# EDGAR Filing Document

**Accession Number:** 0001997637
**File Stem:** 0001213900-25-072625
**Filing Date:** 2025-8
**Character Count:** 107768
**Document Hash:** 0f9878694504045c43d1abba05a7d00f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-072625.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001213900-25-072625

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**EFFECTIVENESS DATE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iOThree Ltd
- **CENTRAL INDEX KEY:** 0001997637
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMUNICATION SERVICES, NEC [4899]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289327
- **FILM NUMBER:** 251190699

**BUSINESS ADDRESS:**
- **STREET 1:** 140 PAYA LEBAR ROAD
- **STREET 2:** 07-02 AZ @ PAYA LEBAR
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 409015
- **BUSINESS PHONE:** 006531051699

**MAIL ADDRESS:**
- **STREET 1:** 140 PAYA LEBAR ROAD
- **STREET 2:** 07-02 AZ @ PAYA LEBAR
- **CITY:** SINGAPORE
- **STATE:** U0
- **ZIP:** 409015

**As filed with the Securities and Exchange Commission on August 6, 2025** 

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**IOTHREE LIMITED**

(Exact name of registrant as specified in its charter)

---

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

---

**140 Paya Lebar Road #07-02<br> AZ @ Paya Lebar, Singapore 409015** 

(Address of Principal Executive Offices, including zip code)

**IOTHREE LIMITED 2025 EQUITY INCENTIVE PLAN**

(Full title of the plan)

---

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

---

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

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

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

**PART I**

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

The information specified in Item 1 and Item 2 of Part I of Form S-8 is omitted from this Registration Statement on Form S-8 (the "Registration Statement") in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I of Form S-8 will be delivered to the participants in the equity incentive plan covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3.** **Incorporation of Documents by Reference.**

The following documents, which have been filed or furnished by IOTHREE LIMITED (the "Registrant") with the Commission, are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Annual Report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1997637/000121390025059622/ea0247193-20f_iothree.htm) for the fiscal year ended March 31, 2025, filed with the Commission on June 30, 2025, as amended by Amendment No. 1 filed with the Commission on August 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Registrant's
Reports on Form 6-K furnished with the Commission on [April 15, 2025](https://www.sec.gov/Archives/edgar/data/1997637/000121390025032065/ea0238115-6k_iothree.htm) , [April 28, 2025](https://www.sec.gov/Archives/edgar/data/1997637/000121390025036132/ea0239817-6k_iothree.htm) , and [June 6, 2025](https://www.sec.gov/Archives/edgar/data/1997637/000121390025052154/ea0245007-6k_iothree.htm) ; and

&nbsp;&nbsp;&nbsp;&nbsp;(3) The description of the Registrant's ordinary shares,
of par value of $0.00625 each, contained in the Registrant's registration statement on [Form 8-A12B](https://www.sec.gov/Archives/edgar/data/1997637/000121390025030269/ea0237705-8a12b_iothree.htm) filed on April 9, 2025 pursuant
to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") including any amendment or reports
filed hereafter for the purpose of updating such description.

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

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

**Item 4.** **Description of Securities.**

Not applicable.

**Item 5.** **Interests of Named Experts and Counsel.**

Not applicable.

**Item 6.** **Indemnification of Directors and Officers.**

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

The Registrant has entered into indemnification agreements with the Registrant's directors and executive officers which provide, among other things, that the Registrant will indemnify its directors and executive officers to the fullest extent permitted by Cayman Islands law from and against all liabilities, costs, charges and expenses incurred as a result of directors and executive officers actions in the exercise of their duties as a director or officer.

The Registrant has purchased directors and officers (D&O) liability insurance, covering the period from April 10, 2025 to April 9, 2026. This insurance provides coverage for claims made against its directors, officers and certain employees arising from alleged wrongful acts in their official capacities. It also includes reimbursements to the Registrant when it is required or permitted to indemnify those individuals, as well as coverage for reasonable expenses incurred in preparing self-reports or responding to regulatory inquiries.

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

**Item 7.** **Exemption from Registration Claimed.**

Not Applicable.

