s) has/have been opened, notwithstanding
 that the Term has commenced.

18. The
 Tenant shall sign a check-in form to acknowledge that the Premises, the Basic Items and all
 furniture and fittings have been received in good condition and working order at the time
 of initial occupation by the Occupants.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 4 of 16

**The Occupants List**

19. The
 Tenant shall furnish the Landlord a list of the details of the Occupants ("Occupants
 List"), certified true copies of the Occupants' valid work permits and passports
 before initial occupation by the Occupants by way of electronically submitting such said
 documents via the prevailing Client Portal. In the event of any change relating to the Occupants,
 it shall be the Tenant's sole obligation to furnish the relevant documents as stated
 above in respect of the incoming Occupants no later than five (05) calendar days before the
 intended change of Occupants is contemplated to be effected., The Tenant shall be solely
 be responsible for updating the addresses of the Occupants residing in the Premises in the
 Online Foreign Workers Address System ("OFWAS") within three (03) days of the
 commencement of the Term. The Landlord reserves the right not to allow any Occupant entry
 to the Dormitory and the Premises should the address of the Occupant not be updated with
 OFWAS as stated above. The Tenant shall, likewise, ensure that the Occupants' addresses
 are delisted from OFWAS within three (03) days of the termination of their ceasing to be
 an Occupant.

20. In conjunction
 with Clause 19 above, The Tenant shall also furnish to the Landlord an updated Occupants
 List by way of electronic submission via the prevailing Client Portal whenever there is a
 change in the Occupants List.

21. In
 the event that the Tenant has entered into various Tenancy Agreements with the Landlord for
 different Premises and the Tenant wishes to transfer Occupants between such Premises, the
 Tenant shall pay to the Managing Agent an administrative fee of $10.00 together with the
 prevailing GST for each instance (and on a per Occupant basis) that there is such a said
 transfer.

22. For
 the avoidance of doubt, the Tenant further agrees and acknowledges that the full amount of
 the Rental in accordance with the terms of this Agreement shall be payable to the Landlord
 during the term of the Agreement notwithstanding that there be change in Occupants pursuant
 to Clauses 19 to 21 herein.

**Electronic-Access**

23. The
 Occupants will be issued with individual electronic access passes via the prevailing Client
 Portal to enable the Occupants to enter the Dormitory and access to the Premises ("E-Access
 Pass"). The Landlord reserves the right not to allow any Occupant into the Dormitory
 or the Premises unless the Occupant has a valid E-Access Pass. The Tenant shall immediately
 inform the Landlord, in writing, if an Occupant's employment has been terminated or
 his work permit has expired or is otherwise cancelled. Likewise, the Tenant shall delist
 that Occupant's address from OFWAS as a resident of the Premises.

**Use of the Premises and the Dormitory**

24. The
 Tenants shall ensure that Occupants will occupy a specific bed space in the Premises. They
 shall not exchange bed spaces with other Occupants without the consent of the Landlord. At
 any one time the number of Occupants per unit of the Premises shall not exceed 12 persons.

25. The
 Tenant shall ensure that the Occupants shall not bring into and operate more than the number
 of appliances as stipulated in the House Rules of the respective Premises. These appliances
 shall be of reasonable size and in good working condition. It shall be the Tenant's
 sole obligation to register the particulars of the owners and/or hirers of these said appliances
 (and all other electrical appliances brought into the Premises) with the Landlord before
 bringing them into the Premises. All such appliances shall at all times bear the Landlord's
 registration stickers. All such appliances shall at all times be deemed to be in control
 of the Tenant who shall also be responsible for their use and maintenance within the Premises.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 5 of 16

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| | |
|:---|:---|
| 25A. | In the event that the appliances pursuant to Clause 25 herein are subjected to any action for distress and/ repossession that may be undertaken or effected by the owners of the same (or duly authorised representatives of such owners), the Tenant shall hold the Landlord harmless and shall further fully indemnify the Landlord in any and all such instances and/or events. |

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| | |
|:---|:---|
| 25B. | In the event that the appliances pursuant to Clause 25 herein are to be removed and/or otherwise disposed off by the Landlord under the matters set out at Clauses 49, 50 and/or 64 herein, the Tenant shall hold the Landlord harmless and shall further fully indemnify the Landlord from any and all claims that may be brought by the owners of any and all such said appliances. |

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26. The
 Tenant shall ensure that the Occupants behave and live in the Premises in a civil manner
 and not create a nuisance or interfere, endanger or otherwise cause any loss, damage or personal
 injury to the occupants of the other premises of the Landlord or to anyone else in the Dormitory
 or to any property therein.

27. The
 Tenant shall ensure that the Premises are not used for any and all illegal or immoral purposes
 (including gambling, fighting, drinking liquor and consumption of prohibited substances).
 In particular, no person of the opposite sex shall enter the Premises under any circumstances
 unless such person is authorised by the Landlord.

28. The
 Tenant shall ensure that the Occupants shall not do anything in the Premises or the Dormitory,

a. which
 may render any insurance policy of which the Landlord is the beneficiary void or voidable;
 and/or

b. which
 causes an increase in the policy premiums of any and all such said policies.

29. The
 Landlord agrees to bear the maintenance costs in respect of and confined to the general cleaning
 and upkeep of the common areas of the Dormitory which are not within the premise of the Premises.
 Notwithstanding the above, the Tenant shall ensure that the Occupants keep the Premises neat
 and clean, maintain it in a good condition and preserve the cleanliness of the Premises at
 all material times. To this end, the Tenant shall create a duty roster or schedule for Occupants
 to keep and/or maintain the cleanliness of the Premises. This roster/schedule should ensure
 that the Premises are subject to a thorough cleaning exercise at least once a week. The Supervisor
 shall ensure compliance of the roster and shall report any non-compliance to the Tenant and
 the Landlord. The Supervisor shall also make a report submission via the prevailing Client
 Portal in the event that any fixtures and/or fittings are damaged and the Tenant shall consequently
 take all necessary steps to repair / replace such damaged fixtures and/or fittings. The Tenant
 agrees that at the expiration or termination of the tenancy under this Agreement, the Tenant
 shall deliver to the Landlord the Premises in like condition as if the same were delivered
 to the Tenant at the commencement of this Agreement, fair wear and tear and act of God excepted.

30. The
 Landlord shall have the right to periodically inspect the Premises to ensure that the Premises
 are being cleaned and maintained in accordance with this Agreement. In the event that the
 Landlord deems that the Premises are not being maintained in a good condition and/or being
 kept clean, the Landlord shall have the right to take immediate steps to clean the Premises.
 The costs of cleaning the Premises pursuant to this clause shall be borne by the Tenant.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 6 of 16

31. The
 Tenant shall ensure that the Occupants shall not dirty or litter, any and all common areas
 within the Dormitory, access roads and the immediate vicinity surrounding the Dormitory.

32. The
 Tenant shall ensure that the Occupants do not dump or burn any litter in the Premises or
 the Dormitory, failing which the Tenant shall at its own expense, make good and/or efficiently
 dispose of all litter to the complete satisfaction of the Landlord. In the event that the
 Tenant fails, refuses or otherwise neglects to make good as stated above, the Landlord shall
 proceed with the relevant works in this respect and the Tenant agrees that it shall pay to
 the Landlord a disposal fee of S$500.00 together with the prevailing GST in every such instance.

33. The
 Tenant shall inform of the existence of any pests such as mosquitoes, rodents, cockroaches,
 flies, bed bugs and fleas, etc. within the first seven (07) calendar days of tenure within
 the Premises, after which the Landlord shall ensure the pests are exterminated. After the
 first seven (07) days of tenure, or after the Landlord has taken the necessary pest control
 measures upon the Tenant's notification of pest problem within the first seven (07)
 calendar days (whichever is applicable), the Tenant shall ensure that the Premises are free
 of such pests and vectors. If the Premises are found to be harbouring any vectors and the
 Tenant has not taken steps to ensure that they are eradicated immediately, the Landlord shall
 have the right to engage a licensed pest control company to enter the Premises to take steps
 to eradicate the vectors from the Premises, the costs for shall be solely borne by the Tenant.

34. The
 Tenant shall ensure that the Occupants shall not erect or install any television antenna
 or any other fittings on the exterior of the Premises or the Dormitory.

35. The
 Tenant shall ensure that the Occupants only use the City Gas low pressure piped town gas
 permitted by the Landlord for cooking at the designated area in the Premises. The Occupants
 shall not cook in the corridors or anywhere else in the Dormitory.

36. The
 Tenant shall ensure that the Occupants do not keep or feed any animals whatsoever as pets
 or otherwise in the Premises.

37. The
 Tenant shall ensure that the Occupants do not carry out any alterations, additions or structural
 changes to the Premises or modify or interfere with any existing electrical design load,
 wiring, apparatus, fixtures, or fittings or any existing fire alarm fixtures or fittings
 in or about the Premises without the written consent of the Landlord and the relevant authorities.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 7 of 16

38. The
 Tenant and the Occupants are not permitted to display any sign, bill or advertisement at
 the Premises without the written consent of the Landlord.

39. The
 Tenant shall ensure that the Occupants do not hang or place clothes, laundry or any other
 article whatsoever anywhere within the Premises or the Dormitory except at designated places
 within the Premises.

40. The
 Tenant shall ensure that the Occupants do not use or store in the Premises any material or
 thing of an offensive, explosive, dangerous, corrosive, toxic or combustible nature or any
 article or thing in excessive quantities.

41. The
 Tenant shall ensure that the Occupants do not smoke in the Premises or in places within the
 Dormitory where smoking is prohibited by law.

42. The
 Tenant shall ensure that the Occupants do not organise, conduct, hold or celebrate any social
 or religious activities in the Premises or anywhere within the Dormitory or its vicinity.

43. The
 Tenant and the Occupants shall co-operate and comply with all measures adopted by the Landlord
 to manage outbreaks of diseases which are listed under the Infectious Diseases Act 1976 or
 any other novel disease which are similar in nature etc. The Landlord shall have the right
 to prohibit entry into the Dormitory any Occupant or person suspected of having a contagious
 disease.

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| | |
|:---|:---|
| 43A. | In the event that any of the Occupants are required to be quarantined and/or otherwise physically isolated as determined or ordered by the competent authorities of the Republic of Singapore and/or by reason of operation of any law, the Tenant shall solely bear the costs of any and all such arrangements. |

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| | |
|:---|:---|
| 43B. | For the avoidance of doubt, and should any of the events set out at Clauses 43 and/or 43A herein result in the Occupant(s) not being able to utilise the Premises, any and all such said events will not be construed as a release of the Tenant's obligations under this Agreement whether in respect of the Rental or at all. |

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44. The
 Tenant and the Occupants shall observe and comply with any law, direction, order, notice
 or requirement of any public or local authority, including the directions of the Landlord's
 security personnel, marshals or representatives in any respect including the management of
 the pick-up and drop off areas of the Occupants to prevent or manage the traffic flow within
 and in the vicinity of the Dormitory.

45. The
 Tenant and the Occupants shall not cause any obstruction to any fire-fighting installation,
 equipment and fire escape route in the Premises or in the Dormitory.

46. The
 Tenant and the Occupants shall observe all rules, regulations and notices issued by the Landlord
 regarding driving and parking of vehicles (including bicycles) in the Dormitory.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 8 of 16

47. The
 Landlord (including its agents, employees, servants and/or independent contractors) shall
 be permitted to enter the Premises to inspect the condition of the Premises and carry out
 works and/or repairs thereto or to other portions of the Dormitory not conveniently accessible
 otherwise than from/through the Premises. The Supervisor shall accompany the Landlord during
 these visits, if required. The Landlord may give the Tenant notice in writing specifying
 any works and/or repairs to be done which the Tenant is responsible for undertaking and carrying
 out. The Tenant shall execute the same within three (03) calendar days failing which the
 Landlord may enter the Premises and execute such works and/or repairs at the Tenant's
 full and sole expense.

**Breach and Termination**

48. If any Occupant
 commits:

a. a
 minor breach under this Agreement, the Tenant's Handbook, the House Rules and/or any
 other rules and regulations put in place by the Landlord, the Landlord shall serve a written
 infringement report on the Tenant and may impose an administrative charge of up to $50.00
 (together with the prevailing GST rate) on the Tenant for having to rectify and/or remedy
 such said breach.

b. a
 major breach under this Agreement, the Tenant's Handbook, the House Rules or any other
 rules and regulations put in place by the Landlord, or accumulates three (03) infringement
 reports within a period of six (06) months, the Landlord shall be entitled to evict the Occupant
 from the Premises. The Landlord's decision in this regard shall be final and binding
 on the Tenant. The Tenant shall be entitled to replace another of its employees as an Occupant
 in place of the evicted Occupant.

49. If
 five (05) or more of the Occupants, at any time, commit a major breach of this Agreement,
 the Tenant's Handbook (including any and all the House Rules contained therein), and/or
 any other rules and regulations put in place by the Landlord, or commit a criminal offence,
 the Landlord shall be entitled to give to the Tenant a written notice to immediately terminate
 this Agreement. The Tenant shall then be liable to pay the Landlord compensation as if the
 Tenant had prematurely terminated this Agreement under Clauses 53, 54 and 55 herein. This
 right is without prejudice to the Landlord's rights for any other breach committed
 by the Tenant or its Occupants.

50. The
 Landlord shall have the right at any time, during the Term of this Agreement, to terminate
 this Agreement by giving to the Tenant two (02) months' notice in writing, without the Landlord
 being liable for any compensation, damages, costs, expenses, losses of whatever nature, and
 without prejudice to the rights and remedies of the Landlord against the Tenant in respect
 of any unpaid charges and/or any other monies due under this Lease or any antecedent claim
 or breach of the Tenant's covenants, conditions or stipulations contained in this Agreement.

a. Should
 the Landlord exercise the right contained in Clause 49 herein, the Tenant is to vacate the
 Premises and Dormitory within twenty-one (21) calendar days (excluding the day that notification
 is provided by the Landlord) (the "Notice to Vacate Period") and comply with
 Clauses 64, 65 and/or 66 below. Any request for extension must be sent, in writing, to the
 Landlord no later than three (3) days before the intended last day and the Landlord has the
 sole discretion to accept or refuse any of such request(s). The decision of the Landlord
 shall be final and the Tenant shall respect and comply with the Landlord's instructions
 without any further objections (the "Extension Period").

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 9 of 16

b. For
 the avoidance of doubt, the Tenant shall be liable for Rental at double the rate stated in
 this Agreement (and on a *pro-rata* basis if applicable) for the duration of any Notice
 to Vacate Period and/or the Extension Period until the date of actual vacation of the Premises
 and Dormitory by the Tenant.

c. In
 the event that the Tenant fails to vacate the Premises and Dormitory within the Notice to
 Vacate Period or within the Extension Period as approved by the Landlord as stated in Clause
 50a herein and/or the Tenant fails to request for an extension as per Clause 50a herein,
 the Landlord shall have the right to evict the Tenant from the Premises and Dormitory immediately.
 All expenses incurred in the process of eviction and/or for the vacation of the Premises
 and Dormitory shall be solely borne by the Tenant.

51. It
 shall be lawful for the Landlord to re-enter the Premises and the tenancy hereby created
 shall absolutely determine if:

a. the
 charges or any other sum payable by the Tenant to the Landlord shall at any time remain unpaid
 for fourteen (14) days or if the Landlord is unsuccessful in making three (03) GIRO deductions
 as stated in Clause 3 above;

b. any
 term herein has not been performed by the Tenant despite the expiry of three (03) calendar
 days from the service of any written notice by the Landlord to do so;

c. the
 Tenant makes an assignment for the benefit of creditors or enter into an arrangement with
 creditors by composition or otherwise or suffer any distress or attachment or execution to
 be levied against their goods; and

d. the
 Tenant, being a company, enters into liquidation, whether compulsory or voluntary, save for
 the purpose of reconstruction or amalgamation, or, being an individual or partnership, commits
 an act of bankruptcy or has a bankruptcy order made against the Tenant.

52. If
 the Landlord carries out works to improve, extend, vary, alter, renovate the building of
 the Premises which may affect the Tenant's peaceful and quiet enjoyment of the Premises,
 the Landlord shall be entitled, at their sole discretion, to terminate this Agreement by
 giving to the Tenant two (02) months' prior written notice, without prejudice to the
 rights and remedies of the Landlord against the Tenant in respect of any unpaid charges and/or
 any other monies due under this Agreement or any antecedent claim or breach of the Tenant's
 covenants, conditions or stipulations contained in this Agreement.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 10 of 16

***Tenant's Premature Termination***

53. This
 Agreement is for a term of ______ years and the Tenant may not prematurely terminate this
 Agreement except after twelve (12) months as provided for in Clause 55 herein.

54. In
 the event that the Tenant unilaterally terminates this Agreement after the execution of this
 Agreement and before the Term commences, the Tenant shall pay the Landlord compensation of
 the Rental for each calendar month of the Term and all other charges until the Tenant secures
 a replacement tenant to rent out the Premises from the Landlord, provided that the Tenant
 bears the full costs and expenses of marketing, real estate agents' fees, legal fees
 and all other costs and expenses incurred to secure the replacement tenant.

55. In
 the event of premature termination by the Tenant within the first twelve (12) months of the
 Term for any reason whatsoever, the Tenant shall pay the Landlord compensation of:

a. The
 Rental for each calendar month of the remainder of the Term and all other charges regardless
 of whether or not the Occupants remain in the Premises; or

b. The
 Rental for each calendar month of the remainder of the Term (regardless of whether or not
 the Occupants remain in the Premises) and all other charges until the Tenant secures a replacement
 tenant to rent out the Premises from the Landlord, provided that the Tenant bears the full
 costs and expenses of marketing, real estate agents' fees, legal fees and all other
 costs and expenses incurred to secure the replacement tenant.

56. After
 the first twelve (12) months of the Term, the Tenant shall be entitled to terminate this
 Agreement by giving at least two (02) clear months' notice in writing. All other
 Clauses in this Agreement regarding the obligations of the Tenant upon termination or expiration
 of this tenancy shall nevertheless apply.

57. In
 the event the Premises comprise of more than one (01) unit and the Tenant unilaterally terminates
 this Agreement before the Term commences OR prematurely terminates the tenancy OR terminates
 this Agreement under Clause 55 herein for one (01) or more units of the Premises (and not
 all units), then the Tenant shall be bound by Clauses 53 and/or 54 and/or 55 herein respectively
 in respect of the said unit/s. In each such case, after the Tenant has fulfilled its obligations
 under this Agreement to the Landlord's satisfaction, the Landlord shall pro rate and
 refund to the Tenant the portion of the Security Deposit which was originally collected for
 the terminated units.

**Renewal & Failure to Renew**

58. The
 Landlord may grant to the Tenant a tenancy of the Premises for a further term from the date
 of expiry of this Agreement for a term and at a rental rate, both of which are to be agreed
 between the parties but otherwise containing the like conditions, covenants and stipulations
 as are herein contained with the exception of this option of renewal, provided that:

a. the
 Tenant makes a written request not less than three (03) months before the date of expiry
 of this Agreement; and

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 11 of 16

b. there
 shall not at the time of the written request be any existing breach or non-compliance by
 the Tenant of any of the conditions, covenants or stipulations herein contained; and

c. the
 new rental rate is mutually agreed upon and a new tenancy agreement is signed and executed
 at least two (02) months before the expiry of the Term, failing which this Agreement is deemed
 to expire at the end of the Term.

59. In
 the event that that the Landlord agrees to renew this Agreement, the Landlord shall not be
 obliged to change or provide new Basic Items. Any decision to do so shall be at the sole
 discretion of the Landlord subject to the condition and use of the Basic Items by the Occupants.

60. In
 the event that the Tenant fails to make a written request to renew this Agreement under Clause
 58a at least three (03) months before the expiry of the Term, this Agreement shall terminate
 at the end of the Term.

61. The
 Landlord is under no obligation to request the Tenant for a renewal or to otherwise remind
 the Tenant of the three (03) month renewal notice period.

**Indemnity and Limitation of the Landlord's Liability**

62. The
 Tenant shall indemnify the Landlord against all actions, claims, fines, losses, damages,
 penalties, cost and expenses as a result of the Tenant's or its Occupant(s)'
 negligence or failure to comply with any terms herein including liability for injury, loss
 of life, damage, waste or loss caused directly or indirectly by the Tenant or its Occupant(s)
 or the Tenant's visitors, invitees or agents etc. The Tenant shall further pay, reimburse
 or compensate the Landlord for doing anything stated herein which the Tenant is required
 to do but did not do regardless of whether the Landlord has given the Tenant notice in writing
 or not.

63. The Landlord
 shall not be liable to compensate the Tenant for:

a. any
 interruption in occupying the Premises because of repairs or maintenance of any installation,
 apparatus or infrastructure or damage thereto or because of mechanical or other defect or
 breakdown, including but not limited to breakdown in electricity, gas and water supply;

b. any
 act, omission, default, misconduct or negligence of an employee or agent of the Landlord
 in performing any duty relating to the Premises or the Dormitory;

c. any
 damage, injury, death or loss caused by the Landlord's other tenants' occupants,
 caused by persons on the Premises or the Dormitory, or inflicted by an Occupant on himself
 whether knowingly or unknowingly; and

d. an
 Act of God or force majeure, the outbreak and/or transmission of viruses (which includes
 but is not limited to outbreaks and/or transmissions of viruses classified as epidemics or
 pandemics), fire, riot, civil disturbance or if the Premises are compulsorily acquired or
 required to be altered, repaired, or redeveloped by the relevant authorities.

e. The
 Landlord shall not be responsible for any loss, injury or damage to any person or property
 (whether belonging to the Tenant or others) arising out of the Occupant(s)' use of
 the Premises or the Dormitory or the facilities in it. The Landlord shall further not be
 liable to the Tenant for any consequential loss or damage that the Tenant may incur as a
 result of the Landlord invoking Clauses 9, 60 and/or 61.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 12 of 16

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| | |
|:---|:---|
| 63A. | For avoidance of doubt, the Tenant shall at all times indemnify and keep indemnified the Landlord against any and all Losses sustained, incurred, paid by or suffered by the Landlord arising out of or in connection with any act or omission on the part of the Tenant or any of its directors, officers, personnel, employees, servants or agents (the "**Relevant Parties**") unless the Tenant can show that:<br>|
| a. | it is not due to the Tenant's breach, failure or delay in the performance of this Agreement; or |

---

b. it is not
 due to the negligence, unlawful or wrongful action or omission, fraud, bad faith, wilful misconduct,
 or breach of any duty of any of the Relevant Parties; or

c. the Losses
 were caused directly by the negligence of the Landlord.

"**Losses**" means all liabilities, losses, damages, actions, claims, demands, costs (including legal costs on a full indemnity basis and experts' and consultants' fees), settlement sums and sums paid in satisfaction of court, arbitral or expert award.

