# EDGAR Filing Document

**Accession Number:** 0002099681
**File Stem:** 0001213900-26-051378
**Filing Date:** 2026-5
**Character Count:** 1493511
**Document Hash:** 597b3a3f34708cad3d2b7d1adaf279fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-051378.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001213900-26-051378

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 72

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MetaOptics Ltd
- **CENTRAL INDEX KEY:** 0002099681
- **STANDARD INDUSTRIAL CLASSIFICATION:** OPTICAL INSTRUMENTS & LENSES [3827]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295522
- **FILM NUMBER:** 26936041

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 81 AYER RAJAH CRESCENT
- **STREET 2:** #01-45
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 139967
- **BUSINESS PHONE:** 6582180482

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 81 AYER RAJAH CRESCENT
- **STREET 2:** #01-45
- **CITY:** SINGAPORE
- **PROVINCE COUNTRY:** U0
- **ZIP:** 139967

#### As filed with the United States Securities and Exchange Commission on May 4 , 2026 .

#### Registration No. 333-

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

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

#### MetaOptics Ltd<br> (Exact name of registrant as specified in its charter)<br> ______________________________________________________________________

#### Not Applicable<br> (Translation of registrant's name in English)
***______________________________________________________________________***

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **3827** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification Number) |

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#### 81 Ayer Rajah Crescent

#01-45<br>Singapore 139967<br>+65 8218 0482<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)
***______________________________________________________________________***

#### Cogency Global Inc.<br>122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor<br>New York, NY 10168<br>(212) 947-7200<br> (Name, address, including zip code, and telephone number, including area code, of agent for service)
***______________________________________________________________________***

*Copies to:*

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|:---|:---|:---|
|  **Harold Tin, Esq.<br>Norton Rose Fulbright Hong Kong<br>38/F Jardine House<br>1 Connaught Place, Central<br>Hong Kong<br>+852 3405 2583** | **Kevin Friedmann, Esq.**<br> **Norton Rose Fulbright US LLP** <br> **1045 W. Fulton Market, Suite 1200**<br> **Chicago, IL 60607**<br> **(312) 964**-7763 | **Bryan Reyhani, Esq.**<br> **Alan M. Gilbert, Esq.**<br> **Taft Stettinius & Hollister LLP** <br> **200 Massachusetts Avenue NW, <br>Suite 500**<br> **Washington, D.C., 20001**-5875 |

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***______________________________________________________________________***

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. | ☒ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. | ☐ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933. |  |

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Emerging growth company ☒

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

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

***______________________________________________________________________***

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

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

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

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#### MetaOptics Ltd

#### American Depositary Shares<br>Representing Ordinary Shares
MetaOptics Ltd, an exempted company incorporated in the Cayman Islands (the "Company"), is offering American depositary shares (the "ADSs") representing our ordinary shares, par value S$0.00000025 per share. Each ADS represents ordinary shares. This is our initial public offering in the United States, and no public market currently exists for our ADSs.

Our ordinary shares have been listed on Catalist of the Singapore Exchange Securities Trading Limited (the "SGX-ST") since September 9, 2025 under the stock code "9MT." On , 2026, the closing sale price of our ordinary shares on Catalist of the SGX-ST was S$ per share, equivalent to a price of US$ per ADS, assuming an exchange rate of S$ to US$1.00. The initial public offering price of the ADSs will be determined through negotiations between us and the underwriters, and will be based on the trading price of our ordinary shares on Catalist of the SGX-ST prior to the pricing of the ADSs as well as prevailing market conditions and other factors described in the "Underwriting" section beginning on page 160 of this prospectus.

We have submitted an application to list the ADSs on the Nasdaq Global Market under the <br>symbol "MOT." Application will be made to Catalist of the SGX-ST, acting as agent on behalf of <br>the Monetary Authority of Singapore, for permission to deal in, and for the listing and quotation of, all the ordinary shares represented by the ADSs we are offering, and we expect to obtain such approval before the ordinary shares are issued upon the closing of this offering. This offering is contingent upon final approval of the listing of the ADSs on Nasdaq and the approval of the SGX-ST, acting as agent on behalf of the Monetary Authority of Singapore, for the listing and quotation of the ordinary shares represented by the ADSs we are offering.

We are an "emerging growth company" and a "foreign private issuer" under applicable U.S. federal securities laws as such, are eligible for reduced public company reporting requirements. Please see "Prospectus Summary — Implications of Being an Emerging Growth Company" and "Prospectus Summary — Implications of Being a Foreign Private Issuer" beginning on page 5 of this prospectus for more information.

MetaOptics Ltd is a holding company that is incorporated in the Cayman Islands. As a holding company with no operations, MetaOptics Ltd conducts all of its operations through its wholly-owned subsidiaries in Singapore and the United States. The ADSs offered in this offering are ADSs of the Cayman Islands holding company. **Investors in the ADSs should be aware that they do not directly hold any interests in our subsidiaries. Further, the depositary for the ADSs will be the shareholder of record for the ordinary shares represented by the ADSs and investors' interests in MetaOptics Ltd will derive from the terms of the deposit agreement to be entered into among us, the depositary and the registered holders of ADSs. See "Description of American Depositary Shares."**

#### Investing in the ADSs involves risks. See "Risk Factors" beginning on page 11.
PRICE US$ PER ADS

***______________________________________________________________________***

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| | | |
|:---|:---|:---|
|  | **Per ADS** | **Total<sup>(2)</sup>** |
|  Initial public offering price of this offering | US$ | US$ |
|  Underwriting discounts and commissions<sup>(1)</sup> | US$ | US$ |
|  Proceeds, before expenses, to us | US$ | US$ |

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_____________

(1) We have agreed to pay the underwriters a discount equal to % of the gross proceeds of this offering. We have also agreed to issue, on the closing date of this offering, warrants (the "representatives' warrants") to Roth Capital Partners, LLC and The Benchmark Company, LLC, as the representatives of the underwriters (the "representatives"), in an amount equal to 3.0% of

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the aggregate number of ADSs sold in this offering, including any ADSs issued pursuant to exercise of the underwriters' over-allotment option. The registration statement of which this prospectus is a part also covers the representatives' warrants and the ADSs issuable upon the exercise thereof. For a description of the compensation to be received by the underwriters, see "Underwriting" beginning on page 160.

(2) Assumes that the underwriters do not exercise any portion of the over-allotment option.

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

The underwriters expect to deliver the ADSs against payment in U.S. dollars to purchasers on or about , 2026.

*Joint Book*-Running *Managers*

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| | |
|:---|:---|
| **Roth Capital Partners** | **Benchmark, a StoneX Company**  |

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Prospectus dated , 2026

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [PROSPECTUS SUMMARY](#T9901) | 1 |
|  [RISK FACTORS](#T9902) | 11 |
|  [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA](#T9903) | 34 |
|  [USE OF PROCEEDS](#T9904) | 35 |
|  [DIVIDEND POLICY](#T9905) | 36 |
|  [CAPITALIZATION](#T9906) | 37 |
|  [DILUTION](#T9907) | 38 |
|  [ENFORCEABILITY OF CIVIL LIABILITIES](#T9908) | 40 |
|  [CORPORATE HISTORY AND STRUCTURE](#T9909) | 42 |
|  [PRICE RANGE OF OUR ORDINARY SHARES](#T9910) | 45 |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#T9911) | 46 |
|  [INDUSTRY](#T9912) | 58 |
|  [BUSINESS](#T9913) | 68 |
|  [REGULATION](#T9914) | 95 |
|  [MANAGEMENT](#T9915) | 101 |
|  [PRINCIPAL SHAREHOLDERS](#T9916) | 119 |
|  [RELATED PARTY TRANSACTIONS](#T9917) | 121 |
|  [DESCRIPTION OF SHARE CAPITAL](#T9918) | 122 |
|  [DESCRIPTION OF AMERICAN DEPOSITARY SHARES](#T9919) | 130 |
|  [CONVERSION BETWEEN ORDINARY SHARES AND ADSs](#T991000) | 146 |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#T9921) | 149 |
|  [TAXATION](#T9922) | 153 |
|  [UNDERWRITING](#T9923) | 160 |
|  [EXPENSES RELATED TO THIS OFFERING](#T9924) | 164 |
|  [LEGAL MATTERS](#T9925) | 165 |
|  [EXPERTS](#T9926) | 165 |
|  [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#T9927) | 165 |
|  [INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS](#T777) | F-1 |

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We have not authorized anyone to provide any information other than that contained in this prospectus or in any free writing prospectus prepared by or on behalf of us or to which we may have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters have not authorized any other person to provide you with different or additional information. We are offering to sell, and seeking offers to buy, the ADSs only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is current only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of the ADSs. Our business, financial condition, results of operations and prospects may have changed since the date on of this prospectus.

**For investors outside the United States:** Neither we nor the underwriters have taken any action to permit a public offering of the ADSs outside the United States or to permit the possession or distribution of this prospectus or any filed free writing prospectus outside the United States. Persons outside the United States who come into possession of this prospectus or any filed free writing prospectus must inform them about and observe any restrictions relating to the offering of the ADSs and the distribution of this prospectus or any filed free writing prospectus outside the United States.

**Until and including , 2026 (the 25**<sup>th</sup> **day after the date of this prospectus), all dealers that buy, sell or trade ADSs, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.**

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#### PROSPECTUS SUMMARY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus, especially our consolidated financial statements and the related notes and sections titled "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations." This prospectus contains information from an industry report commissioned by us and prepared by China Insights Industry Consultancy Limited, an independent research firm, to provide information regarding our industry and our market position in Singapore and globally. We refer to this report as the Independent Market Report.*

#### Overview
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence ("AI"). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin, flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue ("RGB") channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things ("IoT") products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation ("5G") smartphones, contactless three-dimensional ("3D") biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging ("LiDAR") devices and heads-up displays ("HUDs") for planes and self-driving cars, and augmented reality/virtual reality ("AR/VR") devices. To date, although we have achieved mass production capabilities for our metalens prototypes ("mass production" in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers ("DLWs"). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See "Use of Proceeds."

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#### Our Strengths
We believe the following strengths contribute to our success:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expertise in the design of meta optics components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expertise in the manufacturing of meta optics components, with scalable and flexible manufacturing platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vertically integrated full-stack design and manufacturing approach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Production of cutting-edge meta optics components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong research and development ("R&D") and advanced manufacturing capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Committed management team with extensive industry and deep sector expertise.

#### Our Strategies
We intend to further grow our business by pursuing the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leveraging our existing capabilities to expand product sales through new investments, acquisitions of assets and/or businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhancing our R&D capabilities to develop more advanced products and improve product quality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinforcing and diversifying our supplier network; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recruiting, training and retaining skilled engineers and experienced staff.

#### Challenges and Uncertainties
We are an early-stage high-technology company and operate in the optical metalens industry, which is at an early stage of commercialization. We face a number of challenges and uncertainties as we establish and grow our business. At the current stage of growth, we have generated limited revenue, and incurred losses arising from operating and administrative expenses, and research and development expenses. We reported net losses of S$5,445,573 and S$1,950,882 for the years ended December 31, 2025 and December 31, 2024, respectively. The adoption of our metalenses is subject to qualification timelines of our key customers that typically take at least 12 months and depends on trends and developments in downstream markets. Our ability to scale will depend on securing timely access to fabrication capacity with acceptable yields and quality, while managing supply dependencies for key components and process steps where we currently rely on single or limited sources. In addition, we have not yet commenced mass production of metalens prototypes, which will only take place upon receipt of a critical mass of purchase orders from our customers. Our business also depends on critical licensed intellectual property, and the loss, dispute or failure to secure patent protections could adversely affect our technology and commercialization plans.

#### Summary of Industry
The optical metalens industry, based on metasurface engineering that enables wavelength-scale light control in ultrathin, lightweight formats, has moved from lab concept to early commercialization. By 2022, integration began in smartphones and drones, and in 2023 it expanded into AR/VR, automotive sensing, and smart devices as semiconductor-compatible manufacturing and AI-enhanced optics accelerated adoption. Global revenue grew from about US$2.3 million in 2020 to US$64.5 million in 2025, representing a CAGR of 94.5%, with consumer electronics leading and automotive and security rising; penetration in consumer electronics was about 1.2% in 2025, indicating significant runway and a rapidly expanding total addressable market, according to the Independent Market Report. Key demand drivers include device miniaturization in smartphones, AR/VR, and IoT, the need for compact, high-performance optics in automotive LiDAR and in-cabin systems, and improved imaging and sensing from dispersion engineering, multilayer metasurfaces, and AI-driven computational imaging that address chromatic aberration and bandwidth limits. Additional applications include security and biometric verification via broadband and infrared imaging, telecommunications and fiber collimation, and industrial inspection and laser processing, each benefiting from better light control, compactness, and integration efficiency. The competitive landscape is developing, with the top five participants in the Europe and Asia accounting for about 81.4% of 2025 global market share, while manufacturing repeatability and volume scaling remain key challenges, according to the Independent Market Report. In Singapore, the market is early but accelerating, supported by a mature semiconductor base, strong R&D, and government programs, including intellectual property-focused tax incentives and new national fabrication capacity, which together support commercialization and supply-chain readiness for metalens producers.

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#### Summary of Risk Factors
Investing in our ADSs involves significant risks. You should carefully consider all of the information in this prospectus before making an investment in our ADSs. Below please find a summary of the principal risks we face. These risks are discussed more fully in the section titled "Risk Factors" beginning on page 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an early-stage high-technology company with a limited operating history and have incurred net losses since our incorporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have a substantial customer and supplier concentration, and any adverse change in these relationships could materially and adversely impact our business, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on a limited number of suppliers and agents for key components and raw material and are susceptible to supply shortages, poor performance, or price fluctuations on such materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have not yet commenced mass production of metalens prototypes, which will only take place upon receipt of a critical mass of purchase orders from our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we are unable to protect and enforce our intellectual property rights, we may be unable to compete effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into several license agreements to support our intellectual property and the termination of any of these license agreements may have a material adverse impact on our ability to develop and commercialize derived products and/or technology under each respective agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some of the intellectual property covered by our licenses relates to patent applications. We cannot assure you that any of the currently pending or future patent applications will result in granted patents, nor can we predict how long it will take for such patents to be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We materially rely on certain licensed intellectual property. If we breach any of the agreements under which we have been granted the license to use, develop and commercialize certain technology from third parties, we may lose such licenses, which may have an adverse impact on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disputes may arise between us and our licensors regarding intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our intellectual property rights are protected in limited jurisdictions, which may expose us to the risk of infringement by third parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disputes over intellectual property rights could be costly and could deprive us of the technologies we need to remain competitive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have identified material weaknesses in our ICFR. If we are unable to remediate the material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to develop and maintain an effective system of ICFR, we may be unable to accurately report our financial results or prevent fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to incur increased costs and become subject to additional rules and regulations as a result of being a public company in the United States.

#### Corporate History
MetaOptics Ltd is an exempted company incorporated in the Cayman Islands on March 21, 2025. We conduct our operations through MetaOptics Technologies Pte. Ltd., a company incorporated in Singapore on June 15, 2021 that has served as our principal operating entity ("MetaOptics Technologies"). In April 2025, we completed a corporate reorganization pursuant to which MetaOptics Ltd became the holding company of MetaOptics Technologies. In October 2025, we formed MetaOptics Inc. (USA), a Nevada corporation wholly-owned by MetaOptics Ltd and through which we intend to conduct business operations in the United States ("MetaOptics USA").

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On September 9, 2025, we completed an initial public offering and listing of our ordinary shares on Catalist of the SGX-ST, raising gross proceeds of S$6.0 million. On December 19, 2025, we completed a private placement of 6,685,028 ordinary shares at S$0.7255 per share, raising gross proceeds of approximately S$4.85 million.

#### Corporate Structure
The diagram below illustrates our corporate structure and the equity interests held by our directors, executive officers, principal shareholders and related entities upon completion of this offering, based on ordinary shares outstanding immediately following this offering, assuming no exercise of the underwriters' over-allotment option:

![](tflowchart_001.jpg)

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(1) Mr. Thng Chong Kim, our Executive Chairman, is the sole shareholder of Angelling Capital Holdings Limited as of the date of this prospectus. Mr. Thng Chong Kim is a non-executive director of MST ListCo.

(2) Our Non-Independent and Non-Executive Director, Ms. Jee Wee Jene is a director of MST SingCo and an executive director of MST ListCo. She currently holds 25,780,479 shares representing 17.2% in the issued share capital of MST ListCo. Dato Sri Chua Chwee Lee and Ms. Jee Wee Jene are spouses. Ms. Jee Wee Jene is deemed to be interested in approximately 53.1% of the shareholding interest in MST ListCo, taking into account her personal beneficial ownership, the interests of her spouse, and the interests held through a corporation controlled by her. Consequently, she is deemed interested in the 12.6% shareholding interest in the capital of our Company held by MST SingCo, which is a wholly-owned subsidiary of MST ListCo.

(3) MMI Holdings Limited is a company incorporated in Singapore. To our knowledge, MMI International Ltd directly holds 100% of the issued share capital of MMI Holdings. MMI International Ltd is wholly owned by Precision Capital Pte Ltd, which is majority owned by Precision Capital Holdings Limited, which is in turn wholly owned by KKR MMI Holdings GP Limited. KKR & Co. Inc. (NYSE: KKR) (as ultimate parent company of KKR MMI Holdings GP Limited), KKR MMI Holdings GP Limited, Precision Capital Holdings Limited and MMI International Ltd may also be deemed to be the beneficial owners having shared voting and dispositive power over the ordinary shares of our Company held by MMI Holdings Limited.

(4) Mr. Lin Shui-Ching holds 100% of the entire issued share capital of Aquaspring Group Limited and has voting and dispositive power over the ordinary shares of our Company held by Aquaspring Group Limited.

(5) Mr. Tan Kum Wah Clarence holds approximately 76% of the issued shares of Origgin Ventures Pte. Ltd. and has voting and dispositive power over the ordinary shares of our Company held by Origgin Ventures Pte. Ltd.

#### Implication of Being an Emerging Growth Company
As a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company" pursuant to the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"). An emerging growth company may take advantage of specified reduced reporting and other requirements compared to those that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") in the assessment of the emerging growth company's internal control over financial reporting ("ICFR"). Emerging growth companies are also permitted to provide only two years of audited financial statements (rather than three years), in addition to any required unaudited interim financial statements, with correspondingly reduced "Management's Discussion and Analysis of Financial Condition and Results of Operations" disclosure in this prospectus in connection with our initial public offering in the United States.

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We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three-year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which would occur if the market value of our ADSs that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. See "Risk Factors — Risks Related to Our ADSs and This Offering — We will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, and our shareholders could receive less information than they might expect to receive from more mature public companies."

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions of the securities rules and regulations in the United States that are applicable to U.S. domestic issuers. Moreover, the information we are required to file with or furnish to the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. In addition, as a company incorporated in the Cayman Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly from the corporate governance listing standards under the Nasdaq Stock Market Rules. See "Risk Factors — Risks Related to Our ADSs and This Offering — We are a foreign private issuer within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to U.S. domestic public companies" and "Risk Factors — Risks Related to Our ADSs and This Offering — As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to U.S. domestic issuers. This may afford less protection to holders of our common shares than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards."

#### Channels for disclosure of information
Investors, the media, and others should note that, following the effectiveness of the registration statement of which this prospectus forms a part, we intend to announce material information to the public through filings with the SGX-ST, the SEC, the investor relations page on our website, press releases, public conference calls, and webcasts.

The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. However, information disclosed through these channels does not constitute part of this prospectus and is not incorporated by reference herein.

We intend to post any updates to the list of disclosure channels through which we will announce information on the investor relations page on our website.

#### Corporate Information
Our principal executive office is located at 81 Ayer Rajah Crescent, #01-45, Singapore 139967. Our telephone number at this address is +65 8218 0482. Our registered office in the Cayman Islands is located at the Office of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168.

Investors should contact us for any inquiries through the address and telephone number of our principal executive offices. Our website is https://metaoptics.sg. The information contained on our website is not a part of this prospectus. Our ordinary shares have been traded on Catalist of the SGX-ST since September 9, 2025.

Because we are incorporated under the laws of the Cayman Islands, you may encounter difficulties in protecting your interests as a holder of ordinary shares or ADSs, and your ability to protect your rights through the U.S. federal court system may be limited. Please refer to the sections entitled "Risk Factors" and "Enforceability of Civil Liabilities" for more information.

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#### Presentation of Financial and Other Information
Our consolidated financial statements included herein have been prepared in accordance with IFRS, while our historical consolidated financial statements which we previously made publicly available in connection with the listing of our ordinary shares on Catalist of the SGX-ST were prepared in accordance with the Singapore Financial Reporting Standards (International).

We expect that our consolidated financial statements will continue to be prepared in accordance with IFRS following this offering. None of our consolidated financial statements have been prepared in accordance with U.S. GAAP, and our financial statements may therefore not be comparable to financial statements of United States domestic companies.

Our consolidated financial statements are presented in Singapore dollars, which is our reporting currency. Numerical figures included in this prospectus have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

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

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

#### Conventions That Apply to This Prospectus
Except where the context otherwise requires and for purposes of this prospectus only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "A\*STAR" refers to Agency for Science, Technology and Research and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADRs" refers to the American depositary receipts that evidence our ADSs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADSs" refers to our American depositary shares, each of which represents ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAGR" refers to compound annual growth rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Catalist" refers to the sponsor-supervised listing platform of the SGX-ST;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Catalist Rules" refers to the Listing Manual Section B: Rules of Catalist of the SGX-ST, as amended, modified or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CDP" refers to The Central Depository (Pte) Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Companies Act" refers to the Companies Act (As Revised) of the Cayman Islands, as amended, modified or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company" refers to MetaOptics Ltd;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EUR" refers to the euro, the currency of certain member states of the European Union;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FY2025" and "FY2024" are to fiscal year ended December 31, 2025 and December 31, 2024, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "HKD" refers to the Hong Kong dollar, the legal currency of Hong Kong;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IFRS" means International Financial Reporting Standards Accounting Standards as issued by the International Accounting Standards Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Memorandum and Articles of Association" refers to the second amended and restated memorandum and articles of association of our Company, as amended from time to time;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MetaOptics Technologies" refers to MetaOptics Technologies Pte. Ltd., a company incorporated under the laws of Singapore and a wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MetaOptics USA" refers to MetaOptics Inc. (USA), a Nevada corporation and a wholly-owned subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MST ListCo" refers to Metasurface Technologies Holdings Limited, the sole shareholder of the entire issued share capital of MST SingCo, one of our principal shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MST SingCo" refers to Metasurface Technologies Pte. Ltd., one of our principal shareholders and a wholly-owned subsidiary of MST ListCo;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ordinary shares" or "shares" refers to our ordinary shares, par value S$0.00000025 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "S$" or "SGD" refers to the Singapore dollar, the legal currency of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" refers to the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SGX-ST" refers to Singapore Exchange Securities Trading Limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Singapore" refers to the Republic of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "US$," "$," "dollars," or "U.S. dollars" refers to the legal currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. GAAP" refers to generally accepted accounting principles in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our" and "Group" refer to MetaOptics Ltd, a Cayman Islands company and its subsidiaries.

Our reporting currency is in Singapore dollar. This prospectus contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Singapore dollar into U.S. dollar were made at the rate of S$1.284069 to US$1.00, the approximate exchange rate as of December 31, 2025. We make no representation that the Singapore dollar or U.S. dollar amounts referred to in this prospectus could have been or could be converted into U.S. dollars or Singapore dollars, as the case may be, at any particular rate or at all.

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#### THE OFFERING

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| | |
|:---|:---|
|  ADSs offered by us | ADSs (or ADSs if the underwriters exercise their over-allotment option in full). |
|  Offering price per ADS | On , 2026, the closing sale price of our ordinary shares on Catalist of the SGX-ST market was S$ , equivalent to a price of $ per ADS, based on the exchange rate set forth on the cover page of this prospectus. For a discussion of factors considered in determining the price to the public of the ADSs, see "Underwriting" in this prospectus. |
|  ADSs outstanding immediately after this offering | <br> ADSs (or ADSs if the underwriters exercise their over-allotment option in full). |
|  Ordinary shares outstanding prior to this offering | <br>242,648,260 ordinary shares. |
|  Ordinary shares (including those represented by the ADSs) outstanding immediately after this offering | <br>ordinary shares (or ordinary shares if the underwriters exercise their over-allotment option in full). Immediately after completion of this offering and assuming the underwriters do not exercise their over-allotment option, approximately % of our outstanding ordinary shares will be held by our directors and executive officers, % will be held by our public shareholders on Nasdaq and on the SGX-ST. |
|  Over-allotment option | We have granted to the underwriters a 45-day option to purchase from us up to an additional 15% of the ADSs sold in this offering, solely to cover over-allotments, if any, at the initial public offering price less the underwriting discounts. |
|  The ADSs | Each ADS represents ordinary shares, par value S$0.00000025 per share. The ADSs may be evidenced by ADRs. |
|  | The depositary will hold in custody the ordinary shares underlying the ADSs, and you will have the rights as an ADS holder as provided in the deposit agreement among us, the depositary and holders and beneficial owners of ADSs from time to time. |
|  | If we declare dividends on our ordinary shares, the depositary will pay you the cash dividends and other distributions it receives on our ordinary shares, after deducting the depositary's fees and expenses and any applicable taxes or governmental charges in accordance with the terms set forth in the deposit agreement. |
|  | You may turn in your ADSs to the depositary in exchange for ordinary shares. The depositary will charge you fees and related charges for any exchange. |
|  | We may amend or terminate the deposit agreement without your consent. If an amendment becomes effective and you continue to hold your ADSs, you will be bound by the deposit agreement as amended. |
|  | To better understand the terms of the ADSs, you should carefully read "Description of American Depositary Shares" of this prospectus. You should also read the deposit agreement, which is filed as an exhibit to the registration statement that includes this prospectus. |
|  The ordinary shares | We will issue ordinary shares represented by the ADSs in this offering (or ordinary shares if the underwriters exercise their option to purchase additional ADSs in full).  |

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| | |
|:---|:---|
|  | Our authorized share capital is S$50,000 divided into 200,000,000,000 ordinary shares of a par value of S$0.00000025 each. For more information, see "Description of Share Capital." |
|  Use of proceeds | We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States, including (i) product development and strategic partnerships; (ii) development of AI-powered software and algorithmic capabilities supporting our metalens products and applications; and (iii) working capital and general corporate purposes. We may use a portion of the net proceeds for acquisitions of businesses, technologies, or other assets. See "Use of Proceeds" for additional information. |
|  Depositary | JPMorgan Chase Bank, N.A. |
|  Lock-up | We, each of our directors, executive officers and certain shareholders, which, in the aggregate, beneficially own approximately % of our ordinary shares immediately prior to this offering, have agreed, subject to certain exceptions, for a period of 180 days after the date of this prospectus, not to offer, pledge, sell, announce the intention to sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any ordinary shares, ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs (collectively, the "Lock-Up Securities"), enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Lock-Up Securities, or publicly disclose the intention to enter into any such transaction, in each case without the prior written consent of the representatives. We have also agreed not to facilitate our shareholders' conversion of ordinary shares to ADSs during such period without the prior written consent of the representatives. See "Shares Eligible for Future Sale — Lock-Up Agreements" and "Underwriting — Lock-Up Agreements."<br> In addition, in connection with our prior listing on Catalist of the SGX-ST, each of our promoters, MST SingCo and Angelling Capital Holdings Limited, and indirect shareholders, MST ListCo and Mr. Thng Chong Kim, as well as pre SGX IPO investors and other shareholders, has agreed to comply with moratorium restrictions until September 8, 2026. These undertakings restrict, among other things, any offer, pledge, sale, transfer or other disposal of, or any transaction having a similar effect on, their effective interests in specified portions of our ordinary shares or, in the case of indirect shareholders, their interests in our promoters, as well as any public announcement of any such intention. The restrictions apply to 50.0% of the ordinary shares held by each of MST SingCo and Angelling Capital Holdings Limited immediately after our Catalist listing, a portion of the 27,410,400 ordinary shares held by the pre SGX IPO investors, and 50.0% of the ordinary shares held collectively by certain other shareholders. See "Shares Eligible for Future Sale — Moratorium for Listing on Catalist of the SGX-ST." |

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|:---|:---|
|  Representatives' warrants | Upon the closing of this offering, we will issue to Roth Capital Partners, LLC and The Benchmark Company, LLC, as the representatives, representatives' warrants entitling the representatives, collectively, to purchase a number of ADSs equal to 3.0% of the aggregate number of ADSs sold in this offering, including any ADSs issued pursuant to exercise of the underwriters' over-allotment option. The exercise price of the representatives' warrants is equal to 120% of the price of the initial public offering price of the ADSs offered hereby. The representatives' warrants, once issued, will be exercisable for a period of five years from the commencement of sales of the public offering, but will not be exercisable for a period of 180 days after the closing of this offering. See "Underwriting — Representatives' Warrants" for more information. |
|  Risk factors | See "Risk Factors" and other information included in this prospectus for a discussion of the risks you should carefully consider before investing in the ADSs. |
|  Dividend policy | We do not have any present plan to pay any dividends on our ADSs. See "Dividend Policy" for more information. |
|  Listing | We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol "MOT." |
|  SGX-ST stock code | Our ordinary shares are listed on Catalist of the SGX-ST under the stock code "9MT." |

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Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriters' over-allotment option or the representatives' warrants and is based on 242,648,260 ordinary shares outstanding as of the date of this prospectus.

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#### RISK FACTORS
*Investing in the ADSs involves a high degree of risk. You should carefully consider all of the information in this prospectus, including the risks and uncertainties described below and our financial statements and related notes, before making an investment in the ADSs. Any of the following risks and uncertainties could materially and adversely affect our business, financial condition, results of operations and prospects. The trading price of the ADSs could decline significantly as a result of any of these risks and uncertainties, and you may lose all or part of your investment.*

#### Risks Related to Our Business and Industry

#### We are an early-stage high-technology company with a limited operating history and have incurred net losses since our incorporation.
The Company was incorporated in March 2025, and our wholly-owned subsidiaries were incorporated in Singapore in June 2021 and in the United States in October 2025, respectively. Accordingly, we have a limited operating history upon which to evaluate our performance and prospects. Our current and proposed operations are subject to general business risks associated with new enterprises. These include fluctuations in operating results as we react to developments in our market, secure market traction and demand for our products and technology, and navigate the competitive landscape of the industry. In addition, we could be considered a new entrant in the industry and demand for our products and technology, while growing, is still nascent. At the current stage of growth, we have generated limited revenue, and incurred losses arising from operating and administrative expenses. As of December 31, 2025 and December 31, 2024, we had accumulated losses of S$11.0 million and S$5.5 million, respectively. Our ability to achieve or sustain profitability is uncertain, and we may not be able to generate significant revenue or positive cash flow in the near term, if at all. If we fail to increase our revenue while managing operating costs, we may continue to incur losses and face pressure on our liquidity and cash resources.

We have limited historical data on recurring orders, average selling prices, gross margins, customer retention and other sales and performance metrics. We expect it will take additional time to scale our business, strengthen our customer and revenue base and gain market traction for our products and technology, while continuing our efforts in building market confidence and a track record for our products and technology. The adoption of metalens is subject to the qualification timelines of our key customers and it typically requires at least 12 months to evaluate, test and approve our products for use in their own systems or applications. To our knowledge, most, if not all, of our key customers are at varying stages of designing, design review, evaluating, information or code requests, testing and approving our products for use in their own systems or applications. Such evaluation, testing and approving processes also involved purchase orders being made by such key customers for our products with integrated metalens. As this is an ongoing and dynamic process undertaken by our customers, it is not commercially practicable to segregate the processes undertaken by our customers in respect of their evaluation, testing and approval of our metalenses for use in their own systems. Notwithstanding such qualification, timelines and processes relating to our metalenses, certain IoT products with integrated metalens may be shipped immediately upon order by our customers.

***We have a substantial customer and supplier concentration, and any adverse change in these relationships could materially and adversely impact our business, results of operations and financial condition.***

We derived a substantial portion of our revenue from a single customer during the fiscal year ended December 31, 2025. Our largest customer, Haur-Jye Technology, located in Taiwan, accounted for 74.6% of our total revenue in FY2025. Our reliance on a single customer exposes us to risks relating to order variability, changes in purchasing patterns, and cancellations or delays, any of which can cause significant period-to-period revenue volatility. Our supplier base is also highly concentrated. MMI Systems Pte Ltd, located in Singapore, accounted for 81.0% of our total purchases in FY2025. MMI Systems Pte Ltd is a wholly owned subsidiary of MMI Holdings Limited, one of our principal shareholders, which creates additional risks, including potential conflicts of interest and heightened scrutiny regarding the commercial terms of our arrangements. While we make purchases from MMI Systems Pte Ltd on an arm's length basis, there can be no assurance that we will be able to maintain these arrangements on acceptable terms, or at all. Our dependence on a limited number of suppliers increases our exposure to supply disruptions, capacity constraints, quality issues, longer lead times, and adverse changes in pricing or other terms. In addition, supplier concentration may limit our negotiating leverage and our ability to quickly identify and qualify alternative suppliers on

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comparable terms, particularly for specialized components. Any disruption in our relationship with MMI Systems Pte Ltd, or our inability to secure alternative suppliers in a timely manner, could delay product development or delivery, increase our costs, and harm our competitive position. If we are unable to diversify our customer base or supplier relationships, or if any of our key customers or suppliers experiences financial, operational, or other difficulties, our business, results of operations, and financial condition could be materially and adversely affected.

***We rely on a limited number of suppliers and agents for key components and raw material and are susceptible to supply shortages, poor performance, or price fluctuations on such materials.***

We currently purchase several key materials, or have outside vendors perform process steps, such as lens coatings, imaging sensors and color filters, handling of metalens fabrication and laser cutting, used in or during the manufacture of our products from single or limited source suppliers. We depend on a limited number of suppliers and agents for key components and raw materials, and we do not have long-term supply agreements with most of them. Such key materials, components and process steps are critical to our operations. In the event any of our suppliers and agents fail to meet the requisite quality requirements and specifications of the products and process steps, we may not be able to deliver our products to customers on a timely basis, or fulfil the specified delivery quantities to our customers, if at all. We may also fail to obtain required materials or services in a timely manner in the future or could experience delays as a result of evaluating and testing the products or services procured from potential alternative suppliers. Such events will result in a material and negative impact on our business, financial condition and results of operation.

We have in the past, and may in the future, be required to provide advance payments in order to secure key materials from suppliers. If such suppliers face any financial or other difficulties, this could limit the availability of key components or materials or impair our ability to recover advances made to these suppliers. Any interruption or delay in the supply of any of these materials or services, or the inability to obtain these materials or services from alternate sources at acceptable prices and within a reasonable amount of time, would impair our ability to meet scheduled product deliveries to our customers and could cause customers to cancel orders, thereby negatively affecting our business, financial condition, and results of operation.

We currently purchase certain of our key components and raw materials for the production of metalenses from a limited number of suppliers and agents. In particular, we sourced monochrome and color filters, one of the most crucial components contained in metalens camera modules which determine the product quality of such camera modules, from Edmund Optics Singapore Pte Ltd, with manufacturing carried out at the supplier's Japan facility, due to our stringent product specification requirements for such components. In addition, fabrication of the metalens, the key component in our optoelectronic products including camera modules which determine the product quality of such camera modules, is undertaken by a single foundry in Singapore, A\*STAR, due to the limited quantities of metalens produced.

In the event we are unable to secure fabrication capacities from foundries in Singapore or select locations as part of our expansion strategy to expand into strategic overseas markets, our ability to produce and deliver metalenses will be adversely impacted, and it may be subject to delays in the production and delivery of metalenses as well as significant capital expenditures, should we undertake the construction and set up of our own foundry. Such delays and impediments to the production and timely delivery of metalenses to our customers and industry partners will result in an adverse impact on our reputation, customer relationships, business, financial condition and results of operation.

We expect to continue to depend upon a relatively limited number of suppliers and agents for certain of our key components and raw materials. Moreover, we generally do not enter into long-term purchase agreements with our major suppliers. If the suppliers and agents for certain of our key components and raw materials are unable to meet the demand of the products such as a high-volume single-order or the exact technical specifications due to the change in supplier and agent, our revenue and reliability could be adversely affected. In addition, working with suppliers and agents exposes us to third-party capacity, yield, process and confidentiality risks we do not fully control. Our suppliers and agents could prioritize larger customers, miss specifications or schedules, or encounter geopolitical, export-control or logistics disruptions that materially impact our cost, delivery and competitiveness. In the event that all or any of these major suppliers or agents cease to supply major components or raw materials to us in the future and we are unable to find alternative suppliers or agents in a timely manner or on commercially reasonable terms, our business and financial performance may be adversely affected.

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***We have not yet commenced mass production of metalens prototypes, which will only take place upon receipt of a critical mass of purchase orders from our customers.***

While we have successfully demonstrated the ability to produce metalenses on a 12-inch glass wafer (with each glass wafer containing in excess of 2,000 metalenses) in large quantities of up to a range of more than ten metalenses wafers per hour through the deep ultra-violet ("DUV") immersion photolithography process, we have not yet commenced mass production of metalens prototypes, which refers to the shipment of one million metalens units per year, as we have not yet secured a major purchase order from customers necessitating mass production of our metalenses.

Separately, we may not be able to convert our upcoming product pipeline, such as AI and smart devices, to be successfully put into mass production given that such products are still in development stages and may not be easily replicated. In relation to metalenses prototypes which are within our current fabrication capabilities to mass produce, we may not be able to make a smooth transition to mass production, either via in-house manufacturing or contract manufacturers, due to various challenges including supply chain constraints that could lead to delays in obtaining raw materials or components and quality control issues that may arise when scaling up, making it harder to maintain consistent product standards. In the event we are unable to secure fabrication capacity from foundries in Singapore or around the region or such fabrication bases are unable to scale production quickly enough to meet the demand due to factors such as a lack of skilled labor necessary to operate advanced machinery or manage complex production lines, our ability to mass produce metalenses will be adversely impacted in the short term.

#### If we are unable to protect and enforce our intellectual property rights, we may be unable to compete effectively .
We believe that our intellectual property rights are important to our success and our competitive position, and we rely on a combination of patents and trademarks, as well as trade secrets and know-how. Although we have devoted substantial resources to the establishment and protection of our intellectual property rights, the actions taken by us may not prevent imitation or improper use of our products by others or prevent others from claiming violations of their intellectual property rights by us.

In addition, we cannot assure that, in the future, our patent applications will be approved, that any patents that may be issued to us will protect our intellectual property, or that third parties will not challenge any issued patents. Other parties may independently develop similar or competing technology or design around any patents that may be issued to us, which may result in an adverse impact on our prospects and competitive advantage. We also rely on confidentiality procedures and contractual provisions with our employees, consultants, and business partners to protect our proprietary rights, but we cannot assure the compliance by such parties with their confidentiality obligations, which could be very time-consuming and expensive to enforce.

***We have entered into several license agreements to support our intellectual property and the termination of any of these license agreements may have a material adverse impact on our ability to develop and commercialize derived products and/or technology under each respective agreement.***

We have entered into several license agreements to support our various products and technology. We may, in the future, enter into additional license agreements to secure the rights to third-party intellectual property that are necessary or useful to our business. Our current license agreements and any future license agreements that we may enter into may impose various royalty payments, milestones, and other obligations on us. Under certain license agreements, we may not control the prosecution of the licensed intellectual property or may not have the first right to enforce the intellectual property. In those cases, we may not be able to adequately influence patent prosecution or enforcement or prevent inadvertent lapses of coverage due to failure to pay maintenance fees. If we fail to comply with any of our obligations under a current or future license agreement, the licensor may allege that we have breached our license agreement and may accordingly seek to terminate our license. Termination of any of our current or future licenses could result in our loss of the right to use the licensed intellectual property, which could materially adversely affect our ability to develop and commercialize products and technology. Under some license agreements, termination may also result in the transfer of or granting of rights under certain of our intellectual property and information related to the product candidate being developed under the license, such as regulatory information. The agreements under which we have licensed intellectual property or technology or may license intellectual property or technology in the future to or from third parties are complex, and certain provisions in such agreements may be susceptible to multiple interpretations. Moreover, if disputes over intellectual property that we have licensed or may license prevent or impair our ability to maintain our current licensing arrangements on commercially acceptable terms, we may be unable to successfully develop and commercialize the affected products and technology.

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***Some of the intellectual property covered by our licenses relates to patent applications. We cannot assure you that any of the currently pending or future patent applications will result in granted patents, nor can we predict how long it will take for such patents to be granted.***

Some of the intellectual property covered by our current license from the licensor concern certain patent applications and commercialization obligations. While to some extent and for at least a certain period of time, the licensor has agreed to assume responsibility for the preparation, filing, prosecution and maintenance of patent applications covered by the licensed patent rights, we cannot be certain as to when or if final patents will be issued for those patent applications covered by the licensed patent rights. However, the licensor may not successfully prosecute certain patent applications, the prosecution of which the licensor controls, under which we are only a licensee and on which our business substantially depends. Even if patents are issued from these applications, there is no assurance that such patents will be free from defects or survive validity or enforceability challenges, and the licensors may fail to maintain these patents, or may decide not to pursue litigation against third-party infringers, or may fail to prove infringement or may fail to defend against counterclaims of patent invalidity or unenforceability.

Moreover, it is possible that the licensed pending patent applications will not result in granted patents, and even if such pending patent applications are granted as patents, they may not provide a basis for intellectual property protection of commercially viable products or may not provide us with any competitive advantages. Further, it is possible that, for any of the patents that may be granted in the future, others will design around the licensed patent rights or identify new methods or processes that do not concern the rights covered by our licenses. Further, we cannot assure you that other parties will not challenge any patents granted to the licensor or that courts or regulatory agencies will hold the licensor's patents to be valid or enforceable. We cannot guarantee that, if required to defend the licensed patents, we will have the funds to or be successful in defending challenges made against the licensed patents. Any successful third-party challenge to the licensed patents could result in the unenforceability or invalidity of such patents, or in such patents being interpreted narrowly or otherwise in a manner adverse to our interests. Our ability to establish or maintain a technological or competitive advantage over our competitors may be diminished because of these uncertainties.

***We materially rely on certain licensed intellectual property. If we breach any of the agreements under which we have been granted the license to use, develop and commercialize certain technology from third parties, we may lose such licenses, which may have an adverse impact on our business.***

We have entered into three license agreements with Accelerate Technologies Pte. Ltd. ("Accelerate Technologies"), the commercialization arm of A\*STAR, under which we are granted rights to intellectual property that are used in the course of our business, and we may need or choose to enter into additional license agreements in the future. Our existing license agreements impose, and we expect that future license agreements will impose on us, various regulatory and commercialization obligations, payment of milestones and royalties and other obligations. In particular, pursuant to the license agreement dated August 1, 2023 between (i) Accelerate Technologies (as licensor); and (ii) MetaOptics Technologies (as licensee) (the "Aug 2023 License Agreement"), MetaOptics Technologies is required to achieve gross revenues of at least S$3.0 million within five years from August 1, 2023, and in the license agreement dated December 20, 2023 between (i) Accelerate Technologies (as licensor); and (ii) MetaOptics Technologies (as licensee) (the "Dec 2023 License Agreement"), MetaOptics Technologies is required to achieve gross revenues of at least S$5.0 million within five years from December 25, 2023. In the event that we are unable to fulfil such obligations or other obligations imposed on us by the respective stipulated deadlines, our license agreements may be terminated.

As of the date of this prospectus, our only licensor, Accelerate Technologies, is entitled to terminate the license agreement dated December 10, 2021 between (i) Accelerate Technologies (as licensor); and (ii)(A) MST SingCo and (B) MetaOptics Technologies (each as licensee) (the "2021 License Agreement"), the Aug 2023 License Agreement, and the Dec 2023 License Agreement by, among other things, giving notice to us upon the occurrence of the following events: (i) we commit a breach of the relevant license agreement and we fail to remedy within a stipulated timeframe; (ii) an encumbrance takes possession, or a receiver is appointed, of any of our property or assets; (iii) a voluntary arrangement is entered with creditors; (iv) we go into liquidation; or (v) we cease or threaten to cease to carry on business. If any of such termination events occur and Accelerate Technologies exercises its right to terminate the license, we might not be able to market products covered by the license agreements.

As of the date of this prospectus, we had not fulfilled certain commercialization obligations under the 2021 License Agreement, the Aug 2023 License Agreement and the Dec 2023 License Agreement. However, waivers in respect of such non-fulfilments were granted by Accelerate Technologies on April 29, 2025 and December 8,

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2025. Under the relevant waivers, all commercialization obligations imposed by Accelerate Technologies which had not been fulfilled were removed, amended, waived and/or extended, and we believe that we remain on track to meet the amended and/or extended obligations. See "Business — Intellectual Property Licenses Granted to Us" for further details. Except as disclosed in this paragraph, there are no other breaches by us of any of the terms of the license agreements.