**Item 8.** **Exhibits.**

The following exhibits are filed as part of this Registration Statement:

---

| | |
|:---|:---|
| ***Exhibit No.*** | ***Description*** |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant's Report on Form 6-K filed on April 15, 2025)](https://www.sec.gov/Archives/edgar/data/1997637/000121390025032065/ea023811501ex3-1_iothree.htm) |
| 5.1\* | [Opinion of Harney Westwood & Riegels](ea025118101ex5-1_iothree.htm) |
| 23.1\* | [Consent of Audit Alliance LLP, Independent Registered Public Accounting Firm](ea025118101ex23-1_iothree.htm) |
| 23.2\* | [Consent of Harney Westwood & Riegels (included in Exhibit 5.1)](ea025118101ex5-1_iothree.htm) |
| 24.1\* | [Power of Attorney (included on the Signature Page to this Registration Statement)](#poa_001) |
| 99.1\* | [iOThree Limited 2025 Equity Incentive Plan](ea025118101ex99-1_iothree.htm) |
| 107.1\* | [Filing Fee Table](ea025118101ex-fee_iothree.htm) |

---

\* Filed herewith.

**Item 9.** **Undertakings.**

(a) The undersigned registrant hereby undertakes:

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

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

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

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

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

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

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

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

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore, on this 6<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **IOTHREE LIMITED** | **IOTHREE LIMITED** |
| By: | /s/ Eng Chye Koh |
| Name: | Eng Chye Koh |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

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

\*\*\*\*\*

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Eng Chye Koh | Chief Executive Officer and Chairman | August 6, 2025 |
| Eng Chye Koh | (Principal Executive Officer) |  |
| /s/ Fui Chu Lo | Chief Financial Officer | August 6, 2025 |
| Fui Chu Lo | (Principal Financial and Accounting Officer) |  |
| /s/ Joanna Hui Cheng Soh | Chief Commercial Officer and Director | August 6, 2025 |
| Joanna Hui Cheng Soh |  |  |
| /s/ Wai Man Raymond Cheung | Director | August 6, 2025 |
| Wai Man Raymond Cheung |  |  |
| /s/ Ser Chiang Ng | Director | August 6, 2025 |
| Ser Chiang Ng |  |  |
| /s/ Yuanting Zhang | Director | August 6, 2025 |
| Yuanting Zhang |  |  |

---

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

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of iOThree Limited has signed this registration statement or amendment thereto in New York, New York on August 6, 2025.

---

| | | |
|:---|:---|:---|
| United States Authorized Representative Cogency Global Inc. | United States Authorized Representative Cogency Global Inc. | United States Authorized Representative Cogency Global Inc. |
| By: | /s/ Colleen A. De Vries | /s/ Colleen A. De Vries |
|  | Name: | Colleen A. De Vries |
|  | Title: | Senior Vice President on behalf of Cogency Global Inc. |

---

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | Harney Westwood & Riegels<br> 3501 The Center<br> 99 Queen's Road Central<br> Hong Kong<br> Tel: +852 5806 7800<br> Fax: +852 5806 7810 |

---

6 August 2025

raymond.ng@harneys.com

+852 5806 7883

066744-0001-RLN

iOThree Limited

Harneys Fiduciary (Cayman) Limited

4<sup>th</sup> Floor, Harbour Place

103 South Church Street

P.O. Box 10240

Grand Cayman KY1-1002

Cayman Islands

Dear Sir or Madam

**iOThree Limited (the *Company*)**

We are lawyers qualified to practise in the Cayman Islands and have acteds as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form S-8 (the ***Registration Statement***), including all amendments or supplements thereto, to be filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***), on or about the date of this opinion, relating to the registration of 6,412,500 ordinary shares of par value US$0.00625 each (the ***Ordinary Shares***) authorised for issue under the 2025 Equity Incentive Plan (the ***Plan***). Pursuant to the Plan, the maximum aggregate number of Ordinary Shares which may be issued under the Plan is 6,412,500 Ordinary Shares (the ***Plan Shares***).

We are furnishing this opinion as Exhibit 5.1 to the Registration Statement.

For the purposes of giving this opinion, we have examined the Documents (as defined in Schedule 1) which we regard as necessary in order to issue this opinion. We have not examined any other documents, official or corporate records or external or internal registers and have not undertaken or been instructed to undertake any further enquiry or due diligence in relation to the transaction which is the subject of this opinion.

In giving this opinion we have relied upon the assumptions set out in Schedule 2 which we have not independently verified.