**Vacating the Premises, Reinstatement and Delay in Handing Over the Premises**

64. The Tenant
 shall, at the termination or expiration of the Term whenever occurring, ensure that all the Occupants
 promptly and immediately vacate the Premises without leaving any of their belonging(s) or property
 in the Premises, and peaceably and quietly yield the Premises to the Landlord at 12.00pm on the day
 of termination or expiry of the Tenancy.

65. *Intentionally Left Blank* 

 

66. *Intentionally Left Blank* 

 

67. Where the Tenant does not renew this Agreement
 and continues to occupy the Premises and holds over beyond the Term herein, the Tenant shall pay to
 the Landlord double the rate of Rental and all other charges until the Tenant vacates and peaceably
 and quietly yields the Premises to the Landlord.

68. In conjunction
 with Clause 67 herein, any such holding over shall not be considered an extension of the Term of this
 Agreement or a renewal of this Agreement. During such holding over all the clauses of this Agreement
 shall apply save for the double rate of Rental payable by the Tenant to the Landlord. The inclusion
 of this clause shall not be construed as the Landlord's consent for the Tenant to hold over.

**General Terms**

69. The Tenant shall not assign this Agreement
 without the Landlord's written consent. The Landlord may assign this Agreement by giving notice
 to the Tenant.

70. All notices
 to be served by the Landlord shall be in writing and deemed served if sent by email, ordinary post
 or by fax to the Tenant's email address or address and fax number as stated in this Agreement.
 The Landlord may serve any and all legal process requiring personal service by sending the same by
 registered post to the address of the Tenant as stated in this Agreement and such service shall be
 deemed to be good and proper service. Nothing herein shall affect the right of the Landlord to serve
 legal process in any other manner permitted by law.

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Page 13 of 16

71. No
 waiver, express or implied, by the Landlord of a breach of a term by the Tenant, or acceptance
 of any payment due to the Landlord, shall be construed as a waiver of any other breach of
 any other term, unless it is stated in writing by the Landlord.

72. If
 any one or more of the provisions contained in this Agreement shall be deemed invalid, unlawful
 or unenforceable in any respect under any applicable law, the validity, legality and enforceability
 of the remaining provisions contained herein shall not in any way be affected or impaired.

73. For
 the avoidance of doubt, the Tenant's obligations under this Agreement shall subsist
 notwithstanding that the Agreement may have been procured by fraud and/or dishonesty on the
 part of the Tenant.

74. The
 terms herein cover and comprise the whole of the Agreement between the parties and the parties
 expressly agree and declare that no further or other terms or agreements whether in respect
 of the Premises or otherwise shall be deemed to be implied herein or to arise between the
 parties hereto by reason of any promise, representation, warranty or undertaking given or
 made by either party hereto to the other orally or in writing on or prior to the execution
 hereof.

75. Notwithstanding
 Clause 74 herein, the Tenant acknowledges and agrees that in the event that any Acts of Parliament
 of the Republic Singapore, subsidiary legislation ,directives, rules and regulations that
 may be issued by any competent authority of the Republic of Singapore require the variation
 of any of the terms of this Agreement in order to comply with and/or give effect to such
 said Acts of Parliament of the Republic Singapore, subsidiary legislation ,directives, rules
 and regulations that may be issued by any competent authority of the Republic of Singapore,
 then upon written notification given by the Landlord to the Tenant, such variation would
 be deemed to be effective and bind the Tenant and any such variation shall supersede any
 existing term of the Agreement to the extent required to comply and/or give effect to the
 relevant Acts of Parliament of the Republic Singapore, subsidiary legislation ,directives,
 rules and regulations that may be issued by any competent authority of the Republic of Singapore.

76. The
 Contracts (Rights of Third Parties) Act shall not apply to this Agreement.

77. Save
 for Clause 75 herein as well as the terms contained in the Tenant's Handbook (including
 any and all the House Rules contained therein) which may be amended and varied from time
 to time by the Landlord pursuant to Clauses 12, 12a and 12b herein , no other variation of
 the terms of this Agreement shall be effective unless the same is made in writing and signed
 by each of the parties herein.

78. This Agreement inures to the benefit of
 and binds the parties and their respective successors, assigns, heirs, executors, administrators, agents
 and representatives.

79. This Agreement
 shall be subject to, governed by and interpreted in accordance with the laws of the Republic of Singapore.

80. Before referring
 any dispute arising out of or in connection with this Agreement, the parties may consider settling
 the dispute through mediation under the Law Society Mediation Scheme. The parties are however not legally
 obliged to attempt any such mediation as a means of settling the dispute.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 14 of 16

**SCHEDULE B**

**<u>TERMS AND CONDITIONS FOR C.R.E.A.M. (to be read together with the entire Agreement)</u>**

The Tenant agrees with the Landlord on the following terms and conditions:

**Cleaning**

1. The Landlord
 shall perform or arrange for the performance of the items described below two (02) times a month in
 respect of the Premises during the Term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;a. general cleaning
 of the living room and bedroom;

&nbsp;&nbsp;&nbsp;&nbsp;b. degreasing/cleaning
 of the kitchen and the toilet(s) tile surfaces;

&nbsp;&nbsp;&nbsp;&nbsp;c. tidying of
 clothing in the bedroom;

&nbsp;&nbsp;&nbsp;&nbsp;d. sanitizing
 of the kitchen, counter-tops, and sinks;

&nbsp;&nbsp;&nbsp;&nbsp;e. shifting
 all the food items from the bedroom to be placed in the kitchen and living area; and

&nbsp;&nbsp;&nbsp;&nbsp;f. sanitizing
 the showers, faucets, and toilets.

**Reinstatement**

2. Upon the expiry
 or termination of this Agreement, the Landlord shall perform or arrange for the performance of the items
 listed below.

&nbsp;&nbsp;&nbsp;&nbsp;a. repaint
 the walls and ceilings of living room, bedroom and toilet;

&nbsp;&nbsp;&nbsp;&nbsp;b. repaint the
 doors;

&nbsp;&nbsp;&nbsp;&nbsp;c. repaint of
 the kitchen yard;

&nbsp;&nbsp;&nbsp;&nbsp;d. repaint of
 the flooring;

&nbsp;&nbsp;&nbsp;&nbsp;e. repaint of
 the gas, sprinkler and PVC pipes;

&nbsp;&nbsp;&nbsp;&nbsp;f. repaint of
 the hand railing;

&nbsp;&nbsp;&nbsp;&nbsp;g. repaint of
 the metal bed frames;

&nbsp;&nbsp;&nbsp;&nbsp;h. repaint of
 the lockers;

&nbsp;&nbsp;&nbsp;&nbsp;i. cleaning
 of the whole unit (walls, floors, toilets, greasy pipes, doors frame, lockers and bed frames);

&nbsp;&nbsp;&nbsp;&nbsp;j. replacement
 of all damaged items in unit (Fixtures handles, taps, power sockets);

&nbsp;&nbsp;&nbsp;&nbsp;k. fumigation
 of premises;

&nbsp;&nbsp;&nbsp;&nbsp;l. returning
 of the inventory items as listed in the Handing/Taking Over form;

&nbsp;&nbsp;&nbsp;&nbsp;m. return of
 original main door key and letterbox key;

3. For
 the avoidance of doubt, the Landlord's obligations as set out at Clause 2 of this Schedule
 B above shall exclude any rectification, replacement or any other work arising from: -

&nbsp;&nbsp;&nbsp;&nbsp;a. damage,
 missing, removed or modified items through mischief, wilful negligence, misuse or non-compliance
 with the terms of the Agreement and the Tenant's Handbook (including any and all House
 Rules contained therein) and/or any and all rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;b. the
 clearing of choked drainage, floor traps, sinks, basins, and toilets;

&nbsp;&nbsp;&nbsp;&nbsp;c. ad
 hoc pest treatments and/or disinfection treatments; and/or

&nbsp;&nbsp;&nbsp;&nbsp;d. removal
 and/or disposal of bulky items, unauthorized items or trash / garbage.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 15 of 16

4. In
the event that the Landlord is required to perform or arrange for the performance of any such work as set out at Clause 3 of this Schedule
B, the terms of this Agreement relating to the same shall apply and specifically, the Tenant shall be liable to the Landlord for
all such costs that may be incurred and/or necessitated.

**Enhancement and Additions**

5. In the event
 enhancement works are necessitated by changes in regulatory standards resulting in the need for repair,
 decorations, installations or additions to be done to the unit, the tenant shall cooperate with the
 Landlord (as defined in Clause 2a of Schedule A) in facilitating access to the relevant unit to allow
 the said works to be performed and completed.

**Maintenance**

6. The Landlord
 will perform all maintenance items requiring repair, rectification or replacement through aging, wear
 and tear in the course of ordinary and reasonable use excluding work arising from Clause 3a, 3b, 3c,
 and 3d of this Schedule B.

7. The Landlord
 shall not be liable for any loss or damage suffered by the Tenant in respect of the Landlord's
 performance of its obligations set out at Clauses 1, 2, 5 and 6 of this Schedule B.

Acknowledgement by Tenant's Representative <br> affixed with Company Stamp

Page 16 of 16

## Exhibit 10.8

**Exhibit 10.8**

---

| | |
|:---|:---|
| **Our Ref. :**<br>**Date :**<br>| ![](ex10-8_001.jpg) |
| **JENERIC OFFSHORE PTE. LTD.** | ![](ex10-8_001.jpg) |
| 1 Tuas View Place<br> #03-14 West Link One<br> Singapore 637433<br> Tel : 69090450<br> Fax : 64501318<br> Email Address :<br> **Attn :**<br>| **120 Lower Delta Road #04-10**<br> **Cendex Centre Singapore 169208**<br> **Tel: 6337 2666 Fax: 6337 3751**<br> **www.mesgroup.com.sg**<br> **GST Reg No: 200104225R**<br>|

---

Dear Sir / Madam,

**<u>RE: RENEWAL OF TENANCY AGREEMENT AT BLUE STARS DORMITORY.</u>**

Thank you for deciding to renew the Tenancy Agreement (ref. no. ___________________) with us for your workers' housing needs.

With reference to your confirmation with your request, we enclose herewith our Renewal Tenancy Agreement for ____ unit(s) at the rate of S$ ______\* per unit / per month for 12 occupants inclusive of CREAM Service at S$ ______\* per unit per month for your execution. Do note that CREAM services will only commence from the month of ______, 2025

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| | |
|:---|:---|
| Being 2 month's deposit, One-time Issuance Fee & admin fee payable for this tenancy agreement. | S$ ______ |
| Less: Security Deposit with us now | S$ ______ |
| Nett amount due to us | S$ ______ |

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*Do take note of the following before returning both the signed Original and Duplicate Tenancy Agreement to us by* _________.

*(a) Both Original and Duplicate Tenancy Agreement(s) are signed and affixed with your company stamp on each page of the Tenancy Agreement(s).*

*(b) Signatory, Witness Name and designation are indicated on both the Original and Duplicate Tenancy Agreement(s).*

*(c) Fund Transfer payment of S$*______ *payable to **'KT Mesdorm Pte Ltd'***.

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| | |
|:---|:---|
| **Bank Transfer Detail:** | **PAYNOW Detail:** |

---

We shall have the right to deem that you are foregoing the unit and allocate the unit reserved to others if we do not receive the above-mentioned within seven (07) days from date of this letter. Do note that for any request for amendments to the Tenancy Agreement(s), additional administrative charges will be incurred. Should you have any further clarifications, please do not hesitate to contact our Customer Service Representative at 63372666.

Yours sincerely,

[Name]

[Designation]

**Landlord's Authorised Representative**

\* Amount payable subject to GST excluding utilities.

\*\* Late submission of tenancy agreement to our office may delay stamping. This may result in penalty imposed by IRAS. This penalty charges with the stamping fee shall be borne by the tenant

**Tenancy Agreement Cover Page**

**REF . NO.:**

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>TENANCY AGREEMENT</u>**<br> **BETWEEN:**  |
| Landlord | **KT MESDORM PTE LTD** |
|  | 120 Lower Delta Road #04-10 Cendex Centre Singapore 169208 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**AND** |
| Tenant | : **JENERIC OFFSHORE PTE. LTD.** |
| Tenant's Registered Address | &nbsp;&nbsp;: 80 West Coast Road, #05-15<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clementiwoods Condominium<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore 126816 |
| Tenant's Correspondence Address | &nbsp;&nbsp;: 1 Tuas View Place<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#03-14 West Link One<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore 637433 |
| UEN | : 201112113W |
| Premises | : ______ |
| Dormitory | : Blue Stars Dormitory |
| Term | : ______Years from_______ to_______ |
| Use of Premises | : Accommodation for 12 occupants with valid work permit |
| Occupancy Fee Charges | : S$ _____ payable monthly and in advance (GST exempted) |
| Service & Conservancy Charges | : S$ _____ payable monthly and in advance (GST payable) |
| Furniture & Fittings Charges | : S$ _____ payable monthly and in advance (GST payable) |
| Total amount per unit | : S$ _____ |
| CREAM Services Charges | : S$ _____ payable monthly and in advance (GST payable) |
| Gross amount per unit | : S$ _____ |
| Total amount for __ units(s) | : S$ _____\*('the Rental') payable monthly in advance **via GIRO** |
| Security Deposit | : S$ _____ (Equivalent to Two months of Gross Amount) |
| Administration Fee for Tenancy Agreement | : S$ _____ \*(GST included) |
| One-time Issuance Fees | : S$ _____ \*(GST included) (12 x Storage Box , Bin and Broom) |
| Stamp Fees | : To be paid by Tenant to the Landlord for stamping with IRAS |
| Basic Items to be issued for unit(s) | : Double decker bed frames and lockers ('Basic Items') |
| Terms & Conditions of this Agreement | : As per Schedules A and B attached |
| Option to Renew | : Subject to Clauses 58, 59, 60 and 61 of Schedule A |
| Date of Agreement | : ___________________ |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(To be confirmed and filled in by Landlord upon receipt of the signed Agreement)<br>|

---

• The Tenant acknowledges that it has read and understood this
Tenancy Agreement including all Schedules annexed hereto, and agrees to be bound by all of the terms and conditions herein.

• All prior oral representations and agreements are not valid
if not included in writing in this Agreement.

• If the Tenant unilaterally terminates this Agreement before
the Term commences, Clause 55 of Schedule A shall apply.

\*\* GST is payable on all monies payable to the Landlord except for Occupancy Fee Charges, Security Deposit, and Stamp Fees.

---

| | | | |
|:---|:---|:---|:---|
| Name: | Stamp | Name: | Stamp |
| Signed by: |  | Signed by: |  |
| **Landlord** **'s Authorised Representative** |  | (Designation) for and on behalf of |  |
|  |  | **JENERIC OFFSHORE PTE. LTD.** |  |
| in the presence of: |  | in the presence of: |  |
| Witness Name: |  | Witness Name: |  |
| Designation: |  | Designation: |  |

---

**SCHEDULE A**

**Terms and Conditions (T&Cs) of the Tenancy Agreement dated** ________________

Between

**<u>KT MESDORM PTE LTD</u>**

And

**<u>JENERIC OFFSHORE PTE. LTD.</u>**

This Agreement is made on the _________________ between KT MESDORM PTE LTD, UEN 200104225R of 120 Lower Delta Road, #04-10, Cendex Centre, Singapore 169208 (hereinafter "the Landlord") of 3 Kian Teck Lane, Singapore 627844 and JENERIC OFFSHORE PTE. LTD., UEN 201112113W of 1 Tuas View Place, #03-14, West Link One Singapore 637433 (hereinafter "the Tenant").

Whereby it is agreed as follows:

1. In consideration of the Rental and the Tenant's covenants contained in this
Agreement, the Landlord agrees to let to the Tenant the Premises together with the right of the Tenant and others duly authorized by the
Tenant and in consensus with the Landlord all others so authorised by the Landlord and all others so entitled thereto at all times during
the tenancy for the Term hereby created and for all purposes connected with the use of the Premises but not for any other purpose, EXCEPTING
AND RESERVING unto the Landlord and all others entitled thereto the free and uninterrupted use of all pipes, electric, telephone and other
wires, drains and sewers in, through or under the Premises.

**Definitions**

2. In this Agreement, references to

a. "the Landlord" refers to KT MESDORM PTE LTD and includes its appointed
nominee and managing agent, (hereinafter "the Managing Agent");

b. "the Tenant" refers to and includes the Tenant's employees who
will be occupying the Premises (hereinafter the "Occupant(s)");

c. "Rental" includes all monetary amounts due from the Tenant to the Landlord
under this Agreement subject to the prevailing and applicable rate of Goods and Services Tax ("GST") payable thereon and shall
bear the same meaning as stated in the first (1<sup>st</sup>) page of this Agreement whereupon the authorized representatives of the Parties
have executed.;

d. , "Dormitory", "Premises", "Term", "Security
Deposit", "Stamp Duties" and "Basic Items" shall bear the same meaning as stated in the first (1<sup>st</sup>)
page of this Agreement whereupon the authorized representatives of the Parties have signed.

Acknowledgement by Tenant's Representative affixed with Company Stamp

Page 2 of 17

**Payments**

3. The Tenant covenants with the Landlord to pay without demand the Rental under this
Agreement, such payment to be made on the first (1<sup>st</sup>) day of each month and for that month by way of GIRO payments. For the
avoidance of doubt, the Rental shall be payable by the Tenant to the Landlord for so long as the Agreement is in force and regardless
of whether the Premises are physically occupied by
all or only some of the Occupants. Where the relevant GIRO deduction is unsuccessful and the Rentals is not paid, an additional
administrative fee of $100.00 together with the prevailing GST thereon shall be imposed for each month that the Rental remains
unpaid (whether in part or in whole). If any GIRO deductions are unsuccessful on at least 3 occasions, whether continuous or not
within a 12-month period, such failure shall constitute a repudiatory breach on the Tenant's part and shall entitle the
Landlord to terminate this Agreement on an immediate basis and without prejudice to any and all of the Landlord's rights
against the Tenant which includes but is not limited to the recovery of any outstanding Rental and/or additional administrative
fee(s) together with the prevailing GST thereon.

4. If the Tenant fails or neglects to pay the Rental under this Agreement within seven
(07) calendar days of the due date of the Landlord's invoice, the Tenant shall pay interest at the rate of one percent (1%) per
month for all outstanding amounts from the date the amounts were due and until full payment of all such outstanding amounts are made to
the Landlord.

5. All expenses, legal or otherwise, in connection with the preparation, execution
and Stamp Duties of this Agreement in duplicate shall be borne by the Tenant.

6. The Security Deposit paid by the Tenant shall be a security against breach of any
of the terms herein. It will be refunded without interest at the end of the Term subject to deductions made by the Landlord for costs,
damages and expenses for any breach or outstanding Rental and/or any and all other outstanding fees and interests (if applicable). The
Tenant shall not be entitled to use the Security Deposit to set off any of the amounts due to the Landlord hereunder at any time and for
any reason whatsoever.

7. If the Tenant breaches any term of this Agreement resulting in the termination
of this Agreement, the Landlord shall be entitled to forfeit the Security Deposit without prejudice to the Landlord's rights and
remedies against the Tenant which includes but is not limited to any and all losses suffered by the Landlord and the recovery of all outstanding
sums due and owing to the Landlord.

8. The Tenant shall pay all charges for the supply of water, sanitation or electric
light or power and all other utilities charges as may be determined by SP Services Ltd or such other service provider to be payable from
time to time. The Landlord may choose to pay these charges by providing a separate service to the Tenant wherein all such charges and
additional service fees are fully claimed from the Tenant.

8A. *Intentionally Left Blank*

 

9. The Tenant shall pay all costs, expenses and fees incurred by the Landlord in enforcing
this Agreement on a 'solicitor and client' and on a full indemnity basis.

10. If the Tenant fails to pay any charges as required hereunder to any person / entity
other than the Landlord or if the Tenant shall fail to perform any undertaking on the part of the Tenant herein contained, it shall be lawful (but not
obligatory) for the Landlord to make any payment or do any act or thing and incur any expense as may be necessary to perform the said
undertaking and any sum of money or expense which the Landlord may pay or incur for the purpose aforesaid shall constitute a liquidated
debt due and owing by the Tenant to the Landlord and shall on demand be repaid to the Landlord.

Acknowledgement by Tenant's Representative affixed with Company Stamp

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11. The Tenant shall pay any amounts payable relating to payment as and when such amounts
fall due.

**The Tenant's and Occupants' General Duties of Compliance**

12. The Tenant and the Occupants shall comply with the instructions of the Landlord,
the Managing Agent, their employees, the Tenant's Handbook (including any and all House Rules contained therein), prevailing Client
Portal (and/or the prevailing digital portal in use at the material time), and any other notices, rules and regulations that the Landlord
or the Managing Agent may from time to time issue for the Premises and the Dormitory. The Landlord reserves the right to vary, add and/or
amend the Tenant's Handbook (including any and all the House Rules contained therein), and any other rules and regulations.

a. For the avoidance of doubt, the Tenant agrees that the matters stated in the Tenant's
Handbook are expressly incorporated by reference into this Agreement and shall consequently be deemed to be terms of this Agreement.

b. In the event of any conflict and/or inconsistency between the terms of this Agreement
on the one part and the Tenant's Handbook on the other part, the former shall prevail.

c. In conjunction with Clause 12 herein, it shall be the sole obligation of the Tenant
to ensure that it has access to and is appraised of and/or privy to the terms contained in the Tenant's Handbook (available for
access via prevailing Client Portal and/or the prevailing digital portal in use at the material time).

13. The Tenant shall not do, omit or suffer to be done in the premises anything in contravention
of any Acts of Parliament or Regulations now or hereafter in force and any Rules and Orders thereunder and to keep the Landlord fully
indemnified against all penalties and costs in the event of any breach thereof.

14. The Tenant shall duly comply with its obligations set out in Clauses 16 to 47 (inclusive,
and not limited to these clauses) herein.

15. The Tenant shall appoint one of its Occupants as a supervisor of the Occupants ("Supervisor")
who shall receive and communicate instructions from the Landlord, ensure that the Occupants comply with the, terms in the Tenant's
Handbook (including any and all House Rules contained therein), any and all other rules and/or regulations and the terms of this Agreement,
including but not limited to Clauses 28, 29 and 47 herein.