Our business would suffer if any current or future licenses are terminated, if Accelerate Technologies or potential licensors fail to abide by the terms of the licenses, if the licensed patents or other rights are found to be invalid or unenforceable, or if we are unable to enter into necessary license agreements on acceptable terms.

Separately, in relation to the 2021 License Agreement, other than MetaOptics Technologies, MST SingCo currently remains a licensee to such agreement. However, the 2021 Licensed Products specifically relate to optical lenses which are not relevant to and do not overlap with MST SingCo's principal business and product offerings to its customers. The 2021 Licensed Products have been used solely by MetaOptics Technologies since the time the 2021 License Agreement was entered into.

We believe, and MST SingCo has advised us, that it will not make commercial or business sense for MST SingCo to utilize, develop or commercialize the 2021 Licensed Products, as MST SingCo does not have the specific domain knowledge and know-how to do so. In addition, MST SingCo has advised us that MST SingCo will not be acting in its best interest as our strategic investor, as well as in the interest of us, should it compete directly with us by utilizing, developing or commercializing the 2021 Licensed Products. However, there can be no assurance that MST SingCo's assessment will not change in the future, and it may decide to utilize, develop or commercialize the 2021 Licensed Product, which may directly compete with us.

#### Disputes may arise between us and our licensors regarding intellectual property.
Licensing of intellectual property is of importance to our business and involves complex legal, business and scientific issues. Disputes may arise between us and our licensors regarding intellectual property subject to a license agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope of rights granted under the license agreements and other interpretation-related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and the extent to which our technology and processes infringe on the intellectual property of the licensor that is not subject to the license agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our right to sublicense patents and other rights to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our obligations with respect to the use of the licensed technology in relation to our development and commercialization of our metalens product, and the activities that satisfy those obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors, us and our partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our right to transfer or assign the license; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of termination.

If disputes over intellectual property that we have licensed prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected metalens product.

#### Our intellectual property rights are protected in limited jurisdictions, which may expose us to the risk of infringement by third parties.
We have not sought patent registration or protection in other jurisdictions where we market, distribute and sell metalenses and devices, including Japan, South Korea, the United States and certain countries in Europe. As such, we may have limited or no legal recourse in the event that third parties in jurisdictions outside of Taiwan and the People's Republic of China (the "PRC") infringe upon our patents. As of the date of this prospectus, we have registered eight patents in Taiwan and four patents in the PRC. These jurisdictions have been strategically selected to protect our core intellectual property in markets that are most relevant to our operations and where our key competitors are based.

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#### Disputes over intellectual property rights could be costly and could deprive us of the technologies we need to remain competitive.
We have not applied for patent registration for some of the technological know-how related to our products such as metalens, metalens camera module, metalens manufacturing equipment and metalens IoT products. This is because the application for patent registration in Singapore, Taiwan and the PRC requires public disclosure of design details which may not be in our best interest. Patent application only provides a certain degree of protection depending on the geographical coverage of the application rather than absolute global protection for such technological know-how. We consider that such degree of protection afforded by patent application to such technological know-how does not outweigh the potential risk of plagiarism or imitation which may arise from public disclosure under a patent application of such technological know-how. Any material infringement of such technological know-how could have an adverse effect on our sales and marketing efforts and hence, the results of our operations. Moreover, we adopted an asset-light business model, and accordingly, we outsource the fabrication of our products to third-party foundries rather than undertaking such activities in-house. We cannot assure you that these third-party foundries would not disclose our proprietary information to unauthorized third parties, including technical specifications and design files. While we have arrangements to help mitigate the risk of misappropriation or unauthorized use of our intellectual property by external partners, we cannot assure you that these arrangements are adequate.

As with many technology-based businesses, there is a risk that third parties may develop substantially equivalent technologies through reverse engineering or other means. Our competitors and other companies may develop substantially equivalent technologies or otherwise gain access to our technical secrets and know-how and obtain patents for such technologies in Singapore, Taiwan, China and other jurisdictions. Litigation may be necessary to determine the validity and scope of the proprietary rights of others, or to otherwise enforce our intellectual property rights. The outcome of such potential litigation may not be in our favor. An adverse determination in any such litigation could impair our intellectual property rights, such as by legally preventing our Group from utilizing our own technical secrets and know-how. In addition, we may also need to defend our intellectual property rights in legal proceedings. If we do not prevail in such proceedings, we could be required to pay damages, develop non-infringing products and technology or obtain licenses for certain products and technology. In the event that we are required to obtain any licenses, these may not be available on commercially reasonable terms or at all. Such litigation may be costly and may divert management's attention as well as expend other resources away from our business and may harm our business and prospects.

***We have identified material weaknesses in our ICFR. If we are unable to remediate the material weaknesses, or if we identify additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business.***

As more fully described in "Management's Discussion and Analysis of Financial Condition and Results of Operations — Internal Control over Financial Reporting," we have identified material weaknesses in ICFR related to policies and procedures that did not comprehensively cover multiple control areas, including but not limited to segregation of duties, processes around payroll, and purchases and payables. These material weaknesses stem from an underlying lack of sufficient accounting and financial reporting personnel with requisite knowledge of IFRS, and comprehensive accounting and reporting policies and procedures, creating a reasonable possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis. These material weaknesses identified have resulted in necessary corrections to and restatements of our previously issued financial statements. These material weaknesses could result in a misstatement that would result in a material misstatement to the Company's annual or interim consolidated financial statements that would not be prevented or detected. Remediation plans are actively underway, and management will continue to monitor its effectiveness. Until these identified material weaknesses are fully remediated and the ICFR operates effectively for a sustained period, management will continue to assess and enhance internal controls. While management has taken steps to remediate these control weaknesses, the material weaknesses may still be unresolved.

Unless and until these material weaknesses have been remediated, or if new material weaknesses arise, material misstatements could occur and go undetected in our interim or annual financial statements, and we may be required to restate our financial statements. In addition, we may experience delays in satisfying our reporting obligations or to comply with SEC rules and regulations, which could result in, among other things, regulatory or enforcement actions, securities litigation, limitations on our ability to access capital markets, debt rating agency downgrades or rating withdrawals, or loss in confidence of our investors, any one of which could adversely affect the valuation of our ADSs

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and our business prospects. We can give no assurance that the measures we have taken and plan to take in the future will remediate the material weaknesses identified or that any additional material weaknesses will not arise in the future due to a failure to implement and maintain adequate ICFR.

***If we fail to develop and maintain an effective system of ICFR, we may be unable to accurately report our financial results or prevent fraud.***

As a public company, we are subject to the Sarbanes-Oxley Act. Section 404 of the Sarbanes-Oxley Act ("Section 404") requires us to include a report from management on the effectiveness of our ICFR starting with our second annual report on Form 20-F. In addition, once we cease to be an "emerging growth company" as such term is defined in the JOBS Act, our independent registered public accounting firm must attest to and report on the effectiveness of our ICFR. Our management may conclude that our ICFR is not effective. Moreover, even if our management concludes that our ICFR is effective, our independent registered public accounting firm, after conducting its own independent testing, may issue a report that is qualified if it is not satisfied with our internal control or the level at which our control is documented, designed, operated, or reviewed, or if it interprets the relevant requirements differently from us. In addition, as a result of becoming a public company, our reporting obligations may place a significant strain on our management, operational, and financial resources and systems for the foreseeable future. We may be unable to timely complete our evaluation testing and any required remediation.

During the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify other weaknesses and deficiencies in our ICFR. In addition, if we fail to maintain adequate and effective ICFR, as these standards are modified, supplemented, or amended from time to time, we may not be able to conclude on an ongoing basis that we have effective ICFR in accordance with Section 404. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our ordinary shares and ADSs. Additionally, ineffective ICFR could expose us to increasing risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory investigations, and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods.

#### Our risk management and internal control systems may not be adequate or effective.
While we seek to improve our risk management and internal control systems on a continuous basis, we cannot assure you that these systems are sufficiently effective in ensuring the prevention of fraud. Since our risk management and internal control systems depend on implementation by our employees, we cannot assure you that our employees or other related third parties are sufficiently or fully trained to implement these systems, or that their implementation will be free from human error or mistakes. If we fail to timely update, implement, and modify, or fail to deploy sufficient human resources to maintain our risk management policies and procedures, our business, results of operations, financial condition and prospects could be materially and adversely affected.

#### Demand for our products depends on trends and developments in the markets for end products containing our products.
Many of our products are utilized or incorporated as core components for optical and optoelectronic instruments and systems. In particular, we offer lenses which can be used in optical systems for a wide range of consumer electronic products, such as smartphone cameras, pico projectors, micro electromechanical systems scanners, AR/VR devices and contactless biometric devices. As such, the demand for our products depends to a large extent on trends and developments in the markets for end products which we believe are characterized by rapidly changing technology, frequent new product specifications and changing customer demands. If demand for smartphone cameras, pico projectors, micro electromechanical systems scanners, AR/VR devices, and contactless biometric devices were to decrease for any reason, we would experience a corresponding decrease in demand for our metalenses which would have an adverse effect on our optoelectronic products business. If we fail to adjust our product lines or expand the use cases of our metalenses to accommodate such changes in market trends, our business and profitability may be adversely affected.

Our success also depends on our ability to adequately respond and adapt to technological developments in a timely and cost-effective manner through continuous improvement of our existing products and services and the introduction of new products applying the latest technologies that improve performance, features and reliability. The failure to adapt to such changes may have a material adverse effect on our business, operating results and financial condition.

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#### Our customers may cancel their orders, change production quantities or delay production.
We rely on the relationships we have developed with our major customers, and generally we do not obtain firm, long-term purchase commitments from them. Our customers may continue to require shorter delivery time for their orders, cancel their orders, change production quantities or delay production for any reason. Cancellations, reductions or delays by a significant customer or by a group of customers could seriously and adversely affect our results of operations.

In addition, we make significant investment decisions, including determining the levels of business that we will seek and accept, production schedules, component and raw material procurements, personnel needs and other resource requirements, based on our estimates of future customer requirements. The short-term nature of our customers' commitments and the possibility of rapid changes in demand for their products reduce our ability to predict future customer requirements. Although there are generally no cyclical trends in our business, on occasion, customers may require rapid increases in production due to the evolving demand dynamics of our end products, which can stress our resources and may lead to reduced margins. Moreover, we may not have sufficient capacity at any given time to meet our customers' demands, which may result in us having to reject or delay customers' orders. In addition, to the extent certain components of our costs and operating expenses are fixed, a reduction in customer demand could adversely impact our gross margins and operating income.

***Any failure by us to further refine our technology and develop and introduce new products or improved processes could render our products or production methods uncompetitive or obsolete and reduce our sales and market share.***

The optical component industry is rapidly evolving and competitive. We will need to invest significant financial resources in R&D to keep pace with technological advances in the optical component industry and to compete effectively in the future. For 2025 and 2024, we incurred expenses of S$1,843,294 and S$1,036,635, respectively, to R&D activities. However, R&D activities are inherently uncertain, and we might encounter practical difficulties in commercializing the results of our R&D activities and launching new products as originally intended. For example, MetaOptics Technologies collaborates with various local and overseas academic and research institutions, such as A\*STAR in Singapore for a certain portion of its R&D activities. These collaborations are conducted pursuant to formal or contractual arrangements which set out the parties' respective rights, responsibilities, obligations, allocation of benefits (such as intellectual property ownership) or other matters. While the terms of these agreements are generally clear, disagreements may nonetheless arise due to the inherent nature of any collaborations, including R&D collaborations. These disagreements may stem from differing interpretations of contractual provisions or from the fact that the agreements may not fully anticipate all practical scenarios that could arise during the course of a project.

In addition, our R&D expenses may not reap corresponding benefits, and our competitors or industry peers may develop technologies and processes to manufacture products that prove to be more cost-effective and have better performance and utility. Therefore, our R&D efforts may be rendered obsolete by the technological advances of others. Our R&D expenses may not be entirely capitalized, which may result in higher expenses and lower margins. Any failure by us to further refine our technology and develop and introduce new products or improved processes could render our products uncompetitive or obsolete and may result in a decline in our market share.

#### Life cycles of optical products' application and imaging devices are short due to rapid changes in technology.
Our future success will partly depend on our ability to develop, design and market products and improve manufacturing and fabrication processes which meet changing customer needs and to successfully anticipate or respond to technological changes in manufacturing processes or the end consumer products in a cost-effective and timely manner. Many of our products are applied in optical products such as imaging devices, which have short product life cycles due to frequent product introductions, rapidly changing technology and evolving industry standards. There can be no assurance that we will be successful in developing new products as a result of our R&D efforts or our cooperation with industry leaders, or that it will keep pace with technological changes taking place in the market. Any delay or failure to adequately respond to the technological changes could have a material adverse effect on our business or our operating results.

#### The markets for our products are highly competitive.
We face competition from optical products manufacturers in Singapore and abroad who offer products that are similar to or otherwise compete with our products. Heavy reliance on a niche market with limited customers will expose us to market volatility and changing demand shifts. We also envisage that the selling price of our products and

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revenue generated from product orders may be driven down in the future, in the event we are faced with competitive pressures or market share erosion. If we fail to maintain our competitiveness by failing to expand our product portfolio, failing to maintain and improve the quality of our products and maintain competitive prices, or if the number of competitors increases substantially, or if their service quality or product utility improves rapidly, or if the commercial terms they offer are more competitive, our business, financial performance and position, and prospects may be adversely affected.

Moreover, although barriers of entry exist in the design and manufacturing of optical products due to highly specific technical expertise, substantial capital requirements, and difficulties relating to building customer relationships, new industry entrants cannot be precluded from developing or acquiring the required technical capabilities and customer base through substantial investments in necessary technologies and market development to compete with our existing business. If new entrants succeed in establishing operations and developing products with superior technology that compete with us, our business and prospects may be adversely affected.

***We rely, in large part, on key business and sales relationships for the successful commercialization of our products, which if not developed or maintained, will have an adverse impact on achieving market awareness and acceptance and will result in a loss of business opportunities.***

To achieve wide market awareness and acceptance of our product and technologies, and as part of our business strategy, we will enter into a variety of business relationships with other companies that will incorporate our product or technology into their products or market their products based on our technologies. The successful commercialization of our product and technologies will depend in part on our ability to (i) undertake a successful campaign with our customers with our prototypes; and (ii) meet obligations under contracts with respect to the products and achieve related development requirements. The failure to secure or build these business relationships will limit the commercialization of our product and technologies, which will have an adverse impact on our business development and our ability to generate revenues. Any delays in entering into new and beneficial collaborations or strategic partnership agreements related to any product or technology we develop could hinder the development and commercialization of our product and technology, which would materially and adversely affect our business prospects, financial condition, and results of our operations.

The advancement of our product and technology and the potential commercialization of our current and future product and technology will require substantial additional financing. The entry into a variety of business relationships with other companies or such collaborations, may incur non-recurring and other charges, increase our near and long-term expenditures, and require us to issue our equity securities that dilute our existing shareholders, or disrupt our management and business.

We face competition in seeking appropriate strategic partners and alliances, and the negotiation process can be time-consuming and complex. Any definitive agreement for other partnerships or alliances is contingent, among others, on our assessment of the collaborator's resources and expertise, the terms and conditions of the proposed collaboration and the proposed collaborator's evaluation of a number of factors, including the design or results of product and technology, the progress of our product and/or technology, the impact to our product supply chains, the potential market for the product and technology, the costs and complexities of manufacturing and delivering such product and technology for commercialization and in certain instances, across various geographies and varying competitive landscapes and the potential of competing products.

#### We face product liability risks, which could adversely affect our business.
The sale of our optical products involves the inherent risk of product liability claims by others. Although we maintain a product liability insurance policy, there can be no assurance that our insurance coverage will be sufficient to cover all of our losses in all events. In particular, the amount and scope of the insurance coverage may be inadequate to protect us in the event that a product liability claim is successfully asserted. If a claim is asserted and successfully litigated by an adverse party, our financial position and results of operations could be adversely affected.

#### Any failure to maintain our brand recognition and value may adversely affect our business.
Developing our brand recognition and value will depend largely on the success of our marketing efforts and our ability to provide consistent, high-quality products and customer service on a timely basis. In addition, brand recognition and value are based in large part on perceptions of subjective qualities, and even isolated incidents can erode trust and confidence, particularly if they result in adverse publicity, governmental investigations or litigation. Although we have sales representatives in South Korea and sales distributors in the PRC and Taiwan to increase our brand presence and

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provide high quality customer service to key smartphone manufacturers in these countries, we, including our brand and value, could nonetheless be adversely affected if our public image or reputation is tarnished by negative publicity. Any loss of confidence on the part of customers in our brand or reputation would be difficult and costly to overcome and could have a material adverse effect on our business, financial condition and results of operations.

#### We will need to increase the size of our organization, and we may experience difficulties in managing growth.
As of the date of this prospectus, we have seven employees, comprising three members of our management team, two other full-time employees, and two part-time employees. We are required to continue expanding our managerial, operational, technical, finance, sales and other resources in order to manage the anticipated growth of our operations, continue our development activities and expand the testing and commercialization of our optical products and technologies. Our existing management and personnel, systems and facilities may not be sufficient to manage and support our future growth. Our growth strategy requires that we expand our resources, such as hiring more personnel, upgrading facilities and enhancing our operation systems, but also ensure that we maintain the agility and innovation that have been central to us and the products offered. To achieve this, we intend to identify and hire more employees of various expertise to drive the growth of our organization. At the same time, we intend to continue to prioritize investment in R&D to drive the commercialization of our optical products and technologies.

If we are unable to attract skilled employees, increase the size of our organization or manage our future growth effectively, it will impair our ability to execute our business strategy and our business, financial condition, results of operations and growth prospects will be materially and adversely affected.

***Our continued success and growth depend substantially on the continuing service and contribution of our executive officers and research scientists, as well as our ability to attract and retain new and existing technical personnel.***

Our success to date can be largely attributable to the contributions and expertise of our executive officers, each of whom has invaluable experience and knowledge relevant to our industry. In particular, Mr. Thng Chong Kim has an intimate understanding of the demands, technicalities and intricacies of our business and customers' needs. As an early-stage high-technology company, our management team is lean and comprises seven employees, comprising three members of our management team, two other full-time employees, and two part-time employees, and the loss of any member of our management team may adversely affect the execution of our business strategies and adversely impact our business operations and prospects.

We do not maintain keyperson life insurance for any of our executive officers. In assessing the need for such coverage, we have taken into account various factors, including the availability and cost of obtaining such insurance. Given the specific circumstances of certain individuals, such policies are not commercially practicable at this stage. If we are not successful in retaining the services of our management or other key personnel or hire suitably qualified personnel to replace them on a timely basis, our business, results of operation, financial conditions and prospects may be materially and adversely affected.

We also rely extensively upon experienced and skilled research scientists seconded to MetaOptics Technologies under the T-Up program to spearhead the design of the products, who have since August 1, 2025 commenced full-time employment with us. Launched in 2003, the T-Up program is a secondment program funded by Enterprise Singapore and administered by A\*STAR, where A\*STAR's research scientists and engineers are seconded to local enterprises to help them build in-house R&D capabilities and grow their business revenue.

As we continue to grow, we will need additional qualified management personnel and employees to manage our expanded business. Competition for management personnel and employees, especially employees with specific technical and research expertise, may be keen and there is no guarantee that we will be able to hire and retain an adequate number of management personnel and skilled employees in the future. Notwithstanding that most of the production and fabrication of the products have been diversified and outsourced to various suppliers with specialized expertise, a shortfall in qualified management personnel and skilled employees may hinder our business execution strategies and growth plans. Compensation levels may need to be increased substantially to attract and retain our executive officers and skilled employees. The onset of any of the aforementioned situations may result in a material adverse impact on our business, financial performance, results of operation and prospects.

#### We may face risks associated with debt financing.
Although we have not entered into any credit facilities as of the date of this prospectus, we may require and secure bank borrowings in the future to fund our growth and business expansion initiatives. Such credit facilities may contain covenants including: (i) restrictions on change of control and disposal of materials assets; (ii) financial

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covenants restricting us from incurring additional indebtedness or encumbrance over our assets; (iii) compliance with certain financial thresholds set in the relevant facility letters and agreements such as a certain level of minimum tangible net worth and loan to equity ratio; and (iv) restrictions on our ability to make distributions. The undertakings and covenants contained in the bank borrowings could restrict our ability to respond to changes in business and economic conditions to engage in potentially beneficial transactions and to obtain other required financing.

As of December 31, 2025, we have a non-current liability of S$2.1 million, which mainly arose from the amount due to MST SingCo arising from the 2021 License Agreement, under which consideration of S$2.9 million was paid on our behalf directly by MST SingCo (a co-licensee under the 2021 License Agreement), and we are obligated to repay that amount to it. MST SingCo has issued a letter to us stating it has no intention to demand immediate repayment of the aforementioned amount until June 30, 2026 (the "MST SingCo Non-Demand Letter"). Subsequently, MetaOptics Technologies sent a letter to MST SingCo reflecting an updated repayment arrangement between the parties (the "MOT to MST SingCo Acknowledgement Letter"), which provides and acknowledges that the amount of S$2.9 million, which is non-interest-bearing, and that such amount is expected to be repaid by MetaOptics Technologies to MST SingCo from 2027 onwards and by no later than 2029, or any such time as mutually agreed by MST SingCo and MetaOptics Technologies, with the first payment in 2027 being S$250,000, the second payment in 2028 being S$630,000 and the remaining S$2,000,000 in 2029. While MST SingCo has not executed any written agreement of the terms set out in the MOT to MST SingCo Acknowledgement Letter, MST SingCo has acknowledged and confirmed that it has no intention to call for early repayment of any amount prior to 2027. Thereafter, Dato Sri Chua Chwee Lee and Jee Wee Jene, who are executive directors of MST ListCo and together are controlling shareholders of MST ListCo and, indirectly of MST SingCo, each provided an irrevocable undertaking to MetaOptics Technologies that he or she will use best efforts to procure that MST SingCo shall abide by, comply with and act in accordance with the intentions and understandings of the parties reflected in the MST SingCo Non-Demand Letter and the MOT to MST SingCo Acknowledgement Letter. Each irrevocable undertaking is evidenced by a deed governed by the laws of Singapore and executed by Dato Sri Chua Chwee Lee and Jee Wee Jene, respectively, and, as such, we will not have any repayment obligations to MST SingCo prior to 2027.

In the event that we finance some of our capital expenditures through hire purchase and short-term borrowings in addition to cash flow from operations and long-term borrowings in the future, our working capital position may become negative, and our leverage ratios will increase. If we are unable to secure other funding sources for our operational requirements and additional financing is required, our operations may be adversely affected.

#### We may experience disruptions to our information technology ("IT") systems or infrastructure failure.
We may be exposed to cybersecurity risks such as data breaches, ransomware, or unauthorized access to sensitive company data. As we are reliant on our IT systems, the failure of information technology systems or infrastructure may lead to loss of data, operational disruptions and our inability to deliver the products as per customers' requests on a timely basis and thus, resulting in customers' dissatisfaction or leakage of confidential information. There can be no assurance that our IT systems will operate without interruption or that they will not malfunction. It may be difficult or costly to keep our IT systems up-to-date or to implement major system maintenance and upgrades. Disruptions to our business may lead to the incurring of expenses or losses. Disruptions to our systems may also occur due to security or data breaches, damage to our data centers, or external interruptions in technology infrastructure. Any system disruption or failure could reduce our productivity, customer satisfaction, and/or materially and adversely affect our business, financial condition and results of operations.

***Our metalens design and manufacturing processes rely on sophisticated software and are highly complex, exposing us to risks related to software issues, impurities in the production environment and manufacturing disruptions, which could reduce our production yields, hurt our sales and adversely affect our customer relationships and business reputation.***

Designing and manufacturing optical components is a highly complex and precise process that requires the use of sophisticated and costly equipment and software, which have to be regularly modified and updated to improve metalens design, production yields and product performance and reduce unit manufacturing costs. However, these updates and migration to advanced technologies expose us to the risk of production difficulties arising from new or changed processes, which could affect the quality of the products and cause delivery delays, reduced output or both. As we expand our production capacity or modify our production processes to adjust to new product specifications from our customers, we may experience lower production yields, initially as is typical with any new equipment, software or process, which may have an adverse impact on our turnover and profit margins.

We must constantly update the software and ensure that our research scientists, designers and engineers are proficient in utilizing its complex features to support the new solutions and technologies we regularly introduce. This process is time-intensive and expensive and may lead to higher costs in the future. We cannot assure you that our current and planned systems, software, procedures and controls will be adequate to support our future operations.

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In addition, manufacturing optical components requires a tightly controlled and clean environment. Microscopic impurities such as dust and other contaminants, minor deviations in the manufacturing process or malfunctions of equipment or facilities can cause substantial decreases in production yields, affect the quality of the product, and in some cases, cause production to be suspended or result in products unfit for commercial sale.

While we employ strict quality assurance procedures at key manufacturing stages to anticipate and mitigate potential quality issues, our products may contain undetected defects or otherwise fail to perform as expected, especially when new camera modules and optical components manufactured using the latest technologies are first introduced to the market. These defects could cause us to incur significant re-engineering costs, divert the attention of our engineering personnel from product development efforts or lead to returns of our products and adversely affect our customer relationships and business reputation.

***Our tenancy agreements for our facilities in Singapore contain control requirements that restrict changes in the shareholding of MetaOptics Technologies, and a breach of these requirements could result in the termination of our leases and loss of access to our facilities.***

MetaOptics Technologies leases two premises in Singapore from Jurong Town Corporation, which are used as design centers and demonstration laboratories, as well as for administrative functions. Each tenancy agreement contains a control requirement providing that the shareholders of MetaOptics Technologies as of a specified date, namely June 9, 2023 for #01-45 and April 30, 2025 for #01-51, whether individually or in any combination, must directly own more than 50% of the issued shares of MetaOptics Technologies, and that the prior consent of Jurong Town Corporation is required for any change to this requirement. As part of our corporate reorganization completed in April 2025, MetaOptics Ltd became the holding company of MetaOptics Technologies. As of April 3, 2025, MetaOptics Technologies has obtained the prior written consent of Jurong Town Corporation for the aforementioned change in control.

However, future changes in the share capital or shareholding structure of MetaOptics Technologies could trigger a breach of the control requirements unless the prior consent of Jurong Town Corporation is obtained. There can be no assurance that Jurong Town Corporation will grant consent to any future change in control, or that consent will be obtained on acceptable terms or in a timely manner. A failure to comply with the control requirements would constitute a breach of MetaOptics Technologies' obligations under the relevant tenancy agreement, and Jurong Town Corporation would be entitled to re-enter and repossess the premises, resulting in the immediate termination of the tenancy. Although these premises are not critical to our core business operations and could be readily relocated, the loss of either or both of our leased premises could disrupt our operations and require us to relocate on short notice and potentially at higher cost.

#### Our operations are subject to the political, economic and social developments as well as laws, regulations and licensing requirements in Singapore and globally.
While we operate out of Singapore, we market, distribute and sell metalenses and devices across various jurisdictions, including Singapore, Japan, South Korea, China, Taiwan, the United States, and certain countries in Europe. As such, our business, prospects, financial position and results of operations may be adversely affected by political, economic, social and legal developments in Singapore and globally that are beyond our control. Such political and economic uncertainties include, but are not limited to, the risks of war, terrorism, changes in interest rates, rates of economic growth, fiscal and monetary policies of the government, inflation, deflation, methods of taxation and tax policy, tariffs and other international trade policies, unemployment trends, and other matters that influence consumer confidence, spending and tourism. In particular, factors such as gross domestic product growth, disposable income and unemployment rates, both in Singapore and globally, may affect the demand for our products and services and indirectly affect our business operations.

Given the uncertainties of the future economic outlook, there is no assurance that we will be able to grow our business, or that we will be able to react promptly to any changes in economic conditions. In the event that we fail to react promptly to changing economic conditions, our business, prospects, financial condition and results of operations may be adversely affected.

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#### Our operations are subject to the potential impact of recently imposed tariffs by the U.S. government.
As we market, distribute and sell metalenses and devices to the United States, our business, financial performance and prospects are subject to risks arising from developments in the U.S. trade policy, particularly in relation to tariffs imposed on imported goods.

In 2025, the U.S. government announced a series of tariff measures aimed at protecting domestic industries. These tariffs may affect a broad range of goods, including components and products relevant to our operations. If our products, or the components used in their manufacture, become subject to such tariffs, we may face increased costs of doing business in the United States, reduced price competitiveness, or disruptions to supply chains and customer relationships.

In response to the U.S. tariffs, a number of countries announced retaliatory tariffs and other countermeasures. Such developments may adversely affect our ability to maintain or grow our market share in the United States and may also impact broader demand for our products. Political tensions as a result of trade policies could reduce trade volume, cross-border investment, technological exchange, and other economic activities between major economies, resulting in a material adverse effect on global economic conditions and the stability of global financial and stock markets. Moreover, the heightened geopolitical uncertainty and potential for further escalation may affect the global macroeconomic environment.

Notwithstanding that the series of tariff measures imposed by the U.S. administration does not have any material impact on us, there is no assurance that current or future U.S. tariff measures, including those introduced or expanded under the current administration, or any countermeasures enacted in response to such tariffs, will not have a material adverse effect on our business, financial condition, results of operations and prospects.

We do not currently generate significant revenue from the U.S. market. However, this does not preclude the possibility of us deriving material revenue from the United States in the future. Additionally, the impact of tariff measures may be indirect, as they could potentially affect our customers based in the PRC and Taiwan.

#### We may be subject to liabilities for non-compliance with statutory provisions.
There have been instances of procedural non-compliance arising from instances of inadvertent omissions and administrative oversights leading to us not fully complying with certain statutory provisions in Singapore. In particular, default penalties amounting to S$150 were imposed in relation to the late lodgment of the notice of appointment of the auditor in 2022, and in relation to the late lodgment of the notice of resolution of an extraordinary general meeting in 2023. These penalties have been duly settled in full, and we confirm that these matters did not have any material adverse impact on us. While we have (i) engaged Ascentium as our corporate secretarial agent and to assist with the day-to-day oversight of the corporate secretarial matters and to mitigate against further instances of non-compliance in respect of our Group; and (ii) have not been subject to any disciplinary actions or proceedings, and no other enforcement actions have been taken against us for the aforementioned non-compliance as of the date of this prospectus, there is no assurance that further penalties will not be imposed for any past non-compliance or that such lapses will not recur in the future.

***We may consider acquisitions or strategic collaborations which are capital intensive, result in dilutive effects to our shareholders' equity interest, cause us to incur debt or assume contingent liabilities and/or subject us to other risks.***

From time to time, we may contemplate undertaking various acquisitions and strategic collaborations, including licensing or acquiring intellectual property rights, technologies or businesses, as well as joint ventures or strategic partnerships with manufacturers, foundries, or industry partners. Any potential acquisition or strategic partnership we may undertake involves several risks and challenges, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased operating expenditure and cash flow requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assimilation of operations and intellectual property, including difficulties associated with integrating new personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the diversion of our management's time and focus from our existing operations and initiatives in pursuing such a strategic partnership, merger or acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retention of key employees, the loss of key personnel, and uncertainties in maintaining crucial business relationships;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks and uncertainties associated with the other party to such a transaction, including the prospects of that party and their existing products, assets, technology portfolio and capabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our inability to generate revenue from acquired intellectual property rights, assets, technologies, and/or businesses sufficient to meet our objectives in undertaking the acquisition or even to offset the associated acquisition and maintenance costs.

If we undertake acquisitions or strategic partnerships, we may issue securities which will dilute the equity interests of our shareholders and ADS holders, take on debt obligations, incur significant one-off expenditures or acquire intangible assets that could result in substantial future amortization expenses. Moreover, we may not identify suitable acquisition or strategic partnership opportunities, and this inability could impair our growth or limit access to technology or products or fabrication capabilities that may be important to the development of our business.

***Growing focus on evolving environmental, social, and governance ("ESG") issues by shareholders, merchants, users, regulators, employees and other stakeholders may impose additional risks and costs on our business.***

Matters relating to ESG have become an area of growing and evolving focus among our shareholders and other stakeholders, including among merchants, users, employees, regulators and the general public in the geographic markets in which we operate. In particular, we face heightened expectations with respect to our practices, disclosures and performance in relation to environmental sustainability, climate change, biodiversity, diversity, equity and inclusion and human rights practices, among other topics.

The current regulatory landscape regarding climate change and other ESG-related matters is evolving and is likely to continue to develop in ways that require our business to adapt and require us to make certain disclosures regarding our operations and our commitments. Governments are, and may continue to, enact new laws and regulations and/or view matters or interpret laws and regulations differently than they have in the past, including laws and regulations which are responsive to ESG trends or otherwise seek to reduce the carbon emissions relating to travel and set minimum energy efficiency requirements, which could materially and adversely affect our business, results of operations and financial condition.

If we fail to meet rapidly evolving expectations on ESG matters, we may experience harm to our brand and reputation, adverse press coverage, a reduction in our attractiveness as an investment, greater regulatory scrutiny and potential legal claims, greater difficulties in attracting and retaining users and talent, increased costs associated with our legal compliance, insurance or access to capital, and as a consequence, our business, results of operations, financial condition and/or stock price could be materially and adversely affected.

#### Fluctuations in foreign currency exchange rates may adversely affect our operational and financial results.
We operate in multiple geographic markets, which exposes us to the effects of fluctuations in currency exchange rates. We generally incur costs and expenses for employee compensation and other operating expenses in the local currencies in the markets in which we operate. We do not rely on any single currency as we earn revenue in different local currencies across our markets. However, fluctuations in the exchange rates among the various currencies that we use could cause fluctuations in our operational and financial results. Because fluctuations in the value of these local currencies are not necessarily correlated, our results of operations in any period may be materially and adversely affected by such volatility. Additionally, we may be subject to restrictions on currency exchange in some of the jurisdictions in which we operate.

We may enter into derivatives transactions and incur relevant costs from time to time to manage our exposure to exchange rate risk. Such derivatives transactions, while intended to be nonspeculative, are designed to protect us against increases or decreases in exchange rates, but not both. If we have entered into derivatives transactions to protect against, for example, decreases in the value of a local currency and such local currency instead increases in value, we may incur financial losses. Such losses could materially and adversely affect our financial condition and results of operations.

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#### The ability of our subsidiaries to distribute dividends to us may be subject to restrictions under the laws of their respective jurisdictions.
We are a holding company. Part of our primary internal sources of funds to meet our cash needs is our share of the dividends, if any, paid by our subsidiaries. The distribution of dividends to us from the subsidiaries in these markets as well as other markets where we operate is subject to restrictions imposed by the applicable laws and regulations in these markets. In addition, although there are currently no foreign exchange control regulations which restrict the ability of our subsidiaries in some of our markets to distribute dividends to us, the relevant regulations may be changed and the ability of these subsidiaries to distribute dividends to us may be restricted in the future. For more information, please see "Dividend Policy" beginning on page 36 of this prospectus.

#### Risks Related to the ADSs and this Offering
***There has been no prior market for our ordinary shares or the ADSs on a U.S. national securities exchange, and an active and liquid market for the ADSs may fail to develop or be sustained, which could harm the market price of the ADSs.***

Our ordinary shares have been listed on Catalist of the SGX-ST since September 9, 2025. Prior to this offering, there has been no public market on a U.S. national securities exchange for our ordinary shares or the ADSs. We plan to apply to list the ADSs on the Nasdaq Global Market. There is no guarantee that Nasdaq, or any other exchange or quotation system, will permit the ADSs to be listed and traded. The closing of this offering is contingent upon the successful listing of the ADSs on the Nasdaq Global Market. Even if the ADSs are approved for listing on the Nasdaq Global Market, a liquid public market for the ADSs may not develop, or if it is developed, may not be sustained. The lack of an active market may impair your ability to sell the ADSs at the time you wish to sell them or at a price that you consider reasonable.

The initial public offering price for the ADSs has been determined by negotiation between us and the representatives based upon several factors, including prevailing market conditions, our historical performance, the trading price of our ordinary shares in Singapore, estimates of our business potential and earnings prospects and the market valuations of similar companies. The initial public offering price for the ADSs may not be indicative of the price at which ADSs will trade in the public market after this offering. The price at which the ADSs are traded after this offering may decline below the initial public offering price, meaning that you may experience a decrease in the value of the ADSs regardless of our operating performance or prospects.

#### The trading price of the ADSs is likely to be volatile, which could result in substantial losses to investors.
The trading price of the ADSs is likely to be volatile and could fluctuate widely due to factors beyond our control. This may happen because of broad market and industry factors, including the performance and fluctuation of the market prices of other companies with similar business operations. In addition to market and industry factors, the price and trading volume for the ADSs may be highly volatile for factors specific to our own operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variations in our net revenues, earnings and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new investments, acquisitions, strategic partnerships or joint ventures by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new offerings and expansions by us or our competitors;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• detrimental adverse publicity about us, our products and services or our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new regulations, rules or policies relevant for our business;

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

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

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

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Any of these factors may result in large and sudden changes in the volume and price at which the ADSs will trade.

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

#### The dual listing of our ordinary shares and the ADSs following this offering may adversely affect the liquidity and value of the ADSs.
Following this offering and after the ADSs are traded on the Nasdaq Global Market, our ordinary shares will continue to be listed on Catalist of the SGX-ST. We cannot predict the effect of this dual listing on the value of our ordinary shares and ADSs. However, the dual listing of our ordinary shares and the ADSs may dilute the liquidity of these securities in one or both markets and may adversely affect the development of an active trading market for the ADSs in the Unites States. The price of the ADSs could also be adversely affected by trading in our ordinary shares on Catalist of the SGX-ST.

Although our ordinary shares will initially continue to be listed on Catalist of the SGX-ST following this offering, we may decide at some point in the future to propose to our ordinary shareholders to delist our ordinary shares from Catalist of the SGX-ST, and our ordinary shareholders may approve such delisting. We cannot predict the effect such delisting of our ordinary shares on Catalist of the SGX-ST would have on the market price of the ADSs on the Nasdaq Global Market.

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

If you purchase the ADSs in this offering, you will pay more for each ADS than the corresponding amount paid by existing shareholders for their ordinary shares. In addition, you will pay substantially more for the ADSs in this offering than our net tangible book value per ordinary share. As a result, you will experience immediate and substantial dilution of approximately US$ per ADS, assuming that no outstanding options to acquire ordinary shares are exercised. This number represents the difference between the initial public offering price of US$ per ADS, and our adjusted net tangible book value US$ per ADS as of December 31, 2025, after giving effect to this offering. You may experience further dilution to the extent that our ordinary shares are issued upon exercise of any share options. See "Dilution" for a more complete description of how the value of your investment in ADSs will be diluted upon completion of this offering.

***We have broad discretion to determine how to use the funds raised in this offering and may use them in ways that may not enhance our operating results or the price of the ADSs.***

We intend to use the proceeds from this offering for the purposes and in the manner set out in the section entitled "Use of Proceeds" of this prospectus. However, there can be no assurance that our current intentions will materialize. As a result of the number and variability of factors that determine our use of the proceeds from this offering, the actual uses may vary substantially from our current intentions. Our management will have considerable discretion in the application of the net proceeds received by us from this offering. You will not have the opportunity, as part of your investment decision, to assess whether proceeds are being used appropriately. The net proceeds may be used for corporate purposes that do not improve our efforts to achieve or maintain profitability or increase our ADS price. The net proceeds from this offering may be placed in investments that do not produce income or that lose value.

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***Our shareholders may face difficulties in protecting their interests, and the ability to protect their rights through U.S. courts may be limited because we are incorporated under Cayman Islands law and our operations are based in emerging markets.***

We are an exempted company incorporated under the laws of the Cayman Islands. Our corporate affairs are governed by our Memorandum and Articles of Association, the Companies Act, and the common law of the Cayman Islands. The rights of shareholders to take action against our directors, actions by our minority shareholders and the fiduciary duties of our directors to us under Cayman Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England and Wales, the decisions of whose courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary duties of our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the Cayman Islands have a less developed body of securities laws than the United States. Some U.S. states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition, Cayman Islands companies may not have the standing to initiate a shareholder derivative action in a state or federal court in the State of New York. Moreover, while under Delaware law, controlling shareholders owe fiduciary duties to the companies they control and their minority shareholders, under Cayman Islands law, our controlling shareholders do not owe any such fiduciary duties to our company or to our minority shareholders. Accordingly, our controlling shareholders may exercise their powers as shareholders, including the exercise of voting rights in respect of their shares, in such manner as they think fit.

Shareholders of Cayman Islands exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and articles of association, the register of mortgages and charges and any special resolutions passed by shareholders) or to obtain copies of lists of shareholders of these companies. Our directors have discretion under our Memorandum and Articles of Association to determine whether or not, and under what conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders. This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

Certain corporate governance practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other jurisdictions such as the United States. If we choose to follow the home country practice, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers. See "— We are a foreign private issuer within the meaning of the rules under the Exchange Act, and, as such, we are exempt from certain provisions applicable to U.S. domestic public companies" and "— As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to U.S. domestic issuers. This may afford less protection to shareholders than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards."

Additionally, as a company incorporated under Cayman Islands law with operations based in emerging markets, there may be challenges in enforcing U.S. judgments or court orders. These challenges may include differences in legal systems and limited legal enforcement mechanisms, and local regulations that make it difficult to collect on judgments.

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time; and

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

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

***As a foreign private issuer, we are permitted to rely on exemptions from certain Nasdaq corporate governance standards applicable to U.S. domestic issuers. This may afford less protection to holders of our common shares than they would enjoy if we complied fully with the Nasdaq corporate governance listing standards.***

We are exempted from certain corporate governance requirements of Nasdaq by virtue of being a foreign private issuer. As a foreign private issuer, we are permitted to follow the governance practices of our home country in lieu of certain corporate governance requirements of Nasdaq. As result, the standards applicable to us are considerably different from the standards applied to U.S. domestic issuers and could provide less protection to you than you would have under the Nasdaq rules applicable to domestic issuers. We intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers. In the future, we may rely on certain exemptions provided by Nasdaq. As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements.

***We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses and may impede our ability to maintain our listing on Nasdaq.***

After our listing on the Nasdaq Global Market, the determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter. If we lose our foreign private issuer status on a determination date, then, beginning on the first day of the fiscal year following the determination date, we would have to comply with U.S. federal proxy rules and other requirements, our officers and directors would become subject to the short-swing profit recovery provisions of Section 16 of the Exchange Act and holders of more than 10% of our ordinary shares would become subject to the reporting and short-swing profit disclosure and recovery provisions of Section 16 of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate governance requirements under the Nasdaq listing rules as well as our ability under the Exchange Act to present our financial statements pursuant to IFRS instead of pursuant to U.S. GAAP. In addition, on June 4, 2025, the SEC issued a concept release seeking public comment on whether to amend the current eligibility criteria for foreign private issuer status under the U.S. securities laws to better balance investor protection and capital formation. This marks the first comprehensive review of the foreign private issuer regulatory framework since 2008 and signals a potential material shift in the foreign private issuer regulatory framework. While no rule changes have been proposed yet, any future amendments could impact our eligibility to qualify as a foreign private issuer.

As a U.S. listed public company that would not qualify as a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we would not incur as a foreign private issuer, as well as increased accounting, reporting and other expenses in order to maintain a listing on a U.S. securities exchange. If we lose our foreign private issuer status and are unable to devote adequate funding and the resources needed to maintain compliance with Nasdaq's corporate governance requirements applicable to domestic issuers, we may become unable to maintain the listing of the ADSs on the Nasdaq Global Market or other U.S. securities exchanges.

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#### Our financial statements may not provide you the same information as financial statements prepared under U.S. accounting rules.
Our financial statements are prepared in accordance with IFRS. IFRS differs from U.S. GAAP in certain significant respects, including, among others, the recognition of revaluation of the property, the classification of minority interest in accordance with net identifiable assets, the nonrecognition of deferred employees' profit sharing, consolidation of subsidiaries, the acquisition of shares of subsidiaries from minority stockholders and the determination of deferred income taxes. For this and other reasons, the presentation of financial statements and reported earnings prepared in accordance with IFRS may differ in significant respects from the presentation of financial statements and reported earnings prepared in accordance with U.S. GAAP.

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

Upon the completion of this offering, we will qualify as an "emerging growth company" under the JOBS Act. For as long as we continue to be an emerging growth company, we intend to take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including, among others, the exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting. As a result, our shareholders may not have access to certain information that they deem important.

We will remain an emerging growth company until the earliest of (i) the last day of the fiscal year during which we have total annual gross revenues of at least US$1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the completion of this offering; (iii) the date on which we have, during the preceding three year period, issued more than US$1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act, which could occur if the market value of our securities that are held by non-affiliates exceeds US$700 million as of the last business day of our most recently completed second fiscal quarter. Once we cease to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above.

Because we will be subject to ongoing public reporting requirements for such time as we remain an emerging growth company that are less rigorous than Exchange Act rules for companies that are not emerging growth companies, our shareholders could receive less information than they might expect to receive from more mature public companies. We cannot predict if investors will find our securities less attractive if we elect to rely on these exemptions or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our securities.