---

| | |
|:---|:---|
| The British Virgin Islands is Harneys Hong Kong office's main jurisdiction of practice.<br> Jersey legal services are provided through a referral arrangement with Harneys (Jersey) which is an independently owned and controlled Jersey law firm.<br> Resident Partners: M Chu \| JP Engwirda \| Y Fan \| S Gray \| P Kay \| MW Kwok \| IN Mann<br> R Ng \| ATC Ridgers \| PJ Sephton<br> 613642124.6 | Anguilla \| Bermuda \| British Virgin Islands \| Cayman Islands<br> Cyprus \| Hong Kong \| Jersey \| London \| Luxembourg<br> Montevideo \| São Paulo \| Shanghai \| Singapore<br> harneys.com |

---

Based solely upon the foregoing examinations and assumptions and upon such searches as we have conducted and having regard to legal considerations which we deem relevant, and subject to the qualifications set out in Schedule 3, we are of the opinion that under the laws of the Cayman Islands:

1 Existence and Good Standing. The Company is a company duly incorporated with limited liability, and is validly existing and in good standing under the laws of the Cayman Islands. The Company is a separate legal entity and is subject to suit in its own name.

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| | |
|:---|:---|
| 2 | Authorised Share Capital. Based on our review of the M&A (as defined in Schedule 1), the share capital of the Company is US$500,000.00 divided into 80,000,000 ordinary shares of a nominal or par value of US$0.00625 each. |

---

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| | |
|:---|:---|
| 3 | Valid Issuance of Shares. The allotment and issuance of the Plan Shares as contemplated in the Registration Statement and the Plan have been duly authorised and, when allotted, issued and fully paid for in accordance with the Plan and the M&A, and when the name(s) of the shareholder(s) are entered in the register of members of the Company, the Plan Shares will be validly issued, fully paid and non-assessable. |

---

This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. Except as specifically stated herein, we express no opinion as to matters of fact.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.

This opinion is limited to the matters referred to herein and shall not be construed as extending to any other matter or document not referred to herein.

This opinion shall be construed in accordance with the laws of the Cayman Islands.

---

| |
|:---|
| Yours faithfully |
| /s/ Harney Westwood & Riegels |
| **Harney Westwood & Riegels** |

---

**Schedule 1**

List of Documents and Records Examined

1 A copy of the certificate of incorporation of the Company 21 August 2023.

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| | |
|:---|:---|
| 2 | A copy of the amended and restated memorandum and articles of association of the Company adopted by special resolution passed on 8 April 2025 (the ***M&A***). |

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 ****

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| | |
|:---|:---|
| ***3*** | A copy of the register of directors of the Company provided to us on 31 July 2025. |

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| | |
|:---|:---|
| 4 | A copy of the unanimous written resolutions of the board of directors of the Company dated 29 July 2025 (the ***Resolutions***). |

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5 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies of the Cayman Islands dated 8 April 2025.

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| | |
|:---|:---|
| 6 | A copy of the certificate from a director of the Company dated 29 July 2025 (the ***Director's Certificate***). |

---

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| | |
|:---|:---|
| 7 | The Register of Writs and other Originating Process of the Grand Court of the Cayman Islands (the ***Court Register***) via a digital system made available through the Grand Court of the Cayman Islands from the incorporation date of the Company to 31 July 2025 (the ***Court Search Date***). |

---

8 The Registration Statement to be filed with the Commission on 6 August 2025.

1 to 7 above are collectively referred to in this opinion as the ***Corporate Documents***. The Corporate Documents and the Registration Statement are collectively referred to in this opinion as the ***Documents***.

**Schedule 2**

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All copies of Documents provided to us are true and complete copies of the originals. |

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| | |
|:---|:---|
| 2 | **Corporate Documents.** All matters required by law to be recorded in the Corporate Documents are so recorded, and all corporate minutes, resolutions, certificates, documents and records which we have reviewed are accurate and complete, and all facts expressed in or implied thereby are accurate and complete. |

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| | |
|:---|:---|
| 3 | **Director's Certificate**. The contents of the Director's Certificate are true and accurate as at the date of this opinion and there is no information not contained in the Director's Certificate that will in any way affect this opinion. |

---

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| | |
|:---|:---|
| 4 | **No Steps to Wind-up**. The directors and shareholders of the Company have not taken any steps to have the Company struck off or placed in liquidation, no steps have been taken to wind up the Company and no receiver has been appointed over any of the property or assets of the Company. |