Page 4 of 17

**Immigration Act and the Employment of Foreign Workers Act**

16. For the purpose of preventing any offences relating to illegal immigrants and/or
foreign workers, the Tenant agrees:

a. to ensure that all of the Occupants have valid passports and/or travel or immigration
documents and/or works permits at all times when they are in the Premises or the Dormitory.

b. to carry out due diligence checks and to ensure that the Tenant and the Occupants
comply with the Immigration Act 1959, the Employment of Foreign Workers Act 1990 and any other Act of Parliament, Regulations or any rules
or orders thereunder which relates to foreign residents and workers;

c. upon the Managing Agent's request, to provide to the Managing Agent, for physical
inspection, certified true copies of all immigration and employment documents of the Occupants, including but not limited to the passports,
employment passes work permits and/or proof of employment;

d. to authorise, permit and co-operate with the Landlord to make such enquiries with
relevant government departments and/or employers to verify the immigration status of any of the Occupants; and

e. should any person(s) not holding and/or possessing any valid immigration and/or
employment passes as issued by the competent authorities of the Republic of Singapore and in any and all circumstances or events in which
such persons are found on the Premises, to assume sole and full responsibility including criminal prosecution and the consequences thereof,
and to take any and all necessary and/or remedial actions as required by the said competent authorities of the Republic of Singapore and
to hold the Landlord harmless and indemnify the Landlord to the fullest extent allowed by the laws of the Republic of Singapore.

**Opening of Utilities Accounts and Initial Occupation of the Premises**

17. The Tenant shall open, in the Tenant's name, utilities account(s) (and any
other services), to be supplied to the Premises. The Tenant shall house its employees in the Premises only after providing documentary
proof that the utilities account(s) has/have been opened, notwithstanding that the Term has commenced.

18. The Tenant shall sign a check-in form to acknowledge that the Premises, the Basic
Items and all furniture and fittings have been received in good condition and working order at the time of initial occupation by the Occupants.

**The Occupants List**

19. The Tenant shall furnish the Landlord a list of the details of the Occupants ("Occupants
List"), certified true copies of the Occupants' valid work permits and passports before initial occupation by the Occupants
by way of electronically submitting such said documents via the prevailing Client Portal. In the event of any change relating to the Occupants,
it shall be the Tenant's sole obligation to furnish the relevant documents as stated above in respect of the incoming Occupants
no later than five (05) calendar days before the intended change of Occupants is contemplated to be effected., The Tenant shall be solely
be responsible for updating the addresses of the Occupants residing in the Premises in the Online Foreign Workers Address System ("OFWAS")
within three (03) days of the commencement of the Term. The Landlord reserves the right not to allow any Occupant entry to the Dormitory
and the Premises should the address of the Occupant not be updated with OFWAS
as stated above. The Tenant shall, likewise, ensure that the Occupants' addresses are delisted from OFWAS within three (03) days
of the termination of their ceasing to be an Occupant.

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20. In conjunction with Clause 19 above, The Tenant shall also furnish to the Landlord an updated Occupants
List by way of electronic submission via the prevailing Client Portal whenever there is a change in the Occupants List.

21. In the event that the Tenant has entered into various Tenancy Agreements with the
Landlord for different Premises and the Tenant wishes to transfer Occupants between such Premises, the Tenant shall pay to the Managing
Agent an administrative fee of $10.00 together with the prevailing GST for each instance (and on a per Occupant basis) that there is such
a said transfer.

22. For the avoidance of doubt, the Tenant further agrees and acknowledges that the
full amount of the Rental in accordance with the terms of this Agreement shall be payable to the Landlord during the term of the Agreement
notwithstanding that there be change in Occupants pursuant to Clauses 19 to 21 herein.

**Electronic-Access**

23. The Occupants will be issued with individual electronic access passes via the prevailing Client Portal
to enable the Occupants to enter the Dormitory and access to the Premises ("E-Access Pass"). The Landlord reserves the right
not to allow any Occupant into the Dormitory or the Premises unless the Occupant has a valid E-Access Pass. The Tenant shall immediately
inform the Landlord, in writing, if an Occupant's employment has been terminated or his work permit has expired or is otherwise
cancelled. Likewise, the Tenant shall delist that Occupant's address from OFWAS as a resident of the Premises.

**Use of the Premises and the Dormitory**

24. The Tenants shall ensure that Occupants will occupy a specific bed space in the Premises. They shall not
exchange bed spaces with other Occupants without the consent of the Landlord. At any one time the number of Occupants per unit of the
Premises shall not exceed 12 persons.

25. The Tenant shall ensure that the Occupants shall not bring into and operate more
than the number of appliances as stipulated in the House Rules of the respective Premises. These appliances shall be of reasonable size
and in good working condition. It shall be the Tenant's sole obligation to register the particulars of the owners and/or hirers
of these said appliances (and all other electrical appliances brought into the Premises) with the Landlord before bringing them into the
Premises. All such appliances shall at all times bear the Landlord's registration stickers. All such appliances shall at all times
be deemed to be in control of the Tenant who shall also be responsible for their use and maintenance within the Premises.

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| | |
|:---|:---|
| 25A. | In the event that the appliances pursuant to Clause 25 herein are subjected to any action for distress and/ repossession that may be undertaken or effected by the owners of the same (or duly authorised representatives of such owners), the Tenant shall hold the Landlord harmless and shall further fully indemnify the Landlord in any and all such instances and/or events. |

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| | |
|:---|:---|
| 25B. | In the event that the appliances pursuant to Clause 25 herein are to be removed and/or otherwise disposed off by the Landlord under the matters set out at Clauses 49, 50 and/or 64 herein, the Tenant shall hold the Landlord harmless and shall further fully indemnify the Landlord from any and all claims that may be brought by the owners of any and all such said appliances. |

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26. The Tenant shall ensure that the Occupants behave and live in the Premises in a civil
manner and not create a nuisance or interfere, endanger or otherwise cause any loss, damage or personal injury to the occupants of the
other premises of the Landlord or to anyone else in the Dormitory or to any property therein.

27. The Tenant shall ensure that the Premises are not used for any and all illegal
or immoral purposes (including gambling, fighting, drinking liquor and consumption of prohibited substances). In particular, no person
of the opposite sex shall enter the Premises under any circumstances unless such person is authorised by the Landlord.

28. The Tenant shall ensure that the Occupants shall not do anything in the Premises or
the Dormitory,

a. which may render any insurance policy of which the Landlord is the beneficiary void
or voidable; and/or

b. which causes an increase in the policy premiums of any and all such said policies.

29. The Landlord agrees to bear the maintenance costs in respect of and confined to
the general cleaning and upkeep of the common areas of the Dormitory which are not within the premise of the Premises. Notwithstanding
the above, the Tenant shall ensure that the Occupants keep the Premises neat and clean, maintain it in a good condition and preserve the
cleanliness of the Premises at all material times. To this end, the Tenant shall create a duty roster or schedule for Occupants to keep
and/or maintain the cleanliness of the Premises. This roster/schedule should ensure that the Premises are subject to a thorough cleaning
exercise at least once a week. The Supervisor shall ensure compliance of the roster and shall report any non-compliance to the Tenant
and the Landlord. The Supervisor shall also make a report submission via the prevailing Client Portal in the event that any fixtures and/or
fittings are damaged and the Tenant shall consequently take all necessary steps to repair / replace such damaged fixtures and/or fittings.
The Tenant agrees that at the expiration or termination of the tenancy under this Agreement, the Tenant shall deliver to the Landlord
the Premises in like condition as if the same were delivered to the Tenant at the commencement of this Agreement, fair wear and tear and
act of God excepted.

30. The Landlord shall have the right to periodically inspect the Premises to ensure
that the Premises are being cleaned and maintained in accordance with this Agreement. In the event that the Landlord deems that the Premises
are not being maintained in a good condition and/or being
kept clean, the Landlord shall have the right to take immediate steps to clean the Premises. The costs of cleaning the Premises pursuant
to this clause shall be borne by the Tenant.

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31. The Tenant shall ensure that the Occupants shall not dirty or litter, any and all
common areas within the Dormitory, access roads and the immediate vicinity surrounding the Dormitory.

32. The Tenant shall ensure that the Occupants do not dump or burn any litter in the
Premises or the Dormitory, failing which the Tenant shall at its own expense, make good and/or efficiently dispose of all litter to the
complete satisfaction of the Landlord. In the event that the Tenant fails, refuses or otherwise neglects to make good as stated above,
the Landlord shall proceed with the relevant works in this respect and the Tenant agrees that it shall pay to the Landlord a disposal
fee of S$500.00 together with the prevailing GST in every such instance.

33. The Tenant shall inform of the existence of any pests such as mosquitoes, rodents,
cockroaches, flies, bed bugs and fleas, etc. within the first seven (07) calendar days of tenure within the Premises, after which the
Landlord shall ensure the pests are exterminated. After the first seven (07) days of tenure, or after the Landlord has taken the necessary
pest control measures upon the Tenant's notification of pest problem within the first seven (07) calendar days (whichever is applicable),
the Tenant shall ensure that the Premises are free of such pests and vectors. If the Premises are found to be harbouring any vectors and
the Tenant has not taken steps to ensure that they are eradicated immediately, the Landlord shall have the right to engage a licensed
pest control company to enter the Premises to take steps to eradicate the vectors from the Premises, the costs for shall be solely borne
by the Tenant.

34. The Tenant shall ensure that the Occupants shall not erect or install any television
antenna or any other fittings on the exterior of the Premises or the Dormitory.

35. The Tenant shall ensure that the Occupants only use the City Gas low pressure piped
town gas permitted by the Landlord for cooking at the designated area in the Premises. The Occupants shall not cook in the corridors or
anywhere else in the Dormitory.

36. The Tenant shall ensure that the Occupants do not keep or feed any animals whatsoever
as pets or otherwise in the Premises.

37. The Tenant shall ensure that the Occupants do not carry out any alterations, additions
or structural changes to the Premises or modify or interfere with any existing electrical design load, wiring, apparatus, fixtures, or
fittings or any existing fire alarm fixtures or fittings in or about the Premises without the written consent of the Landlord and the
relevant authorities.

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38. The Tenant and the Occupants are not permitted to display any sign, bill or advertisement
at the Premises without the written consent of the Landlord.

39. The Tenant shall ensure that the Occupants do not hang or place clothes, laundry
or any other article whatsoever anywhere within the Premises or the Dormitory except at designated places within the Premises.

40. The Tenant shall ensure that the Occupants do not use or store in the Premises any
material or thing of an offensive, explosive, dangerous, corrosive, toxic or combustible nature or any article or thing in excessive quantities.

41. The Tenant shall ensure that the Occupants do not smoke in the Premises or in places
within the Dormitory where smoking is prohibited by law.

42. The Tenant shall ensure that the Occupants do not organise, conduct, hold or celebrate
any social or religious activities in the Premises or anywhere within the Dormitory or its vicinity.

43. The Tenant and the Occupants shall co-operate and comply with all measures adopted
by the Landlord to manage outbreaks of diseases which are listed under the Infectious Diseases Act 1976 or any other novel disease which
are similar in nature etc. The Landlord shall have the right to prohibit entry into the Dormitory any Occupant or person suspected of
having a contagious disease.

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| | |
|:---|:---|
| 43A. | In the event that any of the Occupants are required to be quarantined and/or otherwise physically isolated as determined or ordered by the competent authorities of the Republic of Singapore and/or by reason of operation of any law, the Tenant shall solely bear the costs of any and all such arrangements. |

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| | |
|:---|:---|
| 43B. | For the avoidance of doubt, and should any of the events set out at Clauses 43 and/or 43A herein result in the Occupant(s) not being able to utilise the Premises, any and all such said events will not be construed as a release of the Tenant's obligations under this Agreement whether in respect of the Rental or at all. |

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44. The Tenant and the Occupants shall observe and comply with any law, direction,
order, notice or requirement of any public or local authority, including the directions of the Landlord's security personnel, marshals
or representatives in any respect including the management of the pick-up and drop off areas of the Occupants to prevent or manage the
traffic flow within and in the vicinity of the Dormitory.

45. The Tenant and the Occupants shall not cause any obstruction to any fire-fighting
installation, equipment and fire escape route in the Premises or in the Dormitory.

46. The Tenant and the Occupants shall observe all rules, regulations and notices issued
by the Landlord regarding driving and parking of vehicles (including bicycles) in the Dormitory.

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47. The Landlord (including its agents, employees, servants and/or independent contractors)
shall be permitted to enter the Premises to inspect the condition of the Premises and carry out works and/or repairs thereto or to other
portions of the Dormitory not conveniently accessible otherwise than from/through the Premises. The Supervisor shall accompany the Landlord
during these visits, if required. The Landlord may give the Tenant notice in writing specifying any works and/or repairs to be done which
the Tenant is responsible for undertaking and carrying out. The Tenant shall execute the same within three (03) calendar days failing
which the Landlord may enter the Premises and execute such works and/or repairs at the Tenant's full and sole expense.

**Breach and Termination**

48. If any Occupant commits:

a. a minor breach under this Agreement, the Tenant's Handbook, the House Rules
and/or any other rules and regulations put in place by the Landlord, the Landlord shall serve a written infringement report on the Tenant
and may impose an administrative charge of up to $50.00 (together with the prevailing GST rate) on the Tenant for having to rectify and/or
remedy such said breach.

b. a major breach under this Agreement, the Tenant's Handbook, the House Rules
or any other rules and regulations put in place by the Landlord, or accumulates three (03) infringement reports within a period of six
(06) months, the Landlord shall be entitled to evict the Occupant from the Premises. The Landlord's decision in this regard shall
be final and binding on the Tenant. The Tenant shall be entitled to replace another of its employees as an Occupant in place of the evicted
Occupant.

49. If five (05) or more of the Occupants, at any time, commit a major breach of this
Agreement, the Tenant's Handbook (including any and all the House Rules contained therein), and/or any other rules and regulations
put in place by the Landlord, or commit a criminal offence, the Landlord shall be entitled to give to the Tenant a written notice to immediately
terminate this Agreement. The Tenant shall then be liable to pay the Landlord compensation as if the Tenant had prematurely terminated
this Agreement under Clauses 53, 54 and 55 herein. This right is without prejudice to the Landlord's rights for any other breach
committed by the Tenant or its Occupants.

50. The Landlord shall have the right at any time, during the Term of this Agreement,
to terminate this Agreement by giving to the Tenant two (02) months' notice in writing, without the Landlord being liable for any compensation,
damages, costs, expenses, losses of whatever nature, and without prejudice to the rights and remedies of the Landlord against the Tenant
in respect of any unpaid charges and/or any other monies due under this Lease or any antecedent claim or breach of the Tenant's covenants,
conditions or stipulations contained in this Agreement.

a. Should the Landlord exercise the right contained in Clause 49 herein, the Tenant is
to vacate the Premises and Dormitory within twenty-one (21) calendar days (excluding the day that notification is provided by the Landlord)
(the "Notice to Vacate Period") and comply with Clauses 64, 65 and/or 66 below. Any request for extension must be sent, in
writing, to the Landlord no later than three (3) days before
the intended last day and the Landlord has the sole discretion to accept or refuse any of such request(s). The decision of the Landlord
shall be final and the Tenant shall respect and comply with the Landlord's instructions without any further objections (the "Extension
Period").

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b. For the avoidance of doubt, the Tenant shall be liable for Rental at double the
rate stated in this Agreement (and on a *pro-rata* basis if applicable) for the duration of any Notice to Vacate Period and/or the
Extension Period until the date of actual vacation of the Premises and Dormitory by the Tenant.

c. In the event that the Tenant fails to vacate the Premises and Dormitory within the
Notice to Vacate Period or within the Extension Period as approved by the Landlord as stated in Clause 50a herein and/or the Tenant fails
to request for an extension as per Clause 50a herein, the Landlord shall have the right to evict the Tenant from the Premises and Dormitory
immediately. All expenses incurred in the process of eviction and/or for the vacation of the Premises and Dormitory shall be solely borne
by the Tenant.

51. It shall be lawful for the Landlord to re-enter the Premises and the tenancy hereby
created shall absolutely determine if:

a. the charges or any other sum payable by the Tenant to the Landlord shall at any time
remain unpaid for fourteen (14) days or if the Landlord is unsuccessful in making three (03) GIRO deductions as stated in Clause 3 above;

b. any term herein has not been performed by the Tenant despite the expiry of three (03)
calendar days from the service of any written notice by the Landlord to do so;

c. the Tenant makes an assignment for the benefit of creditors or enter into an arrangement
with creditors by composition or otherwise or suffer any distress or attachment or execution to be levied against their goods; and

d. the Tenant, being a company, enters into liquidation, whether compulsory or voluntary,
save for the purpose of reconstruction or amalgamation, or, being an individual or partnership, commits an act of bankruptcy or has a
bankruptcy order made against the Tenant.

52. If the Landlord carries out works to improve, extend, vary, alter, renovate the building
of the Premises which may affect the Tenant's peaceful and quiet enjoyment of the Premises, the Landlord shall be entitled, at their
sole discretion, to terminate this Agreement by giving to the Tenant two (02) months' prior written notice, without prejudice to
the rights and remedies of the Landlord against the Tenant in respect of any unpaid charges and/or any other monies due under this Agreement
or any antecedent claim or breach of the Tenant's covenants, conditions or stipulations contained in this Agreement.

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***Tenant's Premature Termination***

53. This Agreement is for a term of ______ years and the Tenant may not prematurely
terminate this Agreement except after twelve (12) months as provided for in Clause 55 herein.

54. In the event that the Tenant unilaterally terminates this Agreement after the execution
of this Agreement and before the Term commences, the Tenant shall pay the Landlord compensation of the Rental for each calendar month
of the Term and all other charges until the Tenant secures a replacement tenant to rent out the Premises from the Landlord, provided that
the Tenant bears the full costs and expenses of marketing, real estate agents' fees, legal fees and all other costs and expenses
incurred to secure the replacement tenant.

55. In the event of premature termination by the Tenant within the first twelve (12)
months of the Term for any reason whatsoever, the Tenant shall pay the Landlord compensation of:

a. The Rental for each calendar month of the remainder of the Term and all other charges
regardless of whether or not the Occupants remain in the Premises; or

b. The Rental for each calendar month of the remainder of the Term (regardless of
whether or not the Occupants remain in the Premises) and all other charges until the Tenant secures a replacement tenant to rent out the
Premises from the Landlord, provided that the Tenant bears the full costs and expenses of marketing, real estate agents' fees, legal
fees and all other costs and expenses incurred to secure the replacement tenant.

56. After the first twelve (12) months of the Term, the Tenant shall be entitled to
terminate this Agreement by giving at least two (02) clear months' notice
in writing. All other Clauses in this Agreement regarding the obligations of the Tenant upon termination or expiration of this tenancy
shall nevertheless apply.

57. In the event the Premises comprise of more than one (01) unit and the Tenant unilaterally
terminates this Agreement before the Term commences OR prematurely terminates the tenancy OR terminates this Agreement under Clause 55
herein for one (01) or more units of the Premises
(and not all units), then the Tenant shall be bound by Clauses 53 and/or 54 and/or 55 herein respectively in respect of the said unit/s.
In each such case, after the Tenant has fulfilled its obligations under this Agreement to the Landlord's satisfaction, the Landlord
shall pro rate and refund to the Tenant the portion of the Security Deposit which was originally collected for the terminated units.

**Renewal & Failure to Renew**

58. The Landlord may grant to the Tenant a tenancy of the Premises for a further term
from the date of expiry of this Agreement for a term and at a rental rate, both of which are to be agreed between the parties but otherwise
containing the like conditions, covenants and stipulations as are herein contained with the exception of this option of renewal, provided
that:

a. the Tenant makes a written request not less than three (03) months before the date
of expiry of this Agreement; and

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b. there shall not at the time of the written request be any existing breach or non-compliance
by the Tenant of any of the conditions, covenants or stipulations herein contained; and

c. the new rental rate is mutually agreed upon and a new tenancy agreement is signed
and executed at least two (02) months before the expiry of the Term, failing which this Agreement is deemed to expire at the end of the
Term.

59. In the event that that the Landlord agrees to renew this Agreement, the Landlord
shall not be obliged to change or provide new Basic Items. Any decision to do so shall be at the sole discretion of the Landlord subject
to the condition and use of the Basic Items by the Occupants.

60. In the event that the Tenant fails to make a written request to renew this Agreement
under Clause 58a at least three (03) months before the expiry of the Term, this Agreement shall terminate at the end of the Term.

61. The Landlord is under no obligation to request the Tenant for a renewal or to otherwise
remind the Tenant of the three (03) month renewal notice period.

**Indemnity and Limitation of the Landlord's Liability**

62. The Tenant shall indemnify the Landlord against all actions, claims, fines, losses,
damages, penalties, cost and expenses as a result of the Tenant's or its Occupant(s)' negligence or failure to comply with
any terms herein including liability for injury, loss of life, damage, waste or loss caused directly or indirectly by the Tenant or its
Occupant(s) or the Tenant's visitors, invitees or agents etc. The Tenant shall further pay, reimburse or compensate the Landlord
for doing anything stated herein which the Tenant is required to do but did not do regardless of whether the Landlord has given the Tenant
notice in writing or not.

63. The Landlord shall not be liable to compensate the Tenant for:

a. any interruption in occupying the Premises because of repairs or maintenance of
any installation, apparatus or infrastructure or damage thereto or because of mechanical or other defect or breakdown, including but not
limited to breakdown in electricity, gas and water supply;

b. any act, omission, default, misconduct or negligence of an employee or agent of
the Landlord in performing any duty relating to the Premises or the Dormitory;

c. any damage, injury, death or loss caused by the Landlord's other tenants'
occupants, caused by persons on the Premises or the Dormitory, or inflicted by an Occupant on himself whether knowingly or unknowingly;
and

d. an Act of God or force majeure, the outbreak and/or transmission of viruses (which
includes but is not limited to outbreaks and/or transmissions of viruses classified as epidemics or pandemics), fire, riot, civil disturbance
or if the Premises are compulsorily acquired or required to be altered, repaired, or redeveloped by the relevant authorities.

e. The Landlord shall not be responsible for any loss, injury or damage to any person
or property (whether belonging to the Tenant or others) arising out of the Occupant(s)' use of the Premises or the Dormitory or
the facilities in it. The Landlord shall further not be liable to the Tenant for any consequential loss or damage that the Tenant may incur as
a result of the Landlord invoking Clauses 9, 60 and/or 61.

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|:---|:---|
| 63A. | For avoidance of doubt, the Tenant shall at all times indemnify and keep indemnified the Landlord against any and all Losses sustained, incurred, paid by or suffered by the Landlord arising out of or in connection with any act or omission on the part of the Tenant or any of its directors, officers, personnel, employees, servants or agents (the "**Relevant Parties**") unless the Tenant can show that: |

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a. it is not due to the Tenant's breach, failure or delay in the performance of this Agreement; or

b. it is not due to the negligence, unlawful or wrongful action or omission, fraud,
bad faith, wilful misconduct, or breach of any duty of any of the Relevant Parties; or

c. the Losses were caused directly by the negligence of the Landlord.

"**Losses**" means all liabilities, losses, damages, actions, claims, demands, costs (including legal costs on a full indemnity basis and experts' and consultants' fees), settlement sums and sums paid in satisfaction of court, arbitral or expert award.