***The voting rights of holders of ADSs are limited by the terms of the deposit agreement, and they may not be able to exercise their right to direct the voting of the underlying ordinary shares represented by your ADSs.***

Holders of the ADSs do not have the same rights as our registered shareholders. As a holder of ADSs, you will not have any direct right to attend general meetings of our shareholders or to cast any votes at such meetings. You will only be able to exercise the voting rights that are carried by the underlying ordinary shares represented by your ADSs indirectly by giving voting instructions to the depositary in accordance with the provisions of the deposit agreement. Under the deposit agreement, you may vote only by giving voting instructions to the depositary. If we timely instruct the depositary to ask for your instructions, then upon receipt of your voting instructions, the depositary will endeavor to vote the underlying ordinary shares represented by your ADSs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing our ordinary shares. If we do not instruct the depositary to ask for your instructions, voting instructions will not be sought from holders of ADSs. You will not be able to directly exercise your right to vote with respect to the underlying ordinary shares represented by your ADSs unless you withdraw the ordinary shares represented by your ADSs and become the registered holder of such shares prior to the record date for the general meeting.

When a general meeting is convened, you may not receive sufficient advance notice of the meeting to surrender your ADSs for the purpose of withdrawal of the ordinary shares underlying your ADSs and become the registered holder of such shares to allow you to vote directly with respect to any specific matter or resolution to be considered and voted upon at the general meeting. In addition, for the purposes of determining those shareholders who are entitled to attend and vote at any general meeting, our directors may close our register of members and fix in advance a record date for such meeting. Such closure of our register of members or the setting of such a record date may prevent you

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from surrendering your ADSs for the purpose of withdrawing the ordinary shares underlying your ADSs and becoming the registered holder of such shares prior to the record date, so that you would not be able to attend the general meeting or to vote directly. If we ask for your instructions, the depositary will notify you of the upcoming vote and will arrange to deliver our voting materials to you. We have agreed to give the depositary at least 30 days prior notice of shareholder meetings. Nevertheless, we cannot assure you that you will receive the voting materials in time to ensure that you can instruct the depositary to vote the underlying ordinary shares represented by your ADSs. In addition, the depositary and its agents are not responsible for failing to carry out voting instructions, for their manner of carrying out your voting instructions or for the effect of any such vote. This means that you may not be able to exercise your right to direct how the ordinary shares underlying your ADSs are voted, and you may have no legal remedy if the ordinary shares underlying your ADSs are not voted as you requested.

***You may not receive dividends or other distributions on our ordinary shares and the ADS holders may not receive any value for them, if it is illegal or impractical to make them available to the ADS holders.***

The depositary of the ADSs has agreed to pay the ADS holders the cash dividends or other distributions it or the custodian receives on ordinary shares or other deposited securities underlying the ADSs, after it has converted the currency received into U.S. dollars and deducted the applicable fees, charges and expenses. You will receive these distributions in proportion to the number of ordinary shares the underlying ADSs represent. However, the depositary is not responsible if it decides that it is unlawful or impractical to make a distribution available to any holders of ADSs. For example, it would be unlawful to make a distribution to a holder of ADSs if it consists of securities that require registration under the Securities Act but that are not properly registered or distributed under an applicable exemption from registration. The depositary may also determine that it is not feasible to distribute certain property through the mail. Additionally, the value of certain distributions may be less than the cost of mailing them. In these cases, the depositary may determine not to distribute such property. We have no obligation to register under U.S. securities laws any ADSs, ordinary shares, rights or other securities received through such distributions. We also have no obligation to take any other action to permit the distribution of ADSs, ordinary shares, rights or anything else to holders of ADSs. This means that you may not receive distributions we make on our ordinary shares or any value for them if it is illegal or impractical for us to make them available to you. These restrictions may cause a material decline in the value of the ADSs.

***We expect to incur increased costs and become subject to additional rules and regulations as a result of being a public company in the United States.***

We will become a public company in the United States and expect to incur significant legal, accounting and other expenses. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC and Nasdaq, impose various requirements on the corporate governance practices of public companies in the United States.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some corporate activities more time-consuming and costly. We expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 and the other rules and regulations of the SEC. For example, as a result of becoming a public company in the United States, we will need to adopt specific policies regarding internal controls and disclosure controls and procedures. We also expect that operating as a public company in the United States will make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, we will incur additional costs associated with our public company reporting requirements in the United States. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the number of additional costs we may incur or the timing of such costs.

#### It may be difficult to enforce judgments or bring actions outside the United States against us and our directors.
We are an exempted company incorporated under the laws of the Cayman Islands, and our officers and directors are neither citizens nor residents of the United States. Substantially all of the assets of these persons are located outside the United States. As a result, it may be difficult or impossible for an investor to enforce in courts outside the United States judgments obtained in United States courts based upon the civil liability provisions of United States federal securities laws against these persons and us or to bring in courts outside the United States an original action to enforce liabilities based upon United States federal securities laws against these persons and us.

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#### Singapore take-over laws contain provisions that could discourage a take-over of us.
We are subject to the Singapore Take-over Code which contains certain provisions that may possibly delay, deter or prevent a future take-over or change in control of us. Under the Singapore Takeover Code, except with the consent of the Securities Industry Council of Singapore, any person acquiring an interest, whether by a series of transactions over a period of time or not, either on his own or together with parties acting in concert with him, in 30% or more of the voting shares, is required to extend a take-over offer for the remaining voting shares in accordance with the Singapore Take-over Code. Except with the consent of the Securities Industry Council of Singapore, such a take-over offer is also required to be made if a person holding between 30% and 50% (both inclusive) of the voting shares, either on his own or together with parties acting in concert with him, acquires additional voting shares representing more than 1% of the voting shares in any six month period. While the Singapore Take-over Code seeks to ensure an equality of treatment among shareholders, its provisions could substantially impede the ability of the shareholders to benefit from a change of control and, as a result, may adversely affect the market price of our ordinary shares and the ADSs and the ability to realize any benefits from a potential change of control.

#### You may experience dilution of your holdings due to the inability to participate in rights offerings.
We may, from time to time, distribute rights to our shareholders, including rights to acquire securities. Under the deposit agreement, the depositary will not distribute rights to holders of ADSs unless the distribution and sale of rights and the securities to which these rights relate are either exempt from registration under the Securities Act with respect to all holders of ADSs or are registered under the provisions of the Securities Act. To the extent the rights are transferable, the depositary may, but is not required to, attempt to sell these undistributed rights to third parties, and may allow the rights to lapse. We may be unable to establish an exemption from registration under the Securities Act, and we are under no obligation to file a registration statement with respect to these rights or underlying securities or to endeavor to have a registration statement declared effective. Accordingly, holders of ADSs may be unable to participate in our rights offerings and may experience dilution of their holdings as a result.

#### Substantial future sales or perceived potential sales of ADSs in the public market could cause the price of ADSs to decline.
Sales of substantial amounts of ADSs in the public market after completion of this offering, or the perception that these sales could occur, could adversely affect the market price of ADSs. The ADSs sold in this offering will be freely tradable without restriction or further registration under the Securities Act. In connection with this offering, we, our directors, executive officers, and certain shareholders have agreed not to sell any ordinary shares or ADSs for 180 days after the date of this prospectus without the prior written consent of the representatives of the underwriters, subject to certain exceptions. However, at the request of the parties subject to the lock-up restriction, the representatives may exercise their discretion to release the lock-up restriction prior to the expiration of the lock-up period. Any sale or perceived sale of the shares into the market may cause the price of ADSs to decline. See "Underwriting" and "Shares Eligible for Future Sale" for a more detailed description of the restrictions on selling our securities after this offering.

***Because we do not expect to pay dividends in the foreseeable future after this offering, you must rely on a price appreciation of the ADSs for a return on your investment.***

We currently intend to retain most, if not all, of our available funds and any future earnings after this offering to fund the development and growth of our business, including our expansion plans in the United States. As a result, we do not expect to pay any cash dividends in the foreseeable future. Therefore, you should not rely on an investment in the ADSs as a source for any future dividend income.

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, the market price for the ADSs and trading volume could decline.***

The trading market for the ADSs will depend in part on the research and reports that securities or industry analysts publish about us or our business. If research analysts do not establish and maintain adequate research coverage or if one or more of the analysts who covers us downgrades the ADSs or publishes inaccurate or unfavorable research about our business, the market price for the ADSs would likely decline. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which, in turn, could cause the market price or trading volume for the ADSs to decline.

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***ADS holders are not entitled to a jury trial with respect to claims arising under the deposit agreement, which could result in less favorable outcomes to the plaintiff(s) in any such action.***

The deposit agreement governing the ADSs representing our ordinary shares provides that, to the fullest extent permitted by law, ADS holders waive the right to a jury trial of any claim they may have against us or the depositary directly or indirectly arising out of, based on or relating to our ordinary shares, other deposited securities, the ADSs, the ADRs, the deposit agreement or any transaction contemplated therein or the breach thereof (whether based in contract, tort, common law or any other theory), including any claim under the U.S. federal securities laws.

If we or the depositary opposed a jury trial demand based on the waiver, the court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by the United States Supreme Court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of New York, which govern the deposit agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the deposit agreement and the ADSs. It is advisable that you consult legal counsel regarding the jury waiver provision before entering into the deposit agreement.

If you or any other holders or beneficial owners of ADSs bring a claim against us or the depositary in connection with matters arising under the deposit agreement or the ADSs, including claims under federal securities laws, you or such other holder or beneficial owner may not be entitled to a jury trial with respect to such claims, which may have the effect of limiting and discouraging lawsuits against us and/or the depositary. If a lawsuit is brought against us and/or the depositary under the deposit agreement, it may be heard only by a judge or justice of the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in any such action.

Nevertheless, if this jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the deposit agreement with a jury trial. No condition, stipulation or provision of the deposit agreement or ADSs shall relieve us or the depositary from our respective obligations to comply with the Securities Act and the Exchange Act.

Notwithstanding the foregoing, even if an action is brought against the depositary, by holding an ADS or an interest therein or being a holder of ADRs, you will be agreeing that (i) the depositary may, in its sole discretion, elect to institute any dispute, suit, action, controversy, claim or proceeding directly or indirectly based on, arising out of or relating to the deposit agreement, the ADSs, the ADRs or the transactions contemplated in any of them, including without limitation any question regarding its or their existence, validity, interpretation, performance or termination against any other party or parties to the deposit agreement, by having the dispute referred to and finally resolved by an arbitration conducted, in the depositary's discretion, in either New York or Hong Kong.

***An ADS holder's right to pursue claims against the depositary is limited by the terms of the deposit agreement. The obligation and liability of the depositary and us are also limited by the terms of the deposit agreement.***

Under the deposit agreement, any legal suit, action or proceeding against or involving us or the depositary, arising out of or relating in any way to the deposit agreement (including a cause of action arising under the Securities Act or the Exchange Act) or the transactions contemplated thereby or by virtue of owning the ADSs may only be instituted in the state or federal courts in the State of New York, and you, as a holder of the ADSs, will have irrevocably waived any objection which you may have to those courts as a venue for any such proceeding, and irrevocably submitted to the exclusive jurisdiction of such courts in any such action or proceeding. This exclusive forum provision may subject you to increased costs to bring a claim and limit your ability to bring a claim in a judicial forum that you believe to be favorable, which may discourage such lawsuits. It is possible that a court could find this type of forum selection provision to be inapplicable, unenforceable, or inconsistent with other documents that are relevant to the filing of such lawsuits. Accepting or consent to this forum selection provision does not constitute a waiver by you of compliance with federal securities laws and the rules and regulations thereunder. You may not waive compliance with federal securities laws and the rules and regulations thereunder. The deposit agreement provides that the depositary may require any

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claim asserted by it against us arising out of or relating to our ordinary shares, the ADSs or the deposit agreement be referred to and finally settled by an arbitration conducted under the terms described in the deposit agreement. See "Description of American Depositary Shares" for more information.

#### You may be subject to limitations on the transfer of your ADSs.
The ADSs are transferable on the books of the depositary. However, the depositary may close its books (and/or any portion thereof) at any time or from time to time when deemed expedient by it. The depositary may refuse to deliver, transfer or register transfers of the ADSs generally when our share register or the books of the depositary are closed, or at any time if we or the depositary thinks it is advisable to do so because of any requirement of law or of any government or governmental body, or under any provision of the deposit agreement, or for any other reason. The issuance of ADSs, the acceptance of deposits of shares, the registration, registration of transfer, split up or combination of ADRs or, subject to applicable law, the withdrawal and delivery of ordinary shares on the cancellation of ADSs may be suspended, generally or in particular instances, when the books of the depositary or our share register is closed or when any such action is deemed required, necessary or advisable by the depositary for any reason.

#### We may not be able to satisfy listing requirements of the Nasdaq Global Market or obtain or maintain a listing of the ADSs.
We must meet certain financial and liquidity criteria to obtain and maintain a listing on the Nasdaq Global Market; however, there is no guarantee that we will be able to satisfy these requirements. If we fail to meet any of Nasdaq's listing standards, the ADSs may be delisted. In addition to applying its enumerated listing standards, Nasdaq has broad discretionary authority over the initial and continued listing of securities on Nasdaq in order to maintain the quality of and public confidence in its market, to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, and to protect investors and the public interest. Nasdaq may use this discretion to deny initial listing, apply additional or more stringent criteria for the initial or continued listing of particular securities, or suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq, even though the securities meet all enumerated criteria for initial or continued listing on Nasdaq. In addition, our board of directors may determine that the cost of maintaining our listing on a U.S. national securities exchange outweighs the benefits of such listing. A delisting of the ADSs may materially impair your ability to buy and sell the ADSs and could have an adverse effect on the market price of, and the efficiency of the trading market for, the ADSs. The delisting of the ADSs could significantly impair our ability to raise capital and the value of your investment.

#### Negative publicity, which includes those relating to any of our directors, executive officers, or significant shareholders, may adversely affect the price of the ADSs.
Negative publicity or announcements relating to any of our directors, executive officers or significant shareholders may adversely affect the market perception of us or the price or trading performance of the ADSs, whether or not it is justified. For instance, such negative publicity may arise from unsuccessful attempts in joint ventures, acquisitions or take-overs, or involvement in insolvency proceedings.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INDUSTRY DATA
This prospectus contains forward-looking statements that involve risks and uncertainties. All statements other than statements of current or historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements.

You can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to," "potential," "continue" or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our goals and strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our future business development, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding demand for and market acceptance of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected changes in our revenue, costs or expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our proposed use of proceeds from this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government policies and regulations relating to our business and industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and business conditions in Singapore, Southeast Asia and globally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumptions underlying or related to any of the foregoing.

You should read this prospectus and the documents that we refer to in this prospectus with the understanding that our actual future results may be materially different from and worse than what we expect. Other sections of this prospectus include additional factors which could adversely impact our business and financial performance.

Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for our management to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

This prospectus contains certain data and information that we obtained from industry publications and reports generated by third-party providers of market intelligence. Although we believe that this data is reliable, we have not independently verified the accuracy or completeness of the data and information contained in these publications and reports. Statistical data in these publications also include projections based on a number of assumptions. Failure of these markets to grow at the projected rate may have a material and adverse effect on our business and the market price of the ADSs. If any one or more of the assumptions underlying the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions.

You should not rely upon forward-looking statements as predictions of future events. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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#### USE OF PROCEEDS
We estimate that we will receive net proceeds of approximately US$ million from this offering (or US$ million if the underwriters exercise their option to purchase additional ADSs in full), assuming an initial public offering price of US$ per ADS, the U.S. dollar equivalent of the closing price of our ordinary shares on Catalist of the SGX-ST of S$ on , 2026 (based on an assumed exchange rate of S$ to US$1.00), after deducting the estimated underwriting discounts and commissions and the estimated offering expenses payable by us.

A US$1.00 increase (decrease) in the assumed initial public offering price of US$ per ADS would increase (decrease) the net proceeds to us from this offering by US$ million, assuming the number of ADSs offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated expenses payable by us.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States, including for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately US$ or 50.0% for product development and strategic partnerships (including up to approximately US$ or 20.0% for acquisition of businesses, technologies, or other assets that we believe will complement our existing operations), including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of products incorporating our metalens technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enhancement of our manufacturing and prototyping capabilities such as next generation DLW systems and automatic camera module assembly equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of rectangular metalens and tunable metalens camera modules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demonstration of ultra-thin metalens smartphones and gesture-controlled metalens smart glasses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integration of metalenses into integrated circuits and co-packaged optics;

as of the date of this prospectus, we have not identified any specific targets for potential acquisition or investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately US$ or 12.5% for development of AI-powered software and algorithmic capabilities supporting our metalens products and applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approximately US$ or 37.5% for working capital and general corporate purposes.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds from this offering. Our management, however, will have discretion in the application of net proceeds to us from this offering, and investors will be relying on the judgment of our management regarding the use of these net proceeds. If an unforeseen event occurs or business conditions change, we may use the proceeds from this offering differently than as described in this prospectus. See "Risk Factors — Risks Related to the ADSs and this Offering — We have broad discretion to determine how to use the funds raised in this offering and may use them in ways that may not enhance our operating results or the price of the ADSs."

The forward-looking statements made in this prospectus relate only to events or information as of the date on which these statements are made in this prospectus. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this prospectus.

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#### DIVIDEND POLICY
Our Company and its subsidiaries have not declared or distributed any dividends as of the date of this prospectus.

We currently do not have a fixed dividend policy. The declaration and payment of future dividends may be recommended by our Board at their discretion, after considering a number of factors, including the factors outlined below, as well as other factors deemed relevant by our board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of our cash and retained earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our actual and projected financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected levels of capital expenditure and expansion plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our subsidiary to make dividend payments to our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our working capital requirements and general financial condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of borrowing or financing arrangements (if any).

As a holding company incorporated in the Cayman Islands and given that our business is operated through our subsidiaries in Singapore and the United States, we are further dependent on distributions from our subsidiaries, MetaOptics Technologies and MetaOptics USA, in order to declare and pay dividends in the future. The ability of our subsidiaries to declare any dividends to us, in terms of the timing, amount and form, will depend on the income and cash available to them and may be restricted under applicable laws or regulations. Our subsidiaries may also be restricted from paying dividends or making any other distributions to us, as required by the terms of the instruments governing the borrowings of our subsidiaries, as the case may be.

All dividends must be paid out of either our profits available for distribution, as derived from the standalone audited financial statements of our Company and not from our audited consolidated financial statements or our share premium account. Our board of directors may, without the approval of our shareholders, resolve to pay dividends and authorize payment of the dividends out of the funds of our Company lawfully available therefor. A dividend shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which the board of directors resolve to pay such dividend specifically state that such dividend shall be a final dividend. All dividends will be paid in accordance with the Companies Act and our Memorandum and Articles of Association.

If we pay any dividends on our ordinary shares, we will pay those dividends that are payable in respect of the ordinary shares underlying our ADSs to the depositary, as the registered holder of such ordinary shares, and the depositary then will pay such amounts to our ADS holders in proportion to the ordinary shares underlying the ADSs held by such ADS holders, subject to the terms of the deposit agreement, including the fees and expenses payable thereunder. See "Description of American Depositary Shares."

No inference should or can be made from any of the foregoing statements as to our actual future profitability or ability to pay dividends.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an as adjusted basis to reflect the issuance and sale of ordinary shares in the form of ADSs by us in this offering, based on an assumed initial public offering price of US$ per ADS, which is the U.S. dollar equivalent of the closing price of our ordinary shares on Catalist of the SGX-ST of S$ on , 2026 (based on an assumed exchange rate of S$ to US$1.00), after deducting the estimated underwriting discounts and commissions and the estimated offering expenses payable by us, assuming the underwriters do not exercise its option to purchase additional ADSs in full in this offering.

The as adjusted capitalization information below is illustrative only and our capitalization following the closing of this offering is subject to adjustment based on the initial public offering price of the ADSs and other terms of this offering determined at pricing. You should read this table in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus and the section of this prospectus titled "Management's discussion and analysis of financial condition and results of operations."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Actual** | **Actual** | **As adjusted** | **As adjusted** |
|  | **S$** | **US$** | **S$** | **US$** |
|  **Cash and cash equivalents** | 8789537 | 6845071 |  |  |
|  **Debt** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Short-term debt |  | —  |  |  |
| &nbsp;&nbsp;&nbsp; Long-term debt | 2106147 | 1640215  |  |  |
|  Total debt | 2106147 | 1640215  |  |  |
|  **Equity:** |  |  |  |  |
|  Share capital, par value S$0.00000025 per share, 242,648,260 shares issued and outstanding on an actual basis and shares issued and outstanding on an as adjusted basis | 61 | 48  |  |  |
|  Share premium | 13330772 | 10381671  |  |  |
|  Accumulated losses | (10982042) | (8552539) |  |  |
|  Capital reserve | 7698969 | 5995764  |  |  |
|  **Total equity** | 10047760 | 7824944  |  |  |
|  **TOTAL CAPITALIZATION**<sup>(1)</sup> | 12153907 | 9465158 |  |  |

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____________

(1) Total capitalization equals the sum of long-term debt and total equity.

The number of shares outstanding does not give effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any exercise of the representatives' warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any exercise of the underwriters' option to purchase additional ADSs in this offering.

The as adjusted columns exclude the impact on equity of the issuance of the representatives' warrants.

We have translated information in the table above presented in S$ into US$ at the rate of S$1.284068 to US$1.00, the approximate exchange rate as of December 31, 2025.

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#### DILUTION
If you invest in the ADSs, your interest will be diluted to the extent of the difference between the initial public offering price per ADS and our net tangible book value per ADS after this offering. Dilution results from the fact that the initial public offering price per ordinary share is substantially in excess of the book value per ordinary share attributable to the existing shareholders for our presently outstanding ordinary shares.

Our net tangible book value as of December 31, 2025 was approximately US$5.4 million, or US$0.02 per ordinary share and US$ per ADS. Each ADS represents ordinary shares. Our net tangible book value per share represents the amount of our total consolidated tangible assets less our total consolidated liabilities, divided by the number of ordinary shares outstanding as of December 31, 2025. As adjusted net tangible book value per ordinary share is calculated after giving effect to the issuance of ordinary shares in the form of ADSs by us in this offering. Dilution is determined by subtracting the net tangible book value per ordinary share and ADS immediately upon the completion of this offering from the initial public offering price per ordinary share and ADS.

After giving further effect to the issuance and sale of ordinary shares in the form of ADSs in this offering, based on an assumed initial public offering price of US$ per ADS, which is the U.S. dollar equivalent of the closing price of our ordinary shares on Catalist of the SGX-ST of S$ on , 2026 (based on an assumed exchange rate of S$ to US$1.00), after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of December 31, 2025 would have been US$ million, or US$ per ordinary share and US$ per ADS. This represents an immediate increase in net tangible book value of US$ per ordinary share to the existing shareholders and an immediate dilution in net tangible book value of US$ per ordinary share and US$ per ADS to investors purchasing ADSs in this offering. The following table illustrates such dilution:

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| | | | |
|:---|:---|:---|:---|
|  | **Per <br>ordinary share** | **Per <br>ordinary share** | **Per ADS** |
|  Assumed initial public offering price | US$ |  | US$ |
|  Actual net tangible book value per security as of December 31, 2025 | US$ | 0.02 | US$ |
|  Increase in as adjusted net tangible book value per security attributable to investors purchasing ordinary shares in this offering | US$ |  | US$ |
|  As adjusted net tangible book value per security immediately after this offering | US$ |  | US$ |
|  Dilution in as adjusted net tangible book value per security to new investors in this offering | US$ |  | US$ |

---

A US$1.00 increase (decrease) in the assumed initial public offering price of US$ per ADS would increase (decrease) our as adjusted net tangible book value by US$ per ordinary share and US$ per ADS, assuming no change to the number of ADSs offered by us as set forth on the cover page of this prospectus, and after deducting estimated underwriting discounts and commissions and estimated expenses payable by us.

If the underwriters exercise their over-allotment option in this offering in full, our as adjusted net tangible book value as of December 31, 2025 would have been US$ million, or US$ per ordinary share and US$ per ADS, and the dilution in as adjusted net tangible book value per ordinary share and per ADS to new investors purchasing ADSs in this offering would be US$ million and US$ , respectively, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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The following table summarizes, on a pro forma basis as of December 31, 2025, the differences between our existing shareholders and the new investors in this offering with respect to the number of ordinary shares purchased from us, the total consideration paid to us and the average price per ordinary share and per ADS paid at the assumed initial public offering price of US$ per ADS, without deducting the underwriting discounts and commissions and other estimated offering expenses payable by us. The total number of ordinary shares does not include ordinary shares underlying the ADSs issuable upon the exercise of the option to purchase additional ADSs granted to the underwriters.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares <br>purchased** | **<br>Ordinary shares <br>purchased** | **<br>Total <br>consideration** | **<br>Total <br>consideration** | **Average <br>price per <br>ordinary <br>share** | **Average <br>price per <br>ADS** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>price per <br>ordinary <br>share** | **Average <br>price per <br>ADS** |
|  Existing shareholders |  | % | US$ | % | US$ | US$ |
|  New investors |  | % | US$ | % | US$ | US$ |
|  **Total** |  | 100.0% | US$ | 100.0% | US$ | US$ |

---

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

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#### ENFORCEABILITY OF CIVIL LIABILITIES

#### Cayman Islands
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability, in order to take advantage of certain benefits associated with being a Cayman Islands exempted company, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• political and economic stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an effective judicial system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a favorable tax system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the absence of exchange control or currency restrictions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of professional and support services.

However, certain disadvantages accompany incorporation in the Cayman Islands. These disadvantages include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Cayman Islands has a less developed body of securities laws as compared to the United States and these securities laws provide significantly less protection to investors as compared to the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cayman Islands companies may not have standing to sue before the federal courts of the United States.

Our Memorandum and Articles of Association do not contain provisions requiring that disputes, including those arising under the securities laws of the United States, between us, our officers, directors and shareholders, be arbitrated.

Our operations are mainly conducted in Singapore, and substantially all of our assets are located in Singapore. All of our directors and executive officers are nationals or residents of jurisdictions other than the United States and substantially all of their assets are located outside the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States upon these individuals, or to bring an action against us or these individuals in the United States, or to enforce against us or them judgments obtained in United States courts, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States.

We have appointed Cogency Global Inc., located at 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor, New York, NY 10168, as our agent upon whom process may be served in any action brought against us under the securities laws of the United States. We have been informed by Maples and Calder (Hong Kong) LLP, our counsel as to Cayman Islands law, that the United States and the Cayman Islands are not a party to any treaty providing for reciprocal recognition and enforcement of judgments of U.S. courts in civil and commercial matters and that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize or enforce judgments of U.S. courts obtained against us or our directors or officers, predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States, or (ii) entertain original actions brought in the Cayman Islands against us or our directors or officers, predicated upon the securities laws of the United States or any state in the United States. We have also been advised by Maples and Calder (Hong Kong) LLP that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States, a judgment obtained in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands, at common law, without any re-examination of the merits of the underlying dispute by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment (i) is given by a foreign court of competent jurisdiction, (ii) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given, (iii) is final, (iv) is not in respect of taxes, a fine or a penalty, and (v) was not obtained in a manner, and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple damages may well be held to be contrary to public policy).

However, the Cayman Islands courts are unlikely to enforce a judgment obtained from the United States courts under the civil liability provisions of the securities laws if such judgment is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature.

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Because the courts of the Cayman Islands have yet to rule on whether such judgments are penal or punitive in nature, it is uncertain whether such civil liability judgments from U.S. courts would be enforceable in the Cayman Islands.

A Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.

#### Singapore
There is no treaty between the United States and Singapore providing for the reciprocal recognition and enforcement of judgments in civil and commercial matters and a final judgment for the payment of money rendered by any federal or state court in the United States based on civil liability, whether or not predicated solely upon the federal securities laws, would, therefore, not be automatically enforceable in Singapore. There is uncertainty as to whether the courts of Singapore would (i) recognize or enforce judgments of United States courts obtained against us or our directors or officers predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States or (ii) enter judgments in original actions brought in Singapore against us or our directors or officers predicated solely upon the securities laws of the United States or any state in the United States.

In making a determination as to enforceability of a judgment of the courts of the United States, the Singapore courts needs to be satisfied that the judgment was final and conclusive and on the merits of the case, given by a court of law of competent jurisdiction, and was expressed to be for a fixed sum of money.

In general, a foreign judgment that is final and conclusive as between the parties, given by a competent court of law having jurisdiction over the parties subject to such judgment, and for a fixed and ascertainable sum of money, may be enforceable as a debt in the Singapore courts under common law unless procured by fraud, or if the proceedings in which such judgment was obtained were not conducted in accordance with principles of natural justice, or the enforcement thereof would be contrary to the public policy of Singapore, or if the judgment would conflict with earlier judgment(s) from Singapore or earlier foreign judgment(s) recognized in Singapore, or if the judgment would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws.

Civil liability provisions of the federal and state securities law of the United States permit the award of punitive damages against us, our directors and officers. Singapore courts do not allow the enforcement of foreign judgments against us, our directors and officers to the extent that doing so would amount to the direct or indirect enforcement of foreign penal, revenue or other public laws. It is uncertain as to whether a judgment of the courts of the United States under civil liability provisions of the federal securities law of the United States would be regarded by the Singapore courts as being a judgement given pursuant to foreign penal, revenue or other public laws. Such a determination has yet to be conclusively made by a Singapore court in a reported decision.

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#### CORPORATE HISTORY AND STRUCTURE

#### Corporate History
MetaOptics Ltd is a holding company incorporated under the laws of the Cayman Islands on March 21, 2025. We conduct our operations through (i) MetaOptics Technologies, our wholly-owned subsidiary in Singapore incorporated on June 15, 2021, and (ii) MetaOptics USA, our wholly-owned subsidiary in the United States incorporated on October 27, 2025.

#### Restructuring in Connection with SGX-ST Placement
Our ordinary shares were listed on Catalist of the SGX-ST on September 9, 2025 (the "SGX-ST Placement"), see "— Listing on Catalist of the SGX-ST" below. In connection with the SGX-ST Placement, we undertook a restructuring exercise to rationalize and streamline our Group (the "Restructuring Exercise").

The following steps were taken during the Restructuring Exercise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i) Incorporation of our Company***

Our Company (Registration No. 419911) was incorporated in the Cayman Islands on March 21, 2025 under the Companies Act as an exempted company under the name "METAOPTICS INC." Effective June 27, 2025, we changed our name to "MetaOptics Ltd" At the time of incorporation, our Company had an issued and paid-up share capital of S$0.0001 comprising one ordinary share of par value of S$0.0001, which was held by Mapcal Limited. Mapcal Limited which is an affiliate company of Maples and Calder (Hong Kong) LLP, the legal adviser to our Company as to Cayman Islands law, was used for administrative ease to facilitate the incorporation of our Company. Immediately after the incorporation of our Company on March 21, 2025, the entire issued and paid-up share capital of our Company was transferred from Mapcal Limited to Angelling Capital Holdings Limited, a company that is wholly-owned by Mr. Thng Chong Kim, our Executive Chairman.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(ii) Acquisition of 100% of the issued and paid-up share capital in MetaOptics Technologies by our Company***

On April 30, 2025, our Company acquired the entire issued and paid-up share capital in MetaOptics Technologies pursuant to a sale and purchase agreement ("Share Swap Agreement") with all of the shareholders of MetaOptics Technologies as of April 30, 2025, being: (a) Yang Chia International Co Ltd; (b) Mr. Lin, Chen-Yen; (c) Angelling Capital Holdings Limited; (d) L & K Precision Engineering Pte. Ltd.; (e) Opulent Techno Pte. Ltd.; (f) Mr. Zhang Hongjun; (g) Z&H Brothers Oversea Investment Pte. Ltd.; (h) Accelerate Technologies; (i) Dong & Geng Capital Pte. Ltd.; (j) Haur-Jye Technology Co. Ltd.; (k) Aquaspring Group Limited; (l) Dr. Arseniy Kuznetsov; (m) MMI Holdings Limited; (n) Autec Solutions Pte. Ltd.; (o) MST SingCo; (p) Origgin Ventures Pte. Ltd.; (q) Mr. Aloysius Chua Hao Peng; (r) Oriental Spirit Pte. Ltd.; (s) Technical Trend Pte. Ltd.; (t) Mr. Chang, Shun-Teh; and (u) Mr. Chen Xin.

The consideration amount was satisfied by the allotment and issuance of 509,008 ordinary shares of a par value of S$0.0001 each of our Company to the shareholders and was arrived at on a willing-buyer and willing-seller basis, taking into account the net asset value of MetaOptics Technologies as of December 31, 2024.

On April 30, 2025, the transfer of 100% of the equity interest in MetaOptics Technologies to our Company was completed. Following such transfer, MetaOptics Technologies became a direct wholly-owned subsidiary of our Company.

Following the completion of the Restructuring Exercise, our issued and paid-up share capital was S$50.9009, comprising 509,009 ordinary shares of a par value of S$0.0001 each.

#### Share Subdivision
On June 27, 2025, the shareholders of our Company approved a share subdivision, pursuant to which each authorized issued and unissued share of a par value of S$0.0001 in our Company was subdivided into 400 shares of a par value of S$0.00000025 each, such that the authorized share capital of the Company was changed from S$50,000 divided into 500,000,000 ordinary shares of a par value of S$0.0001 each to S$50,000 divided into 200,000,000,000 ordinary shares of a par value of S$0.00000025 each (the "Share Subdivision").

Following the completion of the Restructuring Exercise and the Share Subdivision, our issued and paid-up share capital is S$50.9009 comprising 203,603,600 ordinary shares of a par value of S$0.00000025 each.

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#### Listing on Catalist of the SGX-ST
On September 9, 2025, we completed an initial public offering and listing of our ordinary shares on Catalist of the SGX-ST, pursuant to which 30,000,000 ordinary shares were placed at S$0.20 per share, raising gross proceeds of S$6.0 million. In addition, 2,359,632 ordinary shares were allotted and issued to ZICO Capital Pte. Ltd., the sponsor, issue manager and placement agent for the listing, in partial satisfaction of their management fees in connection with the listing.

#### December 2025 Placement on Catalist of the SGX-ST
On December 19, 2025, we completed a private placement of an aggregate of 6,685,028 ordinary shares at a placement price of S$0.7255 per share to a number of private and corporate investors, raising gross proceeds of approximately S$4.85 million and increasing our issued share capital from 235,963,232 shares to 242,648,260 shares, with no placee holding more than 5% post-completion. The proceeds from this private placement are expected to (i) strengthen our financial position and expand our capital base to support the fulfillment of an anticipated growing pipeline of global customer purchase orders, and (ii) provide liquidity and funding to provide for our general working capital requirements, thereby enhancing our supply-chain readiness and accelerating our scaling plans for our glass-based metalens solutions in anticipation of rising demand across consumer devices, automotive systems and emerging industrial applications.

#### Corporate Structure
The diagram below illustrates our corporate structure and the equity interests held by our directors, executive officers, principal shareholders and related entities upon completion of this offering, based on ordinary shares outstanding immediately following this offering, assuming no exercise of the underwriters' over-allotment option:

![](tflowchart_001.jpg)

____________

(1) Mr. Thng Chong Kim, our Executive Chairman, is the sole shareholder of Angelling Capital Holdings Limited as of the date of this prospectus. Mr. Thng Chong Kim is a non-executive director of MST ListCo.

(2) Our Non-Independent and Non-Executive Director, Ms. Jee Wee Jene is a director of MST SingCo and an executive director of MST ListCo. She currently holds 25,780,479 shares representing 17.2% in the issued share capital of MST ListCo. Dato Sri Chua Chwee Lee and Ms. Jee Wee Jene are spouses. Ms. Jee Wee Jene is deemed to be interested in approximately 53.1% of the shareholding interest in MST ListCo, taking into account her personal beneficial ownership, the interests of her spouse, and the interests held through a corporation controlled by her. Consequently, she is deemed interested in the 12.6% shareholding interest in the capital of our Company held by MST SingCo, which is a wholly-owned subsidiary of MST ListCo.

(3) MMI Holdings Limited is a company incorporated in Singapore. To our knowledge, MMI International Ltd directly holds 100% of the issued share capital of MMI Holdings. MMI International Ltd is wholly owned by Precision Capital Pte Ltd, which is majority owned by Precision Capital Holdings Limited, which is in turn wholly owned by KKR MMI Holdings GP Limited. KKR & Co. Inc. (NYSE: KKR) (as ultimate parent company of KKR MMI Holdings GP Limited), KKR MMI Holdings GP Limited, Precision Capital Holdings Limited and MMI International Ltd may also be deemed to be the beneficial owners having shared voting and dispositive power over the ordinary shares of our Company held by MMI Holdings Limited.

(4) Mr. Lin Shui-Ching holds 100% of the entire issued share capital of Aquaspring Group Limited and has voting and dispositive power over the ordinary shares of our Company held by Aquaspring Group Limited.

(5) Mr. Tan Kum Wah Clarence holds approximately 76% of the issued shares of Origgin Ventures Pte. Ltd. and has voting and dispositive power over the ordinary shares of our Company held by Origgin Ventures Pte. Ltd.

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#### Our Subsidiaries
The details of our subsidiaries are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **Name of <br>company** | **Date of <br>incorporation** | **Country of <br>incorporation <br>and principal <br>place of <br>business** | **Principal <br>activity** | **Directors** | **Auditor** | **Effective <br>ownership** |
|  MetaOptics Technologies | June 15, <br>2021 | Singapore | Design and manufacturing of optics lens and module and IoT devices | (a) Mr. Thng Chong Kim<br> (b) Ms. Jee Wee Jene | Pricewaterhouse Coopers LLP | 100% |
|  MetaOptics USA | October 27, <br>2025 | Nevada, United<br>States | Design, fabrication sales of our components and products | (a) Mr. Thng Chong Kim<br> (b) Mr. Chu Wee Liat | ***—*** | 100% |

---

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#### PRICE RANGE OF OUR ORDINARY SHARES
Our ordinary shares have been trading on Catalist of the SGX-ST under the stock code "9MT" since September 9, 2025. The following table sets forth, for the periods indicated, the reported high and low closing sale prices and the average daily trading volumes of our ordinary shares on Catalist of the SGX-ST. Ordinary share prices are presented in Singapore dollars and U.S. dollars.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Price per ordinary share** | **<br>Price per ordinary share** | **Price per ordinary share** | **Price per ordinary share** | **Average daily <br>trading volume <br>(in ordinary <br>shares)** |
|  | **S$** | **S$** | **US$** | **US$** | **Average daily <br>trading volume <br>(in ordinary <br>shares)** |
|  | **High** | **Low** | **High** | **Low** | **Average daily <br>trading volume <br>(in ordinary <br>shares)** |
|  **Annual:** | **Annual:** | **Annual:** | **Annual:** | **Annual:** | **Annual:** |
|  2025 (from September 9) | 1.29 | 0.24 | 1.01 | 0.19 | 769879 |
|  **Quarterly:** |  |  |  |  |  |
|  First Quarter 2025 |  |  |  |  | —  |
|  Second Quarter 2025 |  |  |  |  | —  |
|  Third Quarter 2025 | 0.71 | 0.24 | 0.56 | 0.19 | 1691375 |
|  Fourth Quarter 2025 | 1.29 | 0.40 | 1.01 | 0.31 | 539505 |
|  First Quarter 2026 | 1.31 | 0.45 | 1.03 | 0.35 | 493843 |
|  **Most recent six months:** | **Most recent six months:** | **Most recent six months:** | **Most recent six months:** | **Most recent six months:** | **Most recent six months:** |
|  November 2025 | 0.73 | 0.49 | 0.57 | 0.38 | 586930  |
|  December 2025 | 1.29 | 0.82 | 1.01 | 0.64 | 728159  |
|  January 2026 | 1.31 | 1.03 | 1.03 | 0.81 | 446490 |
|  February 2026 | 1.21 | 1.02 | 0.95 | 0.80 | 342511 |
|  March 2026 | 1.03 | 0.45 | 0.81 | 0.35 | 662859 |
|  April 2026 | 0.97 | 0.65 | 0.76 | 0.51 | 1092700 |

---

On April 30, 2026, the closing sale price of our ordinary shares on Catalist of the SGX-ST was S$0.89 per ordinary share (US$0.69 per ordinary share). We have translated information in the tables above presented in S$ into US$ at the rate of S$1.2755 to US$1.00, which is the exchange rate set forth for cable transfers in the City of New York, as certified by the Federal Reserve Bank of New York, on April 24, 2026.

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#### MANAGEMENT ' S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION <br>AND RESULTS OF OPERATIONS
*You should read the following discussion and analysis together with our financial statements and the related notes included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus contains forward*-looking *statements that are based on our current expectations, estimates and projections about our business and operations. Our actual results may differ materially from those currently anticipated and expressed in such forward*-looking *statements as a result of a number of factors, including those which we discuss under "Risk Factors" and elsewhere in this prospectus. See also "Special Note Regarding Forward*-Looking *Statements."*

*The audited financial statements as of and for the years ended December 31, 2025 and 2024 are prepared pursuant to IFRS. As permitted by the rules of the SEC for foreign private issuers, we do not reconcile our financial statements to U.S. generally accepted accounting principles.*

#### Overview
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics AI. We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Our operations are centered on the design and manufacture of metalenses and metalenses prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens IoT products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including 5G smartphones, contactless 3D biometric modules, projectors, and for industrial applications such as IoT devices, LiDAR devices and HUDs for planes and self-driving cars, and AR/VR devices. To date, although we have achieved mass production capabilities for our metalens prototypes ("mass production" in our perspective refers to the shipment of one million metalens units per year in numerical), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular the 4-inch DLWs. Our 4-inch DLWs enable our customers to revise specifications and design of our metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See "Use of Proceeds."

#### Principal Factors Affecting Our Results of Operations
We believe the growth and future success of our business depends on many factors. While these factors present significant opportunities for our business, they also pose important challenges we must successfully address in order to sustain our growth.

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#### Market demand, customer adoption and competitive dynamics .
Our results depend on overall market demand for our meta optics components and products, our ability to retain existing customers by delivering high-quality solutions and maintaining strong working relationships, and our success in securing new purchase orders and entering into longer-term arrangements with both existing and new customers, including through strategic alliances and partnerships globally.

We also compete with both new market entrants and established competitors in international markets, and our ability to continue innovating and incorporating our meta optics components into customers' products to meet evolving requirements of customers and end-customers will influence our growth trajectory. Our ability to execute on our stated business strategies and future plans, and the impact of changes in government policies, laws, regulations and rules in our operating markets, will likewise affect our results.

#### Production capacity, supply chain scalability and partner relationships.
Our performance is linked to available production capacity and our ability to meet demand for our products and services either in-house or through partners that augment our production capabilities and capacities. While we have demonstrated mass-production possibility, scaling to mass production requires timely access to fabrication capacity, stable yields and consistent quality. We are engaging domestic and overseas fabrication partners and continuing to diversify qualified suppliers to mitigate capacity, quality and logistics risks. Our costs mainly depend on (a) our production and sales volume, which directly influences the quantity of materials and services procured; (b) fluctuations in component and assembly costs, including supplier pricing and global supply chain dynamics that affect delivery lead-times, shipping costs and availability of critical metalens components and materials; and (c) our product mix, as different specifications and IoT products entail varying levels of material usage and assembly complexity.

#### Product mix, pricing and gross margin dynamics.
Our gross margin is sensitive to the mix among meta optics components, IoT devices and equipment, each of which carries distinct material intensity and assembly complexity. Pricing is influenced by the level of competition, absence of long-term purchase commitments, and the timing of customer orders. Rapid demand changes can also stress resources or reduce utilization, which may compress margins. Inventory and receivables cycles associated with product ramps and late-period billings can affect turnover metrics and, consequently, near-term working capital and cash conversion.

#### R&D execution and operating expenses.
Our ability to continue innovating and enhancing our R&D initiatives to produce high-quality, next-generation consumer products, integrate our components into customers' devices, and meet changing needs will materially influence our operating performance. We expect continued investment in R&D. However, R&D timelines and commercialization outcomes are inherently uncertain and may precede revenue realization, while operating expenses will continue to reflect the scale-up of our business. Our ability to successfully execute our R&D initiatives will materially impact our results of operations.

#### Key Components of Our Results of Operations
The following section presents the key components of our results of operations by the nature of corresponding operating activities for the periods indicated.

#### Revenue
Our revenue is primarily derived from the sale of goods, the sale of equipment and services.

Sale of goods relates to the sale of optic lenses, modules and IoT devices. The transaction price is the amount of consideration to which the Company to be entitled in exchange for transferring the promised goods. The sales are made in accordance with purchase orders and contracts entered into with the customers. Payment terms are generally on cash term basis. The revenue is recognized at a point in time, when control of the products has been transferred to the customers, which is usually the point when the goods are shipped to the customer. In determining the transaction price, management considers whether there is any variable consideration including rebates, discounts or price adjustments. There are no rebates for sales made during the year, and discounts or price adjustments are not material.