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| | |
|:---|:---|
| 5 | **Resolutions.** The Resolutions have been duly executed by or on behalf of the directors then, and the signature(s) and initial(s) thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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| | |
|:---|:---|
| 6 | **Unseen Documents.** Save for the Documents provided to us there are no resolutions, agreements, documents or arrangements which materially affect, amend or vary the transactions envisaged in the Registration Statement. |

---

**Schedule 3**

Qualifications

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| | |
|:---|:---|
| 1 | **Foreign Statutes.** We express no opinion in relation to provisions making reference to foreign statutes in the Registration Statement. |

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| | |
|:---|:---|
| 2 | **Commercial Terms.** Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in any of the documents or instruments cited in this opinion or otherwise with respect to the commercial terms of the transactions the subject of this opinion. |

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| | |
|:---|:---|
| 3 | **Meaning of Non-Assessable.** In this opinion the phrase ***non-assessable*** means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares, have any obligation to make further contributions to the assets of the relevant company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |

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| | |
|:---|:---|
| 4 | **Good Standing.** The Company shall be deemed to be in good standing at any time if all fees (including annual filing fees) and penalties under the Companies Act (2025 Revision) of the Cayman Islands have been paid and the Registrar of Companies of the Cayman Islands has no knowledge that the Company is in default under the Companies Act. |

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| | |
|:---|:---|
| 5 | **Court Search**. The search of the Court Register has been undertaken on a digital system made available through the Grand Court of the Cayman Islands, and through inadvertent errors or delays in updating such digital system (and/or the Court Register from which the digital information is drawn) may not constitute a complete record of all proceedings as at the Court Search Date and in particular may omit details of very recent filings. The search of the Court Register would not reveal, amongst other things, any writ, originating summons, originating motion, petition (including any winding-up petition), counterclaim or third party notice (***Originating Process***) filed with the Grand Court of the Cayman Islands which, pursuant to the rules of the Grand Court of the Cayman Islands or best practice of the Clerk of the Courts' office, should have been entered in the Court Register but was not in fact entered in the Court Register (properly or at all), or any Originating Process which has been placed under seal or anonymised (whether by order of the Court or pursuant to the practice of the Clerk of the Courts' office). |

---

## Exhibit 23.1

**Exhibit 23.1**

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| | | |
|:---|:---|:---|
| ![](ex23-1_001.jpg) | AUDIT ALLIANCE LLP<sup>®</sup> | ![](ex23-1_002.jpg) |
|  | A Top 18 Audit Firm |  |
|  | 10 Anson Road, #20-16 International Plaza, Singapore 079903. |  |
| UEN: T12LL1223B GST Reg No: M90367663E Tel: (65) 6227 5428 | UEN: T12LL1223B GST Reg No: M90367663E Tel: (65) 6227 5428 |  |

---

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

We hereby consent to the incorporation by reference in the Registration Statement of iOThree Limited and its subsidiaries (the "Company") on Form S-8 of our report dated August 6, 2025, with respect to our audits of the Company's consolidated financial statements as of March 31, 2025 and 2024, and for the three years ended March 31, 2025, which appears in the Annual Report on Form 20-F of the Company for the year ended March 31, 2025, as amended.

/s/ Audit Alliance LLP

Singapore

August 6, 2025

## Exhibit 99.1

**Exhibit 99.1**

**IOTHREE LIMITED**

**2025 EQUITY INCENTIVE PLAN**

1. <u>Purposes of the Plan</u>. iOThree Limited, a Cayman Islands
company (the " <u>Company</u> ") hereby establishes the iOThree 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, Nonstatutory Share Options, Restricted Shares,
Restricted Share Units, and Share Appreciation Rights as the Administrator may determine.

2. <u>Definitions</u>. The following definitions will apply to
the terms in the Plan:

"<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 iOThree Limited, a Cayman Islands company, or any successor thereto. For purposes of the Plan, the term "Company" shall include any present or future Parent and Subsidiary.