**Vacating the Premises, Reinstatement and Delay in Handing Over the Premises**

64. The Tenant shall, at the termination or expiration of the Term whenever occurring,
ensure that all the Occupants promptly and immediately vacate the Premises without leaving any of their belonging(s) or property in the
Premises, and peaceably and quietly yield the Premises to the Landlord at 12.00pm on the day of termination or expiry of the Tenancy.

65. *Intentionally Left Blank* 

 

66. *Intentionally Left Blank* 

 

67. Where the Tenant does not renew this Agreement and continues to occupy the Premises and holds over beyond
the Term herein, the Tenant shall pay to the Landlord double the rate of Rental and all other charges until the Tenant vacates and peaceably
and quietly yields the Premises to the Landlord.

68. In conjunction with Clause 67 herein, any such holding over shall not be considered
an extension of the Term of this Agreement or a renewal of this Agreement. During such holding over all the clauses of this Agreement
shall apply save for the double rate of Rental payable by the Tenant to the Landlord. The inclusion of this clause shall not be construed
as the Landlord's consent for the Tenant to hold over.

**General Terms**

69. The Tenant shall not assign this Agreement without the Landlord's written consent. The Landlord
may assign this Agreement by giving notice to the Tenant.

70. All notices to be served by the Landlord shall be in writing and deemed served
if sent by email, ordinary post or by fax to the Tenant's email address or address and fax number as stated in this Agreement. The
Landlord may serve any and all legal process requiring personal service by sending the same by registered post to the address of the Tenant
as stated in this Agreement and such service shall
be deemed to be good and proper service. Nothing herein shall affect the right of the Landlord to serve legal process in any other manner
permitted by law.

Acknowledgement by Tenant's Representative affixed with Company Stamp

Page 14 of 17

71. No waiver, express or implied, by the Landlord of a breach of a term by the Tenant,
or acceptance of any payment due to the Landlord, shall be construed as a waiver of any other breach of any other term, unless it is stated
in writing by the Landlord.

72. If any one or more of the provisions contained in this Agreement shall be deemed invalid,
unlawful or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions
contained herein shall not in any way be affected or impaired.

73. For the avoidance of doubt, the Tenant's obligations under this Agreement
shall subsist notwithstanding that the Agreement may have been procured by fraud and/or dishonesty on the part of the Tenant.

74. The terms herein cover and comprise the whole of the Agreement between the parties
and the parties expressly agree and declare that no further or other terms or agreements whether in respect of the Premises or otherwise
shall be deemed to be implied herein or to arise between the parties hereto by reason of any promise, representation, warranty or undertaking
given or made by either party hereto to the other orally or in writing on or prior to the execution hereof.

75. Notwithstanding Clause 74 herein, the Tenant acknowledges and agrees that in the
event that any Acts of Parliament of the Republic Singapore, subsidiary legislation ,directives, rules and regulations that may be issued
by any competent authority of the Republic of Singapore require the variation of any of the terms of this Agreement in order to comply
with and/or give effect to such said Acts of Parliament of the Republic Singapore, subsidiary legislation ,directives, rules and regulations
that may be issued by any competent authority of the Republic of Singapore, then upon written notification given by the Landlord to the
Tenant, such variation would be deemed to be effective and bind the Tenant and any such variation shall supersede any existing term of
the Agreement to the extent required to comply and/or give effect to the relevant Acts of Parliament of the Republic Singapore, subsidiary
legislation ,directives, rules and regulations that may be issued by any competent authority of the Republic of Singapore.

76. The Contracts (Rights of Third Parties) Act shall not apply to this Agreement.

77. Save for Clause 75 herein as well as the terms contained in the Tenant's Handbook
(including any and all the House Rules contained therein) which may be amended and varied from time to time by the Landlord pursuant to
Clauses 12, 12a and 12b herein , no other variation of the terms of this Agreement shall be effective unless the same is made in writing
and signed by each of the parties herein.

78. This Agreement inures to the benefit of and binds the parties and their respective
successors, assigns, heirs, executors, administrators, agents and representatives.

79. This Agreement shall be subject to, governed by and interpreted in accordance
with the laws of the Republic of Singapore.

80. Before referring any dispute arising out of or in connection with this Agreement,
the parties may consider settling the dispute through mediation under the Law Society Mediation Scheme. The parties are however not legally
obliged to attempt any such mediation as a means of settling the dispute.

Acknowledgement by Tenant's Representative affixed with Company Stamp

Page 15 of 17

**SCHEDULE B**

**<u>TERMS AND CONDITIONS FOR C.R.E.A.M. (to be read together with the entire Agreement)</u>**

The Tenant agrees with the Landlord on the following terms and conditions:

**Cleaning**

1. The Landlord shall perform or arrange for the performance of the items described
below two (02) times a month in respect of the Premises during the Term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;a. general cleaning of the living room and bedroom;

&nbsp;&nbsp;&nbsp;&nbsp;b. degreasing/cleaning of the kitchen and the toilet(s) tile surfaces;

&nbsp;&nbsp;&nbsp;&nbsp;c. tidying of clothing in the bedroom;

&nbsp;&nbsp;&nbsp;&nbsp;d. sanitizing of the kitchen, counter-tops, and sinks;

&nbsp;&nbsp;&nbsp;&nbsp;e. shifting all the food items from the bedroom to be placed in the kitchen and living
area; and

&nbsp;&nbsp;&nbsp;&nbsp;f. sanitizing the showers, faucets, and toilets.

**Reinstatement**

2. Upon the expiry or termination of this Agreement, the Landlord shall perform or arrange
for the performance of the items listed below.

&nbsp;&nbsp;&nbsp;&nbsp;a. repaint the walls and ceilings of living room, bedroom and toilet;

&nbsp;&nbsp;&nbsp;&nbsp;b. repaint the doors;

&nbsp;&nbsp;&nbsp;&nbsp;c. repaint of the kitchen yard;

&nbsp;&nbsp;&nbsp;&nbsp;d. repaint of the flooring;

&nbsp;&nbsp;&nbsp;&nbsp;e. repaint of the gas, sprinkler and PVC pipes;

&nbsp;&nbsp;&nbsp;&nbsp;f. repaint of the hand railing;

&nbsp;&nbsp;&nbsp;&nbsp;g. repaint of the metal bed frames;

&nbsp;&nbsp;&nbsp;&nbsp;h. repaint of the lockers;

&nbsp;&nbsp;&nbsp;&nbsp;i. cleaning of the whole unit (walls, floors, toilets, greasy pipes, doors frame, lockers
and bed frames);

&nbsp;&nbsp;&nbsp;&nbsp;j. replacement of all damaged items in unit (Fixtures handles, taps, power sockets);

&nbsp;&nbsp;&nbsp;&nbsp;k. fumigation of premises;

&nbsp;&nbsp;&nbsp;&nbsp;l. returning of the inventory items as listed in the Handing/Taking Over form;

&nbsp;&nbsp;&nbsp;&nbsp;m. return of original main door key and letterbox key;

3. For the avoidance of doubt, the Landlord's obligations as set out at Clause
2 of this Schedule B above shall exclude any rectification, replacement or any other work arising from: -

&nbsp;&nbsp;&nbsp;&nbsp;a. damage, missing, removed or modified items through mischief, wilful negligence,
misuse or non-compliance with the terms of the Agreement and the Tenant's Handbook (including any and all House Rules contained
therein) and/or any and all rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;b. the clearing of choked drainage, floor traps, sinks, basins, and toilets;

&nbsp;&nbsp;&nbsp;&nbsp;c. ad hoc pest treatments and/or disinfection treatments; and/or

&nbsp;&nbsp;&nbsp;&nbsp;d. removal and/or disposal of bulky items, unauthorized items or trash / garbage.

relating to the same shall apply and specifically, the Tenant shall be liable to the Landlord for all such costs that may be incurred and/or necessitated.

4. In the event that the Landlord is required to perform or arrange for the performance
of any such work as set out at Clause 3 of this Schedule B, the terms of this Agreement

Acknowledgement by Tenant's Representative affixed with Company Stamp

Page 16 of 17

**Enhancement and Additions**

5. In the event enhancement works are necessitated by changes in regulatory standards
resulting in the need for repair, decorations, installations or additions to be done to the unit, the tenant shall cooperate with the
Landlord (as defined in Clause 2a of Schedule A) in facilitating access to the relevant unit to allow the said works to be performed and
completed.

**Maintenance**

6. The Landlord will perform all maintenance items requiring repair, rectification or
replacement through aging, wear and tear in the course of ordinary and reasonable use excluding work arising from Clause 3a, 3b, 3c, and
3d of this Schedule B.

7. The Landlord shall not be liable for any loss or damage suffered by the Tenant in
respect of the Landlord's performance of its obligations set out at Clauses 1, 2, 5 and 6 of this Schedule B.

Acknowledgement by Tenant's Representative affixed with Company Stamp

Page 17 of 17

## Exhibit 10.9

**Exhibit 10.9**

**MASTER EQUIPMENT LEASE AGREEMENT**

**THIS AGREEMENT is made on 30th day of November 2021, BETWEEN:**

(1) JEBS ENTERPRISE PTE. LTD. (UEN: 201115306R), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessor ");

and,

(2) JENERIC ENGINEERING PTE. LTD. (UEN: 201109750Z), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#1 ");

(3) JENERIC INTERNATIONAL PTE. LTD. (UEN: 200900247G), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#2 ");

(4) JENERIC MARINE PTE. LTD. (UEN: 201107376Z), a company incorporated in
the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#3 ");

(5) JENERIC OFFSHORE PTE. LTD. (UEN: 201112113W), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#4 ");

(6) JENERIC SERVICES PTE. LTD. (UEN: 201112114H), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#5 "); and

(7) JENERIC VENTURE PTE. LTD. (UEN: 201936260N), a company incorporated
in the Republic of Singapore and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433 (the " Lessee
#6 "),

**(each of Lessee #1 to Lessee #6 is a "Lessee", and collectively the "Lessees"), (each a "Party", and collectively the "Parties").**

**WHEREAS:**

(A) The Lessor intends to lease various equipment to each of the Lessees
pursuant to the terms and conditions set out in separate, individual equipment lease agreements (each an " Individual Lease
Agreement " and collectively, the " Individual Lease Agreements ")
to be entered into between the Lessor and each respective Lessee.

(B) A template of the Individual Lease Agreement is annexed hereto in this
Agreement and shall serve as the basis for the equipment lease between the Lessor and the Lessee, subject to any modifications as may
be agreed between the Lessor and the relevant Lessee.

(C) For the avoidance of doubt, all commercial terms and conditions, such
as the Delivery, the Equipment to be leased, the Rental Period, the Rental Fees (each term as defined below) will be as set out in the
Individual Lease Agreement between the Lessor and each Lessee.

**IT IS AGREED as follows:**

1. DEFINITIONS AND INTERPRETATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. In this Agreement, except so far as the context otherwise requires,
the following terms shall have the following meanings, respectively:

---

| | |
|:---|:---|
| **"Delivery"** | **means the transfer of physical possession of the Equipment to the Lessee at the Lessee's premises;** |
| **"Equipment"** | **means the items of equipment and all substitutes, replacements or renewals of such equipment and all related accessories, manuals and instructions provided for it (if any) to be leased in the Individual Lease Agreement between the Lessor and each Lessee;** |
| **"Rental Period"** | **means the period of hire as mutually agreed between the Lessor and each Lessee;** |
| **"Rental Fees"** | **means the fees payable by the Lessee to the Lessor for each instance of hire of the Equipment as agreed between the Parties; and** |
| **"SIAC"** | **has the meaning ascribed to it in Clause 6;** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. In this Agreement, any headings and sub-headings used are for convenience
only and shall not affect the interpretation hereof, and except so far as the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. any reference to a statutory provision shall include such provision
as from time to time modified or re-enacted so far as such modification or re-enactment applies or is capable of applying to any transaction
entered into under or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. " this Agreement "
includes all amendments, additions, and variations thereto agreed between the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. " month " is a reference
to a period starting on one day in a calendar month and ending on the day immediately preceding the numerically corresponding day in the
next succeeding calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4. " written " and " in
writing " include any means of visible reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5. references to " Recitals ",
" Schedules " and " Clauses " are
to the recitals, schedules and the clauses of this Agreement which shall form part of this Agreement and shall have effect as if set out
in full in the body of this Agreement. References to " paragraphs " shall be to the
paragraphs of the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6. any reference to " include "
or " including " shall be deemed to be followed by " without limitation "
or " but not limited to " whether or not they are followed by such phrases or words
of like import.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7. unless the context otherwise requires, words (including words defined
in this Agreement) denoting the singular number shall include the plural and *vice versa*; the words " person "
and " parties " shall include natural persons and bodies corporate, and words denoting
any gender shall include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8. other grammatical forms of defined words or expressions have corresponding
meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9. all references to times and dates are references to times and dates
in the Republic of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10. any thing or obligation to be done under this Agreement which is required
or falls to be done on a stipulated day, shall be done on the next succeeding Business Day, if the day upon which that thing or obligation
is required or falls to be done falls on a day which is not a Business Day.

2. TERM OF THIS AGREEMENT

This Agreement shall continue for as long as any Individual Lease Agreement between the Lessor and a Lessee remains effective.

3. OBLIGATIONS

3.1. The obligations of each Lessee under this Agreement are several and
not joint with the obligations of any other Lessee, and no Lessee shall be responsible in any way for the performance of the obligations
of any other Lessee under this Agreement.

3.2 Nothing contained herein or in any other transaction document, and no
action taken by any Lessee pursuant hereto or thereto, shall be deemed to constitute the Lessees as, and the Lessor acknowledges that
the Lessees do not so constitute, a partnership, an association, a joint venture or any other kind of group or entity, or create a presumption
that the Lessees are in any way acting in concert or as a group or entity, and the Lessor shall not assert any such claim with respect
to such obligations or the transactions contemplated by this Agreement or any matters, and the Lessor acknowledges that the Lessees are
not acting in concert or as a group, and the Lessor shall not assert any such claim, with respect to such obligations or the transactions
contemplated by this Agreement.

3.3 The decision of each Lessee to lease equipment pursuant to this Agreement
and the Individual Lease Agreement has been made by such Lessee independently of any other Lessee. Each Lessee acknowledges that no other
Lessee has acted as agent for such Lessee in connection with its entry into the lease arrangement hereunder and that no other Lessee will
be acting as agent of such Lessee in connection with monitoring such Lessee's lease of the equipment or enforcing its rights under
this Agreement.

3.4 The Lessor and each Lessee confirm that each Lessee has independently
participated with the Lessor in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors.
Each Lessee shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of
this Agreement or out of any other transaction documents, and it shall not be necessary for any other Lessee to be joined as an additional
party in any proceeding for such purpose.

3.5 The use of this single agreement to effectuate the lease transactions
contemplated hereby was solely in the control of the Lessor, not the action or decision of any Lessee, and was done solely for the convenience
of the Lessor and was not because it was required or requested to do so by any Lessee.

3.6 It is expressly understood and agreed that each provision contained
in this Agreement and in each other transaction document is between the Lessor and a Lessee, solely, and not between the Lessor and the
Lessees collectively and not between and among the Lessees.

4. COUNTERPARTS

This Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement by signing any such counterpart and each counterpart shall be as valid and effectual as if executed as an original.

5. CONTRACTS (RIGHT OF THIRD PARTIES) ACT

A person who is not party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from the said Act.

6. GOVERNING LAW AND DISPUTE RESOLUTION

This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties hereto shall be governed, construed, and interpreted in accordance with the laws of Singapore without reference to any conflict of laws principles. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination, shall, failing amicable settlement of the dispute between the Parties, be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (the "**SIAC**") in accordance with the Arbitration Rules of SIAC for the time being in force and as amended from time to time, which rules are deemed incorporated by reference in this Clause. The seat of the arbitration shall be Singapore, and the arbitral tribunal shall consist of a sole arbitrator appointed by the Parties in terms of the SIAC rules wherein the award made by the tribunal shall be final and binding on the Parties. The language of arbitration shall be English, and the governing law of the arbitration shall be the law of Singapore.

*(the rest of this page is intentionally left blank)*

**ANNEXURE**

**TEMPLATE EQUIPMENT LEASE AGREEMENT**

**IN WITNESS WHEREOF this Agreement has been entered into on behalf of the Parties on the day and year first before written.**

**<u>THE LESSOR</u>**

---

| | | |
|:---|:---|:---|
| **Signed for and on behalf of** | **)** |  |
| **JEBS ENTERPRISE PTE. LTD.** | **)** | **/s/ Goh Kwang Yong** |
| **by its authorised representative** | **)** |  |
| **in the presence of:** | **)** |  |
| **/s/ Wan Hwee Chein** |  |  |
| **Witness' Name: Wan Hwee Chein** |  |  |
| **NRIC/Passport No.: \*\*\*** |  |  |

---

**<u>LESSEE #1</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC ENGINEERING PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Foo Ling Han |  |
| Witness' Name: Foo Ling Han |  |
| NRIC/Passport No.: \*\*\* |  |

---

**<u>LESSEE #2</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC INTERNATIONAL PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Wan Hwee Chein |  |
| Witness' Name: Wan Hwee Chein |  |
| NRIC/Passport No.: \*\*\* |  |

---

**<u>LESSEE #3</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC MARINE PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Foo Ling Han |  |
| Witness' Name: Foo Ling Han |  |
| NRIC/Passport No.: \*\*\* |  |

---

**<u>LESSEE #4</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC OFFSHORE PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Wan Hwee Chein |  |
| Witness' Name: Wan Hwee Chein |  |
| NRIC/Passport No.: \*\*\* |  |

---

**<u>LESSEE #5</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC SERVICES PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Foo Ling Han |  |
| Witness' Name: Foo Ling Han |  |
| NRIC/Passport No.: \*\*\* |  |

---

**<u>LESSEE #6</u>**

---

| | |
|:---|:---|
| Signed for and on behalf of) |  |
| **JENERIC VENTURE PTE. LTD.**) | /s/ Goh Kwang Yong |
| by its authorised representative) |  |
| in the presence of:) |  |
| /s/ Wan Hwee Chein |  |
| Witness' Name: Wan Hwee Chein |  |
| NRIC/Passport No.: \*\*\* |  |

---

## Exhibit 10.10

**Exhibit 10.10**

**EQUIPMENT LEASE AGREEMENT**

**THIS AGREEMENT is made on day of 2021, BETWEEN:**

(1) JEBS
 ENTERPRISE PTE. LTD. (UEN: 201115306R), a company incorporated in the Republic of Singapore
 and having its registered office at 1 Tuas View Place #03-14 Westlink One, Singapore 637433
 (the "**Lessor** "); and

(2) __________________
 (UEN: ______________), a company incorporated in the Republic of Singapore and having its
 registered office at ________________ (the "**Lessee** "),

(each a "**Party**", and collectively the "**Parties**").

**IT IS AGREED as follows:**

1. DEFINITIONS AND INTERPRETATIONS

1.1. In this Agreement, except
so far as the context otherwise requires, the following terms shall have the following meanings, respectively:

---

| | |
|:---|:---|
| **"Business Day"** | **means a day (other than a Saturday, Sunday or gazetted public holiday) on which commercial banks are open for business in Singapore;** |
| **"Delivery"** | **means the transfer of physical possession of the Equipment to the Lessee at the Site;** |
| **"Equipment"** | **means the items of equipment listed in Schedule 1; all substitutes, replacements or renewals of such equipment and all related accessories, manuals and instructions provided for it (if any);** |
| **"Initial Term"** | **has the meaning ascribed to it in Clause 2.1;** |
| **"Master Lease"** | **means the Master Equipment Lease Agreement entered between the Lessor and the Lessee dated 30 November 2021;** |
| **"Renewal Term"** | **has the meaning ascribed to it in Clause 2.1;** |
| **"Rental Period"** | **means the period of hire as mutually agreed between the Parties as set out in Clause 4;** |
| **"Rental Fees"** | **means the fees payable by the Lessee to the Lessor for each instance of hire of the Equipment as agreed between the Parties as set out in Clause 5.1;** |
| **"Risk Period"** | **means the period during which the Equipment is at the sole risk of the Lessee as set out in Clause 7.2;<br>**  |

---

---

| | |
|:---|:---|
| **"SIAC"** | **has the meaning ascribed to it in Clause 24;** |
| **"S$" or "Singapore Dollars"** | **means the lawful currency of the Republic of Singapore;** |
| **"Site"** | **means the Lessee's premises at __________________; and** |
| **"Total Loss"** | **means due to the Lessee's default, the Equipment is in the Lessor's reasonable opinion or the opinion of its insurer(s), damaged beyond repair, lost, stolen, seized or confiscated.** |

---

1.2. In this Agreement, any
headings and sub-headings used are for convenience only and shall not affect the interpretation hereof, and except so far as the context
otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. any reference to a statutory
provision shall include such provision as from time to time modified or re-enacted so far as such modification or re-enactment applies
or is capable of applying to any transaction entered into under or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. "**this Agreement**" includes all amendments, additions,
 and variations thereto agreed between the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. "**month** "
 is a reference to a period starting on one day in a calendar month and ending on the day
 immediately preceding the numerically corresponding day in the next succeeding calendar month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.4. "**written** "
 and "**in writing**" include any
 means of visible reproduction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.5. references
 to "**Recitals** ", "**Schedules** "
 and "**Clauses**" are to the recitals,
 schedules and the clauses of this Agreement which shall form part of this Agreement and shall
 have effect as if set out in full in the body of this Agreement. References to "**paragraphs** "
 shall be to the paragraphs of the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.6. any
 reference to "**include**" or "**including** "
 shall be deemed to be followed by "**without limitation** "
 or "**but not limited to**" whether
 or not they are followed by such phrases or words of like import.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.7. unless
 the context otherwise requires, words (including words defined in this Agreement) denoting
 the singular number shall include the plural and *vice versa*; the words "**person** "
 and "**parties**" shall include natural
 persons and bodies corporate, and words denoting any gender shall include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.8. other grammatical forms of defined words or expressions have corresponding
meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.9. all references to times and dates are references to times and dates
in the Republic of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.10. anything or obligation to be done under this Agreement which is required
or falls to be done on a stipulated day, shall be done on the next succeeding Business Day, if the day upon which that thing or obligation
is required or falls to be done falls on a day which is not a Business Day.

2. TERM OF THIS AGREEMENT

2.1. The
 term of this Agreement shall be for a period of _____ (__) years commencing from the date
 of this Agreement (the "**Initial Term** ").
 Upon the expiry of the Initial Term, this Agreement shall be automatically renewed for a
 further period of _____ (__) year (the "**Renewal Term** ")
 on the same terms and conditions, unless either Party provides written notice of its intention
 not to renew at least thirty (30) days prior to the expiry of the Initial Term. Any subsequent
 renewal or variation of terms shall be subject to mutual agreement between the Parties.