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Sale of equipment relates to direct laser writers ("DLW"), which are used in smartphone sensors and optical appliances. Customers typically pay a deposit of approximately 30-50% upon order confirmation, with the remaining balance payable when the equipment is ready for shipment. Deposits received prior to shipment are recognized as contract liabilities. Revenue is recognized at a point in time, when control of the equipment is transferred to the customer, which is generally upon delivery of the equipment.

In determining the transaction price, management considers whether there is any variable consideration including rebates, discounts or price adjustments. There are no rebates for sales made during the year, and discounts or price adjustments are not material.

Services revenue relates to on-site installation service upon delivering the capital equipment. These services are contracted and invoiced separately and represent separate performance obligations, as the customer can benefit from the services on their own and they are separately identifiable from the related equipment.

Revenue from services is recognized over time, as the customer simultaneously receives and consumes the benefits provided by the Group's performance. The Group applies the output method, with progress measured based on the achievement of the specified service or installation milestone, which management believes best depicts the transfer of control of the services to the customer.

Other than the service revenue relating to on-site installation services, there is one metalens design services contract, which is immaterial for the periods presented.

The following table sets forth a breakdown of our revenue by nature, each expressed in the absolute amount and as a percentage of our total revenues, for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Revenue** | **S$** | **%** | **S$** | **%** |
|  Sales of goods | 206234 | 26.2 | 79440 | 100.0 |
|  Sales of equipment | 541944 | 68.8 |  |  |
|  Services | 39210 | 5.0 |  |  |
| &nbsp;&nbsp;&nbsp; **Total** | 787388 | 100.0 | 79440 | 100.0 |

---

The following table sets forth a breakdown of our revenue by geography. In presenting the geographical locations, our revenue is based on the geographical locations of where our customers are based:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Revenue** | **S$** | **%** | **S$** | **%** |
|  Singapore | 57058 | 7.2 | 34636 | 43.6 |
|  Taiwan | 616343 | 78.3 | 23590 | 29.7 |
|  China | 72791 | 9.2 | 10729 | 13.5 |
|  South Korea  | 14205 | 1.8 | 7888 | 9.9 |
|  Japan | 8523 | 1.1 | 2597 | 3.3 |
|  Others | 18468 | 2.3 |  |  |
| &nbsp;&nbsp;&nbsp; **Total** | 787388 | 100.0 | 79440 | 100.0 |

---

#### Cost of Sales
Our cost of sales primarily consisted of purchases of components, such as optical modules, third-party assemble costs and royalty expense for licenses. Our cost of sales amounted to S$642,562 and S$62,871 in 2025 and 2024, respectively.

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#### Other Income
Our other income relates to bank interests and government grants. The following table sets forth a breakdown of our other income by nature, each expressed in the absolute amount and as a percentage of our total other income for the periods indicated.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Other Income** | **S$** | **%** | **S$** | **%** |
|  Government grant | 313394 | 98.6 | 2000 | 100.0 |
|  Interest income | 4292 | 1.4 |  |  |
| &nbsp;&nbsp;&nbsp; **Total** | 317686 | 100.0 | 2000 | 100.0 |

---

#### Administrative Expenses
Our administrative expenses mainly comprised of depreciation of plant and equipment, employee compensation, directors' fees, professional fees, auditors' remuneration, and other expenses. Our depreciation expenses relates to the natural deterioration plant and equipment due to the passage of time. Our employee compensation includes wages and salaries and contributions to defined contribution plans.

The following table sets forth a breakdown of our administrative expenses by nature, each expressed in the absolute amount and as a percentage of our total expenses, for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Administrative Expenses** | **S$** | **%** | **S$** | **%** |
|  Depreciation of plant and equipment | 54417 | 1.5 | 52233 | 5.9 |
|  Depreciation of right-of-use assets | 16486 | 0.4 | 15372 | 1.7 |
|  Employee compensation | 280659 | 7.6 | 152610 | 17.2 |
|  Directors' fees | 115000 | 3.1 |  |  |
|  Professional fees | 2206247 | 59.9 | 337493 | 38.1 |
|  Auditors' remuneration | 720157 | 19.6 | 124375 | 14.0 |
|  Consumables expenses | 16832 | 0.5 | 81185 | 9.2 |
|  Repair & maintenance | 16965 | 0.5 | 13752 | 1.6 |
|  Short-term rental expenses | 4682 | 0.1 | 19330 | 2.2 |
|  Travel expenses | 163368 | 4.4 | 56645 | 6.4 |
|  Other expenses | 87981 | 2.4 | 33707 | 3.8 |
| &nbsp;&nbsp;&nbsp; **Total** | 3682794 | 100.0 | 886702 | 100.0 |

---

#### Research and Development Expenses
Our research and development expenses mainly comprised of amortization of intangible assets, R&D salaries, development and prototype expenses. Our research and development expenses amounted to S$1,843,294 and S$1,036,635 in FY2025 and FY2024, respectively.

The following table sets forth a breakdown of our research and development expenses by nature, each expressed in the absolute amount and as a percentage of our total expenses, for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Research and Development Expenses** | **S$** | **%** | **S$** | **%** |
|  Employee compensation | 128446 | 7.0 |  |  |
|  Development and prototype expenses | 991046 | 53.8 | 309804 | 29.9 |
|  Amortization of intangible assets | 702226 | 38.1 | 702226 | 67.7 |
|  Professional fees | 21576 | 1.2 | 24605 | 2.4 |
| &nbsp;&nbsp;&nbsp; **Total** | 1843294 | 100.0 | 1036635 | 100.0 |

---

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

#### Employee Compensation
The following table sets forth a breakdown of our employee compensation by nature, each expressed in the absolute amount and as a percentage of our total expenses, for the periods indicated.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2025** | **2024** | **2024** |
|  **Employee Compensation** | **S$** | **%** | **S$** | **%** |
|  Wages and salaries | 371333 | 90.8 | 133815 | 87.7 |
|  Post-employment benefits – Contribution to defined contribution plans | 37771 | 9.2 | 18795 | 12.3 |
| &nbsp;&nbsp;&nbsp; **Total** | 409104 | 100.0 | 152610 | 100.0 |

---

#### Selling and Marketing Expenses
Our selling and marketing expenses mainly comprised of tradeshows and advertising expenses. Our selling and marketing expenses amounted to S$204,622 and S$49,186 in 2025 and 2024, respectively.

#### Finance Expenses
Our finance expenses arose from deemed interest expense on amount due to a shareholder and interest expense on lease liabilities. Our finance expenses amounted to S$176,883 and S$1,844 in 2025 and 2024, respectively.

#### Results of Operations
The following tables set forth a summary of our consolidated results of operations for the periods indicated. This information should be read together with our consolidated financial statements and related notes included elsewhere in this prospectus. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** |
|  | **S$** | **S$** |
|  Revenue | 787388 | 79440 |
|  Cost of sales | (642562) | (62871) |
|  **Gross profit** | 144826 | 16569 |
|  Other income | 317686 | 2000 |
|  Other (losses)/gains, net | (492) | 4916 |
|  Administrative expenses | (3682794) | (886702) |
|  Research and development expenses | (1843294) | (1036635) |
|  Selling and marketing expenses | (204622) | (49186) |
|  Finance expenses | (176883) | (1844) |
|  **Loss before income tax** | (5445573) | (1950882) |
|  Income tax expense |  |  |
|  **Loss after income tax and total comprehensive loss** | (5445573) | (1950882) |

---

#### Comparison of the Years Ended December 31, 2025 and 2024

#### Revenue
Our revenue amounted to S$787,388 and S$79,440 in 2025 and 2024, respectively, representing an increase of 891%. The increase was primarily driven by equipment revenue from the delivery of one DLW system, which contributed S$541,944, and related installation services of S$39,210. Revenue from sales of goods increased from S$79,440 in 2024 to S$206,234 in 2025, mainly due to higher sales of pico projector and metalens products following their launch in mid 2024. The increase in revenue was primarily volume driven, with no material changes in pricing across our product offerings.

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

#### Cost of Sales
Our cost of sales amounted to S$642,562 and S$62,871 in 2025 and 2024, respectively, representing an increase of 922%. The increase was primarily driven by higher equipment and product sales in 2025. Cost of sales mainly comprises purchases of components (including optical modules), third party assembly costs, and royalty expenses. The increase was largely attributable to higher component purchases and third party assembly costs associated with the delivery of the DLW system and increased sales of pico projectors, as well as a corresponding increase in royalty expenses with higher sales.

#### Gross Profit
Our gross profit amounted to S$144,826 and S$16,569 in 2025 and 2024, respectively, representing an increase of 774%. The increase was primarily due to significantly higher revenue in 2025 driven by equipment sales. Gross profit margin decreased from 20.9% in 2024 to 18.4% in 2025, mainly due to lower margins associated with such equipment sales compared to product and services sales. Equipment sales typically carry lower margins due to higher component and assembly costs, compared to our product and services offerings, which resulted in the overall decline in gross profit margin.

#### Other Income
Our other income amounted to S$317,686 and S$2,000 in 2025 and 2024, respectively, representing an increase of 15,784%. The increase was primarily due to the receipt of a S$300,000 grant under the Grant for Equity Market Singapore ("GEMS") Grant Scheme administered by the Monetary Authority of Singapore in relation to qualifying expenses incurred for our September 9, 2025 initial public offering and listing of ordinary shares on the SGX Catalist.

#### Administrative Expenses
Our administrative expenses amounted to S$3,682,794 and S$886,702 in 2025 and 2024, respectively, representing an increase of 315%. The increase was primarily due to higher legal and professional fees incurred in connection with this offering and our September 9, 2025 initial public offering and listing of ordinary shares on the SGX Catalist.

#### Research and Development Expenses
Our research and development expenses amounted to S$1,843,294 and S$1,036,635 in FY2025 and FY2024, respectively, representing an increase of approximately 78%. The increase was primarily due to higher research and development expenses incurred in connection with new product launches.

#### Selling and Marketing Expenses
Our selling and marketing expenses amounted to S$204,622 and S$49,186 in 2025 and 2024, respectively, representing an increase of 316%. The increase was primarily due to higher advertising and promotional expenses incurred in connection with new product launches.

#### Finance Expenses
Our finance expenses amounted to S$176,883 and S$1,844 in 2025 and 2024, respectively, representing an increase of 9,492%. The increase was primarily due to deemed interest expense recognized on the non-current balance due to a shareholder, bearing an effective interest rate of 9.1% and repayable between 2027 and 2029.

#### Loss After Income Tax and Total Comprehensive Loss
Our loss after income tax and total comprehensive loss amounted to S$5,445,573 and S$1,950,882 in 2025 and 2024, respectively, representing an increase of 179%. The increase was primarily due to higher administrative expenses, increased research and development expenses, and higher finance expenses recognized during 2025.

#### Seasonality
Given the relatively short period during which our products have been offered for sale, we have not observed any significant seasonal trends.

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

#### Inflation
To date, inflation has not materially affected our results of operations. Although we have not been materially affected by inflation in the past, we may be affected if the countries in which we operate experiences higher rates of inflation in the future.

#### Liquidity and Capital Resources
Our future capital requirements will depend upon many factors including, without limitation, our ability to produce, market and sell our products, consumer demand for our products, our ability to secure required financing, and in the event consumer demand is strong for our products, our ability to expand our business to facilitate this demand. We have limited capital resources and have historically financed our growth and operations mainly through capital injections from and equity subscriptions by our investors. Our principal uses of the cash have been for general operations and working capital requirements and capital expenditures. As of December 31, 2025 and December 31, 2024, we had cash at bank balances of S$8,789,537 and S$959,226, respectively, and except for the amount due to MST SingCo, we do not have any other loans or borrowings. The amount due to MST SingCo is related to the 2021 License Agreement, under which consideration of S$2,880,000 was paid on our behalf directly by MST SingCo (a co-licensee under the 2021 License Agreement), and we are obligated to repay that amount to it, with the first payment in 2027 being S$250,000, the second payment in 2028 being S$630,000 and the remaining S$2,000,000 in 2029. For more information on the repayment terms, see "Risk Factors — Risks Related to Our Business and Industry — We may face risks associated with debt financing."

We believe that our existing cash and cash equivalents and the net proceeds from this offering will be sufficient to meet our anticipated working capital requirements and capital expenditures in the ordinary course of business for the next 12 months following the date of this prospectus.

We may, however, need additional cash resources in the future if we experience changes in business condition or other developments, or if we find and wish to pursue opportunities for investments, acquisitions, capital expenditures or similar actions. If we determine that our cash requirements exceed the amount of cash and cash equivalents we have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at

The following table sets forth a summary of our cash flows for the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **S$** | **S$** |
|  **Net cash used in operating activities** | (4537929) | (1226885) |
|  **Net cash from/used in investing activity** | 4292 | (25000) |
|  **Net cash provided by financing activities** | 12366501 | 1483483 |
|  **Net changes in cash and cash equivalents** | 7832864 | 231598 |
|  Cash and cash equivalents at beginning of financial year | 959226 | 722192 |
|  Effects of currency translation on cash and cash equivalents | (2553) | 5436 |
|  **Cash and cash equivalents at end of financial year** | 8789537 | 959226 |

---

#### Operating Activities
Net cash used in operating activities in 2025 was S$4,537,929, primarily due to increased expenses during the year arising from research and development, employee expenses and professional fees. The amount was further adjusted by changes in working capital requirements, attributable to higher prepayments to suppliers for new orders placed partially offset by increased customer deposits reflected in contract liabilities.

Net cash used in operating activities in 2024 was S$1,226,885, primarily due to research and development, professional fees and employee compensation. The amount was further adjusted by changes in working capital items which amounted in net working capital outflow of S$42,242. This was mainly due to the increase in prepayments and deposits of S$274,131 primarily for the purchase of goods.

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

#### Investing Activities
Net cash from investing activities in 2025 was S$4,292, which was attributable to interest received of S$4,292.

Net cash used in investing activities in 2024 was S$25,000, which was attributable to payment for intangible asset of S$25,000.

#### Financing Activities
Net cash provided by financing activities in 2025 was S$12,366,501, which was primarily attributable to proceeds from issuance of shares of S$10,850,000, partially offset by payment for transaction cost in relation to issuance of shares of S$622,599.

Net cash provided by financing activities in 2024 was S$1,483,483, which was primarily attributable to proceeds from contribution from shareholders of S$1,499,999, partially offset by lease and interest payments of S$16,516.

#### Capital Expenditures, Commitments and Continent Liabilities

#### Capital Expenditures
We did not have any capital expenditures in 2025 and 2024, other than the payment for the intangible asset of S$25,000 in 2024. Other than what have been included in the capital commitments and contractual obligations discussed below, we do not expect to incur material costs to accomplish these goals.

#### Commitments
As of December 31, 2025 we had no capital commitments.

Our lease liabilities comprise the lease of office premise. As of December 31, 2025, our lease liabilities were as follows:

---

| | |
|:---|:---|
|  | **(S$)** |
|  Not later than one (1) year | 23109 |
|  Later than one (1) year and not later than five (5) years |  |
|  Later than five (5) years |  |
|  **Total** | 23109 |

---

#### Contingent Liabilities
As of December 31, 2025, we did not have any material contingent liabilities.

#### Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our ordinary shares and classified as shareholder's equity or that are not reflected in our financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services with us.

#### Foreign Exchange Management

#### Accounting Treatment of Foreign Currencies
The individual financial statements of each of our entities are measured and presented in its functional currency. The functional currency of the Company, MetaOptics Technologies and MetaOptics USA are S$, S$ and US$, respectively.

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

Transactions in foreign currencies during the year are recorded in the respective functional currencies using exchange rates approximating those ruling at the transaction dates. Foreign currency monetary assets and liabilities at the balance sheet date are translated into the respective functional currencies at exchange rates approximating those ruling at that date. All resultant exchange differences are dealt with through the statement of comprehensive loss.

In the preparation of our financial statements, the financial statements of our subsidiaries outside of Singapore have been translated at the rates of exchange ruling at the balance sheet date except for share capital and reserves which are translated at historical exchange rates and income statement items which are translated at the average exchange rates for the year. Exchange differences arising from the above translation are taken directly to reserve.

#### Foreign Exchange Exposure
Our reporting currency is in Singapore dollar "S$" and our operations are carried out in Singapore. Other than the respective functional currencies of our subsidiaries, we also transact in US$, HKD and EUR. The percentage of our revenue, cost of sales and expenses denominated in different currencies was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **%** | **%** |
|  Percentage of revenue denominated in |  |  |
|  US$ | 77.6 | 76.1 |
|  SGD | 22.4 | 23.9 |
|  | 100.0  | 100.0 |
|  Percentage of cost of sales denominated in |  |  |
|  US$ | 86.8  | 61.2 |
|  SGD | 13.2  | 30.2 |
|  EUR |  | 8.6 |
|  | 100.0 | 100.0 |
|  Percentage of expenses denominated in |  |  |
|  SGD | 69.3  | 100.0 |
|  US$ | 28.0 |  |
|  HKD | 2.6 |  |
|  EUR | 0.1 |  |
|  | 100.0 | 100.0 |

---

To the extent that our revenue, cost of sales and expenses are not naturally matched in the same currency and to the extent that there are timing differences between invoicing and collection/payment, we will be exposed to adverse fluctuations of the various currencies against the S$, which would adversely affect our financial results.

At present, we do not have any formal policy for hedging against foreign exchange exposure. We will continue to monitor our foreign exchange exposure and may employ hedging instruments to manage our foreign exchange exposure should the need arises. Our net foreign exchange transaction (loss)/gain was as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  Net foreign exchange transaction (loss)/gain (S$) | (492) | 4916 |
|  As a percentage of revenue (%) | (0.1) | 6.2 |
|  As a percentage of PBT (%) | 0.0 | (0.3) |

---

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

#### Holding Company Structure
We are a holding company with no business operations of our own. We conduct all of our operations through our subsidiaries located in Singapore and elsewhere. As a result, our ability to pay dividends depends upon dividends paid by our subsidiaries. If our subsidiaries incur debt on their own behalf in the future, the instruments governing their debt may restrict their ability to pay dividends to us.

#### Quantitative and Qualitative Disclosures About Market Risk
Our operations expose us to a variety of financial risks. The key financial risks include interest rate risk, foreign currency risk, credit risk and liquidity risk.

#### Interest Rate Risk
Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. We have no significant exposure to interest rate risk except from those that arises from our bank account. Interest rate risk is limited to potential decreases in the interest rate offered on cash held with a financial institution in Singapore. Our exposure to changes in market interest rates is not significant.

#### Foreign Currency Risk
We are exposed to foreign currency risk when we enter or transact in currencies other than our functional currency. Our currency exposure is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SGD** | **US$** | **HKD** | **Total** |
|  | **S$** | **S$** | **S$** | **S$** |
|  **As of December 31, 2024** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Cash at bank | 846820 | 112406 |  | 959226 |
|  Trade receivables | 5016 |  |  | 5016 |
|  Refundable deposits | 4780 |  |  | 4780 |
|  | 856616 | 112406 |  | 969022 |
|  **Financial liabilities** |  |  |  |  |
|  Other payables | (360195) |  |  | (360195) |
|  Amount due to shareholders and a director | (1936147) |  |  | (1936147) |
|  Lease liabilities | (24855) |  |  | (24855) |
|  | (2321197) |  |  | (2321197) |
|  Currency profiles | (1464581) | 112406 |  |  |
|  Currency exposure |  | 112406 |  |  |
|  **As of December 31, 2025** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Cash at bank | 8532232 | 257305 |  | 8789537 |
|  Trade receivables |  | 3217 |  | 3217 |
|  Refundable deposits | 6328 |  |  | 6328 |
|  | 8538560 | 260522 |  | 8799082 |
|  **Financial liabilities** |  |  |  |  |
|  Trade and other payables | (270543) | (213478) | (14628) | (498659) |
|  Amount due to shareholders and a director | (2106147) |  |  | (2106147) |
|  Lease liabilities | (22683) |  |  | (22683) |
|  | (2399373) | (213478) | (14628) | (2527489) |
|  Currency profiles | 6139187 | 47044 | (14628) |  |
|  Currency exposure |  | 47044 | (14628) |  |

---

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

If the US$ is strengthened or weakened against the SGD by 10%, respectively, assuming all other variables, including tax rate, are held constant, the effects arising from the net financial assets/(liabilities) position will be as follows:

---

| | | |
|:---|:---|:---|
|  | **(Increase)/decrease <br>Loss after tax <br>December 31, 2025**  | **(Increase)/decrease <br>Loss after tax <br>December 31, 2024**  |
|  | **S$** | **S$** |
|  US$ against SGD |  |  |
|  – Strengthened | **(4705)** | 11241 |
|  – Weakened | 4705 | (11241) |

---

If the HKD is strengthened or weakened against the SGD by 10%, respectively, assuming all other variables, including tax rate, are held constant, the effects arising from the net financial assets/(liabilities) position will be as follows:

---

| | | |
|:---|:---|:---|
|  | **(Increase)/decrease <br>Loss after tax <br>December 31, 2025**  | **(Increase)/decrease <br>Loss after tax <br>December 31, 2024**  |
|  | **S$** | **S$** |
|  HKD against SGD |  |  |
|  – Strengthened | 1463 |  |
|  – Weakened | (1463) |  |

---

#### Credit Risk
Credit risk is the risk of financial loss to us if a customer or counterparty to a financial instrument fails to meet its contractual obligations. We are mainly exposed to credit risk in relation to cash at bank. As of December 31, 2025, we held cash at bank of S$8,789,537 with two banks which are rated AA- and A+ based on Standard & Poor and is considered to have low credit risk. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss.

We have assessed that other receivables are subject to immaterial credit loss and we do not have financial assets that are subject to more than immaterial credit losses where the expected credit loss model has been applied.

Trade and other receivables are written off when there is no reasonable expectation of recovery. We categorize a receivable for write off when a debtor has probability of insolvency and/or significant financial difficulty. Where receivables have been written off, we continue to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

#### Liquidity Risk
Liquidity is the risk that we will encounter difficulties in meeting our short-term obligations due to shortage of funds.

The table below summarizes the maturity profile of our non-derivative financial liabilities at the reporting date based on contractual undiscounted repayment obligations. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.

---

| | | | |
|:---|:---|:---|:---|
|  | **Within <br>1 year** | **Between <br>1 to 2 years** | **Between <br>2 to 5 years** |
|  | **S$** | **S$** | **S$** |
|  **As of December 31, 2024** |  |  |  |
|  **Financial liabilities** |  |  |  |
|  Other payables | 360195 |  |  |
|  Amounts due to shareholders and director | 5850 |  | 2880000 |
|  Lease liabilities | 14156 | 11797 |  |
|  | 380201 | 11797 | 2880000 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Within <br>1 year** | **Between <br>1 to 2 years** | **Between <br>2 to 5 years** |
|  | **S$** | **S$** | **S$** |
|  **As of December 31, 2025** |  |  |  |
|  **Financial liabilities** |  |  |  |
|  Trade and other payables | 498649 |  | —  |
|  Amounts due to shareholders and director |  | 250000 | 2630000  |
|  Lease liabilities | 23109 |  | —  |
|  | 521758 | 250000  | 2630000  |

---

#### Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate ICFR designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

Management identified material weaknesses in ICFR related to policies and procedures that did not comprehensively cover multiple control areas, including but not limited to segregation of duties, processes around payroll, and purchases and payables. These material weaknesses stem from an underlying lack of sufficient accounting and financial reporting personnel with requisite knowledge of IFRS, and comprehensive accounting and reporting policies and procedures, creating a reasonable possibility that a material misstatement of our financial statements would not be prevented or detected on a timely basis. These material weaknesses identified have resulted in necessary corrections to and restatements of our previously issued financial statements. For additional information on the corrections, refer to Note 25 to our financial statements included elsewhere in this prospectus.

Management has initiated a remediation plan to enhance the design and operation of ICFR. Key elements include appointing additional qualified accounting and financial reporting personnel with appropriate IFRS and internal control experience and establishing and formalizing comprehensive policies and procedures across the areas noted above, with appropriate version control, approvals, and periodic review.

Management believes these remediation steps, once fully implemented and operating for a sufficient period, will address the material weaknesses; however, these material weaknesses will not be considered remediated until the design and operation of new and enhanced controls have been tested and demonstrated to be effective. Management will continue to monitor the status of these remediation efforts and make additional changes to ICFR as necessary.

#### Recent Accounting Pronouncements
For information on recently issued accounting pronouncements, refer to Note to our financial statements included elsewhere in this prospectus.

#### Standards Issued But Not Yet Effective
IFRS 18, Presentation and Disclosure of Financial Statements ("IFRS 18"), a new IFRS that have not been early adopted by the Company, which will replace IAS 1 Presentation of Financial Statements, aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for the aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements of IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027.

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#### INDUSTRY
*The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information and financial statements appearing elsewhere in this prospectus. In addition to this summary, we urge you to read the entire prospectus carefully, especially the risks of investing in our ADSs discussed under "Risk Factors," before deciding whether to invest in our ADSs. The information presented in this section has been derived from an industry report commissioned by us and prepared by China Insights Industry Consultancy Limited, an independent research firm, to provide information regarding our industry and our market position in Singapore and globally. We refer to this report as the "Independent Market Report."*

#### Overview of Optical Metalens Market
Optical metalens technology, a revolutionary flat lens solution rooted in metasurface engineering, is redefining the future of imaging and sensing systems. By enabling wavelength-scale light manipulation with significantly reduced bulk and complexity, optical metalens offers ultrathin, lightweight, and highly tunable alternatives to traditional optics. Since its conceptual inception by Harvard researchers in 2011 and its first experimental validation in 2016, optical metalens technology has rapidly evolved from lab-scale prototypes to early-stage commercialization. Key milestones include the shift from plasmonic to high-efficiency dielectric materials, improvements in nanofabrication techniques, and initial industrial-scale applications. By 2022, metalenses began integration into commercial devices like smartphones and drones. From 2023, the technology gained wider adoption in AR/VR, automotive sensing, and smart consumer electronics, driven by compatibility with semiconductor manufacturing and AI-enhanced optical systems. In 2024 and 2025, the metalens industry has entered an early scaling phase supported by improving broadband optical performance, enabling closer integration with compact sensing modules in consumer electronics such as smartphones. At the same time, the compatibility of metasurface optics with silicon photonics architectures is supporting emerging applications in co-packaged optics ("CPO") and other chip-level optical systems.

The global optical metalens industry has demonstrated remarkable growth in recent years and is poised for continued expansion. From 2020 to 2025, the market expanded from US$2.3 million to US$64.5 million, representing a CAGR of 94.5%. This rapid growth was primarily fueled by early-stage adoption in consumer electronics and rising awareness of the technology's potential. According to the Independent Market Report, consumer electronics will remain the dominant sector, followed by automotive and security applications. Meanwhile, the global penetration rate remained modest in 2025, but was quickly gaining momentum, with optical metalens penetration estimated at 1.2% in consumer electronics in 2025. The total addressable market is also expanding rapidly, suggesting enormous potential for future commercialization, according to the Independent Market Report.

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#### Market size of the optical metalens industry, in terms of revenue, by application <br>scenario, Global, 2020-2030E <sup>(1)</sup>
____________

*Source: Independent Market Report*

(1) The industry was segmented by major downstream application sectors. For each sub-sector, market size estimates were derived by assessing (i) the total shipment volumes by product category, (ii) the estimated number of metalenses incorporated per unit, (iii) the penetration rate of metalens adoption, and (iv) the applicable average selling price.

The revenue and CAGR projections are derived from several key assumptions, including (i) anticipated growth in downstream product shipment volumes, such as the total shipment volume of consumer electronics which is estimated to increase from 2.5 billion units to 2.7 billion units from 2025 to 2030, (ii) continued increase in penetration of metalens technology, with the total penetration rate of metalens adoption relative to the total addressable market projected to rise from 0.4% in 2025 to 3.0% in 2030, (iii) expected number of metalenses per device, which varies by application and is anticipated to increase due to broader and more complex use cases, and (iv) the anticipated average selling price, which is expected to increase in the near term as the product mix shifts toward more advanced and higher-value metalens solutions, with the average unit price of metalenses projected to grow at a CAGR of approximately 3.4% from 2025 to 2030. The analysis is based on publicly available industry data and interviews with industry experts and is considered by us to be reasonable in light of prevailing industry trends and projected market conditions.

In Singapore, the optical metalens industry has undergone a phase of accelerated growth from 2020 to 2025, the total market size is estimated to reach US$166,410 by 2025, up from US$4,605 in 2020. Singapore's strong positioning as a regional hub for electronics manufacturing and R&D has likely contributed to early trials and niche deployments of metalens applications. From 2025 onwards, the market is projected to continue expanding at a high speed, reaching a size of US$5.1 million by 2030, with a CAGR of 98.3%, indicating strong sustained momentum as the industry moves from experimental deployments to broader commercialization. Consumer electronics is expected to remain the leading application area. The automotive sector is also forecasted to expand, reflecting the gradual but steady integration of advanced optical components such as metalenses in LiDAR devices and in-cabin monitoring systems. Similarly, the security sector shows healthy growth, driven by applications in high-resolution surveillance and biometric verification. Singapore's strategic focus on advanced manufacturing and photonics innovation, coupled with strong institutional support for R&D and industry-academia collaboration, is expected to reinforce the growth trajectory of the optical metalens market.

Asia plays a critical role in the optical metalens market such as China, Taiwan, South Korea, and Japan. In 2025, China's optical metalens market reached US$10.3 million, representing 16% of the global share, largely fueled by the domestic smartphone supply chain and industrial vision applications; Taiwan accounted for 12% of the global market, with a market size of US$7.7 million, primarily driven by optical foundry services; South Korea's market reached US$6.4 million, capturing 10% of the global market, mainly for internal integration in smartphone sensors; and Japan's market was smaller at US$1.9 million, representing 3% of the global market. These regions remain pivotal in driving the overall growth and expansion of the global metalens market in the coming years.

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#### Major Applications of Optical Metalenses
Optical metalens, with their ultra-thin, planar design and precise control over light's phase, amplitude, and polarization, are transforming multiple industries by enabling miniaturized, high-performance optical systems. Their unique capabilities are driving advancements across several sectors:

#### Consumer Electronics
Application of optical metalens in consumer electronics including smartphones, AR/VR devices, smart home appliances, projector imaging etc. As the technology of smartphones evolves, so does the amount of space and energy its imaging and sensing systems take. The optical metalens technology is able to fix chromatic aberration with thin and flat structures, helping achieve smaller sizes of optical imaging and sensing systems in smartphones, thus is expected to replace conventional optical lenses in smartphones to reduce product thickness. Meanwhile, developers of AR/VR systems continue to wrestle with the challenge of incorporating bulky hardware systems into devices to be worn on the head. Optical metalenses offer the prospect of tiny optical elements incorporated into small, high-performing, lightweight headsets and smart glasses, thus gaining increasing popularity in the AR/VR field. Smart home appliances, together with IoT applications, have been rapidly evolving, which has put forward higher requirements for the performance of IoT optical sensors. Optical metalenses allow for greater miniaturization as well as enhance and expand the functionality of optical fibers of IoT systems, creating greater potential for IoT technology. In projector imaging applications, optical metalenses offer advantages such as ultra-compact form, improved light control, and high-resolution imaging, enabling the development of thinner, lighter, and more energy-efficient projection systems. This opens new possibilities for portable projectors, wearable displays, and embedded projection technologies in smart devices.

To capture the growing demand for high-performance optical components across consumer electronics, we have developed proprietary metasurface flat lens technology optimized for ultra-compact camera systems, which are critical to mobile and IoT devices. To strengthen our capabilities and enhance our market reach, we have entered into non-exclusive memoranda of understanding with manufacturers experienced in camera module design and production for global tier-1 smartphone brands, subject to non-disclosure agreements. We are continuing discussions regarding product design for potential collaboration.

Backed by our product quality, we believe we are well-positioned to benefit from the stable demand for smartphone optical components. In addition, with a diverse portfolio of IoT products, including pico projectors, and IoT metalens color cameras, we are well-prepared to address the evolving requirements of next-generation consumer electronics and IoT applications.

#### Automotive Sector
In the realm of autonomous driving and advanced driver assistance system ("ADAS"), metalenses contribute to the development of compact, high-resolution imaging systems. Their ability to replace multiple conventional lens elements with a single, flat lens simplifies the optical assembly, leading to more streamlined sensor designs. This miniaturization facilitates the integration of sophisticated imaging capabilities into limited spaces within vehicles, enhancing the functionality of systems such as LiDAR devices, cameras, and other optical sensors essential for navigation and safety. Additionally, as LiDAR systems use new high-power vertical-cavity surface-emitting lasers as illuminators, which generate substantial heat, traditional optics made of polymer materials are prone to deformation at high temperatures. In contrast, optical metalenses can better withstand the high heat, thus ensuring stable and reliable performance. This makes them a more suitable choice for high-temperature environments in automotive applications.

We are actively marketing our metalenses in the new energy vehicle industry and have integrated them into HUDs autonomous driving applications. Leveraging our expertise in metalens technology, we intend to further expand our presence in the growing ADAS optical components market to capture emerging opportunities driven by increasing industry demand.

#### Security
One of the significant advantages of metalenses is their broadband imaging capability, which supports infrared and multispectral monitoring. This feature is particularly beneficial in low-light conditions, where traditional optical systems may struggle. By capturing a broader spectrum of light, metalenses improve the clarity and detail of images in challenging environments, thereby enhancing the effectiveness of security systems. The integration of AI with metalens technology further amplifies their potential in automated threat detection and tracking. Researchers have developed deep learning techniques that enhance the image quality of metalens-based cameras, transforming low-quality images

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into high-resolution outputs. In addition, non-contact 3D biometric sensing has emerged as a key application area where metalens technology shows strong potential. Metalenses enables compact, highly accurate depth sensing solutions essential for facial recognition, gesture control, and identity verification systems, thereby contributing to the advancement of secure and efficient biometric authentication methods.

We have developed and demonstrated its new contactless 3D biometric sensor at the Consumer Electronics Show 2025 in Las Vegas. Accordingly, we believe that we are well-positioned amidst the demand for contactless biometric solutions and other security applications.

#### Telecommunications
Optical metalenses enhance optical fiber communication by improving signal focusing and reducing loss, leading to higher data transmission speeds and reliability. In 5G technology and beyond, they contribute to the miniaturization and optimization of antennas and optical components, enabling more efficient fiber-optics networks. Optical metalenses can serve as collimating lenses in fiber optics, helping to converge light from one cable to another. This improves signal power transfer efficiency, allowing for shorter cable lengths and reducing overall costs Furthermore, the potential of having optical metalenses improve satellite communication and remote-sensing technologies is promising for the future of global connectivity.

#### Industrial Applications
One significant application of metalenses is in optical inspection systems for quality control. Their ability to focus light with high precision allows for the detection of microscopic defects in semiconductor wafers and manufactured components, improving the accuracy and efficiency of inspection processes. The compactness of metalenses facilitates their integration into existing inspection equipment, enabling more streamlined and effective quality assurance measures. Additionally, metalenses improve laser processing applications, such as photolithography, cutting, and engraving. Their superior beam focusing capabilities enhance the precision of laser-based manufacturing processes, leading to finer feature resolution and better energy efficiency.

#### Biomedical Applications
The compact and planar nature of metalenses makes them well-suited for miniaturized medical devices. By enabling reasonable optical resolution in a significantly smaller form factor, metalenses allow for thinner, less invasive probe designs. This can improve patient comfort during procedures, such as when the device is inserted through the mouth. As such, the reduced size and functional efficiency of metalenses highlights their strong application potential in biomedical settings.

While we do not plan to market our products in the biomedical industry, we remain open to the possibility of entering this sector in the future, depending on evolving market demand.

#### Data Center and AI Infrastructure
In large-scale data center and AI infrastructure environments, the continued expansion of model complexity and data throughput requirements is increasingly shifting system performance constraints toward interconnect bandwidth and energy efficiency. In this context, CPO is widely regarded within the industry as a key architectural approach for improving interconnect bandwidth density while reducing energy consumption per transmitted bit, particularly for AI training and data-intensive computing workloads.

By integrating optical engines at the package level alongside switching ASICs or accelerator chips, CPO architectures significantly shorten high-speed electrical interconnect paths, thereby reducing signal attenuation, power loss, and overall energy consumption in high-bandwidth networking systems. This packaging-level integration strategy helps address the scaling limitations of conventional electrical interconnects and enables more compact system designs with higher port densities. Within such CPO architectures, optical metalenses may be introduced as compact optical coupling or beam-collimating elements to facilitate efficient light transfer between optical fibers and on-package photonic components. Owing to their ultra-thin form factor and high degree of wavefront design flexibility, metalenses are particularly well suited for package-level optical integration in environments characterized by stringent space constraints and tight power budgets, such as hyperscale data centers.

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From a system implementation perspective, the use of metalenses at the package level has the potential to improve optical coupling efficiency, relax alignment tolerances, and enhance overall link performance without substantially increasing packaging complexity. These attributes may support higher interconnect densities and improved scalability in future optical networking systems.

Overall, metalens-enabled CPO solutions represent a promising technical option for next-generation data center and AI infrastructure, with potential value primarily reflected in system scalability, bandwidth utilization efficiency, and energy optimization. As data center architectures continue to evolve toward higher bandwidth and tighter energy constraints, such approaches are expected to attract increasing attention in specific high-performance interconnect applications.

#### Metalens Manufacturing and Test Equipment Landscape

#### DLW
A DLW is a maskless laser lithography system that enables the direct writing of micro- and nano-scale patterns onto substrates such as photoresist-coated wafers or glass. In the context of metalens development and early-stage commercialization, direct laser writing is primarily used to accelerate design iteration cycles and support small-batch fabrication, where rapid pattern modification and process optimization are required without the cost and lead time associated with photomasks. Our DLW is designed as a metalens fabrication tool optimized for fast prototyping and low-volume production, supporting up to 4-inch glass wafers in a non-vacuum operating environment.

As metasurface designs continue to evolve toward higher pattern density and tighter dimensional tolerances, we expect demand for DLWs to be driven by the need for finer resolution, improved dimensional control, and stable performance across larger writing areas. Industry development is also expected to emphasize higher throughput, improved focus control, and enhanced repeatability to support the gradual transition from research-oriented usage to pilot-scale manufacturing. Our DLW utilizes a 266 nanometers ("nm") laser source and is specified to achieve a minimum linewidth of 90 nm and minimum critical dimensions of 120 to 150 nm for circular pillar structures, with support for high writing speed and precise stage control. We believe these specifications position our system favorably for metalens applications requiring sub-200 nm feature sizes, which are increasingly important for advanced optical performance.

In comparison with certain peer maskless laser lithography systems, industry disclosures generally indicate minimum critical dimensions in the range of approximately 200 nm to 400 nm. By contrast, our DLW is specified to achieve a minimum critical dimension of 120 nm, representing a materially finer patterning capability. We believe this level of resolution provides a competitive advantage in meeting the fabrication requirements of next-generation metalenses, where sub-200 nm feature sizes, precise dimensional control, and uniformity across dense metasurface patterns are critical to achieving high optical performance.

Comparisons of technologies of top participants in the DLW industry are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Criterion for <br>comparison** | **Company G<sup>(1)</sup>** | **Company H<sup>(2)</sup>** | **Company I<sup>(3)</sup>** | **Company J<sup>(4)</sup>** | **The Company** |
|  Year of establishment | 1984 | 1980 | 2007 | 2003 | **2021** |
|  Headquarters location | Germany | Germany | Germany | Netherlands | **Singapore** |
|  Major fabrication technology | UV DLW | Electron Beam Lithography (EBL) direct writer | Two-photon polymerization (2PP) Direct Writer | UV DLW | **DUV DLW** |
|  Sub-200 nm feature size capability | Yes | No | Yes | No | **Yes** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Criterion for <br>comparison** | **Company G<sup>(1)</sup>** | **Company H<sup>(2)</sup>** | **Company I<sup>(3)</sup>** | **Company J<sup>(4)</sup>** | **The Company** |
|  Technical features | • Reports a minimum feature size of 200 nm.<br> • Reports minimum line/space ("L/S") capability of 300 nm. | • Reports isolated feature capability of approximately 400 nm.<br> • Reports dense L/S capability of approximately 600 nm. | • Reports minimum XY feature size of 100 nm.<br> • Reports shape accuracy down to 200 nm. | • Indicates capability to write approximately 300 nm structures under a 405 nm resolution configuration. | • **Reports a minimum line width of 90 nm.**<br> • **Reports a minimum critical dimension of 120 nm.** |
|  Major applications | R&D, prototyping, low-volume production | R&D, prototyping, low-volume production | R&D, prototyping, low-volume production | R&D, prototyping, low-volume production | **R&D, prototyping, low**-volume **production** |

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____________

*Source: Independent Market Report*

(1) Established in 1984, Company G is headquartered in Germany and is a private company. Its main business centers on high-precision maskless direct-write lithography systems for micro- and nanofabrication.

(2) Established in 1980, Company H is headquartered in Germany and is a private company. Its main business centers on maskless nanofabrication and characterization systems.

(3) Established in 2007, Company I is headquartered in Germany and is a private company. Its main business centers on high-resolution 3D microfabrication systems and related materials for research and industrial applications.

(4) Established in 2003, Company J is headquartered in the Netherlands and is a private company. Its main business centers on photolithography process equipment, especially maskless lithography UV DLW systems.

#### Automatic Metalens Tester
An automatic metalens tester is a precision optical characterization system used to evaluate metalens performance under controlled conditions, including different working distances and wavelength ranges. Such systems support both design validation during development and automated screening, binning, and traceability in manufacturing, where measurement consistency and repeatability are critical. As metalens adoption expands into commercial optical modules, testing platforms are expected to evolve toward higher levels of automation, broader wavelength coverage, and increased throughput, particularly to support applications spanning the visible and near-infrared spectrum and to enhance yield management and quality control at scale.

Our automatic metalens tester is designed to evaluate metalens components under both infinite and finite working distance configurations and across multiple wavelength bands. The system is configured as a cleanroom-compatible, fully enclosed platform with automated handling and vision alignment, supporting dual-station testing in the visible and near-infrared ranges. It includes automated pick-and-place handling for testing and sorting metalenses from up to 12-inch diced wafer input. A flipper module enables the tester to measure components in both orientations. It provides a range of optical performance measurements, including focal length, point spread function, efficiency, modulation transfer function, and dot-pattern analysis, supporting both development validation and production characterization.

#### Automatic Metalens Assembler
An automatic metalens assembler is an integrated production system designed to align, assemble, and test metalens-based modules at scale. Such systems typically combine high-precision motion control, vision-based alignment, and in-line optical and electrical testing to achieve consistent placement accuracy and stable module performance. As metalens components advance from discrete device validation to module-level commercialization across applications such as smartphones, AR/VR devices, and IoT products, we expect demand for automated assembly and test systems to increase. In this context, customers are expected to place greater emphasis on platforms that balance precision, throughput, and traceability while supporting efficient changeover between different product configurations.

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Our automatic metalens assembler is designed as an integrated assembly and test platform for metalens-based camera modules, incorporating precision XYZ pick-and-place motion, vision-based alignment, and in-line optical and electrical testing within a compact production footprint. The system supports automated, high-throughput operation with sub-10 micrometer positioning repeatability and includes multiple assembly stations, dual-side handling capability, and integrated image quality and electrical performance verification, supporting scalable production with consistent quality control.

#### Market Drivers
Key drivers behind the optical metalens industry's accelerated development include:

#### Strong Support Ecosystem and Incentive Policies
Singapore has established a comprehensive and well-integrated industrial ecosystem that strongly supports the growth of the optical metalens sector. The government has introduced a range of incentive policies, such as the Intellectual Property Development Incentive, which offers tax reductions on income derived from qualifying intellectual property assets developed and commercialized in Singapore, encouraging businesses to enhance their capabilities and engage in high-value economic activities. Additionally, Singapore is home to leading research institutions, providing state-of-the-art R&D facilities and talent support. The country also boasts a mature semiconductor and precision manufacturing base, supported by global industry players and an integrated supply chain, creating a favorable environment for the development and commercialization of optical metalens technologies. The launch of a S$500 million national semiconductor fabrication facility under the National Semiconductor Translation and Innovation Centre of A\*STAR, operational by 2027, will enhance R&D infrastructure and accelerate the commercial scaling of advanced technologies. Altogether, this well-supported ecosystem provides metalens companies with a strong foundation for innovation, scaling, and long-term growth.

#### Technological Breakthroughs in Optical Metalens
Advancements in key enabling technologies, such as AI-driven computational imaging, dispersion engineering, and multilayer metasurface design, have mitigated some technical bottlenecks of optical metalens, including chromatic aberration and limited bandwidth. These innovations now enable high-resolution, aberration-free imaging with compact form factors, broadening the commercial viability of optical metalens solutions.

#### Rapid Growth of Downstream Industries
The evolution of key downstream application scenarios, including smartphones, AR/VR devices, autonomous vehicles, and CPO, etc., has created strong demand for lightweight, compact, and high-performance optical solutions. Optical metalens, with its superior form factor and function, is uniquely positioned to meet this growing need across diverse sectors.