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

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

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

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

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

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

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

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

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

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

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

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

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

"<u>Plan</u>" means this iOThree 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 an ordinary share in the Company, par value $0.00625 per share, 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 six million four hundred twelve thousand five hundred (6,412,500) 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) nonemployee directors who shall be appointed by the Board. The Committee shall be comprised solely of nonemployee
director who are (a) "outside directors" under Section 162(m) of the Code, (b) "non-employee directors" under
Rule 16b-3 of the Exchange Act, and (c) who meet any listing standards prescribed by the principal securities market on which the Company's
equity securities are traded.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. Notwithstanding the above or any other term in this Plan or any
Award Agreement, Notwithstanding any other provision of the Plan to the contrary, Shares shall be issued pursuant to exercise of an Option
at a price at least equal to their par value.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Notwithstanding
the above or any other term in this Plan or any Award Agreement, Shares shall be issued pursuant to exercise of an SAR at a price at least
equal to their par value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, as amended from time to time, to
comply with regulations related to recoupment or clawback of compensation adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010, the listing standards of any national securities exchange on which the Company's securities are listed or
any other applicable law, rule, or regulation. Clawback can, if applicable and where permitted by applicable local law, be made by deducting
payments that will be due in the future (including salary, bonuses, and other forms of compensation). A Participant's acceptance
of an Award under the Plan shall constitute such Participant's acknowledgement and recognition that the Participant's compliance
with this <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 July 29, 2025.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**iOThree Ltd**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, $0.00625 par value per share | (1) | Other | 6412500 | $0.4726 | $3030547.50 | 0.0001531 | $463.98 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $3030547.50 |  | 463.98 |
| 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: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 463.98 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement shall also cover any additional ordinary shares of the Registrant that become issuable under the Registrant's 2025 Equity Incentive Plan (the "2025 Plan") in respect of the securities identified in the above table by reason of any share dividend, share split, recapitalization, or other similar transaction effected without the Registrant's receipt of consideration that increases the number of the outstanding ordinary shares of the Registrant. In addition, pursuant to Rule 416(c) under the Securities Act, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan(s) described herein. Pursuant to Rules 457(c) and (h) under the Securities Act, the proposed maximum offering price per share and the proposed maximum aggregate offering price are estimated for the purpose of calculating the amount of the registration fee and are based on the average of the high and low sales price of the Registrant's ordinary shares as reported on the NASDAQ Stock Market on July 30, 2025.

**Table 2: Fee Offset Claims and Sources**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | **Security Title Associated with Fee Offset Claimed** | **Unsold Securities Associated with Fee Offset Claimed** | **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | **Fee Paid with Fee Offset Source** |
| *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* |
| Fee Offset Claims | iOThree Limited | (1) | F-1 | 333-276674 | 01/24/2024 |  | $463.98 | Other | Ordinary Shares | 505092 | $3030552.00 | $463.98 |
| Fee Offset Sources | iOThree Limited | (2) | F-1 | 333-276674 |  | 01/24/2024 | 463.98 | Other | Ordinary Shares | 505092 | 3030552.00 | 463.98 |

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**__________________________________________ Offset Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to Rule 457(p) under the Securities Act, the registrant is offsetting $463.98 of the fee associated with this registration statement from the fee previously paid by the Registrant associated with the unsold ordinary shares registered under the registration statement on Form F-1, as amended by post-effective amendments (File No. 333-276674) that went effective on March 31, 2025 (the "Prior Registration Statement"). The Registrant (a) initially filed the Prior Registration Statement on January 24, 2024 with a fee payment of $7,282.96 and relies on Rule 457(p) to claim an offset of $463.98, to the $463.98 filing fee due for this registration statement. The Registrant has completed the offering that included the unsold securities associated with the claimed offset under the Prior Registration Statement, and such unsold securities are immediately deemed deregistered upon the filing of this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to Rule 457(p) under the Securities Act, the registrant is offsetting $463.98 of the fee associated with this registration statement from the fee previously paid by the Registrant associated with the unsold ordinary shares registered under the registration statement on Form F-1, as amended by post-effective amendments (File No. 333-276674) that went effective on March 31, 2025 (the "Prior Registration Statement"). The Registrant (a) initially filed the Prior Registration Statement on January 24, 2024 with a fee payment of $7,282.96 and relies on Rule 457(p) to claim an offset of $463.98, to the $463.98 filing fee due for this registration statement. The Registrant has completed the offering that included the unsold securities associated with the claimed offset under the Prior Registration Statement, and such unsold securities are immediately deemed deregistered upon the filing of this registration statement.