3. EQUIPMENT HIRE

3.1. Subject
 to the terms and conditions set out herein, the Lessor agrees to hire to the Lessee, and
 the Lessee may lease from the Lessor, the Equipment as set out in **Schedule 1** for the sole purpose of enabling the Lessee to use the
 Equipment in connection with its provision of corrosion prevention services.

3.2. The Lessor shall not, other than in the exercise of its rights under
this Agreement or any applicable laws, interfere with the Lessee's quiet possession of the Equipment.

4. RENTAL PERIOD

The Rental Period in respect of the Equipment shall be for such duration as may be mutually agreed between the Parties from time to time on an ad hoc basis, commencing from the date of Delivery of the Equipment to the Lessee and ending on the date the Equipment is returned to the Lessor. The specific Rental Period for each instance of hire shall be confirmed in writing (which may include confirmation by email) by the Parties prior to the commencement of each such Rental Period.

5. RENTAL FEES

5.1. The Lessee shall pay the Lessor the Rental Fees in Singapore Dollars,
calculated based on the actual duration of use of the Equipment and as mutually agreed between the Parties in writing (including by email)
prior to the commencement of each Rental Period. The Rental Fees for each hire shall be specified separately in the corresponding confirmation
document or invoice. The Lessee shall make payment within thirty (30) days from the date of the Lessor's invoice. All payments shall
be made in cleared funds to the bank account nominated by the Lessor.

5.2. The Rental Fees are not inclusive of any prevailing goods and services
tax and any other applicable taxes and duties or similar charges which shall be payable by the Lessee at the prevailing rate and in the
manner from time to time prescribed by law.

5.3. All amounts due under this agreement shall be paid in full without any
set-off, counterclaim, deduction or withholding (other than any deduction or withholding of tax as required by law).

6. DELIVERY

6.1. Delivery shall be made by the Lessor on a date and at a time mutually
agreed between the Parties for each Rental Period. The Lessor shall use all reasonable endeavours to effect Delivery in accordance with
such agreed schedule. Risk shall transfer in accordance with Clause 7.2 of this Agreement.

6.2. The Lessee shall procure that a duly authorised representative of the
Lessee shall be present at the Delivery of the Equipment. Acceptance of Delivery by such representative shall constitute conclusive evidence
that the Lessee has examined the Equipment and has found it to be in good condition, complete and fit in every way for the purpose for
which it is intended (save as regards any latent defects not reasonably apparent on inspection). If required by the Lessor, the Lessee's
duly authorised representative shall sign a receipt confirming such acceptance.

6.3. To facilitate Delivery, the Lessee shall provide all requisite materials,
facilities, access and suitable working conditions to enable Delivery to be carried out safely and expeditiously.

7. TITLE AND RISK

7.1. The Equipment shall at all times remain the property of the Lessor,
and the Lessee shall have no right, title or interest in or to the Equipment (save the right to possession and use of the Equipment subject
to the terms and conditions of this Agreement).

7.2. The
 risk of loss, theft, damage or destruction of the Equipment shall pass to the Lessee upon
 Delivery of the Equipment for each Rental Period. The Equipment shall remain at the sole
 risk of the Lessee during the Rental Period and any further period during which the Equipment
 is in the possession, custody or control of the Lessee (the "**Risk Period** ")
 until such time as the Lessor retakes possession of the Equipment.

7.3. The Lessee shall give immediate written notice to the Lessor in the
event of any loss, accident or damage to the Equipment arising out of or in connection with the Lessee's possession or use of the Equipment.

8. LESSEE'S RESPONSIBILITIES

8.1. The Lessee shall, throughout the Rental Period and for so long as it
retains possession, custody, or control of the Equipment (including any period beyond the agreed Rental Period until the Equipment is
returned to the Lessor), comply with the following obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that the Equipment is kept and operated in a suitable environment,
used only for the purposes for which it is designed, and operated in a proper manner by trained competent staff in accordance with any
operating instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take such steps (including compliance with all safety and usage instructions)
as may be necessary to ensure, so far as is reasonably practicable, that the Equipment is at all times safe and without risk to health
when it is being set, used, cleaned or maintained by a person at work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintain at its own expense the Equipment in good and substantial repair
in order to keep it in as good an operating condition as it was on Delivery (fair wear and tear only excepted) including replacement of
worn, damaged and lost parts, and shall make good any damage to the Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make no alteration to the Equipment and shall not remove any existing
component (or components) from the Equipment without the prior written consent of the Lessor unless to comply with any mandatory modifications
required by law or any regulatory authority or unless the component (or components) is (or are) replaced immediately (or if removed in
the ordinary course of repair and maintenance as soon as practicable) by the same component or by one of a similar make and model or an
improved or advanced version of it. Title in all substitutions, replacements, renewals made in or to the Equipment shall vest in the Lessor
immediately on installation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) keep the Lessor fully informed of all material matters relating to the
Equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) permit the Lessor or its duly authorised representative to inspect the
Equipment at all reasonable times and for such purpose to enter on the Site or any premises at which the Equipment may be located, and
shall grant reasonable access and facilities for such inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) maintain operating and maintenance records of the Equipment and make
copies of such records available to the Lessor upon request, together with such additional information as the Lessor may reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) not part with control of (including for the purposes of repair or maintenance),
sell or offer for sale, underlet or lend the Equipment or allow the creation of any mortgage, charge, lien or other security interest
in respect of it, under any circumstances and without exception;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not suffer or permit the Equipment to be confiscated, seized or taken
out of its possession or control under any distress, execution or other legal process, but if the Equipment is so confiscated, seized
or taken, the Lessee shall notify the Lessor and the Lessee shall at its sole expense use its best endeavours to procure an immediate
release of the Equipment and shall indemnify the Lessor on demand against all losses, costs, charges, damages and expenses incurred as
a result of such confiscation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) not use the Equipment for any unlawful purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ensure that at all times the Equipment remains identifiable as being
the Lessor's property and wherever possible shall ensure that a visible sign to that effect is attached to the Equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) deliver up the Equipment at the end of the Rental Period at such address
as the Lessor requires, or if necessary, allow the Lessor or its representatives access to the Site or any premises where the Equipment
is located for the purpose of removing the Equipment.

8.2. The Lessee acknowledges that the Lessor shall not be responsible for
any loss of or damage to the Equipment arising out of or in connection with any negligence, misuse, mishandling of the Equipment or otherwise
caused by the Lessee or its officers, employees, agents and contractors, and the Lessee shall indemnify the Lessor in full against all
liabilities, costs, expenses, damages and losses (including any direct, indirect or consequential losses, loss of profit, loss of reputation
and all interest, penalties and legal costs (calculated on a full indemnity basis) and all other professional costs and expenses) suffered
or incurred by the Lessor arising out of, or in connection with any failure by the Lessee to comply with its obligations in this Clause
8. 9. REPRESENTATIONS AND WARRANTIES

9.1. Each Party warrants, represents and undertakes to and with the other
Party that as at the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a corporation duly organised, validly existing and in good standing
under the laws of its jurisdiction of incorporation or formation, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has full legal right, power and authority, and has taken all action
necessary, to lawfully execute, deliver and exercise its rights, and to perform its obligations, under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) its obligations under this Agreement are legally binding and enforceable
in accordance with the terms contained herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all actions, conditions and things required to be taken, fulfilled and
done (including the obtaining of any necessary consents or licences or the making of any filing or registration, if required) in order
to (i) enable it to lawfully enter into, exercise its rights and perform or comply with its obligations under this Agreement; and (ii)
ensure that those obligations are valid, legally binding and enforceable, have been taken, fulfilled and done; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) its entry into, exercise of its rights and/or performance of or compliance
with its obligations under this Agreement do not and will not violate, breach or exceed any power or restriction granted or imposed under
(a) any law, regulation, authorisation, directive or order (whether or not having the force of law) to which it is subject; (b) its constitutive
documents; or (c) any agreement, instrument or document to which it is a party or which is binding on it or on its assets or undertaking.

9.2. The Lessor warrants that the Equipment shall substantially conform to
its specification (as made available by the Lessor), be of satisfactory quality and fit for any purpose held out by the Lessor at the
time of Delivery. The Lessor shall use all reasonable endeavours to remedy, free of charge, any material defect in the Equipment which
is notified by the Lessee in accordance with this Clause 9.2, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for a Rental Period of thirty (30) days or less, the Lessee notifies
the Lessor of any defect within one (1) Business Day of the defect occurring; and for a Rental Period exceeding thirty (30) days, the
Lessee notifies the Lessor in writing of any defect within five (5) Business Days of the defect occurring;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lessor is permitted to make a full examination of the alleged defect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the defect was not caused, in whole or in part, by misuse, neglect,
mishandling or unauthorised alteration or manipulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the defect was not caused, in whole or in part, by any information,
design or any other assistance supplied by the Lessee or on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the defect is directly attributable to defective material, workmanship
or design.

9.3. The Lessor further warrants, represents and undertakes to the Lessee
that it is the legal and beneficial owner of each of the Equipment, and each of the Equipment is in the possession or under the exclusive
control of the Lessor.

9.4. Insofar as the Equipment comprises or contains equipment or components
which were not manufactured or produced by the Lessor, the Lessee shall be entitled only to such warranty or other benefit as the Lessor
has received from the manufacturer.

9.5. If the Lessor fails to remedy any material defect in the Equipment in
accordance with Clause 9.2, the Lessor shall, at the Lessee's request, accept the return of part or all of the Equipment and a fair and
reasonable reduction (on a pro rata basis) to the Rental Fees payable for the affected portion of the Rental Period.

9.6. Each of the representations, warranties and undertakings given by either
Party under this Agreement shall be separate and independent and shall, unless expressly provided otherwise, not be limited by anything
in this Agreement.

10. TERMINATION

10.1. The Lessee may at any time elect to terminate this Agreement by giving
thirty (30) days written notice to the Lessor.

10.2. Without affecting any other right or remedy available to it, the Lessor
may terminate this agreement with immediate effect by giving written notice to the Lessee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lessee commits a breach of any other term of this agreement which
breach is irremediable or (if such breach is remediable) fails to remedy that breach within a period of thirty (30) days after being notified
in writing to do so;

10.3. This agreement shall automatically terminate if a Total Loss occurs
in relation to the Equipment.

11. EFFECTS OF TERMINATION

11.1. On expiry or termination of this agreement, however caused:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lessor's consent to the Lessee's possession of the Equipment shall
terminate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lessor may, by its authorised representatives, without notice and
at the Lessee's expense, retake possession of the Equipment and for this purpose may enter the Site or any premises at which the Equipment
is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Lessee shall ensure the safe and proper storage of the Equipment
until it has been collected by the Lessor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without prejudice to any other rights or remedies of the Lessee, the
Lessee shall pay to the Lessor, on demand, all Rental Fees and other sums due but unpaid at the date of such demand.

11.2. Any provision of this agreement that expressly or by implication is
intended to come into or continue in force on or after termination or expiry of this agreement shall remain in full force and effect.

11.3. Termination or expiry of this agreement shall not affect any rights,
remedies, obligations or liabilities of the parties that have accrued up to the date of termination or expiry, including the right to
claim damages in respect of any breach of the agreement which existed at or before the date of termination or expiry.

12. FORCE MAJEURE

Neither party shall be liable for any delay of failure in the performance of its obligations for so long as and to the extent that such delay or failure results from events, circumstances or causes beyond its reasonable control. If the period of delay or non-performance continues for thirty (30) days, the party not affected may terminate this agreement by giving seven (7) days' written notice to the affected party, notwithstanding the related party relationship between the Parties.

13. ENTIRE AGREEMENT

This Agreement and the Master Lease represents the entire agreement between the Parties and supersedes and cancels all previous agreements, letters, promises, assurances, representations, warranties and undertakings, if any, between the Parties with respect to the subject matter hereof, whether such be written or oral. Each Party acknowledges and agrees that: (i) it has not been induced to enter into this Agreement by a representation, warranty or undertaking (whether contractual or otherwise) that is not expressly set out in this Agreement; and (ii) no Party (nor its representatives and professional advisers) shall owe any duty of care to give advice to the other Party (or any of its representatives or professional advisers).

14. FURTHER ASSURANCE

The Parties shall execute all such instruments and documents and do all such acts and things as may be necessary or desirable so that full effect may be given to the provisions of this Agreement.

15. COSTS AND EXPENSES

Each Party shall bear its own legal costs, and any other costs and expenses incurred in connection with this Agreement or the transactions contemplated hereinunder.

16. ILLEGALITY

The illegality, invalidity or unenforceability of any provision of this Agreement under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision

17. NOTICES

Any notice, communication or demand required to be given, made or served under this Agreement shall be in writing and delivered by hand or sent by registered post or by fax or electronic mail to the intended recipient thereof at the address or electronic mail address as set out below (or as may be notified by a Party to the other from time to time) and marked for the attention of the person (if any), from time to time designated by that Party to the other for the purpose of this Agreement):

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| | |
|:---|:---|
| &nbsp;&nbsp;**<u>The Lessor</u>** |  |
| &nbsp;&nbsp;**Email Address** | &nbsp;&nbsp;**:** |
| &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**:** |
| &nbsp;&nbsp;**Attention** | &nbsp;&nbsp;**:** |
| &nbsp;&nbsp;**<u>The Lessee</u>** |  |
| &nbsp;&nbsp;**Email Address** | &nbsp;&nbsp;**:** |
| &nbsp;&nbsp;**Address** | &nbsp;&nbsp;**:** |
| &nbsp;&nbsp;**Attention** | &nbsp;&nbsp;**:** |

---

Any such notice, demand or other communication made or given by one Party to another Party in accordance with this Clause shall be effected and deemed to be duly served:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it is delivered, when left at the address required by this Clause;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it is sent by prepaid post, two (2) days after it is posted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if given or made by electronic mail, immediately upon transmission.

18. VARIATIONS

18.1. No variation of this Agreement shall be valid unless it is in writing
and signed by or on behalf of each Party. The expression "variation" shall include any amendment, supplement, deletion or replacement
however effected.

18.2. Unless expressly agreed, no variation shall constitute a general waiver
of any provisions of this Agreement, nor shall it affect any rights, obligations or liabilities under or pursuant to this Agreement which
have already accrued up to the date of variation, and the rights and obligations of the Parties under or pursuant to this Agreement shall
remain in full force and effect, except and only to the extent that they are so varied.

19. REMEDIES AND WAIVERS

No failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver thereof, nor will any single or partial exercise of any right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

20. INDEPENDENT CONTRACTOR

The Parties acknowledge that, notwithstanding their status as related parties under common ownership or control, their relationship under this Agreement shall be that of an independent contractor. Nothing in this Agreement shall be construed to designate a Party or any of its employees or agents, as employees, agents, joint ventures or partners of the other Party.

21. COUNTERPARTS

This Agreement may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement by signing any such counterpart and each counterpart shall be as valid and effectual as if executed as an original.

22. EXCLUSION OF SUPPLY OF GOODS ACT

The Parties hereby agree that the application of the Supply of Goods Act 1982 of Singapore is hereby expressly excluded.

23. CONTRACTS (RIGHT OF THIRD PARTIES) ACT

A person who is not party to this Agreement has no rights under the Contracts (Rights of Third Parties) Act 2001 of Singapore to enforce any term of this Agreement, but this does not affect any right or remedy of a third party which exists or is available apart from the said Act.

24. GOVERNING LAW AND DISPUTE RESOLUTION

This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the Parties hereto shall be governed, construed, and interpreted in accordance with the laws of Singapore without reference to any conflict of laws principles. Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination, shall, failing amicable settlement of the dispute between the Parties, be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (the "**SIAC**") in accordance with the Arbitration Rules of SIAC for the time being in force and as amended from time to time, which rules are deemed incorporated by reference in this Clause. The seat of the arbitration shall be Singapore, and the arbitral tribunal shall consist of a sole arbitrator appointed by the Parties in terms of the SIAC rules wherein the award made by the tribunal shall be final and binding on the Parties. The language of arbitration shall be English, and the governing law of the arbitration shall be the law of Singapore.

**IN WITNESS WHEREOF this Agreement has been entered into on behalf of the Parties on the day and year first before written.**

---

| | |
|:---|:---|
| **<u>THE LESSOR</u>** |  |
| **Signed for and on behalf of** | **)** |
| | **)** |
| **by its authorised representative** | **)** |
| **in the presence of:** | **)** |
| **Witness' Name:** |  |
| **NRIC/Passport No.:** |  |
| **<u>THE LESSEE</u>** |  |
| **Signed for and on behalf of** | **)** |
| | **)** |
| **by its authorised representative** | **)** |
| **in the presence of:** | **)** |
| **Witness' Name:** |  |
| **NRIC/Passport No.:** |  |

---

**<u>SCHEDULE 1</u>**

**LIST OF EQUIPMENT**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**S/N** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Working Pressure / Capacity** |

---

## Exhibit 10.11

**Exhibit 10.11**

**JENERIC HOLDINGS PTE. LTD.**

**AND**

**APEX GLOBAL SOLUTIONS LIMITED**

**AND**

**ASCENDO GLOBAL LIMITED**

**SHARE SWAP AGREEMENT**

**THIS SHARE SWAP AGREEMENT** (this "**Agreement**") is made on 20<sup>th</sup> day of May 2025

**BETWEEN:**

(1) **JENERIC HOLDINGS PTE. LTD.,** (company no.: 201109735H), a company incorporated under the laws of
Singapore with its registered office at 80 West Coast Road #05-15 Clementiwoods Condominium, Singapore 126816 (the "**Shareholder** ");

(2) **APEX GLOBAL SOLUTIONS LIMITED** (company no.: 2152650), a BVI business company incorporated under the laws of the British Virgin
Islands with its registered office at Asia Leading Chambers, Road Town, Tortola VG1110, British Virgin Islands (the "**Company** ");
and

(3) **ASCENDO GLOBAL LIMITED** (company no.: 2174150), a BVI business company incorporated under the laws of the British Virgin Islands
with its registered office at Craigmuir Chambers, Road Town, Tortola, VG 1110, British Virgin Islands (the "**Target BVI** ").

**WHEREAS:-**

(A) As of the date of this Agreement, the Company is a holding company incorporated under the laws of the
British Virgin Islands and is authorised to issue an unlimited number of Shares, consisting of two classes of ordinary Shares, class A
ordinary shares, with no par value each (the "**Class A Shares**") and class B ordinary shares, with no par value each
(the "**Class B Shares** "). The current issued shares comprise 22,500,000 Class A Shares that are held by 10 individuals
and corporate investors respectively.

Please refer to Schedule 1, Certificate of Incumbency dated 9 May 2025 of the Company.

(B) As of the date of this Agreement, the Shareholder holds 100% of the shares of Target BVI.

(C) As of the date of this Agreement, Target BVI is the sole registered legal and beneficial owner of six
(6) operating companies incorporated and operating in Singapore.

Please refer to Schedule 2, the corporate information of the six (6) subsidiaries incorporated and operating in Singapore.

(D) As part of the Company's reorganization plan for the proposed listing of the Company on a recognized
stock exchange, the Shareholder has agreed to sell and the Company has agreed to purchase all the issued shares of Target BVI (the "**Sale Shares**") in consideration for the Company to allot and issue an aggregate of **27,500,000 Class B Shares** to the Shareholder,
all credited as fully paid, upon the terms and conditions as set out in this Agreement (the "**Share Swap** ").

**IT IS HEREBY AGREED:**

**1.** **INTERPRETATION** 

In this Agreement, the Schedules and the Recitals hereto, unless the context requires otherwise:

"**Business Day**" means a day (other than Saturday, Sunday or public holiday) on which banks in the British Virgin Islands and Singapore are generally open for business;

"**Company Shares**" means an aggregate of **27,500,000 Class B Shares**, each credited as fully paid, which are to be allotted and issued by the Company to the Shareholder pursuant to the terms of this Agreement;

"**Completion**" means completion of events in Clause 3;

"**Sale Shares**" means two (2) shares issued by Target BVI, representing all the shares of Target BVI, as held legally and beneficially by the Shareholder as at the date of this Agreement; and

"**US$**" means United States dollars, the lawful currency of the United States.

2. SHARE SWAP

2.1 In consideration of the Shareholder, as the registered legal and beneficial
owner of the Sale Shares, transferring to the Company the Sale Shares simultaneously free from all rights of pre- emption, options, liens,
claims, equities, charges, encumbrances or third-party rights of whatsoever nature and with all dividends, benefits and rights now or
hereafter becoming attached or accruing thereto as from the date of this Agreement, the Company shall allot and issue **27,500,000 Class B Shares**, each credited as fully paid to the Shareholder ;

2.2 The Company Shares allotted and issued pursuant to Clause 2.1 shall be subjected to the rights associated
to Class B Shares constituted in the Memorandum and Articles of Association of the Company as at the Completion Date.

2.3 Subject to the terms and conditions of this Agreement, the underlying consideration basis for the Company
Shares allotted and issued pursuant to Clause 2.1 is determined based on the operating profits, net tangible assets and future prospect
of the Target BVI as at 31 December 2024

Please refer to Schedule 3, the Restructuring Memo.

3. COMPLETION

3.1 Completion of the transfer of the Sale Shares by the Shareholder and the allotment and issuance of the
Company Shares shall take place simultaneously at any place on the date of this Agreement or other time as the parties may agree.

3.2 At Completion, the Shareholder shall deliver to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the duly executed board resolutions of the Shareholder authorizing the transfer of the Sale Shares as contemplated under
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the duly executed board resolutions of Target BVI authorizing the transfer of the Sale Shares as contemplated under this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of the duly completed and executed share transfer forms in respect of the Sale Shares in favour of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) original share certificates of Target BVI in respect of the Sale Shares held by the Shareholder; and

3.3 Upon compliance by the Shareholders of Clause 3.2, the Company shall deliver to the Shareholder at Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of the duly executed board resolutions of the Company authorizing the entering into, approval,
execution and completion of this Agreement and all matters incidental hereto and the allotment and issuance of the Company Shares to the
Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an original of the share certificate in respect of the Company Shares allotted and issued to the Shareholder;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the updated register of members of the Company evidencing the allotment and issue of the Company
Shares to the Shareholder.

3.4 The Shareholder shall deliver to the Company a copy of the updated register of members of Target BVI evidencing the sale of the Sale
Shares to the Company within 14 days of Completion,

4. REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

4.1 The Company hereby represents, warrants and undertakes to the Shareholder that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company has full power and capacity to enter into this Agreement and to perform its obligations hereunder
and this Agreement has been duly authorized and executed by, and constitutes legally binding obligations of the Company and all necessary
resolutions and regulatory approvals (if applicable) have been obtained to enable the Company Shares to be allotted and issued to the
Shareholder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company Shares shall be allotted, issued and fully paid up in accordance with the constitutional documents
of the Company and all relevant laws, and free from all liens, claims, equities, charges, encumbrances or third-party rights of whatsoever
nature and rank equally with all other shares of similar class in the Company.