In data center and AI infrastructure, CPO and optical architectures are emerging as important application contexts for metalenses, where ultra-thin form factors and precise wavefront control may support beam shaping, optical coupling, and relaxed alignment tolerances in highly integrated interconnect modules. In parallel, consumer electronics, particularly smartphones and AR/VR devices, remain major downstream segments, where metalenses may replace or augment conventional lens stacks to enable compact imaging and sensing solutions under stringent space and power constraints. In addition, growing deployment of high-resolution imaging and sensing technologies in areas such as autonomous driving and biometric systems, including facial recognition and access control, is expected to further accelerate the integration of metalens technologies across a broad set of application scenarios.

#### Demand for Miniaturization and Lightweight Designs
The growing demand for compact and lightweight designs in consumer electronics is a key driver for the adoption of optical metalenses. Devices such as smartphones, tablets, and AR/VR headsets are continuously evolving toward slimmer form factors, placing greater pressure on optical components to follow suit. Optical metalenses meet this challenge by replacing bulky, multi-element traditional lenses with ultra-thin, nanostructured surfaces capable

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of achieving complex optical functions on a single layer. This drastically reduces the size and weight of optical modules, simplifies integration, and supports the development of highly compact and miniaturized product designs. In AR/VR devices, in particular, lighter optics directly translate to improved ergonomics and enhanced immersive user experiences.

Beyond consumer electronics, similar miniaturization requirements are emerging in advanced telecommunications infrastructure, particularly in CPO for high-performance computing and data center networking. As data rates and energy efficiency requirements increase, CPO architectures demand extremely compact optical components for integration within space-constrained packages, driving demand in optical metalenses as planar, high-precision solutions for light coupling.

#### Ranking of the Top Five Participants in the Global Optical Metalens Industry
According to the Independent Market Report, the global optical metalens industry is in an early but rapidly accelerating phase of commercialization, with more players entering the industry in the past five years. Early movers have gained visibility through advancements in optical performance and scalable patterning techniques. While some players have achieved early commercialization through partnerships with device manufacturers, many are still refining their fabrication processes or scaling from research prototypes to production-ready products. The ability to transition from laboratory-grade technology to reliable, repeatable manufacturing remains a central challenge across the industry. Geographically, companies in North America, Europe, and Asia are active in pushing the frontiers of optical metalens technology, with varying degrees of maturity. As of 2025, companies ranking as the top five participants in the global optical metalens industry are headquartered in Europe and Asia, collectively accounting for approximately 81.4% of global market share.

According to the Independent Market Report, we were distinguished from our competitors as the only optical metalens company in the world with a strategic focus on color imaging applications and have achieved mass production capabilities for and shipment of color metalens by the end of 2025. According to the Independent Market Report, we were also the first in the industry to achieve mass production capability for color metalenses on 12-inch glass substrates, with pillars as small as 120 nm, and our monochrome wide-angle metalens has achieved nanostructure features as small as 80 nm. In addition, we are the only publicly listed metalens company globally by the end of 2025, underscoring our leadership position, transparency, and long-term commitment to scaling metalens technologies for commercial applications. Unlike most competitors who produce infrared metalens on silicon substrates using nanoimprint photolithography or standard photolithography, we employ DUV immersion photolithography to achieve 120nm nanostructures. This enables the consistency and scalability needed for high-volume production of color metalens, where nanoimprint techniques typically struggle to deliver at such fine resolutions.

We also hold intellectual property in direct etching on glass substrates, presenting a breakthrough compared to traditional fabrication with silicon-based substrates. With our advanced glass substrate capabilities and the ability to mass produce smaller-sized pillars required by color metalens, we have secured a market position that competitors cannot easily replicate.

According to the Independent Market Report, in terms of revenue in 2025, we ranked third globally among metalens companies that have achieved mass production capabilities and shipments by the end of 2025, and fifth globally among all metalens companies. We also differentiate ourselves through our full-stack capabilities, spanning from nanostructure design to final product delivery for both enterprise customers and the consumer market. Leveraging a combination of DUV immersion photolithography and direct laser writing, we support both scalable mass production and flexible prototyping. In addition, we maintain a high degree of vertical integration relative to industry peers, with in-house capabilities covering critical equipment and systems, including DLWs, automated metalens testers and assemblers. This vertically integrated operating model strengthens our control over manufacturing processes and contributes to enhanced production yields and cost efficiencies.

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Based on information set out in the Independent Market Report, the ranking and market share of top participants in the global optical metalens industry with mass production capabilities and shipments, in terms of revenue, in 2025, are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Ranking** | **Optical metalens <br>company** | **Revenue of optical <br>metalens production, <br>global, 2025, <br>US$ million** | **As percentage of <br>the total revenue of <br>optical metalens, <br>global, 2025** | **Core product type** |
| 1 | Company A | ~40.0 | ~62.0% | Infrared metalens |
| 2 | Company B | ~10.0 | ~15.5% | Infrared metalens |
| **3** | **Our Company** | **0.2** | **0.2%** | **Color metalens** |

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____________

*Source: Independent Market Report*

According to the Independent Market Report, the ranking and market share of top participants in the global optical metalens industry, in terms of revenue in 2025, are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Ranking** | **Optical metalens <br>company** | **Revenue of <br>optical <br>metalens <br>production, <br>global, 2025, <br>US$ million** | **As percentage <br>of the total <br>revenue of <br>optical <br>metalens, <br>global, 2025** | **Core product <br>type** | **Whether mass <br>production and <br>shipment <br>capabilities <br>were achieved <br>by the <br>end of 2025** |
| 1 | Company A<sup>(1)</sup> | ~40.0 | ~62.0% | Infrared metalens | Yes |
| 2 | Company B<sup>(2)</sup> | ~10.0 | ~15.5% | Infrared metalens | Yes |
| 3 | Company C<sup>(3)</sup> | ~2.0 | ~3.1% | Infrared metalens | No |
| 4 | Company D<sup>(4)</sup> | ~0.3 | ~0.5% | Infrared metalens | No |
| **5** | **Our Company** | **0.2** | **0.2%** | **Color metalens** | **Yes** |
|  CR5 | CR5 | ~52.5 | ~81.4% | / | / |
|  Others | Others | ~12.0 | ~18.6% | / | / |
|  **Total** | **Total** | **64.5** | **~100.0%** | **/** | **/** |

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____________

*Source: Independent Market Report*

(1) Established in 1987, Company A is headquartered in Switzerland and is a public company. Its main business centers on the design, development, manufacturing, and marketing of a wide portfolio of semiconductors and advanced optical solutions such as metasurface-based technologies for imaging, 3D sensing, and Time-of-Flight applications.

(2) Established in 2006, Company B is headquartered in Denmark and is a private company. Its main business includes the design, development, and mass production of metalenses and related optical devices for imaging, sensing, and displays.

(3) Established in 2020, Company C is headquartered in China and is a private company. Its main business focuses on the design and manufacturing of metalenses and metasurface optical products.

(4) Established in 2020, Company D is headquartered in China and is a private company. Its main business focuses on the design and manufacturing of metasurface optical devices and optical chips.

The ranking does not account for differences in revenue composition and product mix. While we are more oriented towards IoT and consumer products, competitors tend to concentrate on lenses.

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Based on information set out in the Independent Market Report, we have set out below, a comparison of technologies and application scenarios of the top participants in the optical metalens industry:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Criterion for <br>comparison** | **Company A** | **Company B** | **Company C** | **Company D** | **Our <br>Company** | **Company E<sup>(1)</sup>** | **Company F<sup>(2)</sup>** |
|  Date of establishment | 1987 | 2006 | 2020 | 2020 | 2021 | 2021 | 2017 |
|  Headquarters | Switzerland | Denmark | China | China | Singapore | United States | United States |
|  Technical features | • Possesses the capability of high-volume production of planar metasurface optics on 300mm silicon wafers using semiconductor front-end fabs<br> • Initially applied in ToF sensors, with broad adoption across smartphones, drones, robotics, and vehicles | • Equipped with vertical integration capabilities, offering rapid prototyping turnaround, customized solutions tailored to specific customer requirements, and scalable mass production capacity | • Features a hybrid refractive- metalens system, with chromatic aberration correction achieved via multiplayer nanostructured coating technology | • Possesses capabilities in wide field-of-view diffractive optical element design, near-infrared achromatic design, and multi-band imaging spectral solution development | • Flexible manufacturing enabled by multiple metalens fabrication processes<br> • Distinguished as the only top-five metalens company with a strategic focus on color imaging applications<br> • Full-stack service capabilities from design to end-product delivery | • Possesses capabilities in ultrawide field-of-view metasurface optics design (fisheye optics) that can extend field-of-view to nearly 180 degrees without sacrificing imaging quality | • Leverages the synergy of meta-optics and computational optics (AI-based algorithms)<br> • Enables wide ranges of imaging in narrow-band and broadband in mobile form factors |
|  Fabrication technology | • E-beam photolithography<br> • Nanoimprint photolithography | • Nanoimprint photolithography | • E-beam photolithography | • E-beam photolithography | • DUV immersion photolithography<br> • Direct laser writing | • E-beam photolithography | • E-beam photolithography |
|  Application Scenarios | • Consumer electronics, automotive, security | • Consumer electronics, automotive | • Consumer electronics | • Consumer electronics | • Consumer electronics, automotive, security | • Consumer electronics, industrial, automotive | • Consumer electronics, industrial |
|  Core product type | Infrared metalens | Infrared metalens | Infrared metalens | Infrared metalens | Color metalens | Infrared metalens | Infrared metalens |
|  Major base material of substrate | Silicon | Silicon | Silicon | Silicon | Glass | Glass | Silicon |
|  Mass production capability | Achieved mass production capabilities and shipments | Achieved mass production capabilities and shipments | Delivered samples and started mass production | Delivered samples and started mass production | Achieved mass production capabilities and shipments | Delivered samples | Delivered samples |

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____________

*Source: Independent Market Report* 

(1) Established in 2021, Company E is headquartered in the United States and is a private company. Its main business centers on metalenses and flat-optics components and systems for imaging and sensing applications.

(2) Established in 2017, Company F is headquartered in the United States and is a private company. Its main business focuses on meta-optical imaging systems.

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#### BUSINESS

#### Overview
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics AI. We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin, flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual RGB channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalenses prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens IoT products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including 5G smartphones, contactless 3D biometric modules, projectors, and for industrial applications such as IoT devices, LiDAR devices and HUDs for planes and self-driving cars, and AR/VR devices. To date, although we have achieved mass production capabilities for our metalens prototypes ("mass production" in our perspective refers to the shipment of one million metalens units per year in numerical), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular the 4-inch DLWs. Our 4-inch DLWs enable our customers to revise specifications and design of our metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products, are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See "Use of Proceeds."

#### Our Strengths
We believe the following strengths have contributed to our continued success:

#### Expertise in the design of meta optics components
Our competitive strength lies in our ability to design meta optics components that are both innovative and optimized for manufacturability. Our design team carries advanced design expertise with a deep understanding of fabrication processes, which has allowed us to create functional designs and minimize production limitations. As process engineers, our team ensures that each design is tailored to align with fabrication capabilities, guaranteeing that our designs are not only cutting-edge but also practical and viable for production. This design-to-fabrication approach distinguishes us by ensuring the feasibility and manufacturability of our meta optics solutions.

To support our "design for manufacturing" approach, we leverage advanced software, such as Ansys Lumerical and Zemax. These software solutions, which are not widely accessible in many countries, enable us to perform complex simulations that bridge the gap between design innovation and production feasibility, facilitating the creation of designs that are compatible with fabrication processes while meeting stringent technological requirements.

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Our design expertise is bolstered by our ability to manufacture photolithography equipment, which enables the production of metalenses with critical dimensions as small as approximately 50nm. This advanced technology is essential for applications such as color imaging, and wide-angle imaging. By contrast, many of our competitors operate with feature sizes of above 200nm for their metalenses, typically in the infrared sensing region for general sensing applications. We believe this capability is particularly relevant to customers in the United States, where access to DLW or other photolithography equipment with such critical dimensions is limited. Our ability to design and manufacture metalenses with miniature lens sizes and improved optical performance, has allowed us to differentiate ourselves from the competition.

Meta optics components are critical to the quality of a wide range of electronic end-products. With our strong design expertise and continuous in-house R&D efforts, we are capable of designing high-quality and cutting-edge meta optics components required by our customers and are well positioned to respond to the fast pace of technological changes in the electronic end-products. We are able to meet the demanding requirements of AR/VR devices, electric vehicles, and consumer electronics applications for ultra-precision and miniaturization, and we provide our customers with a comprehensive range of meta optics components for a wide range of applications.

#### Expertise in the manufacturing of meta optics components, with scalable and flexible manufacturing platforms
Our metalens fabrication and production process flow adopts the standard semiconductor chip manufacturing process using 12-inch DUV immersion photolithography. This process flow, which is capable of processing at least 10 12-inch wafers per hour, is also mature and well-established, exhibiting high-yield and high throughput. We are also able to fabricate metalens on a small batch basis using direct laser writing technologies with our DLW, which uses a laser beam to directly write patterns onto a material's surface. The DLW allows us and/or our partners to undertake rapid prototyping of metalens with high precision and customized outcomes.

Both our DUV immersion photolithography and direct laser writing processes offer complementary strengths, supporting both efficient mass manufacturing and agile product development for optical metalens applications. In contrast, and according to the Independent Market Report, most of our competitors are using electron beam and nanoimprinting processes that limit mass production and may result in low yield and low throughput.

We have also engaged with research institutes in Singapore and sought to expand into innovating the technology of developing and conducting mass production of meta optics components, which could be used by customers on optical sensors, camera and flash lenses, autonomous vehicles and AR/VR displays. In particular, we are negotiating a research collaboration agreement for tunable metalens module, which we target to complete in 2027.

#### Vertically integrated full-stack design and manufacturing approach
We provide advanced meta optics equipment, including DLWs for mastering and small-volume production of metalenses, as well as metalens automatic testers for characterization and testing. In addition to providing cutting-edge equipment, we design, produce, and sell metalenses, metalens modules, and metalens IoT modules, both directly to customers and through third-party distribution channels. This integration of equipment and product development is supported by a core technical team of research scientists in metalens design, fabrication, and characterization, enabling us to operate as a vertically integrated metalens designer and manufacturer. We also offer a comprehensive range of services, from design and manufacturing to module packaging and final optical characterization services.

This vertically integrated design, production and testing approach enables us to mass produce our products in a cost-effective manner, reduce lead times, and maintain greater control over the entire production process. This approach enhances production flexibility which enables us to quickly adjust our production approach, equipment settings, and human resources in response to customers' demands, especially for the launching of new products. This also enables us to serve as a one-stop provider of metalenses, offering customers comprehensive and end-to-end services. These benefits can provide us with a competitive advantage in establishing and preserving long-term relationships with our major customers.

#### Production of cutting-edge meta optics components
We develop and produce cutting-edge meta optics components, including metalenses — tiny, flat, lightweight lenses, making them a clinch to fit into the smallest of devices, and allowing lower power consumption and wider field-of-view, compared to conventional lenses. Our metalenses are manufactured using glass and dielectric materials, making them more heat-resistant than conventional plastic lenses, which supports significant miniaturization of integrated circuits and positions them as an environmentally friendly alternative to conventional lenses.

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Compared to conventional lenses which are curved and bulky, metalenses are smaller and offer higher capabilities and performance. The unique flatness of our metalenses enable the correction of optical defects, delivering reasonable quality color images. Unlike conventional optical lenses, metalenses allow users to manipulate the individual RGB channels to edit the color images through computational reconstruction. With our cutting-edge meta optics components, we aim to transform the optics industry, especially in consumer smartphone cameras and projectors, and industrial applications such as the IoT, HUD for planes and self-driving cars, and augmented reality devices.

We believe that our capability to conduct mass production of metalenses differentiates us from our competitors. Although there have always been companies worldwide that similarly design metalenses, we distinguish ourselves by possessing the capability not only to design and mass produce metalenses, but also to package them into IoT products and distribute them to industry partners for sampling.

Leveraging on our ability to design and mass produce metalenses, we will continue to develop other metalens camera modules and metalens loT products, thereby enabling us to capture more opportunities arising from rapid technological changes, increasingly shorter product life cycles and the widening use of optics in new products.

#### Strong R&D and advanced manufacturing capabilities
Our R&D team comprised two research scientists and engineers seconded from A\*STAR under the T-Up program in 2023, who have since commenced full-time employment with us. From time to time and subject to our ongoing R&D needs and requirements, we may enter into other research collaboration agreements with A\*STAR.

One of our research scientists is an expert in the field of active nano-photonics and optical technologies with a PhD degree in Metamaterials and Nano-Optics, with specialized knowledge in designing metasurfaces and flat optical systems, numerical optimization, and optical switching. The other research scientist has a PhD degree in Electrical and Electronic Engineering, with expertise in optical design and nanofabrication, specifically in the areas of photolithography and nanoimprint. By leveraging our team's experience and diverse expertise, we are able to innovate and develop cutting-edge products.

By working closely with these scientists on metalens design, prototyping, testing and production, we are able to effectively research and develop new and cutting-edge products and technology. In less than a year, the research scientists seconded to MetaOptics Technologies went from early design concepts to fully assembled working prototypes of several imaging camera products, including the lenses used in pico projectors and miniature projectors designed for compact and portable devices like wearables, and mobile devices, as well as a metalenses multi-testing system. By leveraging A\*STAR's T-Up program, we benefited from intellectual property licensing terms at reasonable rates, which left us with more resources to attract investors and grow the business.

We also expect to leverage the research expertise and local fabrication services of A\*STAR's R&D platform. By doing so, we can benefit from potential cost savings and shorter turnaround times. In addition, we have recently expanded our U.S. based R&D support through our new associate membership in Stanford Engineering's SystemX Alliance Program. We expect this to support technical validation and enable quick-turn metalens prototyping capabilities for U.S. customers developing next-generation devices. See "— Research and Development" below for further information.

#### Committed management team with extensive industry and deep sector expertise
We have an experienced and stable management team. In particular, our Executive Chairman, Mr. Thng Chong Kim, has over 15 years of experience in the manufacturing industry, and has worked in several American multinational companies as engineering director and general manager. Mr. Thng Chong Kim is assisted by Mr. Aloysius Chua Hao Peng, our Chief Executive Officer (the "CEO") and executive director, who is key in driving innovation in optical technology development, and has contributed significantly to our growth and technological advancements. Mr. Aloysius Chua Hao Peng plays a key role in numerous projects and is systematic in liaising with suppliers on the specifications of various key metalens components, thoroughly evaluating them for functionality. He possesses in-depth knowledge of all essential features and requirements of these components. Our management team has an in-depth working knowledge of market trends and customers' needs. We believe that this collective knowledge and experience enables us to understand and address the needs and preferences of our customers, allowing us to make informed and flexible decisions, ranging from micro product specifications issues to macro group-wide policies. Supported by a lean organizational structure, our team is able to make decisions and execute strategies quickly, enabling us to respond efficiently to evolving customer requirements and market developments. Moreover, the members of our management team own beneficial equity interests in our Company. We believe that such ownership in the equity interest of our Company would strengthen the sense of

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belonging of the management team towards us, align our interest and our shareholders with our management team, and enhance the stability of our management team. The stability within our management team ensures that we are able to pursue long-term growth plans and can offer a stable working environment which attracts talents to join us.

#### Our Strategies
We intend to further grow our business by pursuing the following strategies:

#### Leveraging our existing capabilities to expand product sales through new investments, acquisitions of assets and / or businesses
While we are able to offer cutting-edge meta optics components and products, we believe that with the sustained use of smartphones for visual storytelling, consumers will become more demanding, expecting sharper photos and higher resolutions in their mobile phone cameras. The image digitalization trend of consumer products has presented and will continue to present us with significant new commercial opportunities for our products. We believe our R&D expertise, will enable us to cost-effectively adapt existing product lines for use in new end products.

For example, by customizing our existing advanced metalenses in various applications and replacing traditional optoelectronic modules with meta optics, we are able to expand our product lines and produce new categories of products. As part of this strategy, we established our U.S. subsidiary, MetaOptics USA, in October 2025 to collaborate with major U.S. technology leaders and support market penetration. In particular, we have entered into non-disclosure agreements with several prospective U.S. customers and partners, to evaluate potential projects involving our metalens camera modules, IoT cameras, and automated metalens test equipment.

We also plan to further leverage our existing capabilities to expand our product range and fabrication capabilities, with a focus on miniaturizing devices and integrating metalenses into a wider range of applications for smart devices, such as optical sensors, camera and flash lenses, AI glasses or smart glasses, autonomous vehicles and AR/VR displays, making these devices smaller and more efficient.

We also intend to incorporate a new laser with a pulsing feature to build customized molds for our customers, enabling faster production and suitability for a variety of applications.

*Securing manufacturing capacities*

To support major customer requirements and facilitate further growth, we plan to expand into strategic overseas markets to penetrate key customer bases in smart device applications and consumer marketplaces, particularly through the deployment of our IoT metalens products. As part of this expansion strategy, we intend to establish metalens manufacturing bases in strategic countries overseas, with a near-term focus on the United States. We intend to partner with suitable industry players to build metalens capabilities in these regions, in order to better serve our customers and to enhance supply chain resilience and responsiveness.

By utilizing our existing capabilities to increase the production volume of our meta optics components and expand our business organically, we believe we will be able to enhance our competitiveness and increase market share in the optical industry. In particular, we plan to expand our manufacturing bases in strategic overseas locations. MetaOptics Technologies has signed a non-disclosure agreement with an overseas foundry to utilize its 12-inch DUV immersion photolithography for mass production, targeting potential orders from major consumer electronic companies. Additionally, we have entered into two memoranda of understanding with camera module manufacturers to support the expansion of their metalens production. These memoranda of understanding contemplate collaboration on prototyping, process development, and customer outreach, and discussions are ongoing to define commercial and operational milestones.

To further bolster our manufacturing capabilities, we are in preliminary discussions with two U.S. universities and a semiconductor original equipment manufacturer regarding deployment and demonstration of our DLW technology in the United States to support U.S. customers. Subject to customer qualification cycles, technical readiness, contracting, and market conditions, we currently expect our first DLW sale in United States in the second half of 2027. As we establish and scale manufacturing capabilities in the United States, we expect to deepen strategic engagement with customers in Silicon Valley and other key U.S. markets and pursue long term supply arrangements to support the ramp up of mass production of our metalens products and the development of next generation metalens technologies.

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#### Enhancing our R&D capabilities to develop more advanced products and improve product quality
We believe it is essential for us to further enhance our R&D capabilities to develop more advanced products and improve product quality, both of which are critical to reinforcing our competitiveness and satisfying the increasing demands placed upon us by the rapidly evolving market. In particular, we plan to enhance our R&D capabilities by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocating resources towards the R&D of advanced materials with higher refractive index, such as titanium dioxide. These advancements aim to enhance the optical performance of our metalenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocating resources to develop tunable metalenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recruiting additional experienced R&D personnel, to oversee our R&D activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing our technological collaborations with customers to customize metalenses for integration into their devices and develop new products and technologies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exploring strategic collaborations with leading overseas science parks and innovation centers to co-develop advanced metalens applications.

We have recently expanded our U.S. based R&D support through our new associate membership in Stanford Engineering's SystemX Alliance Program. This will enable us to explore research engagements with Stanford faculty and students in areas aligned with our metalens design, manufacturing, and integration objectives. We expect this to support technical validation and enable quick-turn metalens prototyping capabilities for U.S. customers developing next-generation devices.

By improving our R&D capabilities, we believe that we will be able to strengthen our product mix by incorporating advancements into our existing products, as well as to offer newly developed products featuring the latest technologies to the market. We also believe that improvements in production techniques and processes resulting from our R&D activities will result in higher product quality and an enhanced ability to customize precisely to specifications that satisfy the customers' needs.

#### Reinforcing and diversifying our supplier network
A stable supply of high-quality components, such as lenses, filters and sensors, for production at commercially competitive prices is crucial for our success and continued growth. As such, we plan to reinforce and diversify our supplier network by focusing on building and managing our relationships with existing strategic suppliers and by actively seeking new suppliers who meet our standards. We will also actively monitor and evaluate our suppliers. While price is a factor when evaluating a supplier, we will also evaluate our suppliers on the basis of quality and consistency of their raw materials and components, as well as their ability to meet the procurement scale and delivery timelines required by us.

By reinforcing and diversifying our supplier network, we believe we will be able to reduce our reliance on a limited number of suppliers and minimize the risk of raw material and component shortages and price or quality fluctuations. We will continue to identify and engage additional suppliers that are able to meet the quality, reliability and delivery requirements, in order to broaden our supplier base and further reduce supplier concentration risk.

#### Recruiting, training and retaining skilled engineers and experienced staff
We believe that recruiting, training and retaining engineers and staff with proper know-how and extensive experience in relevant fields are essential to our operations and overall success. As such, while we will continue to outsource certain operational functions for cost-effectiveness, we remain committed to attracting top talent who possess an extensive knowledge of optics technologies and process engineering. We intend to make full use of our competitive remuneration packages to motivate and nurture our existing employees and attract qualified candidates.

#### Metalens Technology
Optical metalens technology is a revolutionary flat lens solution rooted in metasurface engineering. By enabling wavelength-scale light manipulation with significantly reduced bulk and complexity, optical metalens offers ultrathin, lightweight, and highly tunable alternatives to traditional optics.

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#### Our Core Competencies
Our business is supported by a strong foundation of core competencies that enable innovation and enhance product quality:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Metalens equipment**. We focus on selling advanced metalens production machines, specifically the 4-inch DLW, the metalens automatic tester and the automatic metalens module assembling machine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Metalens foundry**. We specialize in the production of customized metalenses for customers using our 4-inch DLW and front-end semiconductor manufacturing process with 12-inch DUV immersion photolithography equipment, which can produce dimensions as small as 50nm. Unlike most of our competitors which typically rely on electron beam lithography and nanoimprint lithography in their fabrication process, our metalens fabrication process utilizes a 12-inch glass wafer DUV immersion photolithography process, which results in high yield and high throughput. Such a customized fabrication process coupled with our advanced metalens equipment currently enables us to produce critical dimensions as small as 60nm, with potential capabilities to scale down to around 50nm. This allows us to cater to high-performance applications such as color imaging and wide-angle imaging. This capability supports fast prototyping, low-volume pilot builds, high-yield, and high-throughput mass production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Metalens products**. We focus on the design and development of IoT products, such as infrared metalens cameras, color metalens cameras, color imaging metalens, wide-angle monochrome metalens, and pico projectors, for integration into various industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Metaoptics AI**. We develop imaging and IoT algorithms to optimize the implementation and performance of metalens technology.

We offer a range of products and services tailored to meet the diverse needs of both business-to-business ("B2B") and business-to-consumer markets ("B2C"). For B2B clients, customers can purchase our products directly or engage us for design and simulation services using comprehensive and specialized lens design software (e.g., LUMERICAL software). We also provide design and integration services, such as replacing existing 2D contact with 3D non-contact fingerprint detection applying our metalens design. For the B2C market, we offer products that our customers can purchase, and integrate into their personal systems or devices, ensuring seamless functionality and performance.

#### Industry Applications and Opportunities
Our metalenses are integrated into a wide range of applications by our customers, especially in 5G smartphones, contactless 3D biometric modules, projectors, and for industrial applications such as IoT devices, LiDAR devices and HUDs for planes and self-driving cars, and AR/VR devices.

We believe our products will provide significant growth opportunities over the next several years given the wide-ranging applications of our products across diverse markets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industrial**. In relation to the industrial or IoT market, with the fast development of 5G-technology, the IoT technology has been rapidly evolving, which has put forward higher requirements for the performance of sensors in which we integrate our metalenses. Optical metalenses allow for greater miniaturization as well as enhance and expand the functionality of optical IoT systems, creating greater potential for IoT technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Automotive**. Optical sensors are also rapidly becoming standard equipment in automotives to assist the operations of evolving functions. Compared to conventional optical lenses, optical metalenses are able to provide higher thermal stability and higher efficiency while taking up smaller spaces in vehicles, thus gaining increasing attention from vehicle manufacturers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **AR/VR**. In the AR/VR market, developers of AR/VR systems continue to wrestle with the challenge of incorporating bulky hardware systems into devices to be worn on the head. Optical metalenses offer the prospect of tiny optical elements incorporated into small, high-performing, lightweight headsets and smart glasses, thus gaining increasing popularity in the AR/VR field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Security**. In relation to the security industry, optical metalenses can be applied to drones to reduce the weight burden of their imaging and sensing systems for prolonging flight time. The flat, lightweight, ultrathin, compact, and easy-to-integrate advantages of optical metalenses enable their wide potential usage in sectors requiring higher security including the military field, immigration and smart door locks. In

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addition, optical metalenses can be seamlessly integrated into 3D contactless fingerprint sensor modules, significantly upgrading the security of existing products. For example, by incorporating metalenses into smart door locks, the fingerprint sensors can be more resistant to spoofing or unauthorized access. This ensures that only legitimate users can gain entry to secured areas. Similarly, in automated teller machines, the integration of metalenses in fingerprint sensors can improve the speed and precision of identity verification, reducing the risk of fraud and enhancing overall user security. The advanced capabilities of metalenses allow for higher resolution and better performance in compact form factors, making these security systems more efficient and effective in safeguarding sensitive information and assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Biomedical**. Our products are also relevant in the biomedical industry. Due to their compact and lightweight characteristics, metalenses can enable the miniaturization of imaging components, such as those used in endoscopic devices. Conventional endoscopy often involves relatively large camera modules affixed to the tip of a tube, which may cause discomfort to patients. By allowing for smaller camera designs, metalenses can support the development of slimmer endoscopic tools that may reduce patient discomfort during such usage, while still enabling effective imaging for diagnostic purposes. The compact, lightweight design of optical metalenses, which can even be small enough to fit into a pill for capturing images inside the body, offers a promising alternative to the larger camera tubes traditionally inserted through the mouth. This miniaturized form factor enables less invasive procedures, improving patient comfort while maintaining high-quality imaging capabilities for medical diagnostics. Therefore, the functionality of optical metalenses has put forward its application potential for biomedical usage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Telecommunications**. In the smartphone industry, as the technology of smartphones evolves, so does the amount of space and energy its imaging and sensing systems take up. The optical metalens technology is able to fix chromatic aberration with thin and flat structures, achieving smaller sizes of optical imaging and sensing systems in smartphones, and is thus expected to replace conventional optical lenses in smartphones to reduce product thickness.

We will continue to target specific applications in each of these major markets or industries.

#### Our Products
We offer all our products worldwide through our direct sales efforts and distribution channel. While our sales to date have been concentrated in certain geographical locations as described in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations — Key Components of Our Results of Operations — Revenue," our full product portfolio described below is marketed and made available globally.

#### Metalens Equipment
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Direct Laser Writer***

Our metalens equipment includes the cutting-edge DLW, which we develop and manufacture for our own use and use by certain customers of ours. Our DLW is a 4-inch metalens fabrication and characterization tool with maskless lithography that supports fast, quick-turn metalens prototyping and low-volume production. Its 2D lens technology enables the reduction of the laser focal spot for high-quality and achromatic focusing to achieve a minimum feature size of less than 90nm for straight line writing and less than 150nm for the minimum pillar diameter of the metalens. It is also compact with high accuracy and repeatability in nanometer range, achieved by writing with a 6-axis piezo scanning stage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Automatic Metalens Tester***

![](timage_012.jpg)

Our metalens equipment also includes the automatic metalens tester, which is a precision optical characterization system used to evaluate metalens performance under controlled conditions, including different working distances and wavelength ranges. Our automatic metalens tester is designed to evaluate metalens components under both infinite and finite working distance configurations and across multiple wavelength bands. The system is configured as a cleanroom-compatible, fully enclosed platform with automated handling and vision alignment, supporting dual-station testing in the visible and near-infrared ranges. It includes automated pick-and-place handling for testing and sorting metalenses from up to 12-inch diced wafer input. A flipper module enables the tester to measure components in both orientations. It provides a range of optical performance measurements, including focal length, point spread function, efficiency, modulation transfer function, and dot-pattern analysis, supporting both development validation and production characterization.

#### Metalens
![](timage_002.jpg)

Metalenses are advanced optical components designed for a wide range of applications, including color imaging, face recognition and non-contact fingerprint sensing. Leveraging our proprietary metalens technology, we have developed flat-surface lenses made of glass that offer smaller size, lighter weight, and lower power consumption as compared to the existing conventional 3D lenses.

Our metalenses are characterized by their ultra-thin, lightweight and flat design, measuring approximately 350nm to 800nm in thickness. This compact form factor enables seamless integration into even the smallest devices, compared to conventional lenses. The flatness of our metalenses also allows the correction of optical defects, delivering better and reasonable image quality.

![](timage_003.jpg)

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Through our proprietary 12-inch glass wafer DUV immersion photolithography (pictured above) manufacturing process, we are able to mass produce ultra-wide field of view metalens designed for eye-tracking, facial recognition, AR/VR applications, and are uniquely positioned to achieve mass production at a reasonable cost. This capability positions us as a leader in providing innovative optical solutions to meet the growing demand for advanced technologies

![](timage_011.jpg)

We debuted a metalens integrated 5G mobile smartphone in January 2026 (pictured above), featuring an ultra-thin optical module with no camera bump and a highly heat-resistant metalens glass-based design. It also includes a non-contact metalens 3D biometric fingerprint module, enabling secure, touch-free fingerprint mapping for a seamless user experience.

#### Metalens Color Camera Module (2MP / 5MP)
![](timage_004.jpg)

Our metalens color camera module incorporates cutting-edge single-layer metalens technology and is manufactured using our 12-inch glass wafer DUV immersion photolithography process. This advanced camera module is designed for sensing recognition and imaging for laptops and smartphone applications.

The camera module is customizable for applications such as color imaging and non-contact fingerprint recognition, making it ideal for diverse applications. The camera assembly process is highly tunable to fit specific needs, ensuring adaptability across various use cases. We have successfully integrated our camera modules into the Qualcomm Software Development Kit. This integration demonstrates that our camera modules are able to work on an Android-based smartphone operating system, which are also able to produce a reasonably better color image quality.

#### Metalens IoT Products
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Infrared Metalens Camera***

![](timage_005.jpg)

Our infrared metalens camera is a compact, single-layer metalens monochromatic camera for applications such as tracking, facial recognition, AR/VR, monochromatic imaging, and wide-angle imaging for security applications. Our infrared metalens camera, which is designed at 10mm x 47mm x 44mm, is inclusive of our meta optics software with AI enhancement functions. The camera assembly process is also tunable to fit a variety of other applications. Our next-generation board, which is half the size of the current version, has already been fabricated, with testing currently in progress.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Pico Projectors***

![](timage_006.jpg)

Our revolutionary pocket-sized pico projector is an ultra-lightweight projector device utilizing our metalens, weighing just 80 grams and compactly designed at 45mm x 58mm x 30mm. The projector operates directly from a mobile phone or laptop battery via a USB-C connection, eliminating the need for a built-in power source. Some of our pico projectors' key features include auto-focus technology, ultra-lightweight design, and low power consumption. The portability of our pico projectors is complemented by effortless usability and a superior visual experience. A second generation pico projector, that is approximately half the size of its predecessor, featuring USB-C connectivity, silent fanless operation, and low power consumption, was debuted in January 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***IoT Metalens Color Camera***

![](timage_007.jpg)

Our IoT metalens color camera, designed at 10mm x 47mm x 44mm, is a cutting-edge device designed to capture high-quality color images using a single-layer metalens. It is customized for applications in color imaging and non-contact fingerprint sensing, offering advanced performance for IoT-enabled solutions. Similar to our infrared metalens camera, it is inclusive of our meta optics software with AI enhancement functions and the camera assembly process is tunable to fit a variety of other applications. The next-generation board, which is half the size of the current version, has already been fabricated, with testing currently in progress.

#### Non-contact 3D Biometric Metalens Sensors
![](timage_008.jpg)

Our non-contact 3D biometric metalens sensor measuring 80mm x 80mm, is designed for enhanced authentication and secure access. This product features our proprietary metalens technology, and this advanced sensor enables the capturing of highly accurate biometric data, such as fingerprint identification, without requiring any physical contact. This innovation addresses the growing demand for hygienic, efficient, and reliable biometric systems in sectors like consumer electronics, healthcare and automotive industries. Our non-contact 3D biometric metalens sensor includes our advanced software with AI image enhancement algorithm capabilities and its camera assembly process is tunable to fit a variety of other applications.

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#### Quality Control and Quality Assurance
We are committed to delivering high-quality products to our customers by maintaining a comprehensive quality control system. In order to control the variables within our production process and ensure that all our products meet the required quality standards, our production process is monitored by dedicated quality control personnel.

At the manufacturing phase, we have assembled and built a metalens automatic tester for our licensed suppliers and/or manufacturers to characterize metalens into good and fail in relation to each of the 12-inch glass wafers that are manufactured to fulfil the customers' order quantity. Any significant deviations identified during these assessments are promptly addressed to maintain production integrity and product quality. We also work closely with our customers by seeking their feedback at various junctures across the course of the project. We will designate a personnel for each project who will be responsible for reviewing the finalized product, which involves ensuring that the product is consistent with the specifications and designs agreed with our customers.

In addition, our sales representatives including those located in Asia-Pacific, are responsible for collecting customers' opinions to identify areas for improvement and enhance the overall satisfaction of key customers. In the event of complaints, they handle issues appropriately and in a timely manner, working closely with us to implement effective solutions.

#### Research and Development
Our R&D activities and strategies are overseen by our CEO and executive director, Mr. Aloysius Chua Hao Peng, and our Executive Chairman, Mr. Thng Chong Kim, who are responsible for providing strategic direction and technical guidance to the R&D team in the development, positioning, applications and performance of our projects and technologies.

The optics industry is characterized by rapidly evolving technology advancements. The ability to achieve rapid and continual technology improvements is of critical importance to maintaining our competitive advantage to break through current optical lens limitations in consumer and IoT applications.

As part of our R&D efforts, we have entered into research and collaboration arrangements with A\*STAR's Institute of Materials Research and Engineering ("IMRE"). Under these arrangements, two research scientists are working with us on projects focused on the design and fabrication of metalenses, and the assembly of the metalenses into IoT devices. The research scientists are also contributing to the development of the next generation rectangular metalenses.

#### Exhibit: Picture of our next generation rectangular metalenses prototype
![](timage_009.jpg)

In addition, two research scientists were seconded to MetaOptics Technologies from A\*STAR under the T-Up program at various times during the period from April 1, 2023 and May 31, 2025, and have since August 1, 2025 commenced full-time employment with us. The research scientists bring specialized expertise and experience in meta optics design, fabrication, system integration, and software design. Their contributions have been applied to our IoT products.

Launched in 2003, the T-Up program is a secondment program funded by Enterprise Singapore and administered by A\*STAR. It enables the secondment of A\*STAR's research scientists and engineers to local enterprises with the aim of enhancing their in-house R&D capabilities and supporting their business growth. Participating enterprises, like our company, can leverage A\*STAR's expertise to expand our technical capabilities, develop high-technology intellectual property, and foster a culture of growth and innovation through R&D.

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The T-Up program supports R&D or innovation projects for a period of up to two years through the secondment of research scientists, engineers, and technical experts from A\*STAR's research institutes. As an ongoing initiative, the T-Up programs continue to play a key role in building the R&D capabilities of Singapore's local enterprises.

Our aggregate cost incurred for the secondment of the two scientists since the commencement of the T-Up program is S$69,301. These two scientists have since August 1, 2025 commenced full-time employment with us and, as a result, our payroll compensation cost has increased. Following the successful transition of the two scientists to our full-time employment, we did not extend our participation in the T-Up program beyond May 31, 2025.

On August 18, 2025, we accepted a development grant from a Singapore government agency, which provides funding of up to 50% of the actual qualifying costs relating to hardware or equipment and audit fee expenditures. Such grant will fund qualifying project costs namely third-party consultancy fees, software and equipment, and internal manpower costs. As of December 31, 2025 we had not utilized such grant, which has a qualifying period from September 1, 2025 to December 31, 2029.

#### Our R&D Projects and Initiatives
We are engaged in several major R&D projects applicable to each of our major product categories with research institutions and third-party suppliers. We adopt a milestone-based payment structure for the R&D projects, under which payments are made progressively upon the achievement of specific deliverables or development outcomes. This phased and milestone-driven approach reflects our prudent project management strategy and our commitment to maintaining quality and accountability in the development process.

Our R&D projects involve, the development of prototypes to develop, assess, improve or prove certain technical capabilities and/or functionalities of our meta optics components and products. There is therefore no specific timeline we have to adhere to, and the success of such R&D efforts is determined by the specific deliverables or development outcomes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Metalenses in various shapes***. The current design of our metalenses is single-layered and round. As part of our ongoing R&D efforts, we are working on a project to enhance metalens technology by developing metalenses in various shapes, including round, rectangular, and square configurations. In particular, our new design for the 5MP sensor features a configuration with two metalenses (a doublet) stacked together, which introduces a novel approach for rectangular metalenses and doublet design. These new metalens designs are being engineered to align precisely with the parameters of sensors, ensuring the modules remain compact and do not exceed the sensors' boundaries. This innovation aims to offer smaller and more efficient modules, supporting our commitment to advancing miniaturized optical solutions. This project is at the customer sampling stage, and we are targeting initial commercialization in the second half of 2027, subject to successful completion of customer qualification cycles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***AI***-powered ***smart glasses***. We have commenced a project to develop AI-powered smart glasses incorporating our metalens monochrome camera to enable gesture-based control. These smart glasses are intended to support functions such as making phone calls and adjusting music playback through intuitive hand gestures. Designed to be lightweight, rugged, high-performance, and visually appealing, the product targets active and style-conscious users. This project is at the engineering validation stage, and we are targeting initial commercialization in the first half of 2027, subject to technical outcomes and manufacturing readiness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***IoT products***. For IoT products, our R&D initiatives comprise design, RGB sensing and imaging functionality improvements which can be applied to our existing IoT products, including infrared metalens cameras, second generation pico projectors and IoT metalens color cameras. The products are at the customer sampling stage and we are targeting initial commercialization of the second generation pico projectors in the second half of 2026. The total estimated R&D costs for the above initiatives are approximately S$50,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Metalens technology***. We continue to actively develop imaging and IoT algorithms to optimize the implementation and performance of metalens technology, with updates made as needed in connection with the development of new IoT products. We are in the process of integrating AI algorithms designed to enhance image sharpness into our application software. This project is at the customer sampling stage, and we are targeting initial commercialization in the second half of 2027, subject to customer qualification cycles.

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We have recently expanded our U.S. based R&D support through our new associate membership in Stanford Engineering's SystemX Alliance Program, with an annual membership fee of US$110,000 and an initial one-year membership period commencing on February 2, 2026, renewable in one-year increments upon payment of the applicable fee. This will enable us to explore research engagements with Stanford faculty and students in areas aligned with our metalens design, manufacturing, and integration objectives. We expect this to support technical validation and enable quick-turn metalens prototyping capabilities for U.S. customers developing next-generation devices.

Furthermore, subject to our ongoing R&D needs and requirements, we may leverage A\*STAR's R&D platform for local prototyping and pilot scale metalens fabrication in Singapore. This is intended to reduce cost and turnaround time relative to overseas foundries and to complement our internal design and equipment capabilities. Our collaboration arrangements with A\*STAR are generally undertaken on a project-based basis, pursuant to separately negotiated terms with a defined scope of work, deliverables, timing and pricing, and payments tied to milestones or completion of agreed tasks. As part of our R&D efforts, we will continue to pursue a collaborative working relationship with our customers to test new ideas, develop new products and technologies, and customize metalenses for integration into their devices.

#### Sales and Marketing
The overall business development, including our sales and marketing activities, are headed by our Executive Chairman, Mr. Thng Chong Kim, whose efforts are augmented by the sales representatives, namely Z&H Brothers Oversea Investment Pte. Ltd., Auspring Co., Ltd., Nanowall Technology Pte. Ltd., Grandwell Asia Limited, and Mr. Zhang Hongjun, that our Company has engaged in Singapore, China, Taiwan, Korea and Hong Kong.

From the second half of 2024, we entered into agreements with our sales representatives on a non-exclusive basis to identify prospective clients for MetaOptics Technologies:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Sales representative** | **Territory** | **Term; renewal** | **Revenue** | **Revenue** |
|  **Sales representative** | **Territory** | **Term; renewal** | **FY2025 <br>S$** | **FY2024 <br>S$** |
|  Auspring Co., Ltd. | China, Taiwan and Korea | One year; automatic one-year renewals unless otherwise agreed<br> Commission-based<sup>(1)(2)</sup><br> 30 days' written notice by either party; immediate termination by MetaOptics Technologies for cause<sup>(3)</sup> | 4211 |  |
|  Nanowall Technology Pte. Ltd. | China | One year; automatic one-year renewals unless otherwise agreed<br> Commission-based<sup>(1)(2)</sup><br> 30 days' written notice by either party; immediate termination by MetaOptics Technologies for cause<sup>(3)</sup> | 644 |  |
|  Z&H Brothers Oversea Investment Pte. Ltd. | China, Taiwan and Korea | One year; automatic one-year renewals unless otherwise agreed<br> Commission-based<sup>(1)(2)</sup><br> 30 days' written notice by either party; immediate termination by MetaOptics Technologies for cause<sup>(3)</sup> |  | 4940 |
|  Grandwell Asia Limited | China, <br>Hong Kong | One year; automatic one-year renewals unless otherwise agreed<br> Commission-based<sup>(1)(2)</sup><br> 30 days' written notice by either party; immediate termination by MetaOptics Technologies for cause<sup>(3)</sup> |  |  |
|  Mr. Zhang Hongjun | China | One year; automatic one-year renewals unless otherwise agreed <br> S$3,000 per month in addition to the commission earned<sup>(1)</sup> <br> 30 days' written notice by either party; immediate termination by MetaOptics Technologies for cause<sup>(3)</sup> |  |  |

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____________

(1) Remuneration is commission-based, calculated as a fixed percentage of net income received, generally not exceeding 5%.