4.2 The Shareholders hereby represent, warrant and undertake to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Shareholder are the registered legal and beneficial owner of the Sale Shares free from all encumbrances
and are entitled to sell and/or transfer the Sale Shares and pass the full legal and beneficial ownership thereof with all rights thereto
to the Company on the terms of this Agreement. The Sale Shares are fully paid up. Save as disclosed herein, there is no option, pre-emption
right to acquire, mortgage, charge, pledge, lien or other form of security or encumbrance on, over or affecting, any shares of Target
BVI and its subsidiaries beyond the present issued shares or share capital nor have any claims been made by any company or persons entitled
to or claiming to be entitled to any of the foregoing, and there is no agreement or commitment to give or create any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Shareholder has the full power and capacity to enter into this Agreement and to perform their obligations
hereunder, and this Agreement has been duly executed by, and constitutes legally binding obligations of, the Shareholder, and all necessary
resolutions and regulatory approvals (if applicable) have been obtained to enable the Shareholder to enter into and perform the obligations
under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution and performance of this Agreement will not conflict with or result in a breach of or be
a reason for the termination or variation of any agreement or obligation with the Shareholder, to which Target BVI and its subsidiaries
are now a party or its respective assets are or may be bound or affected or be in violation of any law, rule or regulation of any governmental, administrative
or regulatory body or any order, injunction or decree of any judicial, administrative, regulatory or governmental body affecting Target
BVI.

4.3 Each of the representations, warranties and undertakings shall be separate and independent to the intent
that each party shall have a separate claim and right of action in respect of any breach thereof and save as expressly provided herein
shall not be limited by reference to anything else in this Agreement. Each of the representations, warranties and undertakings shall be
deemed repeated at Completion.

5. MISCELLANEOUS

5.1 Subject to any express provision of this Agreement to the contrary, each party to this Agreement shall
pay its/his/her own costs and disbursements of and incidental to the preparation, negotiation and completion of this Agreement and the
sale, allotment and issuance of shares hereby agreed to be made.

5.2 The Company and the Shareholder shall bear any taxes and stamp duty (if any) payable on the transfer of
the Sale Shares in equal shares.

5.3 Each notice, demand or other communication given or made under this Agreement shall be in writing and
delivered or sent to the relevant party at its/his/her address or email address set out below (or such other address or email address
as the addressee has by two (2) Business Days' prior written notice specified to the other parties):

**To the Company :**

---

| | |
|:---|:---|
| Address: | Asia Leading Chambers, Road Town, Tortola VG1110, British Virgin Islands |
| Email: | \*\*\* |
| Attention: | Chong Kee Ming |

---

**To the Shareholder :**

---

| | |
|:---|:---|
| Address: | 80 West Coast Road #05-15 Clementiwoods Condominium, Singapore 126816 |
| Email: | \*\*\* |
| Attention: | Goh Kwang Yong (Eric) |

---

5.4 Any such notice or other document shall be deemed to have been duly given upon receipt if delivered by
hand or if sent by email upon the receipt by the sender of the confirmation note indicating that the notice or communication has been
sent in full to the recipient's email address, or such other similar medium of confirmation and in the case of a notice sent by post it
shall be deemed to have been given on the second Business Day after posting if the address is in Singapore and on the fifth Business Day
after posting if the address is outside Singapore.

5.5 This Agreement constitutes the whole agreement between the parties hereto and shall supersede the terms
of any agreement, whether oral or otherwise, made prior to the entering into of this Agreement. No purported variations hereof shall be
effective unless made in writing and signed by all the parties hereto.

5.6 Each of the parties to this Agreement shall at the request of any of them do and execute or procure to
be done and executed all such further acts, deeds, things and documents as may be necessary to give effect to the terms of this Agreement.

5.7 No waiver by any party to this Agreement of any breach by another party of any provision hereof shall
be deemed to be a waiver of any subsequent breach of that or any other provision hereof and any forbearance or delay by the relevant party
in exercising any of its rights hereunder shall not be constituted as a waiver thereof.

5.8 The provisions of this Agreement shall be binding on and shall ensure for the benefit of the successors
and assigns and personal representatives (as the case may be) of each party.

6. THIRD PARTY RIGHTS

A person who is not a party to this Agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 of Singapore to enforce any term of this Agreement.

7. GOVERNING LAW AND JURISDICTION

This Agreement is governed by and shall be construed in accordance with the laws of Singapore and each of the parties hereto hereby irrevocably submits to the non-exclusive jurisdiction of the courts in Singapore and irrevocably waives any objection which it may at any time have to the laying of the venue of any proceedings in the courts in Singapore and any claim that any such proceedings have been brought in an inconvenient forum.

*[The remainder of this page is intentionally left blank]*

**IN WITNESS WHEREOF** this Agreement has been executed on the day and year first before written.

---

| | |
|:---|:---|
| **SIGNED** by) |  |
| GOH KWANG YONG (Eric) | /s/ Goh Kwang Yong |
| for and on behalf of) |  |
| **JENERIC HOLDINGS PTE. LTD.**) |  |
| in the presence of:) |  |

---

---

| | |
|:---|:---|
| **SIGNED** by) |  |
| CHONG KEE MING) | /s/ Chong Kee Ming |
| for and on behalf of) |  |
| **APEX GLOBAL SOLUTIONS LIMITED**) |  |
| in the presence of:) |  |

---

---

| | |
|:---|:---|
| **SIGNED** by) |  |
| GOH KWANG YONG (Eric) | /s/ Goh Kwang Yong |
| for and on behalf of) |  |
| **ASCENDO GLOBAL LIMITED**) |  |
| in the presence of:) |  |

---

<u>**Schedule 1**</u>

**Certificate of Incumbency of the Company**

**Dated 9 May 2025**

<u>(Omitted)</u>

<u>**Schedule 2**</u>

**Corporate information of the six (6) subsidiaries**

---

| | | | |
|:---|:---|:---|:---|
| <br> **Company / Company No.** | <br> **Shareholder/s** | **Total number of shares issued** | <br> **Director** |
| Jeneric Engineering Pte. Ltd. (Company No. 201109750Z) | Ascendo Global Limited | &nbsp;&nbsp; 100,000<br> ordinary shares | Goh Kwang Yong (Eric) |
| Jeneric International Pte. Ltd. (Company No. 200900247G) | Ascendo Global Limited | &nbsp;&nbsp; 100,000<br> ordinary shares | Goh Kwang Yong (Eric) |
| Jeneric Marine Pte. Ltd. (Company No. 201107376Z) | Ascendo Global Limited | &nbsp;&nbsp; 500,000<br> ordinary shares | Goh Kwang Yong (Eric) |
| Jeneric Offshore Pte. Ltd. (Company No. 201112113W) | Ascendo Global Limited | &nbsp;&nbsp; 200,000<br> ordinary shares | Goh Kwang Yong (Eric) |
| Jeneric Services Pte. Ltd. (Company No. 201112114H) | Ascendo Global Limited | &nbsp;&nbsp; 100,000<br> ordinary shares | Goh Kwang Yong (Eric) |
| Jeneric Venture Pte. Ltd. (Company No. 201936260N) | Ascendo Global Limited | &nbsp;&nbsp; 100,000<br> ordinary shares | Goh Kwang Yong (Eric) |

---

<u>**Schedule 3**</u>

**Restructuring Memo**

**Dated 12 May 2025**

<u>(Omitted)</u>

## Exhibit 10.12

**Exhibit 10.12**

**APEX GLOBAL SOLUTIONS LIMITED**

**2025 EQUITY INCENTIVE PLAN**

1. <u>Purposes of the Plan</u>. APEX Global Solutions Limited, a British Virgin Islands business company
(the " <u>Company</u> ") hereby establishes the APEX Global Solutions Limited 2025 Equity Incentive Plan (the " <u>Plan</u> ").
The purpose of the Plan is to promote the long-term success of the Company and the creation of shareholder value by (a) encouraging Employees,
Directors and Consultants to focus on the Company's performance, (b) encouraging the attraction and retention of Employees, Directors
and Consultants with exceptional qualifications and (c) linking Employees, Directors and Consultants directly to shareholder interests
through increased share ownership. The Plan permits the grant of Incentive Share Options, Non-statutory Share Options, Restricted Shares,
Restricted Share Units, and Share Appreciation Rights as the Administrator may determine.

2. <u>Definitions</u>. The following definitions will apply
to the terms in the Plan:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"<u>Company</u>" means APEX Global Solutions Limited, a British Virgin Islands business company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"<u>Plan</u>" means this APEX Global Solutions Limited 2025 Equity Incentive Plan, as it may be amended from time to time.

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

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

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

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

"<u>Share</u>" means a Class A ordinary share in the Company, no par value, as adjusted in accordance with <u>Section 10</u>.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price</u>. The Exercise Price for the Shares to be issued pursuant to exercise of an Option
will be no less than the Fair Market Value per Share on the Grant Date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Exercise Price and Other Terms</u>. The Exercise Price for the exercise of an SAR will be no less than
the Fair Market Value per Share on the Grant Date. No SAR shall be exercisable on or after the tenth anniversary of the Grant Date.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Adopted by the Board of Directors on August 13, 2025.

## Exhibit 10.13

**Exhibit 10.13**

**APEX GLOBAL SOLUTIONS LIMITED** 

**2025 EQUITY INCENTIVE PLAN**

**<u>SHARE OPTION AGREEMENT</u>**

Unless otherwise defined herein, the terms in this Share Option Agreement (the "**<u>Option Agreement</u>**") have the same meanings as defined in the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "**<u>Plan</u>**").

**I.**  **<u>NOTICE OF SHARE OPTION GRANT</u>** 

**Optionee:**

**Address:**

You have been granted an Option to purchase Class A ordinary shares of the Company, subject to the terms and conditions of the Plan and this Option Agreement, as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Grant Date:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vesting Commencement Date:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exercise Price per Share:** | <u>[No less than fair market value at grant date]</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Number of Shares Granted:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exercise Price:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Type of Option:** | <u>[Nonstatutory Share Option (unless granted to an employee subject to U.S. tax, then may be an ISO)]</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expiration Date:** | Ten (10) years after Grant Date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Vesting Schedule:** |  |

---

**II.**  **<u>AGREEMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of Option</u>**. The Administrator grants to the Optionee named in the Notice of Share Option Grant in <u>Part I</u> of this Option Agreement, an Option to purchase the number of Shares set forth in the Notice of Share Option Grant, at the exercise price per Share set forth therein (the "**<u>Exercise Price</u>**"), and subject to the terms and conditions of the Plan, which is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and this Option Agreement, the terms and conditions of the Plan prevail.

If designated in the Notice of Share Option Grant as an Incentive Share Option, this Option is intended to qualify as an Incentive Share Option as defined in Section 422 of the Code. Nevertheless, to the extent that it exceeds the US$100,000 rule of Section 422(d) of the Code, this Option will be treated as a Nonstatutory Share Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Exercise of Option</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) <u>Right to Exercise</u>. This Option is exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Share Option Grant and with the applicable provisions of the Plan and this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Method of Exercise</u>. This Option is exercisable by (i) delivery of an exercise notice in the form attached as <u>Exhibit A</u> (the "**<u>Exercise Notice</u>**"), or in a manner and pursuant to procedures as the Administrator may determine, which will state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and other representations and agreements as may be required by the Company and (ii) paying the Company in full the aggregate Exercise Price as to all Shares being acquired, together with any applicable tax withholding.

This Option will be deemed to be exercised upon receipt by the Company of a fully executed Exercise Notice accompanied by the aggregate Exercise Price, together with any applicable tax withholding.

&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>Method of Payment</u>. The aggregate Exercise Price may be paid in accordance with **Section 6** of the Plan to the extent permittd by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Restrictions on Exercise</u>**. This Option may not be exercised if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares would constitute a violation of any Applicable Law. No Shares will be issued pursuant to the exercise of an Option unless the issuance and exercise of Shares complies with Applicable Laws. The Company will be relieved of any liability with respect to any delayed issuance of Shares or its failure to issue Shares if such delay or failure is necessary to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Effects of Termination of Employment or Service</u>**. Termination of employment or service shall have the effects on Option granted to the Optionee pursuant to **Section 6** of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **<u>Non-Transferability of Option</u>**. This Option is exercisable, during the Optionee's lifetime, only by the Optionee. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution or, upon notice to the Administrator, to family members (as defined in the Plan), and may be exercised only by Optionee or the designated beneficiary. The terms of the Plan and this Option Agreement are binding upon the permitted executors, administrators, heirs, successors and assigns of Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Term of Option</u>**. This Option may be exercised only within the term set out in the Notice of Share Option Grant, and may be exercised during the term only in accordance with the Plan and the terms of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>No Rights as Shareholder</u>**. Until the issuance of the Shares (as evidenced by the appropriate entry in the register of members of the Company), no right to vote or receive dividends or any other rights as a shareholder exists with respect to the Shares, notwithstanding the exercise of the Option. The Shares will be issued to Optionee as soon as practicable after the Option is duly exercised in accordance with the Option Agreement and the Plan. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance except as provided in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Tax Obligations</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) <u>Notice of Disqualifying Disposition of ISO Shares</u>. If the Option granted to Optionee is an ISO, and if Optionee sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after the Grant Date, or (ii) the date one (1) year after the date of exercise, Optionee must immediately notify the Company of the disposition in writing. Optionee agrees that Optionee may be subject to income tax withholding by the Company on the compensation income recognized by Optionee.

&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>Code Section 409A.</u> Under Section 409A of the Code, an Option that vests after December 31, 2004 that was granted with a per Share exercise price that is determined by the U.S. Internal Revenue Service (the "**<u>IRS</u>**") to be less than the Fair Market Value of a Share on the Grant Date (a "discount option") may be considered deferred compensation. For an Optionee subject to U.S. income tax, an Option that is a discount option may result in (i) income recognition by Optionee prior to the exercise of the Option, (ii) an additional twenty percent (20%) tax, and (iii) potential penalty and interest charges. Optionee acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share Exercise Price of this Option equals or exceeds Fair Market Value of a Share on the Grant Date in a later examination. Optionee agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the Grant Date, Optionee will be solely responsible for any and all resulting tax consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>No Employment Contract Created</u>**. Neither the Plan nor this Option Agreement shall confer upon the Optionee any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Option Agreement shall be construed to limit the discretion of the Company or any of its Affiliates to terminate at will Optionee's employment or terminate Optioneee's service at any time, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Tax Withholding</u>**. The Company has the power and the right to deduct or withhold, or require Optionee to remit to the Company, an amount sufficient to satisfy national, federal, state, provincial and local taxes (including income and employment taxes) required by Applicable Laws to be withheld with respect to the grant and exercise of the Option. Optionee understands that Optionee may suffer adverse tax consequences as a result of Optionee's purchase or disposition of the Shares. Optionee represents that Optionee has consulted with any tax consultants Optionee deems advisable in connection with the purchase or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Compliance with Law</u>**. The exercise of the Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all Applicable Laws. No Shares shall be issued pursuant to this Option unless and until any then applicable requirements of Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. Optionee understands that the Company is under no obligation to register the underlying Shares with the Securities and Exchange Commission (the "**<u>Commission</u>**"), any state securities commission or any stock exchange to effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Interpretation</u>**. The Option is being issued pursuant to the terms of the Plan, and is to be interpreted in accordance therewith. The Administrator will interpret and construe this Option Agreement and the Plan, and any action, decision, interpretation or determination made in good faith by the Administrator will be final and binding on the Company and Optionee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Notices</u>**. Any notice required to be delivered to the Company under this Option Agreement shall be in writing and addressed to the Company's principal executive office as specified in any report filed by the Company with the Commission or to such address as the Company may have specified to Optionee in writing, Attention: Corporate Secretary. Any notice required to be delivered to Optionee under this Option Agreement shall be in writing and addressed to Optionee at the Optionee's address as set forth on the Notice of Share Option Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **<u>No Waiver</u>**. No waiver of any breach or condition of this Option Agreement will be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **<u>Optionee Undertaking</u>**. Optionee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on Optionee pursuant to the express provisions of this Option Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **<u>Options Subject to Plan</u>**. This Option Agreement is subject to the Plan as approved by the Company's Board of Directors. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **<u>Discretionary Nature of Plan</u>**. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Option in this Option Agreement does not create any contractual right or other right to receive any Options or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of Optionee's employment or service relationships with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **<u>Successors and Assigns</u>**. The Company may assign any of its rights under this Option Agreement. This Option Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and the Plan, this Option Agreement will be binding upon Optionee and Optionee's beneficiaries, executors, administrators and the person(s) to whom the Option may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **<u>Amendment</u>**. The Administrator has the right to amend, alter, suspend, discontinue or cancel the Option, prospectively or retroactively; provided, that, no such amendment shall materially adversely affect Optionee's rights under this Option Agreement without Optionee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **<u>Severability</u>**. The invalidity or unenforceability of any provision of the Plan or this Option Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Option Agreement, and each provision of the Plan and this Option Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **<u>Governing Law</u>**. This Option Agreement is governed by, and construed in accordance with, the laws of the State of New York, without regard to the principles of conflicts of law thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **<u>Entire Agreement</u>**. This Option Agreement (including the Notice of Share Option Grant) and the Plan, constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede all previously written or oral negotiations, commitments, representations and agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **<u>Counterparts; Facsimile Execution</u>**. This Option Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument. Facsimile execution and delivery of this Option Agreement or electronic transmission of signatures in portable document format (pdf) is legal, valid and binding execution and delivery for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **<u>Acceptance</u>**. Optionee hereby acknowledges receipt of a copy of the Plan and this Option Agreement. Optionee has read and understands the terms and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Option Agreement. Optionee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Option or disposition of the underlying shares and that Optionee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

[*remainder of page left blank intentionally*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Share Option Agreement as of the date first written above.

---

| | |
|:---|:---|
| OPTIONEE | APEX GLOBAL SOLUTIONS LIMITED |
| Signature | By |
| Print Name | Print Name |
| Residence Address | Title |

---

**2025 EQUITY INCENTIVE PLAN**

**NOTICE OF EXERCISE OF OPTION**

APEX Global Solutions Limited

[Address]

Attention: _______________, _________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise of Option</u>. Effective as of today, _____________, _____, the undersigned ("***<u>Optionee</u>***") elects to exercise Optionee's option (the "***<u>Option</u>***") to purchase _________ Class A ordinary shares (the "***<u>Shares</u>***") of APEX Global Solutions Limited (the "***<u>Company</u>***") under and pursuant to the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "***<u>Plan</u>***") and the Share Option Agreement dated ____________, ____ (the "***<u>Option Agreement</u>***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delivery of Payment</u>. Optionee herewith delivers to the Company the full purchase price of the Shares, as set forth in the Option Agreement, and any and all withholding taxes due in connection with the exercise of the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Entire Agreement</u>. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the Plan, and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and may not be modified adversely to Optionee's interest except by means of a writing signed by the Company and Optionee.

[*signature page follows*]

---

| | |
|:---|:---|
| Submitted by: | Accepted by: |
| OPTIONEE | APEX GLOBAL SOLUTIONS LIMITED |
| Signature | By |
| Print Name | Print Name |
|  | Title |
| Address: | Address: |
|  | Date Received |

---

## Exhibit 10.14

**Exhibit 10.14**

**APEX GLOBAL SOLUTIONS LIMITED** 

**2025 EQUITY INCENTIVE PLAN**

**<u>NOTICE OF RESTRICTED SHARE AWARD</u>**

Capitalized but otherwise undefined terms in this Notice of Restricted Share Award and the attached Restricted Share Award Agreement shall have the same defined meanings as in the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "**<u>Plan</u>**").

Grantee Name:   Address:  

You have been granted Restricted Shares subject to the terms and conditions of the Plan and the attached Restricted Share Award Agreement, as follows:

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date of Grant: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting Commencement Date <br> (if different from Date of Grant): |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase Price per Share: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Number of Shares Granted: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement Date: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vesting Schedule: |

---

**APEX GLOBAL SOLUTIONS LIMITED**

**2025 EQUITY INCENTIVE PLAN**

**<u>RESTRICTED SHARE AWARD AGREEMENT</u>**

This **RESTRICTED SHARE AWARD AGREEMENT** ("**<u>Agreement</u>**"), dated as of the Agreement Date specified on the Notice of Restricted Share Award is made by and between APEX Global Solutions Limited, a British Virgin Islands business company (the "**<u>Company</u>**"), and the grantee named in the Notice of Restricted Share Award (the "**<u>Grantee</u>**," which term as used herein shall be deemed to include any permitted successor to Grantee by will or by the laws of descent and distribution, unless the context shall otherwise require). Capitalized terms used but not otherwise defined in this Agreement have the meanings ascribed to them in the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "**<u>Plan</u>**").

**BACKGROUND**

Pursuant to the Plan, the Company, acting through the Administrator, approved the issuance to Grantee, effective as of the date set forth above, of an award of the number of Restricted Shares ("**<u>Restricted Shares</u>**") as is set forth in the attached Notice of Restricted Share Award (which is expressly incorporated herein and made a part hereof, the "**<u>Notice of Restricted Share Award</u>**"), upon the terms and conditions hereinafter set forth.

**NOW, THEREFORE**, in consideration of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

1. **<u>Grant and Purchase of Restricted Shares</u>**. The Company hereby grants to Grantee, and Grantee hereby accepts and purchases, the number of Restricted Shares set forth in the Notice of Restricted Share Award.

2. **<u>Shareholder Rights</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Voting Rights</u>. After the Grantee's name is entered on the register of members of the Company as the shareholder of record with respect to the Restricted Shares until such time as all or any part of the Restricted Shares are forfeited to the Company under this Agreement, if ever, Grantee (or any successor in interest) has the rights of a shareholder, including voting rights, with respect to the Restricted Shares subject, however, to the transfer restrictions or any other restrictions set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Dividends and Other Distributions</u>. After the Grantee's name is entered on the register of members of the Company as the shareholder of record with respect to the Restricted Shares until such time as all or any part of the Restricted Shares are forfeited to the Company under this Agreement, if ever, Grantee holding Restricted Shares is entitled to all regular cash dividends or other distributions paid with respect to all Restricted Shares while they are so held. Notwithstanding the foregoing, any dividends or other distributions shall be subject to the same restrictions on transferability and forfeitability as the Restricted Shares with respect to which they were paid.

3. **<u>Vesting of Restricted Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Restricted Shares are restricted and subject to forfeiture until vested. The Restricted Shares which have vested and are no longer subject to forfeiture are referred to as "**<u>Vested Shares</u>**." All Restricted Shares which have not become Vested Shares are referred to as "**<u>Nonvested Shares</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Restricted Shares will vest and become nonforfeitable in accordance with the vesting schedule contained in the Notice of Restricted Shares Grant. In the event of a Change in Control, the Administrator, pursuant to the Plan, may accelerate the time at which all or any portion of Grantee's Restricted Shares will vest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to any exceptions set forth in this Agreement or the Plan, Nonvested Shares may not be sold, transferred, assigned, pledged, or otherwise disposed of, directly or indirectly, whether by operation of law or otherwise. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber such Shares or the rights relating thereto shall be wholly ineffective.

4. **<u>Forfeiture of Nonvested Shares</u>**. Except as otherwise provided herein and subject to the Plan, if Grantee's service with the Company or any Affiliate ceases for any reason other than Grantee's (a) death, (b) Disability, or (c) Retirement, any Nonvested Shares will be automatically forfeited to the Company upon such termination of service and neither the Company or any Affiliate shall have any further obligations to the Grantee under this Agreement or the Plan. In the event of Grantee's death or if Grantee's employment by or service to the Company is terminated for Disability or Retirement, 100% of the Nonvested Shares shall vest as of the date of such termination. "**<u>Retirement</u>**" means Grantee's retirement from Company employ as determined in accordance with the policies of the Company or its Affiliates in good faith by the Board of Directors of the Company, which determination will be final and binding on all parties concerned.

5. **<u>Certificates and Legend</u>**. The Company may issue certificates or evidence Grantee's interest by using a restricted book entry account with the Company's transfer agent. The Company has the right to retain the certificates evidencing Nonvested Shares in the Company's possession until such time as all restrictions applicable to such Shares have been satisfied. A legend may be placed on any certificate(s) or other document(s) evidencing the Restricted Shares indicating restrictions on transferability of the Restricted Shares pursuant to this Agreement or any other restrictions that the Administrator may deem advisable under and the Plan and any Applicable Law.

6. **<u>Recapitalizations, Exchanges, Mergers, Etc.</u>** The provisions of this Agreement apply to the full extent set forth herein with respect to any and all shares of the Company or successor of the Company which may be issued in respect of, in exchange for, or in substitution for the Restricted Shares by reason of any share dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise which does not terminate this Agreement. Except as otherwise provided herein, this Agreement is not intended to confer upon any other person except the parties hereto any rights or remedies hereunder.

7. **<u>No Employment Contract Created</u>**. The issuance of the Restricted Shares is not to be construed as granting to Grantee any right with respect to continuance of employment or any service with the Company or any of its Affiliates. The right of the Company or any Affiliate to terminate at will Grantee's employment or terminate Grantee's service at any time (whether by dismissal, discharge or otherwise), with or without Cause, is specifically reserved, subject to any other written employment or other agreement to which the Company or any Affiliate and Grantee may be a party.

8. **<u>Tax Withholding</u>**. The Company has the power and the right to deduct or withhold, or require Grantee to remit to the Company, an amount sufficient to satisfy national, federal, state, provincial and local taxes (including income and employment taxes) required by Applicable Laws to be withheld with respect to the grant and vesting of the Restricted Shares.

9. **<u>Compliance with Law</u>**. The issuance and transfer of Restricted Shares shall be subject to compliance by the Company and Grantee with all Applicable Laws. No Restricted Shares shall be issued or transferred unless and until any then applicable requirements of Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. Grantee understands that the Company is under no obligation to register the Restricted Shares with the Securities and Exchange Commission (the "**<u>Commission</u>**"), any state securities commission or any stock exchange to effect such compliance.

10. **<u>Interpretation</u>**. The Restricted Shares are being issued pursuant to the terms of the Plan, and are to be interpreted in accordance therewith. The Administrator will interpret and construe this Agreement and the Plan, and any action, decision, interpretation or determination made in good faith by the Administrator will be final and binding on the Company and Grantee.

11. **<u>Notices</u>.** Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Company's principal executive office as specified in any report filed by the Company with the Commission or to such address as the Company may have specified to Grantee in writing, Attention: Company Secretary. Any notice required to be delivered to Grantee under this Agreement shall be in writing and addressed to Grantee at the Grantee's address as set forth on the Notice of Restricted Share Award.

12. **<u>No Waiver</u>.** No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.

13. **<u>Grantee Undertaking</u>.** Grantee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on Grantee pursuant to the express provisions of this Agreement.

14. **<u>Restricted Shares Subject to Plan</u>**. This Agreement is subject to the Plan as approved by the Company's Board of Directors. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

15. **<u>Discretionary Nature of Plan</u>**. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Shares in this Agreement does not create any contractual right or other right to receive any Restricted Share or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of Grantee's employment or service relationships with the Company.

16. **<u>Successors and Assigns</u>**. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and the Plan, this Agreement will be binding upon Grantee and Grantee's beneficiaries, executors, administrators and the person(s) to whom the Restricted Shares may be transferred by will or the laws of descent or distribution.

17. **<u>Amendment</u>**. The Administrator has the right to amend, alter, suspend, discontinue or cancel the Restricted Shares, prospectively or retroactively; provided, that, no such amendment shall materially adversely affect Grantee's rights under this Agreement without Grantee's consent.

18. **<u>Severability</u>.** The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

19. **<u>Governing Law</u>.** This Agreement is governed by, and construed in accordance with, the laws of the State of New York, without regard to the principles of conflicts of law thereof.

20. **<u>Entire Agreement</u>.** This Agreement (including the Notice of Restricted Share Award) and the Plan, constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede all previously written or oral negotiations, commitments, representations and agreements with respect thereto.

21. **<u>Counterparts; Facsimile Execution</u>.** This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument. Facsimile execution and delivery of this Agreement or electronic transmission of signatures in portable document format (pdf) is legal, valid and binding execution and delivery for all purposes.

22. **<u>Acceptance</u>**. Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. Grantee has read and understands the terms and provisions thereof, and accepts the Restricted Shares subject to all of the terms and conditions of the Plan and this Agreement. Grantee acknowledges that there may be adverse tax consequences upon the grant or vesting of the Restricted Shares or disposition of the underlying shares and that Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Restricted Share Award Agreement as of the date first written above.

---

| |
|:---|
| For and on behalf of |
| APEX GLOBAL SOLUTIONS LIMITED |
| By: |
| Name: |
| Title: |
| GRANTEE: |
| Name: |

---

## Exhibit 10.15

**Exhibit 10.15**

**APEX GLOBAL SOLUTIONS LIMITED**

**2025 EQUITY INCENTIVE PLAN**

**<u>NOTICE OF RESTRICTED SHARE UNITS AWARD</u>**

Capitalized but otherwise undefined terms in this Notice of Restricted Share Units Award and the attached Restricted Share Units Award Agreement shall have the same defined meanings as in the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "**<u>Plan</u>**").

Grantee Name:   Address:  

You have been granted Restricted Shares Units subject to the terms and conditions of the Plan and the attached Restricted Share Units Award Agreement, as follows:

---

| |
|:---|
| Date of Grant: |
| Vesting Commencement Date |
| (if different from Date of Grant): |
| Total Number of RSUs Granted: |
| Agreement Date: |
| Vesting Schedule: |

---

**APEX GLOBAL SOLUTIONS LIMITED**

**2025 EQUITY INCENTIVE PLAN**

**RESTRICTED SHARE UNITS AWARD AGREEMENT**

This **RESTRICTED SHARE UNITS AWARD AGREEMENT** (this "**<u>Agreement</u>**"), dated as of the Agreement Date specified on the Notice of Restricted Share Units Award (the "**<u>Notice</u>**") is made by and between APEX Global Solutions Limited, a British Virgin Islands business company (the "**<u>Company</u>**"), and the grantee named on the Notice (the "**<u>Grantee</u>**," which term as used herein shall be deemed to include any successor to Grantee by will or by the laws of descent and distribution, unless the context shall otherwise require). Capitalized terms used but not otherwise defined in this Agreement have the meanings ascribed to them in the APEX Global Solutions Limited 2025 Equity Incentive Plan (the "**<u>Plan</u>**," which, along with the Notice, is expressly incorporated herein and made a part hereof).

**BACKGROUND**

Pursuant to the Plan, the Company, acting through the Administrator, approved the issuance to Grantee, effective as of the Agreement Date set forth on the Notice, of an award of the number of Restricted Share Units ("**<u>Restricted Share Units</u>**" or "**<u>RSUs</u>**"), upon the terms and conditions hereinafter set forth. This award of Restricted Share Units is subject to all of the terms and conditions set forth in the Plan, the Notice and this Agreement.

**NOW, THEREFORE**, in consideration of the mutual premises and undertakings hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **<u>Award of Restricted Share Units</u>**. Subject to the restrictions and other terms and conditions set forth on the Notice, this Agreement and the Plan, the Company hereby grants to you the number of RSUs identified on the Notice as of the Grant Date therein specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **<u>Vesting of RSUs</u>**. Subject to **<u>Section 5</u>** hereof, the RSUs awarded as set forth on the Notice will vest and become nonforfeitable, with respect to the applicable portion thereof, according to the vesting schedule set forth on the Notice (the "**<u>Vesting Schedule</u>**") and subject to Grantee's continued employment by or service to the Company through the applicable vesting dates as a condition to the vesting of the applicable installment of the RSUs and the rights and benefits under this Agreement. In the event of a Change in Control, the Administrator, pursuant to the Plan, at its sole discretion, may accelerate the time at which all or any portion of Grantee's RSUs will vest. The RSUs which have vested and are no longer subject to forfeiture are referred to as "**<u>Vested RSUs</u>**." All RSUs which have not become Vested RSUs are referred to as "**<u>Nonvested RSUs</u>**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **<u>Consideration to the Company</u>**. In consideration of the grant of the award of RSUs by the Company, Grantee agrees to render faithful and efficient services to the Company or any Affiliate. Nothing in the Plan, the Notice or this Agreement shall confer upon Grantee any right to continue in the employ or service of the Company or any Affiliate or shall interfere with or restrict in any way the rights of the Company and its Affiliates, which rights are hereby expressly reserved, to discharge or terminate the services of Grantee at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or an Affiliate and Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **<u>Grant is Not Transferable</u>**. Subject to any exceptions set forth in this Agreement or the Plan, during the Period of Restriction and until such time as the RSUs are settled in accordance with **<u>Section 6</u>**, the RSUs or the rights relating thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to assign, alienate, pledge, attach, sell or otherwise transfer or encumber the RSUs or the rights relating thereto shall be wholly ineffective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **<u>Forfeiture of Nonvested RSUs</u>**. Except as otherwise provided herein, if Grantee's service with the Company terminates for any reason other than Grantee's (a) death, (b) Disability, or (c) Retirement, any Nonvested RSUs will be automatically forfeited, terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and Grantee, or Grantee's beneficiary or personal representative, as the case may be, shall have no further rights hereunder. In the event of Grantee's death or if Grantee's employment by or service to the Company is terminated for Disability or Retirement, all Nonvested RSUs shall become fully vested and no longer such just to forfeiture upon the date of such event. "**<u>Retirement</u>**" means Grantee's retirement from Company employ as determined in accordance with the policies of the Company or its Affiliates in good faith by the Board of Directors of the Company, which determination will be final and binding on all parties concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **<u>Settlement of Restricted Share Units</u>**. Subject to Section 10 hereof, promptly following the vesting date, and in any event no later than sixty (60) days after such vesting date (for the avoidance of doubt, this deadline is intended to comply with the "short-term deferral" exemption from Section 409A of the Code), the Company shall (a) issue and deliver to the Grantee the number of Shares equal to the number of Vested RSUs; and (b) enter the Grantee's name on the register of members of the Company as the shareholder of record with respect to the Shares delivered to the Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **<u>No Rights as Shareholder</u>**. The holder of the RSUs shall not be, nor have any of the rights or privileges of, a shareholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any Shares underlying the RSUs and deliverable hereunder unless and until such Shares shall have been issued by the Company and held of record by such holder (as evidenced by the appropriate entry of the name of the holder of Shares underlying the RSUs on the register of members of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date of such entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **<u>Recapitalizations, Exchanges, Mergers, Etc.</u>** The provisions of this Agreement apply to the full extent set forth herein with respect to any and all shares of the Company or successor of the Company which may be issued in respect of, in exchange for, or in substitution for the RSUs by reason of any share dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise which does not terminate this Agreement. Except as otherwise provided herein, this Agreement is not intended to confer upon any other person except the parties hereto any rights or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **<u>No Employment Contract Created</u>**. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position, as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company or any of its Affiliates to terminate at will Grantee's employment or terminate Grantee's service at any time, with or without Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **<u>Tax Withholding</u>**. The Company has the power and the right to deduct or withhold, or require Grantee to remit to the Company, an amount sufficient to satisfy national, federal, state, provincial and local taxes (including income and employment taxes) required by Applicable Laws to be withheld with respect to the grant and settlement of the RSUs. Grantee understands that Grantee may suffer adverse tax consequences as a result of Grantee's acquisition or disposition of the Shares. Grantee represents that Grantee has consulted with any tax consultants Grantee deems advisable in connection with the acquisition or disposition of the Shares and that Optionee is not relying on the Company for any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **<u>Compliance with Law</u>**. The issuance and transfer of Shares shall be subject to compliance by the Company and Grantee with all Applicable. No Shares shall be issued or transferred unless and until any then applicable requirements of Applicable Laws have been fully complied with to the satisfaction of the Company and its counsel. Grantee understands that the Company is under no obligation to register the Shares with the Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **<u>Interpretation</u>**. The RSUs are being issued pursuant to the terms of the Plan, and are to be interpreted in accordance therewith. The Administrator will interpret and construe this Agreement and the Plan, and any action, decision, interpretation or determination made in good faith by the Administrator will be final and binding on the Company and Grantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **<u>Notices</u>.** Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Company's principal executive office as specified in any report filed by the Company with the Securities and Exchange Commission or to such address as the Company may have specified to Grantee in writing, Attention: Corporate Secretary. Any notice required to be delivered to Grantee under this Agreement shall be in writing and addressed to Grantee at the Grantee's address as set forth on the Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **<u>No Waiver</u>.** No waiver of any breach or condition of this Agreement will be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **<u>Grantee Undertaking</u>.** Grantee hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on Grantee pursuant to the express provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **<u>Restricted Share Units Subject to Plan</u>**. This Agreement is subject to the Plan as approved by the Company's Board of Directors. The terms and provisions of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **<u>Discretionary Nature of Plan</u>**. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion. The grant of the Restricted Share Units in this Agreement does not create any contractual right or other right to receive any RSUs, Share or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination of the Plan shall not constitute a change or impairment of the terms and conditions of Grantee's employment or service relationships with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **<u>Successors and Assigns</u>**. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein and the Plan, this Agreement will be binding upon Grantee and Grantee's beneficiaries, executors, administrators and the person(s) to whom the RSUs may be transferred by will or the laws of descent or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **<u>Amendment</u>**. The Administrator has the right to amend, alter, suspend, discontinue or cancel the RSUs, prospectively or retroactively; provided, that, no such amendment shall materially adversely affect Grantee's rights under this Agreement without Grantee's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **<u>Severability</u>.** The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **<u>Governing Law</u>.** This Agreement is governed by, and construed in accordance with, the laws of the State of New York, without regard to the principles of conflicts of law thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **<u>Entire Agreement</u>.** This Agreement (including the Notice) and the Plan, constitute the entire agreement between the parties with respect to the subject matter hereof, and supersede all previously written or oral negotiations, commitments, representations and agreements with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.** **<u>Section 409A</u>**. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **<u>Counterparts; Facsimile Execution</u>.** This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original, but all of which together will constitute one and the same instrument. Facsimile execution and delivery of this Agreement or electronic transmission of signatures in portable document format (pdf) is legal, valid and binding execution and delivery for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **<u>Acceptance</u>**. Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. Grantee has read and understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Agreement. Grantee acknowledges that there may be adverse tax consequences upon the vesting or settlement of the RSUs or disposition of the underlying shares and that Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.

[*Remainder of Page Intentionally Left Blank*]

**IN WITNESS WHEREOF**, the parties hereto have executed this Restricted Share Units Award Agreement as of the date first written above.

---

| |
|:---|
| For and on behalf of |
| APEX GLOBAL SOLUTIONS LIMITED |
| By: |
| Name: |
| Title: |
| GRANTEE: |
| Name: |

---

## Exhibit 14.1

**Exhibit 14.1**

**APEX GLOBAL SOLUTIONS 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 of APEX Global Solutions Limited (together with its subsidiaries, the "**Company**") has adopted this Code of Ethics and Business Conduct (this "**Code**") in order to:

&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;(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;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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**.

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 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 3.3**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Persons 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 Compliance 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 Compliance Officer with a written description of the activity and seeking the Compliance 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 Compliance Officer. If the Company does not have a Compliance Officer, then references in this Code to Compliance Officer shall be deemed to be references to the Company's Chief Executive Officer.

4. <u>Compliance With Applicable Laws, Rules and Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Directors, officers and employees 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 directors, officers and employees 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. If any doubt exists about whether a course of action is lawful, they should seek advice immediately from their supervisor or the Compliance Officer.

&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 non-public information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material non-public information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material non-public information regarding the Company or any other company to (a) obtain profit for himself or herself; or (b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Corporate Opportunities</u>.

Directors, officers and employees are prohibited from taking for themselves opportunities that are discovered through the use of corporate property, information or position without the informed prior consent of the Board of Directors. They may not use corporate property or information obtained through their position with the Company for improper personal gain, and they may not compete with the Company directly or indirectly. Furthermore, each director, officer and employee owes a duty to the Company to advance its legitimate interests when such an opportunity arises.

6. <u>Discrimination and Harassment</u>.

The Company is firmly committed to providing equal opportunity in all aspects of employment and will not tolerate any illegal discrimination or harassment based on race, ethnicity, religion, gender, age, national origin or any other protected class.

7. <u>Health and Safety</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The Company strives to provide employees with a safe and healthy work environment. Each employee has responsibility for maintaining a safe and healthy workplace for other employees by following environmental, safety and health rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions. Violence or threats of violence are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Each employee is expected to perform his/her duty to the Company in a safe manner, free of any influence of alcohol, illegal drugs or other controlled substances. The use of illegal drugs or other controlled substances in the workplace is prohibited.

8. <u>Company Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 All Company records must be complete, accurate and reliable in all material respects. There is never an acceptable reason to make false or misleading entries. The Company requires honest and accurate recording and reporting of information in order to make responsible business decisions and to comply with the law. For example, employees who must report their hours worked should only report the true and actual number of hours worked (whether for purposes of individual pay or for purposes of reporting such information to customers). Undisclosed or unrecorded funds, payments or receipts are strictly prohibited. An employee is responsible for understanding and complying with the Company's recordkeeping policy. An employee should contact the supervisor or the Compliance Officer if he/she has any questions regarding the recordkeeping policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must conform both to applicable legal requirements and to the Company's system of internal control.

9. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Company's periodic reports and other documents filed with the SEC, including all financial statements and other Company information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other Company 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;9.3 Each director, officer and employee who is involved in the Company's disclosure process must: (a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and (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.

10. <u>Reporting and Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Reporting and Investigation of Violations</u>.

&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, or the Board of Directors if no Audit Committee exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Actions prohibited by this Code involving any other person must be reported to the reporting person's supervisor or the Compliance Officer.

&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, or the Board of Directors if no Audit Committee exists, the relevant supervisor or the Compliance Officer must promptly take all appropriate actions necessary to investigate.

&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 <u>Enforcement</u>.

&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;(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 full Board of Directors.

&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 Compliance Officer determines that a violation of this Code has occurred, the supervisor or the Compliance Officer will report such determination to the Chief Executive Officer or the Board of Directors if the Company does not have a Compliance Officer.

&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 of Directors or the Chief Executive Officer 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 <u>Waivers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Audit Committee (or the Board of Directors if no Audit Committee exists) (in the case of a violation by a director or executive officer) and the Chief Executive Officer (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code subject to applicable national exchange rules and SEC regulations.

&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 any applicable national exchange rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Prohibition on Retaliation</u>.

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.

***Adopted by the Board of Directors on August 15, 2025.***

## Exhibit 21.1

**Exhibit 21.1**

**List of Subsidiaries**

---

| | | |
|:---|:---|:---|
| **Name** | **Jurisdiction of Incorporation** | **Percentage of Ownership** |
| Ascendo Global Limited | British Virgin Islands | 100% |
| Jeneric Engineering Pte. Ltd. | Singapore | 100% |
| Jeneric International Pte. Ltd. | Singapore | 100% |
| Jeneric Marine Pte. Ltd. | Singapore | 100% |
| Jeneric Offshore Pte. Ltd. | Singapore | 100% |
| Jeneric Services Pte. Ltd. | Singapore | 100% |
| Jeneric Venture Pte. Ltd. | Singapore | 100% |

---

## Exhibit 23.1

**Exhibit 23.1**

---

| | |
|:---|:---|
| ![](ex23-1_001.jpg) | **Assentsure PAC<br> UEN – 201816648N**<br> 180B Bencoolen Street #03-01<br> The Bencoolen Singapore 189648<br> http://www.assentsure.com.sg |

---

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent inclusion in this Registration Statement on Form F-1 of our report dated June 13, 2025, with respect to the consolidated financial statements of APEX Global Solutions Limited and Subsidiaries (the "Company") as of December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, including the related consolidated balance sheets, consolidated statements of operations and comprehensive income, consolidated statements of changes in shareholders' equity, and consolidated statements of cash flows.

We also consent to the reference to us under the heading "Experts" in this Registration Statement.

/s/ Assentsure PAC

Singapore

August 19, 2025

## Exhibit 99.2

**Exhibit 99.2**

**APEX GLOBAL SOLUTIONS LIMITED**

**AUDIT COMMITTEE CHARTER**

**PURPOSE OF THE COMMITTEE**

The purposes of the Audit Committee (the "Committee") of the Board of Directors (the "Board") of APEX Global Solutions Limited (the "Company") is to assist the Board in fulfilling its legal and fiduciary obligations with respect to matters involving the accounting, auditing, financial reporting, internal control and legal compliance functions of the Company, including, without limitation, the Board's oversight responsibility relating to (i) the integrity of the Company's financial statements, (ii) the Company's compliance with legal and regulatory requirements, (iii) the Company's independent auditors' qualifications and independence, and (iv) the performance of the Company's independent auditors and the Company's internal audit function.

In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not full-time employees of the Company or members of management and are not, and do not represent themselves to be, accountants or auditors by profession. As such, it is not the duty or the responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures to determine if the financial statements are complete and accurate and whether they have been prepared in accordance with generally accepted accounting principles in effect or to set auditor independence standards. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons within and outside the Company and management from which it receives information, (ii) the accuracy of the financial and other information provided to the Committee absent actual knowledge to the contrary (which shall be promptly reported to the Board), and (iii) statements made by the officers and employees of the Company and its subsidiaries and affiliated entities or other third parties as to any information technology, internal audit and other non-audit services provided by the independent accountants to the Company. In carrying out its responsibilities, the Committee's policies and procedures shall be adapted, as appropriate, to best react to changing markets and regulatory environments.