(2) No fixed fees are payable in addition to the commission earned.

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(3) The agreement may be terminated by either party at any time with 30 days' prior written notice. MetaOptics Technologies also reserves the right to terminate the agreements with immediate effect by giving written notice to the sales representative under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sales representative commits a material breach of any term of the agreement and (if such breach is remediable) fails to remedy that breach within a period of 30 days after being notified to do so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sales representative repeatedly breaches any of the terms of the agreement in such a manner as to reasonably justify the opinion that its conduct is inconsistent with it having the intention or ability to give effect to the terms of the agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sales representative suspends, or threatens to suspend, payment of its debts or is unable to pay its debts as they fall due or admits inability to pay its debts or is deemed unable to pay its debts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sales representative commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts or makes a proposal for or enters into any compromise or arrangement with any of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the sales representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sales representative suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a material adverse event has occurred.

Our distribution channel is responsible for generating new customer accounts, managing relationships, as well as concluding sales contracts. They attend to customers' queries and prepare proposals based on the potential customers' specifications and requirements. In selected territories, we engage sales representatives to support our sales and marketing efforts. These representatives assist in localizing our outreach and bridging cultural and language differences in the respective markets.

Notwithstanding the support provided by these sales representatives, we retain full control and oversight over the formulation and implementation of our overall sales and marketing strategies. The sales representatives are engaged on a non-exclusive basis and do not have authority over our broader commercial policies, including corporate planning, branding, or pricing matters. We commenced generating revenue prior to the engagement of these representatives and continues to secure new customers and explore business opportunities independently.

As part of our marketing strategy, our team visits our existing and potential new customers regularly to better understand their needs and recommend the most effective solutions to address their requirements for various optical components. We also participate in trade shows, competitions, and exhibitions in different countries to raise awareness of our brand and to advertise our products. Through such events, we are able to establish connections with potential customers whom we follow up with subsequently to foster good relationships, enhance our market penetration capabilities, and strengthen our customer base. For example, in January 2025 and January 2026, we participated in the Consumer Electronics Show held at the Las Vegas Convention Center, through which we established contact with several potential customers.

In addition, we have built our own online sales channel for several consumer products which incorporate our metalenses. Such products, including our 3D biometric metalens sensors, IoT metalens color cameras, pico projectors, and ultra-wide angle IR monochrome metalens cameras, are available for sale on our website at *https://metaoptics.shop/collections/all*, through the Shopify B2C sales platform.

Accordingly, while sales representatives play a supporting role in our commercial activities within their respective territories, we are not materially reliant on the sales representatives for the generation of sales or the conduct of our business.

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#### Major Customers
Our customers primarily consist of business and profitability are not materially dependent on any single individual customer. The following table sets out the customers which accounted for 5% or more of our total revenue in each of FY2025 and FY2024:

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| | | |
|:---|:---|:---|
|  **Major customer** | **Services provided by us** | **As a percentage of <br>total revenue (%)** |
|  **FY2025** |  |  |
|  Haur-Jye Technology Co., Ltd.<sup>(1)</sup> | IoT metalens color camera, Pico projectors | 74.6 |
|  Shenzhen Zhenghe Partner Enterprise Investment Development Co., Ltd | 3D biometric sensor, Metalens, Pico projector laser module, IoT color camera | 8.4 |
|  **FY2024** |  |  |
|  Haur-Jye Technology Co., Ltd.<sup>(1)</sup> | IoT metalens color camera, Pico projectors | 19.6 |
|  MEDIT Corp | IoT metalens color camera and color imaging metalens | 9.9 |
|  Customer A<sup>(2)</sup> | RGB collimating metalens design | 8.9 |
|  Opulent Techno Pte. Ltd.<sup>(1)</sup> | Pico projectors | 8.4 |
|  Singapore Precision Welding Pte. Ltd.<sup>(3)</sup> | Pico projectors | 8.2 |
|  Shenzhen Zhenghe Partner Enterprise Investment Development Co., Ltd | 3D biometric sensor, Metalens, Pico projector laser module, IoT color camera | 7.4 |
|  Z&H Brothers Oversea <br>Investment Pte. Ltd.<sup>(1)</sup> | Pico projectors, color imaging metalens, IoT metalens color camera | 6.2 |
|  Customer B<sup>(4)</sup> | Metalens design | 5.0 |

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____________

(1) Haur-Jye Technology Co., Ltd., Opulent Techno Pte. Ltd., Z&H Brothers Oversea Investment Pte. Ltd. and Auspring Co., Ltd. are each shareholders of our Company. Auspring Co., Ltd. is a company affiliated with our shareholder, Aquaspring Group Limited, and is also one of our sales representatives in Taiwan. Auspring Co., Ltd purchased our metalens products for sale and distribution to its end customers. See "— Sales and Marketing" above for further information.

(2) Customer A was both our major customer and supplier in FY2024. Customer A is in the business of developing and manufacturing microelectronic mechanical systems which are utilized for laser projection displays, amongst other applications. In FY2024, Customer A purchased metalens from us for evaluation, and also paid a design fee to us for the provision of customized metalens. In FY2024, we purchased laser modules developed by Customer A, for the assembly of such laser modules into our pico projectors.

(3) Singapore Precision Welding Pte. Ltd. is a wholly-owned subsidiary of MST ListCo.

(4) Customer B is a R&D organization based in Singapore, with research scientists and engineers working across the domains of land, sea, air, space and cyberspace.

As of December 31, 2025, we had sold DLWs to certain of our shareholders based overseas, namely, Haur-Jye Technology Co. Ltd and Opulent Techno Pte. Ltd. These shareholders (and customers) have manufacturing capabilities, which can be strategically utilized to undertake small-batch manufacturing and fabrication of metalenses, and may potentially allow us to expand and set up fabrication bases through partnerships with them. These sales were made in our ordinary course of business and were conducted on an arm's length basis. In addition, these sales were made consistent with our intent to maintain an asset-light business model, which underpins our decision to outsource fabrication activities rather than undertake them in-house.

We believe that the interests of these shareholders as they relate to manufacturing and fabrication of metalenses using our of DLW products are aligned with ours. We believe that, if Haur-Jye Technology Co. Ltd and Opulent Techno Pte. Ltd. produce metalenses using our DLWs for other parties, such broader utilization of the DLWs may promote wider adoption of metalens technology in the market, which would be beneficial to us over the longer term. While our DLWs are effective for producing metalenses, our DUV immersion photolithography process offers comparatively higher production capacity of metalenses. Accordingly, in the event of a significant increase in market demand for metalenses, we believe that metalenses customers would turn to us for high-volume manufacturing solutions and/or for additional support for the mass production of metalenses using the DUV immersion photolithography process. Further, as the design of metalenses continues to rely on our proprietary technology and know-how, we are expected to remain a key partner to our customers in the development and commercialization of metalens applications.

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Except as disclosed above, there were no other customers of us in any of our operating segments who accounted for 5% or more of our revenue during FY2025 and FY2024.

#### Major Suppliers
The following table sets out the suppliers which accounted for 5% or more of our total purchases in each of FY2025 and FY2024:

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| | | |
|:---|:---|:---|
|  **Major supplier** | **Products or services received <br>from supplier** | **As a percentage of <br>total purchases (%)** |
|  **FY2025** |  |  |
|  MMI Systems Pte Ltd<sup>(1)</sup> | DLW equipment | 81.0 |
|  Supplier A<sup>(2)</sup> | Monochrome and color filters | 9.2 |
|  Customer A | RGB projectors | 5.8 |
|  **FY2024** |  |  |
|  Customer A<sup>(3)</sup> | RGB projectors | 35.1 |
|  TNC Optics & Technologies Pte. Ltd. | Design and assembly services of IoT metalens color camera, Pico projectors (including design and development) and prototyping | 16.1 |
|  Aicview Technology Co., Ltd. | Customized software and algorithm development | 15.5 |
|  Laser 21 Pte Ltd | Customized components | 13.2 |
|  Corning Laser Technologies GmbH | Dicing services | 8.6 |
|  Supplier A<sup>(2)</sup> | Monochrome and color filters | 6.5 |

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____________

(1) MMI Systems Pte Ltd is a wholly-owned subsidiary of MMI Holdings Limited, one of our principal shareholders.

(2) Supplier A is a supplier of optical components and solutions.

(3) Customer A was both our customer and supplier in FY2024. Customer A is in the business of developing and manufacturing microelectronic mechanical systems which are utilized for laser projection displays, amongst other applications. In FY2024, Customer A purchased metalens from us for evaluation, and also paid a design fee to us for the provision of customized metalens. In FY2024, we purchased laser modules developed by Customer A, for the assembly of such laser modules into our pico projectors.

Due to the nature of our business, we engage various distributors and/or manufacturers from time to time. Our suppliers supply materials and/or provide services to us. Our purchases from our major suppliers may fluctuate year-on-year as a result of our varying requirements. We may not generate similar purchases in terms of size and scope with the same supplier in subsequent years and we generally do not enter into long-term or exclusive agreements with our suppliers as this would provide us with the flexibility to evaluate and select new suppliers which are able to give us the highest possible product quality and service at competitive pricing. In addition, given our evolving business needs, we constantly seek out suitable suppliers who are able to provide us with highly customized solutions or components which can fit our unique specifications, stringent quality and performance requirements. In general, the key considerations in selecting our suppliers include the quality of their products, pricing, services and timeliness of delivery in order to meet our customers' needs. Upon selecting a suitable supplier, we will issue purchase orders to the respective shortlisted entities for the quantity of products or services required.

Except as disclosed above, there were no other suppliers of us who accounted for 5% or more of our purchases during FY2025 and FY2024.

#### Credit Management

#### Credit Terms to Our Customers
We are exposed to credit risks from our customers in the ordinary course of business. In order to minimize our credit risks, our management team regularly monitors our credit exposures, which is in line with our credit risk management policies.

Payments received from our new customers are generally based on cash terms and advanced payments. Our invoices to our customers are generally due for payment upon issuance of the invoices or we grant our customers credit terms as negotiated on a case-by-case basis.

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We have put in place credit control policies and procedures to manage our credit exposure and our management periodically evaluates the creditworthiness of our customers. The credit terms and limits are granted to our customers based on a number of factors, such as the customer's financial background and creditworthiness, the contract value, payment history and the length of relationship with us.

Our finance team monitors collections from our customers regularly and follows up on any overdue amounts. For customers who have overdue amounts, we will decide, on a case-by-case basis, on the actions to be taken to recover such receivables. Such actions include, but are not limited to, escalating the issue of non-payment to their management, requiring the customer to settle overdue amounts before carrying out extra work for the customer, sending letters of demand and taking formal legal action.

We review and assess the need to make allowance for our overdue debts periodically. Specific allowance or write-off will be made when we believe that our customer is in severe financial difficulty and there is no realistic prospect of recovery. This is assessed on a case-by-case basis, based on, among others, the customer's current financial position and the past default experience of the customer. During FY2025 and FY2024, we had not made any material allowance for doubtful debts or written off any bad debts arising from trade receivables.

The following table sets forth our trade receivables' turnover days for the years indicated:

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| | | |
|:---|:---|:---|
|  | **FY2025<sup>(1)</sup>** | **FY2024<sup>(2)</sup>** |
|  Trade receivables' turnover days | 1 | 23 |

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(1) The trade receivables' turnover days for FY2025 are calculated based on the trade receivables balance as of December 31, 2025 divided by revenue for FY2025 and multiplied by 365 days.

(2) The trade receivables' turnover days for FY2024 are calculated based on the trade receivables balance as of December 31, 2024 divided by revenue for FY2024 and multiplied by 365 days.

Our trade receivables turnover days decreased in FY2025 due to the majority of our sales being conducted on cash terms and the prompt collection of outstanding receivables during the year.

Our trade receivables as of December 31, 2025 amounted to S$3,217. The aging schedule for our trade receivables as of December 31, 2025 was as follows:

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| | | |
|:---|:---|:---|
|  **Age of trade receivables** | **S$** | **Percentage of<br>total trade<br>receivables<br>(%)** |
|  Not past due |  |  |
|  Less than 30 days overdue | 3217 | 100.0 |
|  30 to 60 days overdue |  |  |
|  More than 60 days overdue |  |  |

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#### Credit Terms from our Suppliers
Our suppliers typically require a 50.0% down payment for transactions. At present, no credit terms are offered. Any potential credit terms would be considered and negotiated on a case-by-case basis, taking into account factors such as the length of our relationship with the relevant supplier, the size of the transaction, the supplier's evaluation of our creditworthiness and/or the supplier's internal policies.

We did not have any trade payables balances as of December 31, 2024 as we had settled such payables on a timely basis and had trade payables of S$959 as of December 31, 2025.

#### Inventory Management
We have maintained robust policies to ensure the accurate tracking, valuation, and safeguarding of inventory, and to prevent stock discrepancies and financial misstatements.

All our inventory-related activities, including procurement, storage, issuance, valuation, and disposal, are carefully managed through established internal controls. For instance, all inventory items must be recorded in our inventory management system upon receipt, with unique identification numbers for tracking. Also, inventory issued for internal use, projects, or customer delivery must be communicated to our CFO, who will update the inventory

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records accordingly. Our inventory is valued using the First-In-First-Out ("FIFO") method, unless another method is justified and approved by our CFO. Our CFO is responsible for overseeing quarterly reviews of slow-moving or obsolete inventory, with proposed actions submitted to our Executive Chairman and CEO for approval.

In addition, inventory count is conducted annually with results reconciled against the recorded inventory balance. This is to ensure that inventory records in our accounting system remain accurate and that all inventories in our storage areas are accounted for. Discrepancies (if any) are investigated immediately, and adjustments would be made if necessary.

The following table sets forth our inventory turnover days for the years indicated:

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| | | |
|:---|:---|:---|
|  | **FY2025<sup>(1)</sup>** | **FY2024<sup>(2)</sup>** |
|  Inventory turnover days | 30 | 320 |

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____________

(1) The inventory turnover days for FY2025 was calculated based on our inventory balance as of December 31, 2025 divided by cost of sales for FY2025 and multiplied by 365 days.

(2) The inventory turnover days for FY2024 was calculated based on our inventory balance as of December 31, 2024 divided by cost of sales for FY2024 and multiplied by 365 days.

Our inventory turnover days for FY2025 decreased, primarily due to increased sales activity and a full year of operations in FY2025, compared to FY2024 when inventory was sold for only part of the year.

#### Awards
As a testament to our commitment towards innovation and quality, MetaOptics Technologies has received the T-Up Excellence in Innovation Award in 2024, awarded by A\*STAR. This award, which forms part of the T-Up initiative, recognizes local enterprises that have demonstrated excellence in developing innovative, market-ready solutions and strengthening R&D capabilities. The receipt of this award affirms our position as a leading innovator within Singapore's enterprise landscape.

![](timage_010.jpg)

In May 2025, we were selected by Qualcomm Technologies, Inc. ("Qualcomm"), a global leader in wireless technology and mobile chipsets, as one of the top 15 AI startups in the Asia-Pacific region and one of the top five AI startups in Singapore under the highly selective Qualcomm AI Program for Innovators. The Qualcomm AI Program for Innovators aims to empower professional developers and startups to design and implement cutting-edge on-device AI solutions across a range of sectors, including consumer, healthcare, smart industry, smart city, agriculture, and education, with the objective of driving regional and societal impact. We believe that this recognition by Qualcomm will support and accelerate the commercialization of our AI-enabled semiconductor optics as we expect to receive tailored support from Qualcomm, including direct technical mentorship, access to certain proprietary software, hardware and infrastructure of Qualcomm's and development kits, as well as a development stipend of up to US$5,000 to facilitate product development during the Mentorship Phase.

In May 2025, we were honored as a top winner at the inaugural Design AI and Tech Awards (Daita), jointly organized by The Business Times and the Singapore University of Technology and Design. The award recognizes our pioneering work in advanced color metalens imaging, featuring the single-layer metalens on a 12-inch glass wafer capable of capturing full-color images in visible light. Our proprietary AI software further enhances image quality through vibrancy optimization and intelligent brightness adjustment, reinforcing our position at the forefront of design-led technological innovation.

In October 2025, we received the "Startup Innovation Award" at the 2025 Taiwan Weeks Asia Innovation Cup Demo Day in Taipei, an event jointly hosted by the Financial Supervisory Commission, the Taiwan Stock Exchange, the Taipei Exchange, the Taiwan Futures Exchange and the Taiwan Depository and Clearing Corporation. This award recognizes our breakthroughs in scalable metalens manufacturing, as well as our innovation depth, product differentiation, robust R&D capabilities and well-defined intellectual property strategy.

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In November 2025, we were selected as a "Finalist" in the Emerging Enterprise 2025 Award, presented by OCBC Bank and The Business Times. This program recognizes promising young Singapore enterprises that demonstrate innovation, resilience and strong growth potential. Being named a "Finalist" underscores our progress in building a scalable, R&D-led optics platform and enhances our visibility within Singapore's business community, supporting future partnerships and commercialization efforts.

In February 2026, we received the "Best Optical Semiconductor Innovator 2026" award, presented by APAC Insider's Singapore Business Awards 2026. The Singapore Business Awards honors companies and entrepreneurs driving innovation, resilience, and excellence across one of Asia's most dynamic economies.

#### Competition
We compete primarily on the superior meta optics components and products that we can deliver to our customers, our collaborative and close relationships with some of our customers and suppliers, the quality of our services and products, and our level of customer service, reputation and responsiveness.

#### Facilities
We are headquartered in Singapore where we lease the following properties:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Lessee** | **Location** | **Tenure** | **Approximate <br>Gross Floor <br>Area (sq m)** | **Lessor** |
|  MetaOptics Technologies<sup>(1)(2)</sup> | 81 Ayer Rajah Crescent, #01-45, Singapore 139967 | November 9, 2023 to November 8, 2026 | 41.54 | Jurong Town Corporation<br> Design center and demonstration laboratory<sup>(4)</sup> |
|  MetaOptics Technologies<sup>(2)(3)</sup> | 81 Ayer Rajah Crescent, #01-51, Singapore 139967 | October 1, 2025 to November 8, 2026 | 40.4 | Jurong Town Corporation<br> Software development<sup>(4)</sup> |

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____________

(1) Under the terms of the tenancy agreement, the shareholders listed in the ACRA business profile of MetaOptics Technologies dated June 9, 2023, whether individually or in any combination, must directly own more than 50% of the issued shares of MetaOptics Technologies. Such control requirement must be complied with throughout the tenancy, failing which it will be deemed to be a breach of obligations by MetaOptics Technologies. The prior consent of Jurong Town Corporation is required for any change to the aforementioned control requirement. As of April 3, 2025, MetaOptics Technologies has obtained the prior written consent of Jurong Town Corporation for the aforementioned change in control.

(2) The lessor is entitled to re-enter the premises (or any part of the premises in the name of the whole) at any time (even if the lessor had previously waived a right of re-entry) and to repossess the premises, and the tenancy will immediately determine, if: (a) the rent, service charge, usage charge, or any other sum payable under the tenancy remains unpaid in full or in part for 14 days after the due date (whether formally demanded or not); (b) MetaOptics Technologies is in breach of any other of its obligations and if such breach is capable of remedy, MetaOptics Technologies has failed to remedy the breach within the period stipulated by the lessor; (c) any distress or execution is levied on the machinery, fixtures, fittings, structures, installations, chattels, things of MetaOptics Technologies and goods under MetaOptics Technologies' control including each take-over item, at the premises; or (d) an event of insolvency occurs.

Further, either party may terminate the tenancy by giving the other party not less than three months' prior written notice, or paying the other party three months' rent-in-lieu, without affecting any accrued rights or remedies of either party. Also, if the premises continue to be unfit for occupation or use for more than 90 days after the first day of damage or destruction, then either party may, after the 90-day period, give to the other party a written notice to terminate the tenancy within one month from the date of such notice, without affecting any accrued rights or remedies of either party.

(3) Under the terms of the tenancy agreement, the shareholders listed in the ACRA business profile of MetaOptics Technologies dated April 30, 2025, whether individually or in any combination, must directly own more than 50% of the issued shares of MetaOptics Technologies. Such control requirement must be complied with throughout the tenancy, failing which it will be deemed to be a breach of obligations by MetaOptics Technologies. The prior consent of Jurong Town Corporation is required for any change to the aforementioned control requirement.

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(4) We use these premises as design center and demonstration laboratory, as well as for software development. We conduct design and simulation work, develop and refine system-level design concepts, and host technical and prototyping discussions and demonstrations for customers and partners. We do not conduct manufacturing at our leased premises. With an asset-light business model, we outsource the fabrication of our products to third-party foundries rather than undertaking such activities in-house.

Except as disclosed in the table above, the lessor of the above properties may not unilaterally terminate the lease without cause (such as breach by us of our obligations under the lease).

As part of our expansion in the United States, we participate in an incubation program that provides membership-based, non-exclusive co-working office space access in Silicon Valley, California. The current access term runs for a fixed one-year period from February 17, 2026 to February 16, 2027. We use this workspace primarily for U.S. business development, engagements with investors and customers and, as needed, for technical collaboration with ecosystem partners, in alignment with our establishment of MetaOptics USA and our ongoing U.S. commercialization plans.

We believe our facilities are adequate and suitable for our current needs, and that should it be needed, suitable additional or alternative space will be available to accommodate our operations.

#### Intellectual Property
As a technology-based solutions company, our business and profitability are dependent on our patents and other intellectual property.

We employ certain product designs and manufacturing processes which were developed in-house by our R&D personnel. MetaOptics Technologies has also entered into research and collaboration arrangements with A\*STAR's IMRE and service agreements with A\*STAR's Institute of Microelectronics ("IME"), under which several research scientists collaborate with us on projects aimed at enhancing the throughput of the DLW system and developing the next-generation rectangular metalenses. Under such arrangements with A\*STAR, all the intellectual property rights which are discovered, developed, conceived or reduced to practice jointly by A\*STAR's IMRE and MetaOptics Technologies will be owned by them as joint tenants. As of December 31, 2025, there are no intellectual property rights jointly owned by us and A\*STAR, and accordingly no revenue attributable to such.

We recognize the importance of protecting and enforcing our intellectual property rights. We have adopted preventive measures to protect its intellectual property rights by means of confidentiality agreements signed by its senior management and the key R&D personnel.

Moreover, we adopt an asset-light business model, and accordingly, we outsource the fabrication of our products to third-party foundries rather than undertaking such activities in-house. Notwithstanding this, we have implemented measures to safeguard our intellectual property rights. In particular, we have entered into non-disclosure agreements with our key fabrication partners to ensure that our proprietary information, including technical specifications and design files, is kept confidential and not disclosed to unauthorized third parties. In addition, the intellectual property and proprietary know-how underlying our products, including those used in the design, development and integration processes, are owned solely by us. We retain control over core design and development activities, and do not disclose our complete set of proprietary information to any single external party. These arrangements help to mitigate the risk of misappropriation or unauthorized use of our intellectual property by external partners.

Except as disclosed below, we do not own or use any other registered trade marks, know-how, designs, patents, internet domain names or intellectual property which are material to our business. In FY2024 and FY2025 and up to the date of this prospectus, we did not have any disputes or any other pending legal proceedings concerning intellectual property rights.

Our directors, executive officers and other key employees are required to enter into a non-disclosure agreement with us, under which such director, executive officer or employee is bound by a non-disclosure obligation during his or her employment and after termination of his or her employment in respect of any confidential information relating to us, including without limitation to any private, confidential or secret information of us obtained by the director, executive officer or employee in the course of his or her employment.

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We believe that we have taken all reasonable steps and measures to protect our intellectual property rights against any potential infringement. During FY2024 and FY2025 and up to the date of this prospectus, there had not been any material pending or threatened claims made against us, nor had there been any material claims made by us against third parties, with respect to the infringement of intellectual property rights owned by us or third parties.

#### Trade Marks
As of December 31, 2025, the following trade marks have been registered by us:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Trade mark** | **Place of <br>registration** | **Registered <br>owner** | **Registration <br>number** | **Filing date** | **Expiry date** |
|  ![](tmetaoptics_001.jpg) | Singapore | MetaOptics Technologies | 40202128808W<br>09<sup>(1)</sup> | November 26, 2021 | November 26, 2031 |
|  ![](tmetaoptics_001.jpg) | Hong Kong Special Administrative Region | MetaOptics Technologies | 305823234<br>9<sup>(2)</sup> | December 6, 2021 | December 5, 2031 |

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____________

(1) Class 09: Scientific, research, navigation, surveying, photographic, cinematographic, audiovisual, optical, weighing, measuring, signaling, detecting, testing, inspecting, life-saving and teaching apparatus and instruments; apparatus and instruments for conducting, switching, transforming, accumulating, regulating or controlling the distribution or use of electricity; apparatus and instruments for recording, transmitting, reproducing or processing sound, images or data; recorded and downloadable media, computer software, blank digital or analogue recording and storage media; mechanisms for coin-operated apparatus; cash registers, calculating devices; computers and computer peripheral devices; diving suits, divers' masks, ear plugs for divers, nose clips for divers and swimmers, gloves for divers, breathing apparatus for underwater swimming; fire-extinguishing apparatus.

(2) Class 9: Scientific, research, navigation, surveying, photographic, cinematographic, audiovisual, optical, weighing, measuring, signaling, detecting, testing, inspecting, life-saving and teaching apparatus and instruments; apparatus and instruments for conducting, switching, transforming, accumulating, regulating or controlling the distribution or use of electricity; apparatus and instruments for recording, transmitting, reproducing or processing sound, images or data; recorded and downloadable media, computer software, blank digital or analogue recording and storage media; mechanisms for coin-operated apparatus; cash registers, calculating devices; computers and computer peripheral devices; diving suits, divers' masks, ear plugs for divers, nose clips for divers and swimmers, gloves for divers, breathing apparatus for underwater swimming; fire-extinguishing apparatus.

As of December 31, 2025, we did not have any pending trade mark application.

#### Patents
As of December 31, 2025, the following patents have been registered by us:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Title of invention/ <br>utility model** | **Place of <br>registration** | **Registered <br>owner** | **Publication no./ <br>patent no.** | **Filing date** | **Expiry date** |
|  Optical Module and Manufacturing Method thereof and Method for Soldering Optical Module on Printed Circuit Board | Taiwan | MetaOptics Technologies | I722528 | August 8, 2019 | August 7, 2039 |
|  Optical Module | Taiwan | MetaOptics Technologies | M586360 | August 8, 2019 | August 7, 2029 |
|  Laser Module and Laser Die and Manufacturing Method thereof | Taiwan | MetaOptics Technologies | I752498 | May 15, 2020 | May 14, 2040 |
|  Laser Module and Laser Die thereof | Taiwan | MetaOptics Technologies | M605139 | May 15, 2020 | May 14, 2030 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Title of invention/ <br>utility model** | **Place of <br>registration** | **Registered <br>owner** | **Publication no./ <br>patent no.** | **Filing date** | **Expiry date** |
|  Active Alignment System and Active Alignment Method | Taiwan | MetaOptics Technologies | I734535 | June 19, 2020 | June 18, 2040 |
|  Active Alignment System | Taiwan | MetaOptics Technologies | M605138 | June 19, 2020 | June 18, 2030 |
|  Method of Manufacturing Meta Lenses, Meta Lens Structure and Multi-Lens Optical Module Having Meta Lens Structure | Taiwan | MetaOptics Technologies | I838673 | December 23, 2021 | December 22, 2041 |
|  Meta Lens Structure and Multi-Lens Optical Module Having Meta Lens Structure | Taiwan | MetaOptics Technologies | M627704 | December 23, 2021 | December 22, 2031 |
|  Optical Module | PRC | MetaOptics Technologies | CN210572832 | August 13, 2019 | August 13, 2029 |
|  Laser Module and Laser Die thereof | PRC | MetaOptics Technologies | CN212162325U | May 15, 2020 | May 15, 2030 |
|  Active Alignment System | PRC | MetaOptics Technologies | CN212571686U | June 23, 2020 | June 23, 2030 |
|  Meta Lens Structure and Multi-Lens Optical Module Having Meta Lens Structure | PRC | MetaOptics Technologies | CN217932406U | December 27, 2021 | December 27, 2031 |

---

As of December 31, 2025, the following patents have been applied for by us:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Title of invention/ <br>utility model** | **Place of <br>registration** | **Applicant** | **Filing date** | **Status** |
|  Method of manufacturing meta lenses and meta lens structure | Singapore | MetaOptics Technologies<br> 10202111902W | October 26, 2021 | Notice of allowance |
|  Laser Module and Laser Die and Manufacturing Method thereof | PRC | MetaOptics Technologies<br> CN113745959A | May 15, 2020 | Responding to the search and examination report |
|  Active Alignment System and Active Alignment Method | PRC | MetaOptics Technologies<br> CN113922200A | June 23, 2020 | Notice of allowance |
|  Method of Manufacturing Meta Lenses, Meta Lens Structure and Multi-Lens Optical Module Having Meta Lens Structure | PRC | MetaOptics Technologies<br> CN116027631A | December 27, 2021 | Responding to the search and examination report |

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#### Domain Name
As of December 31, 2025, we own the following domain names:

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| | | | |
|:---|:---|:---|:---|
|  **Domain name** | **Registered owner** | **Registration date** | **Expiry date** |
|  metaoptics.sg | MetaOptics Technologies | November 13, 2024 | November 13, 2026 |
|  metaoptics.shop | MetaOptics Technologies | January 2, 2025 | December 20, 2026 |

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As with many technology-based businesses, there is a risk that third parties may develop substantially equivalent technologies through reverse engineering or other means. However, we believe that our metalens technology is inherently difficult to replicate, as each design comprises several million circular pillars with diameters in the nanometer range.

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The complexity and precision required to replicate these structures make reverse engineering highly challenging and significantly reduce the risk of successful imitation. While reverse engineering of commercially available products may be permitted under applicable laws, we seek to mitigate such risks through a combination of intellectual property protection measures. In particular, we have filed patents mainly in Taiwan and the PRC, where our key fabrication partners are located. These jurisdictions have been strategically selected to safeguard our core intellectual property in markets that are most relevant to our operations and competitive landscape. These patents do not confer worldwide protection as they have not been filed in other jurisdictions other than those aforementioned jurisdictions. We do not intend to file for worldwide protection for these patents as such patents filed are mainly intended to safeguard our core intellectual property in regions where our anticipated fabrication bases and/or key distributors are located.

In addition, the intellectual property and proprietary know-how underlying our products, including those used in the design, development and integration processes, are owned solely by us. We retain control over core design and development activities, and do not disclose our complete set of proprietary information to any single external party, which will mitigate and impede the possibilities of reverse engineering by other third parties.

Certain patent applications filed by us are still undergoing the registration process. The extended duration for registration is attributable to the inherently complex and rigorous nature of the patent examination process, which typically involves detailed technical assessments and multiple rounds of review by the relevant authorities. In addition, the Coronavirus disease 2019 pandemic resulted in a significant accumulation of backlogs across many intellectual property offices globally, which may have further prolonged examination timeframes in certain jurisdictions. As such, it is not unusual for the registration of patent applications, particularly those involving advanced or specialized technologies, to take an extended period from the date of filing to completion.

If any of our pending patents are not successfully registered, we may be unable to assert exclusive rights over the related technologies in the relevant jurisdictions. While this may limit our ability to prevent unauthorized use by third parties in those jurisdictions, we do not expect this to have a material adverse impact on our financial performance or operations. This is because (i) we continue to innovate and develop proprietary know-how that is protected through a combination of trade secrets, technical complexity, and lead time advantages, and (ii) our core competitive strengths are not solely dependent on patent protection but also on our technological capabilities, execution track record, and customer relationships.

We have not applied for patent registration in respect of some of our technological know-how because patent registration generally requires disclosure and publication of design details imposing risk of plagiarism or imitation of such technological know-how, which, in our opinion, may not be in our best interest. Patent registration only provides a certain degree of protection depending on the geographical coverage of the registration rather than absolute protection for such technological know-how. We consider that such a degree of protection afforded by patent registration to such technological know-how cannot outweigh the risk of plagiarism or imitation arising as a result of the disclosure of information due to patent registration of such technological know-how.

#### Intellectual Property Licenses Granted to Us
As of December 31, 2025, we were granted licenses which are material to our business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) 2021 License Agreement**

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| | |
|:---|:---|
|  Parties: | (i) Accelerate Technologies, the licensor; and<br> (ii) MST SingCo and MetaOptics Technologies, each a licensee |
|  Term: | December 10, 2021 to December 9, 2031 |
|  Licensed right: | Accelerate Technologies grants each licensee a non-exclusive, non-transferable, revocable for cause license to use the 2021 Technology to develop enhancements and to use, manufacture, distribute, market and sell Accelerate Technologies' 2021 Licensed Products. |
|  Technology: | Know-how (such as for high resolution direct laser writing and flat optics design and manufacturing) and patents (such as optical devices and super oscillation lens) (the "2021 Technology"). |

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| | |
|:---|:---|
|  Licensed products: | Diffractive optical lenses, flat lenses and nanoimprint masters for use within the optical field which incorporates the 2021 Technology (the "2021 Licensed Products"). A 2021 Licensed Product includes a complete system incorporating the 2021 Technology, which may include hardware, software, accessories and implementation manuals. |
|  Fees: | *Royalties*: Starting from January 1, 2022 until the end of the term, MetaOptics Technologies shall pay annual royalties to Accelerate Technologies constituting 1.5% of the gross revenue attributable to the 2021 Licensed Products, subject to the annual minimum royalties set out in the 2021 License Agreement. The annual minimum royalties are waived for the two years ending December 31, 2022 and 2023. |
|  Payment terms of royalties: | Payable annually, within 30 days after December 13 of each year. |
|  Commercialization obligations: | MetaOptics Technologies shall reach the commercialization milestones within the timeline specified in the 2021 License Agreement. For example, it shall use reasonable endeavors to raise capital in the amount of approximately S$6.0 million on or before December 31, 2023 in one or more tranches, and have a pilot or mass production line ready for producing flat lens in Singapore by December 31, 2026.<br> We had sought a waiver to the commercialization obligations under the 2021 License Agreement including the obligation to use reasonable endeavors to raise capital and such a waiver had been granted by Accelerate Technologies on April 29, 2025. Accordingly, we no longer need to raise a specified amount of capital based on any stipulated timeline.<br> In respect of the commercialization obligation to establish a pilot or mass production line in Singapore for the production of flat lens by December 31, 2026, Accelerate Technologies has, on April 29, 2025, granted us an extension of the timeline for the fulfilment of this obligation to December 31, 2029. We believe that MetaOptics Technologies will be able to meet this obligation in view that we currently possess a prototype unit of the DLW co-developed with A\*STAR's IMRE. This unit is operational and is presently being utilized for engineering upgrades and performance evaluations, including enhancements such as multiple lens writing capabilities. We believe that we will be able to establish a pilot or mass production line for the production of flat lens by securing suitable premises, acquiring the necessary accessories, hardware and setting up our own supply chain by December 31, 2029. In the event that we are unable to fulfil this obligation by the revised timeline, we will seek a waiver from A\*STAR and we believe that such a waiver is likely to be granted, provided that we continue to demonstrate revenue growth and tangible progress in expanding our customer network, which is consistent with A\*STAR's past support. |
|  | Notwithstanding that we intend to maintain an asset-light business model in the near future by outsourcing our production lines, we believe that this will not affect our ability to meet our commercialization obligations set out in the 2021 License Agreement as we believe that we are able to set up the required production supply chain through carefully selected manufacturers, and/or successfully securing suitable premises by December 31, 2029. |
|  Termination: | MST SingCo or MetaOptics Technologies may request to terminate the 2021 License Agreement after eight years from December 13, 2021 by giving Accelerate Technologies written notice of no less than 30 days. Accelerate Technologies may agree to the proposed termination if MST SingCo or MetaOptics Technologies is unable to achieve any sale of the 2021 Licensed Products and is able to demonstrate to Accelerate Technologies its best efforts have been undertaken to achieve such sale.<br> Also, either party shall be entitled to terminate the 2021 License Agreement by giving written notice to the other party, in the event (i) the other party breaches the 2021 License Agreement and fails to remedy the breach (where capable of remedy) within 30 days upon receipt of a written notice containing full particulars of the breach, (ii) an encumbrance takes possession, or a receiver is appointed, of any property or assets of the other party, (iii) the other party makes any voluntary arrangement with its creditors, (iv) the other party goes into liquidation (except for the purpose of amalgamation or reconstruction), or (v) the other party ceases, or threatens to cease, to carry on business. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Aug 2023 License Agreement**

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| | |
|:---|:---|
|  Parties: | (i) Accelerate Technologies (as licensor); and<br> (ii) MetaOptics Technologies (as licensee) |
|  Term: | August 1, 2023 to August 1, 2028 |
|  Licensed right: | Accelerate Technologies grants MetaOptics Technologies a non-exclusive, non-sublicensable, non-transferable, revocable for cause license to use the Aug 2023 Technology to develop enhancements and to use, manufacture, distribute, market and sell Accelerate Technologies' Aug 2023 Licensed Products. |
|  Technology: | Know-how (such as for the positioning system and patterning software for the positioning system) and patents (such as the positioning system) (the "Aug 2023 Technology"). |
|  Licensed products: | DUV DLW machine and software for use, within the field of mold fabrication for R&D purpose, which incorporates the Aug 2023 Technology (the "Aug 2023 Licensed Products"). A Aug 2023 Licensed Product includes a complete system incorporating the Aug 2023 Technology, which may include hardware, software, accessories and implementation manuals. |
|  Fees: | *License fee*: MetaOptics Technologies shall pay a license fee of S$25,000 within 30 days from August 1, 2023 to Accelerate Technologies.<br> *Royalties*: Starting from September 1, 2024 until the end of the term, MetaOptics Technologies shall pay annual royalties to Accelerate Technologies constituting 3% of the gross revenue attributable to the Aug 2023 Licensed Products, subject to the annual minimum royalties set out in the Aug 2023 License Agreement. |
|  Payment terms of royalties: | From and after the date falling 12 months from the date of the Aug 2023 License Agreement, in order to maintain the license granted in force, MetaOptics Technologies shall pay to Accelerate Technologies the minimum annual royalty as set out in the Aug 2023 License Agreement. |
|  Commercialization obligations: | MetaOptics Technologies shall reach commercialization milestones within the timeline specified in the Aug 2023 License Agreement. For example, it shall achieve gross revenues of at least S$3.0 million by August 1, 2028.<br> In respect of the commercialization obligation of sales of at least two units of licensed products by August 1, 2025, Accelerate Technologies has, on December 8, 2025, granted us an extension of the timeline for the fulfilment of this obligation to August 1, 2027. |
|  Termination: | MetaOptics Technologies may request to terminate the Aug 2023 License Agreement by giving Accelerate Technologies written notice of no less than 30 days.<br> Accelerate Technologies shall also be entitled to terminate the Aug 2023 License Agreement by giving written notice to MetaOptics Technologies, in the event (i) MetaOptics Technologies breaches the Aug 2023 License Agreement and fails to remedy the breach (where capable of remedy) within 30 days upon receipt of a written notice containing full particulars of the breach, (ii) an encumbrance takes possession, or a receiver is appointed, of any property or assets of MetaOptics Technologies, (iii) MetaOptics Technologies makes any voluntary arrangement with its creditors, (iv) MetaOptics Technologies goes into liquidation (except for the purpose of amalgamation or reconstruction), or (v) MetaOptics Technologies ceases, or threatens to cease, to carry on business. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Dec 2023 License Agreement**

    <u> Parties: </u>   <u> (i) Accelerate Technologies, the licensor; and (ii) MetaOptics Technologies, the licensee </u> <br>     <u> Term: </u>   <u> December 25, 2023 to December 25, 2030 </u>

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| | |
|:---|:---|
|  Licensed right: | Accelerate Technologies grants MetaOptics Technologies a non-exclusive, non-sublicensable, non-transferable, revocable for cause license to use the Dec 2023 Technology to develop enhancements and to use, manufacture, distribute, market and sell Accelerate Technologies' Dec 2023 Licensed Products. |
|  Technology: | Know-how (such as for lithography patterning on glass wafer and flat optics) and patents (such as the metalens structure and single-step fabrication of flat optics via nanoimprint lithography) (the "Dec 2023 Technology"). |
|  Licensed products: | Metalens or flat optics for imaging products (via semiconductor process) for use within the field of optics-industrial and consumer products, which incorporates the Dec 2023 Technology (the "Dec 2023 Licensed Products"). A Dec 2023 Licensed Product includes a complete system incorporating the Dec 2023 Technology, which may include hardware, software, accessories and implementation manuals. |
|  Fees: | *License fee*: MetaOptics Technologies shall issue and allot ordinary shares to Accelerate Technologies such that the total shareholding of Accelerate Technologies (or of its respective nominees) in MetaOptics Technologies shall represent approximately 6% of MetaOptics Technologies' then total issued share capital.<br> *Royalties*: Starting from January 25, 2025 until the end of the term, MetaOptics Technologies shall pay annual royalties to Accelerate Technologies constituting 1.5% of the gross revenue attributable to the Dec 2023 Licensed Products, subject to the annual minimum royalties set out in the Dec 2023 License Agreement. |
|  Payment terms of royalties: | From and after the date falling 12 months from the date of the Dec 2023 License Agreement, in order to maintain the license granted in force, MetaOptics Technologies shall pay to Accelerate Technologies the minimum annual royalty as set out in the Dec 2023 License Agreement. |
|  Commercialization obligations: | MetaOptics Technologies shall, among others, raise capital and reach commercialization milestones within the timeline specified in the Dec 2023 License Agreement. For example, it shall achieve gross revenues of at least S$5.0 million by December 25, 2028.<br> In respect of the commercialization obligation of sales of setting up a facility to manufacture the license products in Singapore by December 25, 2025, Accelerate Technologies has, on December 8, 2025, replaced this with the obligation to establish a meta lens design office in Singapore by December 25, 2025. |
|  Termination: | MetaOptics Technologies may request to terminate the Dec 2023 License Agreement by giving Accelerate Technologies written notice of no less than 30 days.<br> Accelerate Technologies shall also be entitled to terminate the Dec 2023 License Agreement by giving written notice to MetaOptics Technologies, in the event (i) MetaOptics Technologies breaches the Dec 2023 License Agreement and fails to remedy the breach (where capable of remedy) within 30 days upon receipt of a written notice containing full particulars of the breach, (ii) an encumbrance takes possession, or a receiver is appointed, of any property or assets of MetaOptics Technologies, (iii) MetaOptics Technologies makes any voluntary arrangement with its creditors, (iv) MetaOptics Technologies goes into liquidation (except for the purpose of amalgamation or reconstruction), or (v) MetaOptics Technologies ceases, or threatens to cease, to carry on business. |

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The 2021 License Agreement, Aug 2023 License Agreement and Dec 2023 License Agreement do not contain renewal clauses. However, we do not anticipate long-term reliance on Accelerate Technologies as the technologies under the aforementioned license agreements may no longer be relevant, and we are actively developing our own proprietary technologies, which comprise (i) the patents registered by us; and (ii) our ongoing efforts to develop know-how in integrating RGB image channels through a semiconductor-based imaging process. Accordingly, we believe that we will be able to continue our operations independently following the expiry of the aforementioned license agreements and the non-renewal of such license agreements will not result in a material adverse impact on our ability to mass produce metalenses.

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See "Risk Factors — Risks Related to Our Business and Industry — Disputes over intellectual property rights could be costly and could deprive us of the technologies we need to remain competitive" and to "Risk Factors — Risks Related to Our Business and Industry — We materially rely on certain licensed intellectual property. If we breach any of the agreements under which we have been granted the license to use, develop and commercialize certain technology from third parties, we may lose such licenses, which may have an adverse impact on our business."

#### Employees
As of December 31, 2025, we had a total of seven employees, comprising three members of our management team, two other full-time employees, and two part-time employees. We are highly dependent on our management and R&D team, and it is crucial that we continue to attract and retain valuable employees.

#### Insurance
As of December 31, 2025, we maintained the following insurance policies to cover, amongst others, our risks relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fire insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• work injury compensation insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general liability and product liability insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directors and officers' liability insurance.