**MEMBERSHIP, STRUCTURE AND QUALIFICATIONS**

The Committee shall consist of three or more members as determined from time to time by the Board. Each member of the Committee shall be qualified to serve on the Committee pursuant to Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), applicable rules of the stock market on which the Company's shares are trading (the "Stock Market") and any additional requirements that the Board deems appropriate.

The chairperson of the Committee (the "Chairperson") shall be designated by the Board. Any vacancy on the Committee shall be filled by the Board. No member of the Committee shall be removed except by the Board.

Each member of the Committee must be financially literate, as such qualification is interpreted by the Board in its business judgment, or must become financially literate within a reasonable period of time after his or her appointment to the Committee. In addition, at least one member of the Committee must be designated by the Board to be the "audit committee financial expert", as defined in Item 16A of Form 20-F by the U.S. Securities and Exchange Commission (the "SEC").

**MEETINGS OF THE COMMITTEE**

The Committee shall meet as often as it determines is appropriate to carry out its duties and responsibilities under this charter, but not less frequently than quarterly. The Chairperson shall preside at each meeting and, in the absence of the Chairperson, one of the other members of the Committee shall be designated as the acting chair of the meeting. The Chairperson, in consultation with the other committee members, shall determine the frequency and length of the committee meetings and shall set meeting agendas consistent with this charter. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary. The Committee should meet separately and periodically with (i) management, (ii) the person in charge of the Company's internal auditing department or other personnel responsible for the internal audit function and (iii) the Company's independent auditors, in each case to discuss any matters that the Committee or any of the above persons or firms believe warrant the Committee's attention.

Unless the Committee or the Board adopts other procedures, the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, applicable to meetings of Board committees will govern meetings of the Committee.

The Committee shall maintain minutes of its meetings and records relating to those meetings and shall report regularly to the Board on its activities, as appropriate.

Subject to the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, the Committee may delegate its authority to subcommittees or the Chairperson of the Committee when it deems it appropriate and in the best interests of the Company.

**DUTIES AND RESPONSIBILITIES OF THE COMMITTEE**

In carrying out its duties and responsibilities, the Committee's policies and procedures should remain flexible, so that it may be in a position to best address, react or respond to changing circumstances or conditions. The following duties and responsibilities are within the authority of the Committee and the Committee shall, consistent with and subject to applicable law and rules and regulations promulgated by the SEC, the Stock Market, or any other applicable regulatory authority:

**Independent Auditors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be directly responsible for the appointment, compensation, retention, evaluation and oversight of the work of the independent auditors for the purpose of preparing or issuing an audit report or performing other audit, review or attestation services for the Company. Such independent auditors must report directly to the Committee and the Committee has the ultimate authority to approve all audit engagement fees and terms, with the costs of all engagements borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pre-approve all auditing services and all non-audit services permitted to be performed by the independent auditors, and to consider whether the performance by the outside auditors of non-audit services is compatible with maintaining the independence of the outside auditors. Such pre-approval may be given as part of the Committee's approval of the scope of the engagement of the independent auditors or on an engagement-by-engagement basis or pursuant to pre-established policies. In addition, the authority to pre-approve non-audit services may be delegated by the Committee to one or more of its members, but such member's or members' non-audit service approval decisions must be reported to the full Committee at the next regularly scheduled meeting. The Company shall disclose in its annual reports (and periodic reports, if any) required by Section 13(a) of the Exchange Act any approval of non-audit services during the period covered by the applicable report. The independent auditors shall not be retained to perform the non-audit functions prohibited by applicable law and the rules of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review the performance of the Company's independent auditors, including the lead partner and reviewing partner of the independent auditors, and, in its sole discretion, make decisions regarding the replacement or termination of the independent auditors when circumstances warrant;

P a g e \| **2**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Evaluate the independent auditors' qualifications, performance and independence, and shall present its conclusions with the respect to the independent auditor to the Board on at least an annual basis. As part of such evaluation, the Committee shall obtain at least annually from the Company's independent auditors and review a report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) describing the independent auditors' internal quality-control procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) describing any material issues raised by (i) the most recent internal quality-control review, peer review or Public Company Accounting Oversight Board ("PCAOB") review, of the independent auditors, or (ii) any inquiry or investigation by governmental or professional authorities, within the preceding five years, regarding one or more independent audits carried out by the independent auditors; and any steps taken to deal with any such issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) describing all relationships between the independent auditors and the Company consistent with applicable requirements of the PCAOB regarding the independent auditor's communications with the audit committee concerning independence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) assuring that Section 10A of the Exchange Act has not been implicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review and evaluate the lead audit partner of the independent auditor team(s), as well as other senior members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Confirm and evaluate the rotation of the audit partners on the audit engagement team as required by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Consider whether the independent auditor should be rotated, so as to assure continuing auditor independence; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Obtain the opinion of management and the internal auditors of the independent auditor's performance.

**Financial Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Review and discuss with the independent auditors their annual audit plan, including the timing and scope of audit activities, and monitor such plan's progress and results during the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Review with management, the Company's independent auditors and the Company's internal auditing department, the following information which is required to be reported by the independent auditor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all critical accounting policies and practices to be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all alternative treatments of financial information that have been discussed by the independent auditors and management, ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all other material written communications between the independent auditors and management, such as any management letter and any schedule of unadjusted differences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any material financial arrangements of the Company which do not appear on the financial statements of the Company;

P a g e \| **3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review with management, the Company's independent auditors and, if appropriate, the Company's internal auditing department, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Company's annual audited financial statements and unaudited interim financial statements, including the Company's disclosures under Item 5 of Form 20-F "Operating and Financial Review and Prospects," and any major issues related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) major issues regarding accounting principles and financial statements presentations, including any significant changes in the Company's selection or application of accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any analyses prepared by management and/or the independent auditors setting forth significant financial reporting issues and judgments made in connection with the preparation of the financial statements, including analyses of the effects of alternative generally accepted accounting principles methods on the Company's financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the effect of regulatory and accounting initiatives, as well as off- balance sheet structures, on the financial statements of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolve all disagreements between the Company's independent auditors and management regarding financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review on a regular basis with the Company's independent auditors any problems or difficulties encountered by the independent auditors in the course of any audit work, including management's response with respect thereto, any restrictions on the scope of the independent auditor's activities or on access to requested information, and any significant disagreements with management. In connection therewith, the Committee should review with the independent auditors the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any accounting adjustments that were noted or proposed by the independent auditors but were rejected by management (as immaterial or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any communications between the audit team and the independent auditor's national office respecting auditing or accounting issues presented by the engagement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any "management" or "internal control" letter issued, or proposed to be issued, by the independent auditors to the Company;

**Financial Reporting Process and Internal Controls**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Review:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the adequacy and effectiveness of the Company's accounting and internal control policies and procedures on a regular basis, including the responsibilities, budget, compensation and staffing of the Company's internal audit function, through inquiry, discussions and periodic meetings with the Company's independent auditors, management and the person in charge of internal auditing department;

P a g e \| **4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the annual report prepared by management, and attested to by the Company's independent auditors, assessing the effectiveness of the Company's internal control over financial reporting and stating management's responsibility for establishing and maintaining adequate internal control over financial reporting prior to its inclusion in the Company's annual report on Form 20-F; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Committee's level of involvement and interaction with the Company's internal audit function, including the Committee's line of authority and role in appointing and compensating employees in the internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Review with the chief executive officer, chief financial officer and independent auditors, periodically, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Discuss guidelines and policies governing the process by which senior management of the Company and the relevant departments of the Company, including the internal auditing department, assess and manage the Company's exposure to risk, as well as the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review with management the progress and results of all internal audit projects, and, when deemed necessary or appropriate by the Committee, direct the Company's chief executive officer to assign additional internal audit projects to the person in charge of the Company's internal auditing department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Review with management the Company's administrative, operational and accounting internal controls, including any special audit steps adopted in light of the discovery of material control deficiencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Receive periodic reports from the Company's independent auditors, management and the Company's internal auditing department to assess the impact on the Company of significant accounting or financial reporting developments that may have a bearing on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Review and discuss with the independent auditors the results of the year-end audit of the Company, including any comments or recommendations of the Company's independent auditors and, based on such review and discussions and on such other considerations as it determines appropriate, recommend to the Board whether the Company's financial statements should be included in the annual report on Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Establish and maintain free and open means of communication between and among the Committee, the Company's independent auditors, the Company's internal auditing department and management, including providing such parties with appropriate opportunities to meet separately and privately with the Committee on a periodic basis; and

P a g e \| **5**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Review the type and presentation of information to be included in the Company's earnings press releases, as well as financial information and earnings guidance provided by the Company to analysts and rating agencies (which review may be done generally (i.e., discussion of the types of information to be disclosed and type of presentations to be made), and the Committee need not discuss in advance each earnings release or each instance in which the Company may provide earnings guidance).

**Legal and Regulatory Compliance, Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Establish and implement clear hiring policies by the Company for employees or former employees of the Company's independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Meet periodically with the Company's counsel when appropriate, to review legal and regulatory matters, including (i) any matters that may have a material impact on the financial statements of the Company and (ii) any matters involving potential or ongoing material violations of law or breaches of fiduciary duty by the Company or any of its directors, officers, employees or agents or breaches of fiduciary duty to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review and pre-approve any proposed transaction between the Company or any of its subsidiaries or consolidated affiliated entities and any of the officers, directors or shareholders of the Company (each, a "Related Party") and/or any affiliate of a Related Party required to be disclosed pursuant to Item 7.B. of Form 20-F. Management shall not cause the Company to enter into any new related party transaction unless such transaction is approved by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Oversee compliance with the Company's code of ethics and perform such duties and responsibilities as may be assigned to the Committee under the code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Establish procedures for (i) the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls or auditing matters, and (ii) the confidential, anonymous submission by employees of the Company of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel or other consultants or advisers as it deems necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Secure independent expert advice to the extent the Committee determines it to be appropriate, including retaining, with or without Board approval, independent counsel, accountants, consultants or others, to assist the Committee in fulfilling its duties and responsibilities, the cost of such independent expert advisors to be borne by the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Perform such additional activities, and consider such other matters, within the scope of its responsibilities, as the Committee or the Board deems necessary or appropriate.

**ANNUAL EVALUATION OF THE COMMITTEE**

The Committee shall, on an annual basis, evaluate its performance. The evaluation shall address all matters that the Committee considers relevant to its performance, including a review and assessment of the adequacy of this charter, and shall be conducted in such manner as the Committee deems appropriate.

The Committee shall deliver to the Board a report, which may be oral, setting forth the results of its evaluation, including any recommended amendments to this charter.

Adopted by the Board of Directors on August 15, 2025.

P a g e \| **6**

## Exhibit 99.3

**Exhibit 99.3**

**APEX GLOBAL SOLUTIONS LIMITED**

**COMPENSATION COMMITTEE CHARTER**

**PURPOSE OF THE COMMITTEE**

The purposes of the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of APEX Global Solutions Limited (the "Company") is to oversee the Company's compensation structure and practices, including its executive compensation and incentive-compensation and equity-based plans, and to perform such further functions as may be consistent with this charter or assigned by applicable law, the Company's memorandum and articles of association, as amended and restated from time to time, or the Board.

**COMPOSITION OF THE COMMITTEE**

The Committee shall consist of two or more directors as determined from time to time by the Board. Each member of the Committee shall be qualified to serve on the Committee pursuant to the applicable rules of the stock market on which the Company's shares are trading and any additional requirements that the Board deems appropriate. Composition of the Committee shall also comply with any other applicable laws and regulations.

The chairperson of the Committee (the "Chairperson") shall be designated by the Board. Any vacancy on the Committee shall be filled by the Board. No member of the Committee shall be removed except by the Board.

**MEETINGS AND PROCEDURES OF THE COMMITTEE**

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less than once annually. The Chairperson shall preside at each meeting and, in the absence of the Chairperson, one of the other members of the Committee shall be designated as the acting chair of the meeting. The Chairperson, in consultation with the other committee members, shall determine the frequency and length of the committee meetings and shall set meeting agendas consistent with this charter. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary, provided, that the Chief Executive Officer of the Company may not be present during any portion of a Committee meeting in which deliberation or any vote regarding his or her compensation occurs.

Unless the Committee or the Board adopts other procedures, the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, applicable to meetings of Board committees will govern meetings of the Committee.

The Committee shall maintain minutes of its meetings and records relating to those meetings and shall report regularly to the Board on its activities, as appropriate.

Subject to the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, the Committee may delegate its authority to subcommittees or the Chairperson of the Committee when it deems it appropriate and in the best interests of the Company.

**DUTIES AND RESPONSIBILITIES OF THE COMMITTEE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee shall, at least annually, review and evaluate and, if necessary, revise the Company's compensation policies or programs, or recommend that the Board amend these policies or programs if the Committee deems it appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee shall annually evaluate the performance of the Chief Executive Officer and each of the Company's other executive officers in light of the goals and objectives of the Company's compensation policies or programs, determine and approve the compensation of the Chief Executive Officer and other executive officers, including without limitation, salary, bonus and incentive compensation levels, deferred compensation, executive perquisites, equity compensation (including awards to induce employment), severance arrangements, change-in-control benefits and other forms of executive officer compensation. The Company's management shall determine the compensation of all other employees of the Company and the Committee shall have the right to review the compensation of such employees and recommend any proposed changes to the management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Committee shall, at least annually, review and evaluate the performance of the Company's directors and recommend to the Board the compensation for the directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee shall review and evaluate the Company's long-term incentive compensation, share option, employee pension and welfare benefit plans (subject, if applicable, to shareholder approval), including the review and recommendation of any equity-based incentive plans of the Company that are subject to Board approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To perform such duties and responsibilities as may be assigned to the Committee under the terms of any compensation or other employee benefit plan, including any incentive- compensation or equity-based plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To perform such other functions as assigned by law, the Company's memorandum and articles of association or the Board.

**EVALUATION OF THE COMMITTEE**

The Committee shall report to the Board periodically. At least annually, the Committee shall evaluate its own performance and report to the Board on such evaluation. The Committee shall also periodically review and assess the adequacy of this charter and recommend any proposed changes to the Board for approval.

**INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS**

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser. The Committee shall be directly responsible for the appointment, compensation and oversight of the work of any compensation consultant, legal counsel or other adviser retained by the Committee. The Company must provide for appropriate funding, as determined by the Committee, for payment of reasonable compensation to a compensation consultant, legal counsel or any other adviser retained by the Committee.

The Committee may select a compensation consultant, legal counsel or other adviser to the Committee only after taking into consideration all factors relevant to that person's independence from management, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 provision of other services to the Company by the person that employs the compensation consultant,
 legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 amount of fees received from the Company by the person that employs the compensation consultant,
 legal counsel or other adviser, as a percentage of the total revenue of the person that employs
 the compensation consultant, legal counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 policies and procedures of the person that employs the compensation consultant, legal counsel
 or other adviser that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any
 business or personal relationship of the compensation consultant, legal counsel or other
 adviser with a member of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 share of the Company owned by the compensation consultant, legal counsel or other adviser;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 business or personal relationship of the compensation consultant, legal counsel, other adviser
 or the person employing the adviser with an executive officer of the Company.

Adopted by the Board of Directors on August 15, 2025.

## Exhibit 99.4

**Exhibit 99.4**

**APEX GLOBAL SOLUTIONS LIMITED**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**PURPOSE OF THE COMMITTEE**

The purposes of the Nominating and Corporate Governance Committee (the "Committee") of the Board of Directors (the "Board") of APEX Global Solutions Limited (the "Company") is to identify and to recommend to the Board individuals qualified to serve as directors of the Company and on committees of the Board; to advise the Board with respect to the Board composition, procedures and committees; to develop and recommend to the Board a set of corporate governance principles applicable to the Company; and to oversee the evaluation of the Board.

**COMPOSITION OF THE COMMITTEE**

The Committee shall consist of two or more directors, as determined from time to time by the Board. Each member of the Committee shall be qualified to serve on the Committee pursuant to the applicable rules of the stock market on which the Company's shares are trading (the "Stock Market Rules") and any additional requirements that the Board deems appropriate. Composition of the Committee shall also comply with any other applicable laws and regulations.

The chairperson of the Committee (the "Chairperson") shall be designated by the Board. Any vacancy on the Committee shall be filled by the Board. No member of the Committee shall be removed except by the Board.

**MEETINGS AND PROCEDURES OF THE COMMITTEE**

The Committee shall meet as often as it determines necessary to carry out its duties and responsibilities, but no less frequently than once annually. The Chairperson shall preside at each meeting and, in the absence of the Chairperson, one of the other members of the Committee shall be designated as the acting chair of the meeting. The Chairperson, in consultation with the other committee members, shall determine the frequency and length of the committee meetings and shall set meeting agendas consistent with this charter. The Committee, in its discretion, may ask members of management or others to attend its meetings (or portions thereof) and to provide pertinent information as necessary.

Unless the Committee or the Board adopts other procedures, the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, applicable to meetings of Board committees will govern meetings of the Committee.

The Committee shall maintain minutes of its meetings and records relating to those meetings and shall report regularly to the Board on its activities, as appropriate.

Subject to the provisions of the Company's memorandum and articles of association, as amended and restated from time to time, the Committee may delegate its authority to subcommittees or the Chairperson of the Committee when it deems it appropriate and in the best interests of the Company.

**DUTIES AND RESPONSIBILITIES OF THE COMMITTEE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To assist in identifying, recruiting and, if appropriate, interviewing candidates to fill positions on the Board, including persons suggested by the shareholders of the Company or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To recommend to the Board the director nominees for election by the shareholders of the Company or appointment by the Board, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To review the suitability for continued service as a director of each Board member when his or her term expires and when he or she has a change in status, including but not limited to an employment change, and to recommend whether or not the director should be re-nominated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To review annually with the Board the composition of the Board as a whole and to recommend, if necessary, measures to be taken so that the Board reflects the appropriate balance of independence, knowledge, experience, skills, expertise and diversity required for the Board as a whole and contains at least the minimum number of independent directors required by the applicable rules of the stock market on which the Company's shares are trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To review periodically the size of the Board and to recommend to the Board any appropriate changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) To make recommendations on the frequency and structure of Board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To make recommendations concerning any other aspect of the procedures of the Board that the Committee considers warranted, including but not limited to procedures with respect to the waiver by the Board of any Company rule, guideline, procedure or corporate governance principle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) After consultation with the Chairman of the Board and Chief Executive Officer and after taking into account the experiences and expertise of individual directors, to make recommendations to the Board regarding the size and composition of each standing committee of the Board, including the identification of individuals qualified to serve as members of a committee, including the Committee, and to recommend individual directors to fill any vacancy that might occur on a committee, including the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To monitor the functioning of the committees of the Board and to make recommendations for any changes, including the creation and elimination of committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To review annually committee assignments and the policy with respect to the rotation of committee memberships and/or chairpersonships, and to report any recommendations to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To recommend that the Board establish such special committees as may be desirable or necessary from time to time in order to address ethical, legal or other matters that may arise. The Committee's power to make such a recommendation under this charter shall be without prejudice to the right of any other committee of the Board, or any individual director, to make such a recommendation at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To develop and review periodically, and at least annually, the corporate governance principles adopted by the Board to assure that they are appropriate for the Company and comply with the Stock Market Rules and to recommend any desirable changes to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To consider any other corporate governance issues that arise from time to time, and to develop appropriate recommendations for the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To oversee the evaluation of the Board as a whole and shall evaluate and report to the Board on the performance and effectiveness of the Board.

Page \| **2**

**EVALUATION OF THE COMMITTEE**

The Committee shall report to the Board periodically. At least annually, the Committee shall evaluate its own performance and report to the Board on such evaluation. The Committee shall also periodically review and assess the adequacy of this charter and recommend any proposed changes to the Board for approval.

**INVESTIGATIONS AND STUDIES; OUTSIDE ADVISERS**

The Committee may conduct or authorize investigations into or studies of matters within the Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel or other consultants or advisers as it deems necessary. The Committee shall have the sole authority to retain or terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms, such fees to be borne by the Company.

Adopted by the Board of Directors on August 15, 2025.

Page \| **3**

## Exhibit 99.5

**Exhibit 99.5**

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| | |
|:---|:---|
| ![](ex99-5_001.jpg) | ![](ex99-5_002.jpg) |

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Date: 12 August 2025

Board of Directors

APEX Global Solutions Limited

1 Tuas View Place,

#03-14, Westlink One,

Singapore 637433

Dear Sirs

**CONSENT TO INCLUDE REPORT AND REFERENCE CONVERGING KNOWLEDGE PTE LTD IN REGISTRATION STATEMENT**

We, Converging Knowledge Pte Ltd, hereby grant our formal written consent to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Include, in whole or in part, the report prepared by Converging Knowledge Pte Ltd - The Corrosion Prevention
Services Industry in Singapore (the "Report") in connection with your registration statement or any related documents filed
with the relevant regulatory authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;2. Reference Converging Knowledge Pte Ltd as the source of the Report within such registration
statement and any accompanying materials.

We understand that this consent will be filed publicly as an exhibit to your registration statement and that our name may appear in such filing solely in the context described above.

This consent is provided solely for the purpose of the aforementioned filing and does not grant any broader rights for reproduction, distribution, or other use of the Report or our name without our prior written approval.

Should you require any further information or clarification regarding this consent, please feel free to contact us.

For and on behalf of Converging Knowledge Pte. Ltd.

/s/ Janet Huang

Dr. Janet Huang <br> Director

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| | | |
|:---|:---|:---|
| **SINGAPORE**<br> Tel: +65 6225 8781 /82 /85<br> Fax: +65 6323 0132<br> 19 Keppel Road, #07-04,<br> Jit Poh Building, Singapore 089058 (Co.Reg.No: 200200797W) | **MALAYSIA**<br> Tel: +603 7494 6039<br> Fax: +603 7493 5919<br> E-8-6 Megan Avenue 1, No. 189<br> Jalan Tun Razak, 50400 KL, Malaysia<br> (Co.Reg.No: 201001042930 (926858-U)) | **HONG KONG**<br> Tel: +852 8197 8261<br> Fax: +852 3118 6161<br> Suite A, 12/F Ritz Plaza, 122 Austin Road,<br> TST Kowloon, Hong Kong<br> (Co.Reg.No: 50030156) |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**APEX Global Solutions Limited**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A Ordinary Shares, no par value | (1) | 457(o) |  | $| $9200000.00 | 0.0001531 | $1408.52 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $9200000.00 |  | 1408.52 |
| 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: |  |  | $1408.52 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) of the Securities Act of 1933, as amended (the "Securities Act"). Includes the aggregate offering price of additional shares that the underwriters have a 45-day option to purchase to cover over-allotments, if any. Pursuant to Rule 416 under the Securities Act, the securities being registered hereunder include such indeterminate number of additional ordinary shares as may be issued after the date hereof as a result of share splits, share dividends or similar transactions.