There have been no material insurance claims made by us, and we have not been subject to any material insurance claims or liabilities from our operations, in FY2025 and FY2024 and up to the date of this prospectus. We maintain the foregoing policies in amounts we believe are sufficient, or as may be operationally appropriate to the businesses of the relevant subsidiary and risks that we face, which may include risks related to, inter alia, fire, legal liability to third parties and other losses.

The cost and availability of insurance coverage have varied in recent years and may continue to vary in the future. While we believe that our insurance policies are adequate in terms of amount and coverage for our operations, we may experience unanticipated issues or incur liabilities beyond our current coverage and we may not be able to obtain similar coverage in the future.

We believe the above insurance policies are adequate for our existing operations and in line with industry practice. However, any significant damage to our office premises, whether as a result of fire or other causes, may still adversely affect our business operations and financial performance. Moving forward, we will continue to assess our insurance coverage for our business operations and procure additional insurance coverage for our business operations if required.

#### Seasonality
Given the relatively short period during which our products have been offered for sale, we have not observed any significant seasonal trends within FY2025 and FY2024.

#### Legal Proceedings
We are currently not a party to any other legal or administrative proceedings and are not aware of any other pending or threatened legal or administrative proceedings against us in any material respects. We may from time to time become a party to various legal or administrative proceedings arising in the ordinary course of our business.

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#### REGULATION
*This section sets forth a summary of the most significant rules and regulations that affect our business activities or the rights of our shareholders to receive dividends and other distributions from us. Information contained in this section should not be construed as a comprehensive summary nor detailed analysis of laws and regulations applicable to our business and operations. This overview is provided as general information only and not intended to be a substitute for professional advice. You should consult your own advisers regarding the implication of the laws and regulations of Singapore on our business and operations.*

#### Personal Data Protection Act 2012 of Singapore (the "PDPA")
The PDPA governs the collection, use and disclosure of the personal data of individuals (being data, whether true or not, about an individual, who can be identified from that data or other accessible information), and is administered and enforced by the regulator, the Personal Data Protection Commission (the "PDPC"). The PDPA sets out data protection obligations which all organizations are required to comply with in undertaking activities relating to the collection, use or disclosure of personal data and to provide individuals with the right to access and correct their own personal data.

Organizations have mandatory obligations to assess data breaches they suffer, and to notify the PDPC and where applicable, the relevant individuals where the data breach is (or is likely to be) of a significant scale or resulting in (or is likely to result in) significant harm to individuals. Other obligations include accountability, protection, retention, and requirements around the overseas transfers of personal data.

Organizations are required to, among other things, (i) obtain consent from individuals and inform them of the applicable purposes before collecting, using or disclosing their personal data; and (ii) put in place reasonable measures to (a) protect the personal data in their possession or control from unauthorized access, loss or damage, and (b) prevent the loss of any storage medium or device on which personal data is stored. In the event of a data breach involving any personal data in an organization's possession or control, the PDPA requires the organization to reasonably and expeditiously assess whether the data breach is notifiable and notify the PDPC and, unless exceptions apply, the affected individuals of the data breach, if the data breach is assessed to be one that (a) is likely to result in significant harm or impact to the individuals to whom the information relates, or (b) is, or is likely to be, of a significant scale.

In addition, the PDPA also established a Do-Not-Call Registry (the "DNC Registry") which allows individuals to register their Singapore telephone numbers in any of the three Do-Not-Call Registers (the "DNC Register") to opt out of receiving specified messages via voice call, specified text messages and specified fax messages. Under the PDPA, before an organization sends a specified message to a Singapore telephone number, it must check with the DNC Registry to confirm that the number is not listed on the DNC Register, unless the organization has obtained clear and unambiguous consent in evidential form from the user or subscriber of the number.

Non-compliance with the PDPA may attract financial penalties or even criminal liability. The PDPC has broad powers to give any such directions as it thinks fit to ensure compliance, which include requiring an organization to pay a financial penalty. In this connection: (i) in the case of contravention of the parts of the PDPA which sets out the obligations of organizations relating to data protection (including the obligation to protect and care for personal data, and to conduct assessments of data breaches), the maximum financial penalty that may be imposed: (a) on an organization whose annual turnover in Singapore exceeds S$10 million is 10% of the organization's annual turnover in Singapore, if the contravention occurs on or after October 1, 2022; and (b) in any other case is S$1 million; and (ii) in the case of contravention of the DNC requirements, the financial penalty that may be imposed is S$1 million, or may be up to 5% of the organization's annual local turnover for more egregious cases.

#### Workplace Safety and Health Act 2006 of Singapore (the "WSHA")
The WSHA is administered by the Ministry of Manpower (the "MOM"). Under the WSHA, every employer has the duty to take, so far as is reasonably practicable, such measures as are necessary to ensure the safety and health of their employees at work. These measures include providing and maintaining for the employees a work environment which is safe, without risk to health, and adequate as regards facilities and arrangements for their welfare at work, ensuring that adequate safety measures are taken in respect of any machinery, equipment, plant, article or process used by the employees, ensuring that the employees are not exposed to hazards arising out of the arrangement, disposal, manipulation, organization, processing, storage, transport, working or use of things in their workplace or

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near their workplace and under the control of the employer, developing and implementing procedures for dealing with emergencies that may arise while those persons are at work and ensuring that the person at work has adequate instruction, information, training and supervision as is necessary for that person to perform his work.

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

Under the WSHA, the CWSH may issue a stop-work order in respect of a workplace if he is satisfied that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the workplace is in such condition, or is so located, or any part of the machinery, equipment, plant or article in the workplace is so used, that any process or work carried on in the workplace cannot be carried on with due regard to the safety, health and welfare of persons at work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person has contravened any duty imposed by the WSHA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any person has done any act, or has refrained from doing any act which, in the opinion of the CWSH, poses or is likely to pose a risk to the safety, health and welfare of persons at work.

The stop-work order shall, amongst others, direct the person served with the order to immediately cease to carry on any work or process indefinitely or until such measures as are required by the CWSH have been taken, to the satisfaction of the CWSH, to remedy any danger so as to enable the work or process in the workplace to be carried on with due regard to the safety, health and welfare of the persons at work.

#### Work Injury Compensation Act 2019 of Singapore (the "WICA")
Work injury compensation is governed by the WICA. The WICA applies to employees in respect of injuries suffered by them arising out of and in the course of their employment and sets out, amongst others, the amount of compensation they are entitled to and the methods of calculating such compensation. The WICA provides, subject to certain prescribed exceptions, that if in any employment, personal injury by accident arising out of and in the course of the employment is caused to an employee, his employer shall be liable to pay compensation in accordance with the provisions of the WICA. The amount of compensation shall be computed in accordance with the First Schedule of the WICA, subject to a maximum and minimum limit, taking into account factors such as the severity and permanence of the personal injury suffered.

Further, Section 13 of the WICA provides that where any person (referred to as the principal) in the course of or for the purpose of his trade or business contracts with any other person (referred to as the contractor) for the execution by the contractor of the whole or any part of any work, or for the supply of labor to carry out any work, undertaken by the principal, the Commissioner may direct the principal to fulfil the obligations of the employer under the WICA in relation to any employee of the contractor employed in the execution of the work. Where such a direction has been made, the principal shall be liable to pay to any employee of the contractor employed in the execution of the work any compensation which he would have been liable to pay under the WICA if that employee had been immediately employed by the principal, except that the amount of compensation is to be calculated with reference to the earnings of the employee under the contractor.

Every employer is required to maintain work injury compensation insurance for all employees. Failure to do so is an offence carrying a fine of up to S$10,000 and/or imprisonment of up to twelve months. Under the Work Injury Compensation (Insurance) Regulations 2020 ("WICIR"), every employer entering into a contract of insurance in accordance with the requirements of WICA shall be issued, by the insurer with whom he contracts, with a certificate of insurance which shall contain certain prescribed particulars. The WICIR further provides that such employer shall display a copy of the certificate of insurance at each place of business at which he employs any employee whose claims may be the subject of indemnity under the policy of insurance to which that certificate relates.

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#### Employment Act 1968 of Singapore (the "EA")
The EA is administered by the MOM and sets out the basic terms and conditions of employment and the rights and responsibilities of employers as well as employees. Section 20 of the EA provides that an employer may fix salary periods in respect of which the salary earned is payable. However, a salary period must not exceed one month, and where the employer does not fix the salary period, the salary period is deemed to be one month. Salary earned by an employee under a contract of service, other than additional payments for overtime work, must be paid before the expiry of the seventh day after the last day of the salary period in respect of which the salary is payable, whereas additional payments for overtime work must be paid not later than fourteen days after the last day of the salary period during which the overtime work was performed.

Subject to the provisions of the EA, the total salary and any sum due to an employee who has been dismissed must be paid on the day of dismissal or, if this is not possible, within three days thereafter, not being a rest day or public holiday or other holiday. Further, subject to the provisions of the EA, (a) the total salary due to an employee who terminates his contract of service with his employer under Section 11 of the EA (i.e. termination of the contract of service without notice or, if notice has already been given, without waiting for the expiry of that notice, by paying to the other party a sum equal to the amount of salary at the gross rate of pay which would have accrued to the employee during the period of the notice and in the case of a monthly-rated employee where the period of the notice is less than a month, the amount payable for any one day is the gross rate of pay for one day's work), or after giving due notice to the employer, must be paid to the employee on the day on which the contract of service is terminated, and (b) the total salary due to an employee who terminates his contract of service without giving prior notice to his employer, or, if notice has already been given under that section, but the employee terminates the contract of service without waiting for the expiry of the notice, must be paid to the employee before the expiry of the seventh day after the day on which the employee terminates the contract of service.

Part 4 of the EA sets out requirements for rest days, hours of work and other conditions of service for workmen who receive salaries not exceeding S$4,500 a month and employees (other than workmen or persons employed in managerial or executive positions) who receive salaries not exceeding S$2,600 a month. Section 38(8) of the EA provides that an employee is not allowed to work for more than twelve hours in any one day except in specified circumstances, including, amongst others, where there is an accident, actual or threatened, where work is essential to the life of the community, where work is essential for defense or security, where urgent work is to be done to machinery or plant, or where an interruption of work which was impossible to foresee. In addition, Section 38(5) of the EA limits the extent of overtime work that an employee can perform to seventy-two hours a month. Employers must seek the prior approval of the Commissioner for exemption if they require an employee or class of employees to work for more than twelve hours a day or more than seventy-two overtime hours a month.

The Commissioner may, after considering the operational needs of the employer and the health and safety of the employee or class of employees, by order in writing, exempt such employees from the overtime limits subject to such conditions as the Commissioner thinks fit. Where such exemptions have been granted, the employer shall display the order or a copy thereof conspicuously in the place where such employees are employed.

Under Section 53 of the EA, an employer who breaches the provisions of Part 4 of the EA shall be guilty of an offence and shall be liable on conviction to a fine not exceeding S$5,000, and for a second or subsequent offence to a fine not exceeding S$10,000 and/or to imprisonment for a term not exceeding twelve months.

#### Employment of Foreign Manpower Act 1990 of Singapore (the "EFM Act")
Section 5(1) of the EFM Act provides that no person shall employ a foreign employee unless he has obtained in respect of the foreign employee a valid work pass from the MOM, which allows the foreign employee to work for him.

In relation to the employment of semi-skilled or skilled foreign workers, employers must ensure that such persons apply for a "Work Permit." In relation to the employment of foreign mid-level skilled workers, employers must ensure that such persons apply for an "S Pass." The S Pass is intended for mid-level skilled foreigners who earn a monthly fixed salary of at least S$3,300 (for foreigners working in all sectors except for financial services) and at least S$3,800 (for foreigners working in the financial services sector) in relation to new S Pass applications submitted from 1 September 2025 or for renewals of S Passes expiring from 1 September 2026.

In relation to the employment of foreign professionals, employers must ensure that such persons apply for an "Employment Pass." The Employment Pass is intended for professionals who earn a monthly fixed salary of at least S$5,600 (for foreigners working in all sectors except for financial services) and at least S$6,200 (for foreigners working in the financial services sector).

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In the employment of foreign workers, employers are restricted by, among other things, the foreign worker quota (which is known as the dependency ratio ceiling), the countries of origin, the age and the qualifications of the foreign employees, which differ from sector to sector. The dependency ratio ceiling limits the number of foreign workers that an employer may employ based on the type of work pass held by the foreign employee, and the number of local employees currently in the employer's employment.

Foreign worker levies are payable when employing foreign workers, with the quantum varying based on several factors, such as the type of business activity, the skill level of the foreign employees and the proportion of the employer's workforce that are made up of foreign employees.

Any person who contravenes Section 5(1) of the EFM Act shall be guilty of an offence and shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be liable on conviction to a fine not less than S$5,000 and not more than S$30,000 or to imprisonment for a term not exceeding twelve months or to both; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a second or subsequent conviction:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other case, be punished with a fine of not less than S$20,000 and not more than S$60,000.

#### Tripartite Guidelines on Fair Employment Practices (the "TAFEP")
The Tripartite Guidelines on Fair Employment Practices, formulated by the Tripartite Alliance for Fair and Progressive Employment Practices, sets out fair employment practices that should be adopted by employers to help prevent discrimination at the workplace. The MOM and TAFEP make reference to the Tripartite Guidelines on Fair Employment Practices in promoting fair and responsible employment practices. Employers are expected to abide by the principles of fair employment and adopt the recommended good practices.

The five principles of fair employment practices are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recruit and select employees on the basis of merit (such as skills, experience or ability to perform the job), and regardless of age, race, gender, religion, marital status and family responsibilities, or disability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• treat employees fairly and with respect and implement progressive human resource management systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide employees with fair opportunity to be considered for training and development based on their strengths and needs to help them achieve their full potential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reward employees fairly based on their ability, performance, contribution and experience; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• abide by labor laws and adopt the TAFEP.

The TAFEP set out fair employment practices in respect of, amongst others, selection criteria, recruitment process, remuneration, performance appraisal and promotion, posting and training, disciplinary actions, and dismissals and retrenchments. For instance, the TAFEP provide that, in respect of the recruitment process, objective and fair selection criteria should be consistently applied at all stages of the process, and in respect of remuneration, employers should remunerate employees fairly, taking into consideration factors such as ability, performance, contribution, skills, knowledge and experience.

#### Central Provident Fund Act 1953 of Singapore (the "CPF Act")
The CPF Act governs the contributions made by employers and employees into the CPF. The CPF Act is administered by the CPF Board.

Section 7(1) of the CPF Act provides that subject to certain exemptions and regulations, every employer of an employee shall pay to the CPF monthly in respect of each employee contributions at the appropriate rates set out in the First Schedule of the CPF Act. Pursuant to Section 7(2) of the CPF Act, notwithstanding the provisions of any written law or any contract to the contrary, an employer is entitled to recover from the monthly wages of an employee the amount shown in the First Schedule of the CPF Act as so recoverable from the employee.

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Section 9(1) of the CPF Act provides that, in respect of an employer, where the amount of the contributions which an employer or the platform operator (as the case may be) is liable to pay under Section 7 of the CPF Act in respect of any month is not paid within such period as may be prescribed, the employer shall be liable to pay interest on the amount for every day the amount remains unpaid commencing from the first day of the month succeeding the month in respect of which the amount is payable and such interest shall be calculated at the rate of 1.5% per month or the sum of S$5, whichever is greater.

Section 7(3) of the CPF Act provides that where any employer who has recovered any amount from the monthly wages of an employee in accordance with the CPF Act and fails to pay the contributions to the CPF within such time as may be prescribed, he shall be guilty of an offence and shall be liable on conviction to a fi ne not exceeding S$10,000 or to imprisonment for a term not exceeding seven years or to both.

Section 61(1) of the CPF Act provides that except as otherwise provided in Section 61(2) of the CPF Act, any person convicted of an offence under the CPF Act for which no penalty is provided shall be liable on conviction (a) to a fine not exceeding S$5,000 or to imprisonment for a term not exceeding six months or to both; and (b) if that person is a repeat offender in relation to the same offence, to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding twelve months or to both.

Section 61(2) of the CPF Act provides that where any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is guilty of an offence under Section 7(5), 8A(5) or 58(1)(b) of the CPF Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being a director, manager or secretary or any other officer of a body corporate, is guilty of an offence under Section 60 of the CPF Act by virtue of the fact that an offence under Section 7(3) or (5), 8A(3) or (5) or 58(1)(b) of the CPF Act has been committed by that body corporate and is found to have been committed with the consent or connivance of or to be attributable to any act or default on the part of that person,

that person shall be liable on conviction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to a fine of not less than S$1,000 and not more than S$5,000 or to imprisonment for a term not exceeding six months or to both; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if that person is a repeat offender in relation to the same offence, to a fine of not less than S$2,000 and not more than S$10,000 or to imprisonment for a term not exceeding twelve months or to both.

#### Trade Marks Act 1998 (the "Trade Marks Act")
The registration and enforcement of trade marks in Singapore is provided for under the Trade Marks Act and its subsidiary legislation, the Trade Marks Rules administered by the Intellectual Property Office of Singapore (the "IPOS").

The Trade Marks Act and the Trade Marks Rules provide for, among others, the registration, renewal and licensing of trade marks in Singapore. Under Section 7(1) of the Trade Marks Act, the following shall not be registered: (i) signs which do not satisfy the definition of a trade mark under Section 2(1) of the Trade Marks Act; (ii) trade marks which are devoid of any distinctive character; (iii) trade marks which consist exclusively of signs or indications which may serve, in trade, to designate the kind, quality, quantity, intended purpose, value, geographical origin, the time of production of goods or of rendering of services, or other characteristics of goods or services; and (iv) trade marks which consist exclusively of signs or indications which have become customary in the current language or in the bona fide and established practices of the trade. Under Section 18 of the Trade Marks Act, a trade mark shall be registered for a period of ten years from the date of registration, and registration may be renewed for further periods of ten years. Section 22(1)(a) of the Trade Marks Act provides that the registration of a trade mark may be revoked on the grounds that, within the period of five years following the date of completion of the registration procedure, it has not been put to genuine use in the course of trade in Singapore, by the proprietor or with his consent, in relation to the goods or services for which it is registered, and there are no proper reasons for non-use.

Section 26(1) of the Trade Marks Act confers on the proprietor of a registered trade mark the exclusive rights to use the trade mark and to authorize other persons to use the trade mark in relation to the goods or services for which the trade mark is registered. Under Section 27 of the Trade Marks Act, a person infringes a registered trade mark if, without consent of the trade mark proprietor, he uses in the course of trade a sign (i) which is identical with the trade

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mark in relation to goods or services which are identical with those for which it is registered, or (ii) where because (A) the sign is identical with the trade mark and is used in relation to goods or services similar to those for which the trade mark is registered; or (B) the sign is similar to the trade mark and is used in relation to goods or services identical with or similar to those for which the trade mark is registered, there exists a likelihood of confusion on the part of the public. In an action for infringement, the court may grant various reliefs such as injunction, damages, an account of profits and statutory damages provided under Section 31(5) of the Trade Marks Act.

#### Patents Act 1994 (the "PA")
The Patents Act 1994 of Singapore and its subsidiary legislation, the Patents Rules provide for, among others, the application of patents in Singapore and is similarly administered by the IPOS. Under Section 13(1) of the PA, subject to Section 13(2) of the PA, a patentable invention is one that satisfies the following conditions: (a) the invention is new; (b) it involves an inventive step; and (c) it is capable of industrial application. Section 13(2) of the PA provides that an invention the publication of which would be generally expected to encourage offensive, immoral or anti-social behavior is not a patentable invention.

Under Section 36(1) of the PA, a patent granted under the PA shall be treated for the purposes of the PA as having been granted, and shall take effect, on the date of issue of the certificate of the grant, and subject to Section 36(2) and Section 36A of the PA, shall continue in force until the end of the period of twenty years beginning with the date of filing the application for the patent or with such other date as may be prescribed. Section 36(2) of the PA provides that a patent shall cease to have effect at the end of the prescribed period for the payment of any renewal fee if it is not paid within that period. Section 36A of the PA provides for the grounds on which the proprietor of a patent may apply to the Registrar of Patents to extend the term of the patent.

Under Section 66(1) of the PA, subject to the provisions of the PA, a person infringes a patent for an invention if, but only if, while the patent is in force, he does any of the following things in Singapore in relation to the invention without the consent of the proprietor of the patent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the invention is a product, he makes, disposes of, offers to dispose of, uses or imports the product or keeps it whether for disposal or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the invention is a process, he uses the process or he offers it for use in Singapore when he knows, or it is obvious to a reasonable person in the circumstances, that its use without the consent of the proprietor would be an infringement of the patent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where the invention is a process, he disposes of, offers to dispose of, uses or imports any product obtained directly by means of that process or keeps any such product whether for disposal or otherwise.

Section 66(2) of the PA provides for exceptions for acts which, apart from Section 66(2) of the PA, would constitute an infringement of a patent for an invention, such as an act which is done privately and for purposes which are not commercial.

Section 67 of the PA provides that subject to Part XIII of the PA, civil proceedings may be brought in the court by the proprietor of a patent in respect of any act alleged to infringe the patent and (without prejudice to any other jurisdiction of the court) in those proceedings a claim may be made for, among others, an injunction restraining the defendant from any apprehended act of infringement, damages in respect of the infringement or an account of the profits derived by him from the infringement. There are also various criminal offences as set out in Part XVIII of the PA, for example, making a representation that a patent has been applied for in respect of any article disposed of for value by the proprietor and no such application has been made or any such application has been refused, withdrawn or treated as having been abandoned.

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth information regarding our directors and executive officers as of the date of this prospectus.

---

| | | |
|:---|:---|:---|
|  **Directors and executive officers** | **Age** | **Position/Title** |
|  Mr. Thng Chong Kim | 62 | Executive Chairman |
|  Mr. Aloysius Chua Hao Peng | 31 | Chief Executive Officer and Executive Director |
|  Mr. Chu Wee Liat | 39 | Chief Financial Officer |
|  Ms. Jee Wee Jene | 55 | Non-Independent and Non-Executive Director |
|  Professor Teng Jinghua | 60 | Non-Independent and Non-Executive Director |
|  Mr. Sonny Yuen | 64 | Lead Independent and Non-Executive Director |
|  Mr. Sean Lee | 37 | Independent and Non-Executive Director |
|  Ms. Goh Yong Cheng | 55 | Independent and Non-Executive Director |
|  Mr. Ng Thiam Chye | 59 | Independent and Non-Executive Director |

---

***Mr. Thng Chong Kim*** is our Executive Chairman, having first joined us as a Vice President (Business Unit) of MetaOptics Technologies on July 1, 2021. He was later redesignated as our Executive Chairman and CEO on April 1, 2025. He is responsible for our overall management, strategic planning and business development. He has been redesignated from an executive director to a non-executive director of MST ListCo on March 28, 2025. Mr. Thng has accumulated approximately 17 years of work experience in product and process engineering and over 7 years of experience in advanced optics. Before joining us, Mr. Thng held key management positions in several multinational companies. He began his career with Seagate Technology Singapore in October 1990, and he later assumed the roles of Senior Product Engineering Director from April 1995 to December 1998 and Senior Core Team Leader from December 1998 to December 1999. In July 2001, he joined Magnecomp Precision Technology as the Senior Advanced Manufacturing Director, and oversaw new product operations and advanced processes introduction. In July 2005, he joined Seagate Technology International (Wuxi) Co., Ltd.. From August 2006 to mid-2011, he served as the General Manager of Benchmark Electronics Pte. Ltd. and was responsible for the profit and loss management and overall operations. He was the Vice President of Heptagon Advanced Micro Optics Pte Ltd from July 2012 to July 2018, and was in charge of Special Projects and New Product Operations. Mr. Thng graduated with a Technical Diploma in Electronics and Communication Engineering in May 1983.

***Mr. Aloysius Chua Hao Peng*** is our CEO and executive director. He started working in MetaOptics Technologies in June 2021 as a Projects Manager and was subsequently promoted to Projects Director in April 2023. He was later appointed as our Deputy Chief Executive Officer on April 1, 2025 and our CEO and executive director on March 1, 2026. With a strong foundation in engineering and corporate development, he brings a unique blend of technical expertise and business acumen to us. He leads strategic initiatives and oversees key projects such as equipment development, metalens fabrication and the assembly of cutting-edge meta optics components and products. He is responsible for setting up key supply chains, working with suppliers on various key metalens component specifications and evaluating them for functionality. He plays a pivotal role in driving innovation in metalens technology and business development. His efforts in both project execution and business growth have contributed significantly to our growth and technological advancements. Mr. Chua graduated from the National University of Singapore with a Bachelor of Engineering (Mechanical Engineering) in January 2020. During his National Service, he served in the Singapore Armed Forces as a Commando Fighter Weapon Specialist, honing his leadership, problem solving, and operational planning skills in high-stakes environments.

***Mr. Chu Wee Liat*** is our Chief Financial Officer. He joined MetaOptics Technologies in January 2025 and was appointed as our Chief Financial Officer on April 1, 2025. Mr. Chu is responsible for our accounting, finance and management reporting, as well as taxation matters. He began his career in September 2011 with Ernst & Young LLP, Singapore as a Senior Associate, where he conducted audits across investment funds, government agencies, manufacturing and technology sectors. In January 2014, he joined PricewaterhouseCoopers LLP in San Jose, California, focusing on audits for U.S. Securities and Exchange Commission-registered public companies in the semiconductor sector. He later returned to Singapore to join PricewaterhouseCoopers Advisory Services Pte. Ltd. as a Manager in the Deals Advisory team, where he led financial due diligence and mergers and acquisitions advisory for regional transactions across Southeast Asia in sectors such as healthcare, e-commerce, real estate and technology. Prior to joining us, he served

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as Deputy Director at Advanced MedTech Holdings Pte. Ltd., where he was responsible for investments, corporate development and portfolio management. Mr. Chu graduated from Nanyang Technological University with a Bachelor of Accountancy in July 2011. He later obtained an Executive Master in Business Administration from INSEAD in January 2023. He is a Chartered Accountant with the Institute of Singapore Chartered Accountants.

***Ms. Jee Wee Jene*** is our Non-Independent and Non-Executive Director. Under the relevant Code of Corporate Governance guidelines in Singapore, Ms. Jee Wee Jene is classified as a non-independent director due to her familial relationship with Mr. Aloysius Chua Hao Peng, her directorship in MST SingCo, and her deemed interest in approximately 53.1% of the shareholding interest in MST ListCo, taking into account her personal beneficial ownership, the interests of her spouse, and the interests held through a corporation controlled by her. Notwithstanding the foregoing, she satisfies the "independence" requirements under Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market.

She first joined us as a director of MetaOptics Technologies when we incorporated on June 15, 2021 and was appointed our Non-Independent and Non-Executive Director on April 14, 2025. She is currently an executive director of MST ListCo, where she assumes overall responsibilities over matters relating to finances, administration, compliance and human resources. Ms. Jee is also a director of MST SingCo, where she began her career, and manages its finance and administrative departments. Ms. Jee graduated from the Informatics Computer School Singapore with a Diploma in Computer Studies in 1994 and later obtained an International Diploma in Computer Studies from the National Computing Centre in 1995. She currently holds an IAB LCCI Level 2 Certificate in Bookkeeping and Accounting and an IAB LCCI Level 3 Certificate in Accounting.

***Professor Teng Jinghua*** was appointed as our Non-Independent and Non-Executive Director on June 27, 2025. He is currently a Senior Principal Scientist III and Senior Group Leader at A\*STAR's IMRE, and an Adjunct Professor at the Department of Electrical and Computer Engineer in the National University of Singapore. As Professor Teng is an employee at A\*STAR, and given his numerous research involvement and contribution in the field of metaoptics, our directors and our Nominating Committee have collectively decided that it would be in our best interest to designate him as our Non-Independent and Non-Executive Director. Professor Teng has confirmed that he is not appointed by A\*STAR or Accelerate Technologies to represent them on our Board and his directorship is not a result of Accelerate Technologies' shareholding interests in our Company. Professor Teng has further confirmed that he is not a nominee director of and/or does not act on the instruction of Accelerate Technologies or A\*STAR. Professor Teng is a distinguished scholar and innovator with an illustrious career spanning academic, research, and technological advancements. He has held multiple prestigious appointments as an Adjunct Professor at the National University of Singapore and Nanyang Technological University, and as a Visiting Professor at Osaka University in Japan and the University of Valenciennes in France. His contributions to scientific research are prolific, with almost 270 journal publications in renowned platforms such as Advanced Materials, Nature Communications, and Material Horizons, among others. His expertise has also extended to editorial roles for esteemed journals, including A\*STAR Research Publications, Opto-Electronic Advances, PhotoniX, Advanced Photonics Nexus, Journal of Optics and the Journal of Nonlinear Optical Physics and Materials. He joined A\*STAR's IMRE as a Research Associate in July 2000 and was a Scientist at A\*STAR's IMRE from January 2002 to March 2010. From April 2010 to March 2014, he held the role of Senior Scientist at A\*STAR's IMRE and concurrently from April 2011 to March 2013, he was appointed the Deputy Head at Patterning and Fabrication Capability Group, A\*STAR's IMRE, where he was in charge of leading the group with around 60 scientists and engineers on micro-nano science and technology development. In addition to his academic and editorial endeavors, Professor Teng has demonstrated exceptional leadership in securing and leading research initiatives. Over the years, he has garnered numerous awards as a Principal Investigator or Co-Principal Investigator for various groundbreaking projects, including the NRF-CRP program on Advanced 2D IR Optoelectronics. His most recent individual accolades include being elected a Fellow of Optica (formerly OSA), a Fellow of SPIE (International Society of Optics and Photonics), and receiving the Outstanding Editor Award in 2023 from Opto-Electronic Advances, the Best Paper Silver Award in both 2021 and 2022 in IMRE, and being awarded the IPS Nanotechnology Medal and Prize in 2020. He also holds more than 40 patents. Professor Teng graduated from Nankai University with a Bachelor's Degree in Science in July 1985 and a Master's Degree in Science in July 1988. He later obtained a PhD from the National University of Singapore in November 2003. He is also an active member of multiple organizations, including the Institute of Electrical and Electronics Engineers, and the Institute of Physics Singapore, and the Materials Research Society Singapore.

***Mr. Sonny Yuen*** was appointed as our Lead Independent and Non-Executive Director on June 27, 2025. He currently serves as an Associate Senior Marketing Director in Real Estate at Huttons Asia Pte Ltd, and is also a trainer at Straits Interactive Pte. Ltd.. He began his career in December 1985 as a Logistics Executive in supply chain management

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at Samaero Pte Ltd (later known as Eurocopter South East Asia Pte Ltd). From January 1989 to February 2004, he was with Sumitomo Bakelite Singapore Pte. Ltd. as General Manager, overseeing supply chain management, Information Technology and Human Resources. He then served as Executive Director of Finance, Supply Chain Management and Human Resources Administration at Libra 2002 Pte. Ltd. from March 2004 to August 2006. Prior to his role at Huttons Asia Pte. Ltd., he was the Managing Director of JonDavidson Pte. Ltd. from May 2007 to May 2021. Mr. Yuen graduated from the National University of Singapore in June 1985 with a Bachelor of Business Administration. He later graduated from the University of Hull in February 1994 with a Master of Business Administration (Distinction). He is an active member of the International Association of Privacy Professionals. Recognized for his contributions, he received the Eminent Alumni Award (Service) from the National University of Singapore Business School in 2018 and the Distinguished Alumni Service Award from the National University of Singapore in 2021. In April 2022, he was elected to the Management Committee of the National University of Singapore, where he currently chairs the Community Impact Sub-Committee. He has also attained several professional certifications, including the Data Certificate in General Data Protection Regulation (Europe) from EXIN Privacy and Protection Foundation in August 2018, the Certified Information Privacy Manager from the International Association of Privacy Professionals (USA) in 2020 and the Advanced Certificate in Learning and Performance from the Institute of Adult Learning (Singapore) in November 2021. Between March 2014 and April 2019, Mr. Yuen served as an independent director at Healthway Medical Corporation, an active company that was listed previously on the Catalist of the Singapore Exchange but is now delisted.

***Mr. Sean Lee*** was appointed as our Independent and Non-Executive Director on June 27, 2025. He is presently a practicing lawyer, specializing in Corporate Restructuring and Insolvency. His expertise in Restructuring and Insolvency has earned him multiple industry accolades from IFLR1000, Asialaw, and the Legal500. Notably, he was recognized as a Rising Star Partner in the practice area of Restructuring and Insolvency by IFLR1000 in both 2023 and 2024, as well as a Notable Practitioner by Asialaw in the same field. Mr. Lee graduated from Singapore Management University with a Bachelor of Laws in 2014. He is a member of the Law Society of Singapore and the Singapore Academy of Law.

***Ms. Goh Yong Cheng*** was appointed as our Independent and Non-Executive Director on June 27, 2025. Prior to her directorship appointment with us, she joined Seagate Technology International in May 1995 as a Senior Accountant in charge of financial planning and analysis for the Singapore operations. From 2000 to 2003, she became the Finance Manager responsible for global strategic and financial planning in the Scotts Valley, California headquarters. From 2003 to 2006, she was the Senior Finance Manager in charge of costing and general ledger for the Wuxi operations and from 2006 to 2007, she was the Senior Finance Manager in charge of financial planning and analysis for the Suzhou operations. In August 2007, she joined Benchmark Electronics as the Regional Controller for the Singapore and China operations. She later joined Broadcom Singapore Pte. Ltd. as the Senior Manager and served as the Head of Asia Shared Services in Accounts Receivable, Accounts Payable and Indirect Tax. From September 2018 to September 2023, she was the General Manager of Seletar Country Club and was responsible for the overall club management. Ms. Goh graduated from Indiana University in December 1993 with a Bachelor of Science in Business, a first major in Finance and a second major in Computer Information Systems. She later graduated from Monash University with a Master in Counselling in October 2012.

***Mr. Ng Thiam Chye*** was appointed as our Independent and Non-Executive Director on June 27, 2025. Prior to his directorship appointment with us, he held various senior roles across finance, corporate recovery, and business development. From September 1991 to August 1994, he served as a Senior Executive specializing in Corporate Recovery and Insolvency at Moore Stephens LLP. He then joined Kerry Cambridge Management Services Ltd in September 1994 as a financial controller of the China subsidiaries based in Chengdu, China, where he headed the Finance and Accounting department. In July 1996, he joined Koda Woodcraft Pte Ltd as Group Accountant, overseeing the financial operations for its subsidiaries across Singapore, Malaysia, Vietnam and China. From June 1997 to July 2001, he served as a Finance and Business Development director at Zola Design Pte Ltd, where he was in charge of the day-to-day operations of the company's business and managed the cash flow of the company. From February 2002 to August 2007, he joined Hummax Holdings Pte. Ltd. as a Finance and Business Development director, where he was responsible for establishing Sino-foreign joint education programs in Hangzhou and Foshan, China. Between September 2008 and August 2014, he served as a Finance and Business Consultant in Green And Able Pte. Ltd., advising Hong Kong-listed companies on capital restructuring. From October 2014 to July 2020, he was Finance and Business Director of Green Enable Technologies Pte. Ltd. In July 2021, he joined Fleur Capital (S) Pte. Ltd. as Business Development Director, focusing on the business development of variable capital companies. Most recently, from July 2023 to April 2025, he served as

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Chief Business Development Officer at Eureka Blue Sky Pte. Ltd., specializing in mergers and acquisitions. Mr. Ng graduated from the National University of Singapore in 1991 with a Bachelor of Accountancy. He is a Chartered Accountant with the Institute of Singapore Chartered Accountants.

#### Family Relationships
Mr. Aloysius Chua Hao Peng is the nephew of Ms. Jee Wee Jene, our Non-Independent and Non-Executive Director who holds an interest of not less than 5% of the aggregate voting shares of our Company, and Dato Sri Chua Chwee Lee, who is also an executive director and controlling shareholder of MST SingCo and MST ListCo and holds an interest of not less than 5% of the aggregate voting shares of our Company. Mr. Aloysius Chua Hao Peng has been with us since 2021 and currently holds the position of CEO and executive director, where he reports to our Executive Chairman, Mr. Thng Chong Kim.

Ms. Jee Wee Jene is the spouse of Dato Sri Chua Chwee Lee.

#### Board of Directors
Our board of directors consists of eight directors, comprising two executive directors, two non-executive directors and four independent directors. A director is not required to hold any shares in our Company to qualify to serve as a director.

A director may attend a board meeting or sign a resolution in writing of all directors with respect to any contract or transaction in which he or she is interested. A director must promptly disclose the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into or are to enter into. A general notice or disclosure to the board or otherwise contained in the minutes of a meeting or a written resolution of the board or any committee of the board that a director is a shareholder, of any specified firm or company and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure. A director may be counted as part of the quorum upon a motion in respect of any contract or transaction which he shall make with our Company, or in which he is so interested but is not permitted to vote in respect of such proposed contract or transaction.

#### Committees of the Board of Directors
Our board of directors has established three committees, namely the audit and risk management committee, the nominating committee, and the remuneration committee. The members and functions of these committees are described as below:

***Audit and risk management committee.*** Our audit and risk management committee consists of Ms. Goh Yong Cheng, Mr. Ng Thiam Chye and Mr. Sonny Yuen. Mr. Sonny Yuen is the chairman of our audit and risk management committee. Each of those directors satisfies the "independence" requirements under Rule 5605(c)(2) of the Listing Rules of the Nasdaq Stock Market meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Ng Thiam Chye qualifies as an "audit committee financial expert." The audit and risk management committee is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assisting our board of directors in discharging its statutory responsibilities on financing and accounting matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing significant financial reporting issues and judgements to ensure the integrity of the financial statements and any formal announcements relating to our financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the scope and results of the audit and its cost effectiveness, and the independence and objectivity of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the internal and external auditor's audit plan and scope of work, their evaluation of our system of internal accounting controls, including financial, operational, compliance and information technology controls, audit reports, their management letters and our management's response, and the results of audits compiled by our internal and external auditors, and reviewing at regular intervals with the management, the implementation by us of the internal control recommendations made by our internal and external auditors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the periodic consolidated financial statements and any formal announcements relating to our financial performance before submission to our board of directors for approval, focusing in particular on changes in accounting policies and practices, major risk areas, significant adjustments arising from the audit, compliance with accounting standards, compliance with statutory and regulatory requirements, concerns and issues arising from their audits including any matters which the auditors may wish to discuss in the absence of our management, where necessary, before submission to our board of directors for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the key financial risk areas, the risk management structure and any oversight of the risk management process and activities to mitigate and manage risk at acceptable levels determined by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the statements to be included in the annual report concerning the adequacy and effectiveness of our risk management and internal controls systems, including financial, operational, compliance controls, and information technology controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving any interested person transactions above S$100,000 and monitoring the procedures established to regulate interested person transactions, including ensuring compliance with our internal control system and relevant provisions, as well as all conflicts of interests to ensure that proper measures to mitigate such conflicts of interests have been put in place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the scope and results of the internal audit procedures, and at least annually, the adequacy and effectiveness of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that the internal audit function has unfettered access to all our documents, records, properties and personnel and has appropriate standing within our Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the internal controls review report at least annually, to ensure that (i) all interested person transactions are carried out on an arm's length basis and in accordance with our guidelines and procedures; and (ii) all implementation measures proposed by us to address identified internal controls weaknesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the hiring, removal, evaluation and compensation of the head of the internal audit function, or the accounting/auditing firm or corporation to which the internal audit function is outsourced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy of the resources and bandwidth available to our finance function with regard to its ability to effectively handle and manage the financial reporting, budgeting and accounting functions, as we continue to scale our operations and grow our business footprint;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appraising and reporting to our board of directors on the audits undertaken by the external auditors and internal auditors and the adequacy of disclosure of information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to our board of directors on the proposals to shareholders on the appointment, reappointment and removal of the external auditor, and approving the remuneration and terms of engagement of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking such other reviews and projects as may be requested by our board of directors, and reporting to our board of directors our findings from time to time on matters arising and requiring the attention of our audit and risk management committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the assurance from our Executive Chairman and CEO and our CFO on our financial records and financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all hedging policies (if any) to be implemented by us and conduct periodic review of foreign exchange transactions and hedging policies and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the whistleblowing policy and procedures by which employees, contractors, customers, suppliers, and other stakeholders may, in confidence, report to our audit and risk management committee, concerns related to unethical, illegal or improper conduct within our Group, and to ensure that all concerns are taken seriously and addressed promptly, without fear of retaliation or adverse consequences for the whistleblower;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• where applicable, reviewing the cooperation given by our management to our internal and external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing transactions falling within the scope of relevant regulatory requirements, if any, and to the extent, commissioning independent valuation(s) in connection with any relevant proposed acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy of the guidelines and procedures implemented by our Group for ongoing and future interested person transactions, including adopting new guidelines and review procedures for future interested person transactions as may be appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking generally such other functions and duties as may be required by law or relevant regulatory requirements, and by amendments made thereto from time to time.

Apart from the duties listed above, our audit and risk management committee will ensure that arrangements are in place for employees to raise concerns, in confidence, about possible wrongdoing in financial reporting or other matters. Our audit and risk management committee will commission and review the findings of internal investigations into such matters or matters where there is any suspected fraud or irregularity, or failure of internal controls, or infringement of any law, rule or regulation which has or is likely to have a material impact on our operating results and financial position. Our audit and risk management committee will also ensure that the appropriate follow-up actions are taken.

***Nominating committee.*** Our nominating committee consists of Mr. Sean Lee, Mr. Ng Thiam Chye, Mr. Sonny Yuen, and Ms. Jee Wee Jene. Mr. Sean Lee is the chairman of our nominating committee. Each of those directors satisfies the "independence" requirements under Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The nominating committee is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to our board of directors on relevant matters relating to: (i) the review of board succession plans for directors, in particular, our Executive Chairman and CEO; (ii) the review of training and professional development programs for our board; and (iii) the appointment and reappointment of our directors (including alternate directors, if applicable), having regard to each director's contribution, performance and ability to commit sufficient time, resources and attention to the affairs of our Group, and each director's respective commitments outside our Group including his principal occupation and board representations on other companies, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that our directors submit themselves for re-nomination and re-election at least once every three years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and determining annually, and as and when circumstances require, if a director is independent, in accordance with the Singapore Code of Corporate Governance 2018, as amended, modified or supplemented from time to time, and any other salient factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the employment of related employees and the proposed terms (other than remuneration) of their employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing a process for assessment of our board's effectiveness as a whole and its committees, and for assessing the contribution of each director to the effectiveness of our board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the composition of our board of directors annually to ensure that our board of directors and our board committees comprise directors who as a group provide an appropriate balance and diversity of skills, expertise, gender and knowledge of our Company and provide core competencies such as accounting or finance, business or management experience, industry knowledge, strategic planning experience and customer-based experience and knowledge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining guidelines on the maximum number of directorships and principal commitments for any director, and where a director has multiple board representations, deciding whether the director is able to and has been adequately carrying out his duties as director, taking into consideration the director's number of listed company board representations and other principal commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking such other functions as may be required by law or the relevant regulatory requirements, and by such amendments made thereto from time to time.

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In addition, our nominating committee will make recommendations to our board of directors on the development of a process for evaluation and performance of our board, our board committees and our directors. In this regard, our nominating committee will decide how our board of directors' performance is to be evaluated and propose objective performance criteria which address how our board of directors has enhanced long-term shareholder value. Our nominating committee will also implement a process for assessing the effectiveness of our board of directors as a whole and our board committees and for assessing the contribution of our chairman and each individual director to the effectiveness of our board of directors. Our chairman will act on the results of the performance evaluation of our board of directors, and in consultation with our Nominating Committee, propose, where appropriate, new members to be appointed to our board of directors or seek the resignation of directors.

Each member of our nominating committee is required to abstain from voting, approving or making a recommendation on any resolutions of the nominating committee in which he has a conflict of interest in the subject matter under consideration.

***Remuneration committee.*** Our remuneration committee consists of Mr. Ng Thiam Chye, Mr. Sean Lee and Ms. Goh Yong Cheng. Mr. Ng Thiam Chye is the chairman of our remuneration committee. Each of those three directors satisfies the "independence" requirements of Rule 5605(a)(2) of the Listing Rules of the Nasdaq Stock Market. The remuneration committee is responsible for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to our board of directors, in consultation with our Executive Chairman, for endorsement, a comprehensive remuneration policy framework and guidelines for remuneration of our directors and other persons having authority and responsibility for planning, directing and controlling the activities of our Company, including our executive officers ("Key Management Personnel");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending to our board of directors, for endorsement, the specific remuneration packages for each of our directors and Key Management Personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the remuneration packages of related employees on an annual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the design of all share option plans, performance share plans and/or other equity-based plans and benefits-in-kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of service contracts and employment contracts, reviewing our Company's obligations arising in the event of termination of our Key Management Personnel's contracts of service, to ensure that such contracts of service contain fair and reasonable termination clauses which are not overly generous, with a view to being fair and avoiding the reward of poor performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving performance targets for assessing the performance of each of our Key Management Personnel and recommending such targets as well as employee-specific remuneration packages for each of such Key Management Personnel, for endorsement by our board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• undertaking such other functions as may be required by law or the relevant regulatory requirements, and by such amendments made thereto from time to time

Our remuneration committee also periodically considers and reviews our remuneration packages in order to maintain their attractiveness, to retain and motivate our directors to provide good stewardship of our Company and Key Management Personnel to successfully manage our Company, and to align the level and structure of remuneration with the long-term interests and risk policies of our Company.

If a member of our remuneration committee has an interest in a matter being reviewed or considered by our remuneration committee, he will abstain from voting on the matter.

**Duties of Directors**

Under Cayman Islands law, our directors owe fiduciary duties to the company, including a duty of loyalty, a duty to act honestly and a duty to act in what they consider in good faith to be in our best interests. Our directors must also exercise their powers only for a proper purpose. Our directors also have a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his duties a greater degree of skill than may reasonably be expected from a person of his knowledge and experience. However, English and Commonwealth

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courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands. In fulfilling their duty of care to us, our directors must ensure compliance with our Memorandum and Articles of Association, as amended and restated from time to time. Our company has the right to seek damages if a duty owed by our directors is breached. A shareholder may in certain limited exceptional circumstances have the right to seek damages in our name if a duty owed by the directors is breached.

Our board of directors has all the powers necessary for managing, and for directing and supervising, our business affairs. The functions and powers of our board of directors include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• convening shareholders' annual and extraordinary general meetings and reporting its work to shareholders at such meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• declaring dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing officers and determining the term of office and responsibilities of the officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising the borrowing powers of our company and mortgaging the property of our company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving the transfer of shares in our company, including the registration of such shares in our register of members.

#### Terms of Directors and Officers
Our directors may be appointed by a resolution of our board of directors, or by an ordinary resolution of our shareholders. The board may also appoint a director to fill a casual vacancy or as an additional director, provided that any director so appointed holds office only until the next annual general meeting and is then eligible for re-election. Except as otherwise required by applicable exchange rules, one-third of the directors (or the number nearest to but not less than one-third) retire by rotation at each annual general meeting, with those longest in office since their last re-election retiring first. A retiring director is eligible for re-election. If required by the rules of the designated stock exchange, all directors shall retire at least once every three years. A director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) dies or is found by our company to be or becomes of unsound mind, (iii) resigns his office by notice in writing to the company, (iv) without special leave of absence from our board, is absent from three consecutive board meetings and our directors resolve that such director's office be vacated; (v) is disqualified from acting as a director in any jurisdiction for reasons other than on technical grounds, or (vi) is removed from office by an ordinary resolution of our shareholders pursuant to our Memorandum and Articles of Association. Our officers are appointed by and serve at the discretion of the board of directors.

#### Service Agreements with Executive Officers
We have entered into service agreements with each of Mr. Thng Chong Kim, Mr. Aloysius Chua Hao Peng, and Mr. Chu Wee Liat for an initial term of three years each, commencing on April 1, 2025. During the initial term, the service agreements may be terminated by our Company upon giving the executive officer notice in writing of three months or by our Company paying the executive officer an amount equal to three months' salary in lieu of notice. Upon expiry of the initial term, the service agreement shall be automatically renewed on a yearly basis and may be terminated by either party upon giving to the other party notice in writing of six months if terminated by the executive officer or three months if terminated by our Company or by our Company paying the executive officer an amount equal to three months' salary in lieu of notice. Our Company may also terminate the employment of an executive officer immediately without prior notice or payment in lieu of notice if, in the reasonable opinion of the Board, any of the following has occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer is guilty of any gross negligence, gross default or grave misconduct in connection with or affecting our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer shall be guilty of conduct likely to bring himself or any of our members into disrepute or discredit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executive officer neglects or refuses, without reasonable cause, to attend to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executive officer misappropriates our assets;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the event of any serious or repeated breach or non-observance by the executive officer of his duties or any of the stipulations contained in the respective service agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer becomes bankrupt or has bankruptcy proceedings commenced against him whether in Singapore or elsewhere (and such proceedings are not withdrawn within 90 days from the date of commencement) or makes any composition or enters into any deed of arrangement with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executive officer shall cease to hold the office of director pursuant to our constitution, or is disqualified from holding the office of, or acting as, a director of any company, pursuant to any applicable laws or rules of any stock exchange, for whatever reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer shall become of unsound mind or is otherwise medically certified to be unfit to perform the duties of his position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer is a sanctioned subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the executive officer commits any breach of any code of conduct, rule or regulation under applicable laws as set forth by all relevant regulatory agencies, exchanges and self-regulatory bodies relevant to the executive officer and/or our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer commits any act of fraud, criminal breach of trust or dishonesty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the executive officer is convicted of any criminal offence (save an offence under road traffic legislation for which he is not sentenced to any term of immediate or suspended imprisonment) and sentenced to any term of immediate or suspended imprisonment.

Pursuant to the terms of the respective service agreements, each of our executive officers will receive a monthly remuneration of S$6,000. The executive officers are also entitled to an annual wage supplement of one month's basic salary per annum and a variable performance bonus ("Performance Bonus") in respect of each financial year commencing from FY2025 to be determined by the Remuneration Committee. All reasonable travelling, hotel, entertainment and such other out-of-pocket expenses incurred by the executive officers in the discharge of their duties will be reimbursed by our Company or arranged to be reimbursed by our another company based on our Company's policies from time to time. In addition, all reasonable medical expenses incurred by the executive officers will be reimbursed by our Company or arranged to be reimbursed by our another company in accordance with our Company's personnel policy. The executive officers are also entitled to all other remuneration and benefits generally available to the employees of our Company, or as the Board shall from time to time determine.

The Performance Bonus will be paid on a pro-rata basis based on the period of the executive officers' employment in that financial year, calculated based on our consolidated financial statements for the quarter year ending immediately prior to the last day of the executive officers' services under the respective service agreements. The executive officers will not be entitled to any Performance Bonus in any one financial year in the event of termination of such executive officer's service agreement pursuant to the termination clauses in the respective service agreements.

The remuneration of our executive officers is subject to annual review by our Remuneration Committee after our accounts for the immediate preceding financial year have been audited, in light of the executive officers' performance and prevailing economic conditions. The executive officers will abstain from voting in respect of any resolution or decision to be made by our Board in relation to the terms and renewal of such executive officer's service agreement.

#### Indemnity
Our Memorandum and Articles of Association provide that every director and officer (which for the avoidance of doubt, shall not include auditors of the Company), together with every former director and former officer shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own negligence, actual fraud, willful default, breach of duty or breach of trust. No said person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or willful default of such said person. No person shall be found to have committed negligence, actual fraud, willful default, breach of duty or breach of trust unless or until a court of competent jurisdiction shall have made a finding to that effect.

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#### Compensation of Directors and Executive Officers
For FY2025 and FY2024, we paid an aggregate of S$378,081 and S$72,610 in cash to our directors and executive officers.

The compensation in remuneration bands of S$250,000<sup>(1)</sup> paid to our directors and our executive officers for services rendered to us in all capacities, on an aggregate basis, during FY2025 and FY2024 (which includes benefits-in-kind, contributions to the CPF, directors' fees and bonuses) is as follows:

---

| | |
|:---|:---|
|  **Names** | **FY2024** |
|  *Directors* |  |
|  Mr. Thng Chong Kim<br> Band A | Band A |
|  Mr. Aloysius Chua Hao Peng<br> Band A | Band A |
|  Ms. Jee Wee Jene<br> Band A | Band A |
|  Professor Teng Jinghua<br> Band A |  |
|  Mr. Sonny Yuen<br> Band A |  |
|  Mr. Sean Lee<br> Band A |  |
|  Ms. Goh Yong Cheng<br> Band A |  |
|  Mr. Ng Thiam Chye<br> Band A |  |
|  *Executive officers (other than directors)* |  |
|  Mr. Chu Wee Liat<br> Band A |  |

---

____________

(1) Remuneration Band A: Compensation from S$0 to S$250,000 per annum.

Except as described in "— Service Agreements" above, as of the date of this prospectus, we do not have in place any formal bonus or profit-sharing plan or any other profit-linked agreement or arrangement with any of our employees and bonus is expected to be paid on a discretionary basis.

No remuneration was paid or is to be paid in the form of share options to any of our directors, executive officers or employees.

As of the date of this prospectus, other than the amounts set aside or accrued as required for compliance with the applicable laws of Singapore, no amounts have been set aside or accrued by us to provide for pension, retirement or similar benefits for any of our employees.

#### Equity Incentive Plans
We adopted the MetaOptics Employee Share Option Scheme 2026 (the "MetaOptics ESOS") and the MetaOptics Performance Share Plan 2026 (the "MetaOptics PSP") on April 10, 2026. The following summarizes the material terms of each of these equity incentive plans.

#### MetaOptics Employee Share Option Scheme 2026
*Rationale*

The MetaOptics ESOS was adopted on the basis that it is important to retain staff whose contributions are essential to the well-being and prosperity of the Group. The purpose of the MetaOptics ESOS is to provide an opportunity for directors and employees of the Group to participate in the equity of the Company so as to motivate them to greater dedication, loyalty and higher standards of performance, and to give recognition to those who have contributed to the success of the Company and the Group. The MetaOptics ESOS will also structure a competitive remuneration package, which is designed as an additional incentive tool to reward and retain employees, as well as to recognize their contribution to the Group.

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The MetaOptics ESOS will allow participants an opportunity to participate in the equity of the Company with a view to achieving the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to align the interests of the participants with those of our shareholders so as to motivate the participants to contribute towards the future growth and profitability of the Group, and hence increase shareholders' value in the longer term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to attract potential employees with relevant skills to contribute to the Group and to create value for our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to retain key employees of our Group whose contributions are essential to the long-term growth and profitability of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to promote greater dedication, long-term commitment, loyalty and a sense of identification with the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to motivate and incentivize participants to achieve performance targets, and to aspire towards higher standards of performance and efficiency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to promote cohesiveness and team spirit through common ownership of equity in the Company.

*Scheme Administration*

The MetaOptics ESOS shall be administered by the remuneration committee of our board of directors (the "Committee") in its absolute discretion with such powers and duties as are conferred on it by the board. A participant who is a member of the Committee shall not be involved in any deliberation or decision in respect of options to be granted to him or held by him including, if applicable, abstaining from voting as a member of the Committee when the grant of options to him is being considered.

The Committee shall have the power, from time to time, to make and vary such arrangements, guidelines and/or regulations (not being inconsistent with the MetaOptics ESOS) for the implementation and administration of the MetaOptics ESOS, to give effect to the provisions of the MetaOptics ESOS and/or to enhance the benefit of the options and the shares to the participants, as the Committee may, in its absolute discretion, think fit.

*Eligibility*

The following persons are eligible to participate in the MetaOptics ESOS at the absolute discretion of the Committee, provided that each such person has attained the age of twenty-one years and is not an undischarged bankrupt and has not entered into a composition with his/her creditors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees (including executive directors) of the Company and any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-executive directors (including independent directors) of the Company and any of its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling shareholders and their associates (as such terms are defined in the MetaOptics ESOS),

who, in the opinion of the Committee, have contributed or will contribute to the success of the Group.

Persons who are controlling shareholders and their associates who satisfy the criteria set out in the MetaOptics ESOS shall be eligible to participate in the MetaOptics ESOS, at the absolute discretion of the Committee, provided that, among other things, (i) written justification has been provided to shareholders (i.e., a circular, letter or notice proposing such a resolution with a clear rationale for the number and terms (including exercise price) of the options to be granted) for such person's participation at the introduction of the MetaOptics ESOS or prior to the first grant of options to him; and (ii) his participation and the actual number and terms of any options to be granted to him have been specifically approved by independent shareholders in a general meeting in separate resolutions for each such person. However, it will not be necessary to obtain the approval of the independent shareholders for the participation in MetaOptics ESOS of a controlling shareholder or his associate who is, at the relevant time, already a participant.

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*Size*

The aggregate number of shares over which options may be granted under the MetaOptics ESOS on any date, when added to the aggregate number of shares in respect of all options or awards granted under the MetaOptics ESOS and any other share-based incentive schemes of the Company, will not exceed 15% of the total number of all issued shares (excluding treasury shares and subsidiary holdings) on the day preceding the date of grant of an option.

The aggregate number of shares which may be issued or transferred pursuant to options granted under the MetaOptics ESOS to all participants who are controlling shareholders and their associates shall not exceed 25% of the shares available under the MetaOptics ESOS and such other share-based incentive schemes of the Company. The aggregate number of shares which may be issued or transferred pursuant to options granted under the MetaOptics ESOS to each participant who is a controlling shareholder or his associate shall not exceed 10% of the shares available under the MetaOptics ESOS and such other share-based incentive schemes of the Company.

The number of shares in respect of which options may be offered to any participant for subscription in accordance with the MetaOptics ESOS shall be determined at the absolute discretion of the Committee, which may take into account (where applicable) criteria such as designation, responsibilities, past performance, number of years of service, contributions to the Group and potential for future development of such person.

*Duration*

The MetaOptics ESOS will continue to be in force at the discretion of the Committee, subject to a maximum period of ten years commencing on the date on which the MetaOptics ESOS is adopted by the Company in a general meeting, provided always that the MetaOptics ESOS may continue beyond the above stipulated period with the approval of the shareholders by ordinary resolution in general meeting and of any relevant authorities which may then be required.

The MetaOptics ESOS may be terminated at any time by the Committee at its discretion, or by resolution of the Company in general meeting, subject to all relevant approvals which may be required and if the MetaOptics ESOS is so terminated, no further Options shall be offered by the Company hereunder.

*Grant of options*

The Committee may grant options at any time during the period when the MetaOptics ESOS is in force, provided that (i) no option shall be granted during the period commencing one month before the announcement of the Company's half year and full year financial statements (or such relevant period as prescribed under the Catalist Rules) and (ii) in the event that an announcement on any matter of an exceptional nature involving unpublished price sensitive information is made, options may only be granted on or after the second market day from the date on which such announcement is released.

*Acceptance of options*

The grant of options should be accepted by the grantee within 30 days from the date of grant of that option. Upon acceptance of the offer, the grantee must pay the Company a consideration of S$1.00.

The grant of an option, if not accepted in the manner as provided in the MetaOptics ESOS, shall, upon the expiry of the 30-day period, automatically lapse and become null, void and of no effect.

*Exercise period*

Subject as provided in the MetaOptics ESOS and any other conditions as may be introduced by the Committee from time to time, a market price option or an incentive option, as the case may be, will be exercisable, in whole or in part, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a market price option, during the period commencing after the first anniversary of the date of grant and expiring on the tenth anniversary of such date of grant (or such other shorter period if so determined by the Committee); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of an incentive option, during the period commencing after the second anniversary of the date of grant and expiring on the tenth anniversary of such date of grant (or such other shorter period if so determined by the Committee).

*Exercise price*

Subject to any adjustment under the MetaOptics ESOS, the exercise price for each share in respect of which an option is exercisable will be determined by the Committee, in its absolute discretion, on the date of grant, at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a price equal to the market price (as defined in the MetaOptics ESOS); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a price which is set at a discount to the market price, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the maximum discount will not exceed 20% of the market price (or such other percentage or amount as may be determined by the Committee and permitted by the SGX-ST); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the shareholders in general meeting have authorized, in a separate resolution, the making of offers and grants of options under the MetaOptics ESOS at a discount not exceeding the maximum discount as aforesaid.

*Exercise of options*

Subject to the Catalist Rules and prevailing legislation, the Company will have the flexibility to deliver shares to participants upon exercise of their options by way of either (i) an allotment of new shares; and/or (ii) a transfer of existing shares, including any shares held by the Company in treasury.

*Adjustment events*

If a variation in the issued ordinary share capital of the Company (whether by way of rights issue, capitalization of profits or reserves, reduction of capital, subdivision, consolidation or distribution of shares or otherwise) shall take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the exercise price of the shares, the class and/or number of shares comprised in an option to the extent unexercised; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the class and/or number of shares over which additional options may be granted under the MetaOptics ESOS,

shall be adjusted in such manner as the Committee may deem appropriate to give such participant the same proportion of the equity capital of the Company as that to which he was previously entitled, subject to the rules of the MetaOptics ESOS.

*Modifications*

The Committee may at any time by resolution (and without other formality, save for the prior approval of the SGX-ST if required) amend or alter the MetaOptics ESOS to the extent necessary or desirable, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no modification or alteration shall alter adversely the rights attaching to any option granted prior to such modification or alteration except when the consent in writing of such number of participants who, if they exercised their options in full, would thereby become entitled to not less than three-quarters in number of all the shares which would fall to be allotted upon exercise in full of all outstanding options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any modification or alteration to the advantage of participants under the MetaOptics ESOS shall be subject to shareholders' approval in general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no modification or alteration will be made without the prior approval of the SGX-ST and such other regulatory authorities as may be necessary, and any modification or alteration shall comply with the Catalist Rules.

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#### MetaOptics Performance Share Plan 2026
*Rationale*

The MetaOptics PSP contemplates the award of fully-paid shares to participants based on certain pre-determined benchmarks set by the Committee during the duration of the MetaOptics PSP. The Company believes that the MetaOptics PSP will be more effective and rewarding than solely cash bonus payments in motivating employees to work towards pre-determined Company goals.

The MetaOptics PSP is based on the principle of pay-for-performance and is designed to enable the Company to reward, retain and motivate employees to achieve superior performance. The purpose of adopting the MetaOptics PSP is to give the Company greater flexibility to align the interests of employees with the interests of Shareholders. The MetaOptics PSP enables the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide an opportunity for participants to participate in the equity of the Company, thereby inculcating a stronger sense of identification with the long-term prosperity of the Group and promoting organizational commitment, dedication and loyalty of participants towards the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foster an ownership culture within the Group which aligns the interests of participants with the interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• motivate participants to strive towards performance excellence and to maintain a high level of contribution to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• give recognition to contributions made or to be made by participants by introducing a variable component into their remuneration package; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make employee remuneration sufficiently competitive to recruit and retain staff whose contributions are important to the long-term growth and profitability of the Group.

The MetaOptics PSP will also provide the participants who have contributed to the success and development of the Group with an opportunity to participate in the equity of the Company and to motivate them towards better performance through dedication and loyalty. The MetaOptics PSP, which forms an integral and important component of a compensation plan, is designed to reward and retain the Group employees whose continuous relentless services have contributed to the well-being and success of the Group.

*Scheme Administration*

The MetaOptics PSP shall be administered by the Committee in its absolute discretion with such powers and duties as are conferred on it by the board of directors. A participant who is a member of the Committee shall not participate in any deliberation or decision in respect of awards to be granted to him or held by him.

The Committee shall have the power, from time to time, to make and vary such arrangements, guidelines and/or regulations (not being inconsistent with the MetaOptics PSP) for the implementation and administration of the MetaOptics PSP, to give effect to the provisions of the MetaOptics PSP and/or to enhance the benefit of the awards and the released awards to the participants, as it may, in its absolute discretion, think fit.

*Eligibility*

The following persons are eligible to participate in the MetaOptics PSP at the absolute discretion of the Committee, provided that, as at the award date, such person has attained the age of 21 years and is not an undischarged bankrupt and has not entered into a composition with his/her creditors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employees (including executive directors) of the Company and any of its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-executive directors (including independent directors) of the Company and any of its subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• controlling shareholders and their associates (as such terms are defined in the MetaOptics PSP),

who, in the opinion of the Committee, have contributed or will contribute to the success of the Group.

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Persons who are controlling shareholders and their associates who satisfy the criteria set out in the MetaOptics PSP shall be eligible to participate in the MetaOptics PSP, at the absolute discretion of the Committee, provided that, among other things, (i) written justification has been provided to shareholders for such person's participation at the introduction of the MetaOptics PSP or prior to the first grant of options to him; and (ii) his participation and the actual number and terms of any options to be granted to him have been specifically approved by independent shareholders in a general meeting in separate resolutions for each such person. However, it will not be necessary to obtain the approval of the independent shareholders for participation in the MetaOptics PSP of a controlling shareholder or his associate who is, at the relevant time, already a participant.

*Size*

The aggregate number of shares which may be issued or transferred pursuant to awards granted under the MetaOptics PSP on any date, when added to the aggregate number of shares issued and issuable and/or transferred and transferrable in respect of all awards granted under the MetaOptics PSP and any other share-based incentive schemes of the Company and for the time being in force, will not exceed 15% of the total number of issued shares (excluding treasury shares and subsidiary holdings) on the day preceding that date.

The aggregate number of shares which may be issued or transferred pursuant to awards under the MetaOptics PSP to participants who are controlling shareholders and their associates shall not exceed 25% of the shares available under the MetaOptics PSP and such other share-based incentive schemes of the Company. The aggregate number of shares which may be issued or transferred pursuant to awards under the MetaOptics PSP to each participant who is a controlling shareholder or his associate shall not exceed 10% of the shares available under the MetaOptics PSP and such other share-based incentive schemes of the Company.

The number of shares in respect of which awards may be offered to any participant for subscription in accordance with the MetaOptics PSP shall be determined at the absolute discretion of the Committee, which may take into account (where applicable) criteria such as designation, responsibilities, past performance, number of years of service, contributions to the Group and potential for future development of such person.

*Duration*

The MetaOptics PSP shall continue to be in force at the discretion of the Committee, subject to a maximum period of ten years commencing on the date on which the MetaOptics PSP is adopted by the Company in a general meeting, provided always that the MetaOptics PSP may continue beyond the above stipulated period with the approval of the shareholders by ordinary resolution in general meeting and of any relevant authorities which may then be required.

The MetaOptics PSP may be terminated at any time at the discretion of the Committee, or by an ordinary resolution of the Company in general meeting, subject to all other relevant approvals which may be required and if the MetaOptics PSP is so terminated, no further awards shall be granted by the Committee hereunder.

*Grant of awards*

Awards represent the right conferred by the Company on a participant to be issued or transferred shares in the Company, free of charge, in accordance with the MetaOptics PSP, provided that certain prescribed performance condition(s) (if any) are met and upon expiry of the prescribed performance period.

The Committee may grant awards to eligible employees (including executive directors), non-executive directors (including independent directors), controlling shareholders and their associates, and in each case, as the Committee may select in its absolute discretion, at any time during the period when the MetaOptics PSP is in force, provided that (i) no award shall be granted during the period commencing one month before the announcement of the Company's half year and full year financial statements (or such relevant period as prescribed under the Catalist Rules) and (ii) in the event that an announcement on any matter involving unpublished price sensitive information is made, awards may only be granted on or after the second market day from the date on which the aforesaid announcement is made.

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The number of shares in respect of which awards may be offered to any participant for subscription in accordance with the MetaOptics PSP shall be determined at the absolute discretion of the Committee, which may take into account (where applicable) criteria such as designation, responsibilities, past performance, number of years of service, contributions to the Group and potential for future development of such person.

The Committee shall decide, in its absolute discretion, in relation to each award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the award date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of shares which are the subject of the award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the performance condition(s) and the performance period during which such performance condition(s) are to be satisfied, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the vesting date of such award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other condition which the Committee may determine in relation to that award, provided that the requirements under the Catalist Rules and any other regulations or requirements of the SGX-ST from time to time are complied with.

*Acceptance of options*

The grant of an award to a participant shall be accepted by the participant within 15 days from the award date. The participant may accept or refuse the whole but not part of the award offered. The Committee shall within 15 days of receipt of the acceptance, acknowledge the receipt thereof.

If the grant of an award is not accepted by the participant within 15 days from the award date, the award offered shall, upon the expiry of the 15-day period, automatically lapse and shall forthwith become void and cease to have effect.

*Release of awards*

Subject to the prevailing legislation, the Catalist Rules and the Memorandum and Articles of Association, the Company will have the flexibility to deliver shares to participants upon vesting of their awards by way of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an allotment and issue of new shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transfer of existing shares to the participant, whether such existing shares are purchased or acquired pursuant to a share buy back mandate granted by shareholders (including any renewal of such mandate) or (to the extent permitted by law) held as treasury shares.

*Shares*

New shares allotted and issued, and existing shares procured by the Company for transfer, to a participant on the release of an award shall (a) be subject to all the provisions of the Memorandum and Articles of Association; and (b) rank for any dividend, right, allotment or other distribution on the record date of which is on or after the relevant vesting date and (subject as aforesaid) will rank pari passu in all respects with the shares then existing.

Shares which are allotted and issued or transferred to a participant pursuant to the release of an award shall not be transferred, charged, assigned, pledged or otherwise disposed of or encumbered, in whole or in part, during the retention period, except to the extent set out in the award letter or with the prior approval of the Committee. The Company may take steps that it considers necessary or appropriate to enforce or give effect to this disposal restriction including specifying in the award letter the conditions which are to be attached to an award for the purpose of enforcing this disposal restriction.

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*Adjustment events*

If a variation in the issued share capital of the Company (whether by way of a capitalization of profits or reserves or rights issue, reduction of capital, subdivision, consolidation, distribution or otherwise) shall take place, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the class and/or number of shares which are the subject of an award to the extent not yet vested; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the class and/or number of shares in respect of which future awards may be granted under the MetaOptics PSP,

shall be adjusted in such manner as the Committee may determine to be appropriate, provided that no adjustment shall be made if as a result, the participant receives a benefit that a shareholder does not receive.

*Modifications*

Any or all the provisions of the MetaOptics PSP may be modified and/or altered at any time and from time to time by a resolution of our board of directors, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no modification or alteration shall be made which would adversely affect the rights attached to any award granted prior to such modification or alteration except with the prior consent in writing of such number of participants who, if their awards were released to them upon the performance conditions for their awards being satisfied in full, would become entitled to not less than 75% of the aggregate number of the shares which would fall to be vested upon release of all outstanding awards upon the performance conditions for all outstanding awards being satisfied in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any modifications or alterations which would be to the advantage of participants under the MetaOptics PSP shall be subject to prior approval of the shareholders in general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no modification or alteration shall be made without the prior approval of the SGX-ST and such other regulatory authorities as may be necessary.

#### Foreign Private Issuer Exemption
We are a "foreign private issuer" within the meaning of the rules under the Exchange Act. As a result, in accordance with the rules and regulations of Nasdaq, we may choose to comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. We may choose to take advantage of the following exemptions afforded to foreign private issuers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from filing quarterly reports on Form 10-Q, from filing proxy solicitation materials on Schedule 14A or 14C in connection with annual or special meetings of shareholders, from providing current reports on Form 8-K disclosing significant events within four days of their occurrence, and from the disclosure requirements of Regulation FD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from Section 16 reporting rules regarding sales of ordinary shares by holders of more than 10% of our shares reporting, which will provide less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from rules imposing liability under Section 16 of the Exchange Act for insiders and holders of more than 10% of our shares who profit from trades made in a short period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the Nasdaq rules applicable to domestic issuers requiring disclosure within four business days of any determination to grant a waiver of the code of business conduct and ethics to directors and officers. Although we will require board approval of any such waiver, we may choose not to disclose the waiver in the manner set forth in the Nasdaq rules, as permitted by the foreign private issuer exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirement that our board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exemption from the requirements that director nominees are selected, or recommended for selection by our board of directors, either by (i) independent directors constituting a majority of our board of directors' independent directors in a vote in which only independent directors participate, or (ii) a committee comprised solely of independent directors, and that a formal written charter or board resolution, as applicable, addressing the nominations process is adopted.

Furthermore, Nasdaq Rule 5615(a)(3) provides that a foreign private issuer, such as us, may rely on our home country corporate governance practices in lieu of certain of the rules in the Nasdaq Rule 5600 Series and Rule 5250(d), provided that we nevertheless comply with Nasdaq's Notification of Noncompliance requirement (Rule 5625), the Voting Rights requirement (Rule 5640) and that we have an audit committee that satisfies Rule 5605(c)(3), consisting of committee members that meet the independence requirements of Rule 5605(c)(2)(A)(ii). If we rely on our home country corporate governance practices in lieu of certain of the rules of Nasdaq, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq. If we choose to do so, we may utilize these exemptions for as long as we continue to qualify as a foreign private issuer.

Although we are permitted to follow certain corporate governance rules that conform to Cayman Islands requirements in lieu of many of the Nasdaq corporate governance rules, we intend to comply with the Nasdaq corporate governance rules applicable to foreign private issuers, including the requirement to hold annual general meetings of shareholders.

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#### PRINCIPAL SHAREHOLDERS
Except as specifically noted, the following table sets forth information with respect to the beneficial ownership of our ordinary shares as of the date of this prospectus by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and executive officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our principal shareholders who beneficially own 5% or more of our total outstanding ordinary shares.

The calculations in the table below are based on 242,648,260 ordinary shares issued and outstanding as of the date of this prospectus, and ordinary shares issued and outstanding immediately after the completion of this offering. All of our issued and outstanding shares are fully paid.

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. In computing the number of ordinary shares beneficially owned by a person and the percentage ownership of that person, we have included ordinary shares that the person has the right to acquire within 60 days, including through the exercise of any option, warrant or other right or the conversion of any other security. These shares, however, are not included in the computation of the percentage ownership of any other person.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary shares beneficially <br>owned prior to this offering** | **Ordinary shares beneficially <br>owned prior to this offering** | **Ordinary shares beneficially <br>owned after this offering<sup>(2)</sup>** | **Ordinary shares beneficially <br>owned after this offering<sup>(2)</sup>** |
|  | **Number** | **%** | **Number** | **%** |
|  **Directors and executive officers**<sup>(1)</sup>**:** |  |  |  |  |
|  Mr. Thng Chong Kim<sup>(3)</sup> | 55204800 | 22.8 |  |  |
|  Mr. Aloysius Chua Hao Peng | 1352000 | 0.6 |  |  |
|  Mr. Chu Wee Liat |  |  |  |  |
|  Ms. Jee Wee Jene<sup>(4)</sup> | 30489200 | 12.6 |  |  |
|  Professor Teng Jinghua |  |  |  |  |
|  Mr. Sonny Yuen |  |  |  |  |
|  Mr. Sean Lee |  |  |  |  |
|  Ms. Goh Yong Cheng |  |  |  |  |
|  Mr. Ng Thiam Chye |  |  |  |  |
|  All directors and executive officers as a group | 87046000 | 35.9 |  |  |
|  **Principal shareholders:** |  |  |  |  |
|  Angelling Capital Holdings Limited<sup>(3)</sup> | 55204800 | 22.8 |  |  |
|  MST SingCo<sup>(4)</sup> | 30489200 | 12.6 |  |  |
|  MMI Holdings Limited<sup>(5)</sup> | 24429600 | 10.1 |  |  |
|  Aquaspring Group Limited<sup>(6)</sup> | 20193200 | 8.3 |  |  |
|  Origgin Ventures Pte. Ltd.<sup>(7)</sup> | 14946800 | 6.2 |  |  |

---

____________

(1) Except as indicated otherwise below, the business address of our directors and executive officers is 81 Ayer Rajah Crescent, #01-45, Singapore 139967.

(2) Assuming ordinary shares are issued in this offering, not including ordinary shares underlying the underwriters' over-allotment option and ordinary shares underlying the representatives' warrants (or ordinary shares underlying the representatives' warrants if the underwriters' exercise their over-allotment option in full).

(3) Mr. Thng Chong Kim, our Executive Chairman, is deemed interested in 55,204,800 ordinary shares in the issued and paid-up share capital of our Company, representing 22.8% of the issued share capital of our Company immediately prior to this offering and % of the issued share capital of our Company immediately after this offering, by virtue of his entire shareholdings in Angelling Capital Holdings Limited as of the date of this prospectus. Mr. Thng Chong Kim is a non-executive director of MST ListCo.

(4) Our Non-Independent and Non-Executive Director, Ms. Jee Wee Jene is a director of MST SingCo and an executive director of MST ListCo. She currently holds 25,780,479 shares representing 17.2% in the issued share capital of MST ListCo. Dato Sri Chua Chwee Lee and Ms. Jee Wee Jene are spouses. Ms. Jee Wee Jene is deemed to be interested in approximately 53.1% of the shareholding interest in MST ListCo, taking into account her personal beneficial ownership, the interests of her spouse, and the interests held through a corporation controlled by her. Consequently, she is deemed interested in the 12.6% shareholding interest in the capital of our Company held by MST SingCo, which is a wholly-owned subsidiary of MST ListCo.

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(5) MMI Holdings Limited is a company incorporated in Singapore. To our knowledge, MMI International Ltd directly holds 100% of the issued share capital of MMI Holdings. MMI International Ltd is wholly owned by Precision Capital Pte Ltd, which is majority owned by Precision Capital Holdings Limited, which is in turn wholly owned by KKR MMI Holdings GP Limited. KKR & Co. Inc. (NYSE: KKR) (as ultimate parent company of KKR MMI Holdings GP Limited), KKR MMI Holdings GP Limited, Precision Capital Holdings Limited, Precision Capital Pte Ltd, and MMI International Ltd may also be deemed to be the beneficial owners having shared voting and dispositive power over the ordinary shares of our Company held by MMI Holdings Limited.

(6) Mr. Lin Shui-Ching holds 100% of the entire issued share capital of Aquaspring Group Limited and has voting and dispositive power over the ordinary shares of our Company held by Aquaspring Group Limited.

(7) Mr. Tan Kum Wah Clarence holds approximately 76% of the issued shares of Origgin Ventures Pte. Ltd. and has voting and dispositive power over the ordinary shares of our Company held by Origgin Ventures Pte. Ltd.

As of April 30, 2026, to the best of our knowledge, none of the holders of record of our ordinary shares are held by record holders in the United States.

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#### RELATED PARTY TRANSACTIONS

#### Employment Agreements
See "Management — Service Agreements with Executive Officers."

#### Amount Due to A Shareholder
MetaOptics Technologies and MST SingCo (each as licensee) entered into the 2021 License Agreement with Accelerate Technologies (as licensor) on December 10, 2021, pursuant to which Accelerate Technologies granted MetaOptics Technologies and MST SingCo the rights to, amongst others, use Accelerate Technologies' technologies and intellectual property rights to develop enhancements on and to commercialize Accelerate Technologies' 2021 Technology and the 2021 Licensed Products. As payment of the license fee, MST SingCo shall issue and allot its ordinary shares to Accelerate Technologies, representing approximately 5% of the then total issued share capital of MST SingCo.

On October 14, 2022, MST SingCo and Accelerate Technologies entered into a subscription agreement pursuant to which Accelerate Technologies subscribed for, and MST SingCo issued and allotted to Accelerate Technologies, 272,462 ordinary shares in MST SingCo at an aggregate consideration of S$2,880,000. The consideration payable by Accelerate Technologies to MST SingCo for the share subscription was settled in full by offsetting the license fee of S$2,880,000 payable by MST SingCo to Accelerate Technologies pursuant to the 2021 License Agreement. The technologies and intellectual property rights licensed under the 2021 License Agreement are related to the optics business and are solely used by Metaoptics Technologies for its continual business development. Hence, MST SingCo recognized an amount of S$2,880,000 due from MetaOptics Technologies for its use of the intellectual property rights under the 2021 License Agreement, which had been paid by MST SingCo to Accelerate Technologies through the allotment and issuance of its shares as described above.

MST SingCo has issued the MST SingCo Non-Demand Letter to us stating it has no intention to demand immediate repayment of the aforementioned amount until June 30, 2026. Subsequently, MetaOptics Technologies sent to MST SingCo the MOT to MST SingCo Acknowledgement Letter reflecting an updated repayment arrangement between the parties, which provides and acknowledges that the amount of S$2,880,000, which is non-interest-bearing, and that such amount is expected to be repaid by MetaOptics Technologies to MST SingCo from 2027 onwards and by no later than 2029, or any such time as mutually agreed by MST SingCo and MetaOptics Technologies, with the first payment in 2027 being S$250,000, the second payment in 2028 being S$630,000 and the remaining S$2,000,000 in 2029. While MST SingCo has not executed any written agreement of the terms set out in the MOT to MST SingCo Acknowledgement Letter, MST SingCo has acknowledged and confirmed that it has no intention to call for early repayment of any amount prior to 2027. Thereafter, Dato Sri Chua Chwee Lee and Jee Wee Jene, who are executive directors of MST ListCo and together are controlling shareholders of MST ListCo and, indirectly of MST SingCo, each provided an irrevocable undertaking to MetaOptics Technologies that he or she will use best efforts to procure that MST SingCo shall abide by, comply with and act in accordance with the intentions and understandings of the parties reflected in the MST SingCo Non-Demand Letter and the MOT to MST SingCo Acknowledgement Letter. Each irrevocable undertaking is evidenced by a deed governed by the laws of Singapore and executed by Dato Sri Chua Chwee Lee and Jee Wee Jene, respectively, and, as such, we will not have any repayment obligations to MST SingCo prior to 2027.

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#### DESCRIPTION OF SHARE CAPITAL
Our Company was incorporated in the Cayman Islands on March 21, 2025 under the Companies Act as an exempted company under the name "METAOPTICS INC." Effective June 27, 2025, we changed our name to "MetaOptics Ltd"

As of the date of this prospectus, our authorized share capital is S$50,000 divided into 200,000,000,000 ordinary shares of a par value of S$0.00000025 each as authorized by shareholders' resolutions dated June 27, 2025. As of the date of this prospectus, there are 242,648,260 ordinary shares issued and outstanding. All of our issued and outstanding shares are fully paid. Immediately upon the completion of this offering, there will be ordinary shares issued and outstanding, assuming the underwriters do not exercise their option to purchase additional ADSs.

We adopted the Memorandum and Articles of Association, which became effective on April 10, 2026. The following are summaries of material provisions of our Memorandum and Articles of Association and the Companies Act insofar as they relate to the material terms of our ordinary shares that we expect will become effective upon the completion of this offering.

#### Ordinary Shares
***General.*** All of our outstanding ordinary shares are fully paid and non-assessable. Certificates representing the ordinary shares are issued in registered form. Our shareholders who are nonresidents of the Cayman Islands may freely hold and vote their shares.

***Dividends.*** The holders of our ordinary shares are entitled to such dividends as may be declared by our board of directors subject to the Companies Act and to our Memorandum and Articles of Association. Under the laws of the Cayman Islands, our company may pay a dividend out of either profit or share premium account, provided that in no circumstances may a dividend be paid if this would result in our company being unable to pay its debts as they fall due in the ordinary course of business.

***Voting Rights.*** Each ordinary share is entitled to one vote on all matters upon which the holders of ordinary shares are entitled to vote. At any general meeting a resolution put to the vote of the meeting shall be decided on a poll.

A quorum required for a meeting of shareholders consists of one or more shareholders holding in aggregate not less than one-third of the total number of issued and outstanding ordinary shares present in person or by proxy or, if a corporation or other non-natural person, by its duly authorized representative. An annual general meeting shall be held in each year. Extraordinary general meetings may be held at such times as may be determined by our board of directors and may be convened by a majority of our board of directors or the chairman of the board on its/his own initiative or upon a request to the directors by shareholders holding in the aggregate not less than ten percent of the total number of paid-up shares which as at that date carry the right to vote at general meetings of the Company. Advance notice of at least 14 clear days is required for the convening of our annual general meeting and other shareholders' meetings.

An ordinary resolution to be passed by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares cast in a general meeting, while a special resolution requires the affirmative vote of no less than three-quarters of the votes attaching to the ordinary shares cast in a general meeting. A special resolution is required for important matters such as a change of name. Holders of the ordinary shares may effect certain changes by ordinary resolution, including increasing the amount of our authorized share capital, consolidating and dividing all or any of our share capital into shares of larger amount than our existing share capital, and cancelling any unissued shares.

***Transfer of Shares.*** Subject to any applicable restrictions set forth in our Memorandum and Articles of Association, including, for example, the board of directors' discretion to refuse to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve, or any share issued under share incentive plans for employees upon which a restriction on transfer imposed thereby still subsists, any of our shareholders may transfer all or any of his or her shares by an instrument of transfer in the usual or common form or in a form prescribed by the Nasdaq Global Market or in another form that our directors may approve.

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Our directors may decline to register any transfer of any share which is not paid up or on which we have a lien. Our directors may also decline to register any transfer of any share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such fee not exceeding S$2 as the directors may from time to time require, is paid to the Company in respect thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the shares in question were issued in conjunction with rights, options, warrants or units issued pursuant to the second amended and restated memorandum and articles of association on terms that one cannot be transferred without the other, evidence satisfactory to the directors of the like transfer of such right, option, warrant or unit is provided to the directors.

***Liquidation.*** Subject to any future shares which are issued with specific rights, (i) if we are wound up and the assets available for distribution among our shareholders are more than sufficient to repay the whole of the capital paid up at the commencement of the winding up, the excess shall be distributed pari passu among those shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, respectively, and (ii) if we are wound up and the assets available for distribution among the shareholders as such are insufficient to repay the whole of the paid-up capital, those assets shall be distributed so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, respectively.

If we are wound up (whether the liquidation is voluntary or by the court), the liquidator may with the sanction of our special resolution and any other sanction required by the Companies Act, divide among our shareholders in specie or kind the whole or any part of our assets (whether or not they shall consist of property of the same kind) and may, for such purpose, set such value as the liquidator deems fair upon any property to be divided and may determine how such division shall be carried out as between the shareholders or different classes of shareholders.

The liquidator may also vest the whole or any part of these assets in trustees upon such trusts for the benefit of the shareholders as the liquidator shall think fit, but so that no shareholder will be compelled to accept any assets, shares or other securities upon which there is a liability.

***Calls on Ordinary Shares and Forfeiture of Ordinary Shares.*** Subject to our Memorandum and Articles of Association and to the terms of allotment our board of directors may from time to time make calls upon shareholders for any amounts unpaid on their ordinary shares in a notice served to such shareholders at least 14 clear days prior to the specified time of payment.

The ordinary shares that have been called upon and remain unpaid are subject to forfeiture.

Our directors may only exercise this power on our behalf, subject to the Companies Act, our Memorandum and Articles of Association and to any applicable requirements imposed from time to time by the Nasdaq, the Securities and Exchange Commission, or by any other recognized stock exchange on which our securities are listed.

Under the Companies Act, the redemption or repurchase of any share may be paid out of our company's profits or out of the proceeds of a fresh issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share premium account and capital redemption reserve) if the company can, immediately following such payment, pay its debts as they fall due in the ordinary course of business. In addition, under the Companies Act no such share may be redeemed or repurchased (i) unless it is fully paid up, (ii) if such redemption or repurchase would result in there being no shares outstanding, or (iii) if the company has commenced liquidation. In addition, our company may accept the surrender of any fully paid share for no consideration.

***Variations of Rights of Shares.*** If at any time, our share capital is divided into different classes of shares, all or any of the special rights attached to any class of shares may be varied without the consent of the holders of the issued shares of that class where such variation is considered by the directors not to disparately reduce or restrict or otherwise have a material adverse effect upon such rights. For the avoidance of doubt, the directors reserve the right, notwithstanding that any such variation may not disparately reduce or restrict or otherwise have a material adverse effect on such rights, to obtain the sanction of an Ordinary Resolution from the holders of shares of the relevant class at a separate meeting of such class held for such purpose. The necessary quorum of such class meeting shall be one person holding or representing by proxy at least one-third of the issued shares of the class and that any holder of shares of the class present may demand a poll.

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The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking *pari passu* with such existing class of shares.

***Inspection of Books and Records.*** Holders of our ordinary shares have no general right under Cayman Islands law to inspect or obtain copies of our list of shareholders or our corporate records (other than copies of our memorandum and articles of association, our register of mortgage and charges and any special resolutions passed by our shareholders). Under Cayman Islands law, the names of our current directors can be obtained from a search conducted at the Registrar of Companies. However, we will provide our shareholders with annual audited financial statements. See "Where You Can Find Additional Information."

***Issuance of Additional Shares.*** Our Memorandum and Articles of Association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares.

Subject to such limitation thereof as may be prescribed by the Nasdaq or the SGX-ST, our Memorandum and Articles of Association also authorize our board of directors to establish from time to time one or more series of preference shares and to determine, with respect to any series of preference shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the dividend rights, dividend rates, conversion rights, voting rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights and terms of redemption and liquidation preferences.

Our board of directors may issue preference shares without action by our shareholders to the extent authorized but unissued. Issuance of these shares may dilute the voting power of holders of ordinary shares.

***Anti***-Takeover ***Provisions.*** Some provisions of our Memorandum and Articles of Association may discourage, delay or prevent a change of control of our company or management that shareholders may consider favorable, including provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorize our board of directors to issue preference shares in one or more series and to designate the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by our shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limit the ability of shareholders to requisition and convene general meetings of shareholders.

However, under Cayman Islands law, our directors may only exercise the rights and powers granted to them under our Memorandum and Articles of Association for a proper purpose and for what they believe in good faith to be in the best interests of our company.

#### Register of Members
In accordance with Section 48 of the Companies Act, the register of members is prima facie evidence of the registered holders or members of shares of a company. Therefore, a person becomes a registered holder or member of shares of the company only upon entry being made in the register of members. The register of members is maintained at the Office of B.A.C.S. Private Limited, 77 Robinson Road, #06-03, Robinson 77, Singapore 068896, which provides us with share registrar services. We will perform the procedures necessary to register the shares in the register of members as required in "PART 3 — Distribution of Capital and Liability of Members of Companies and Associations" of the Companies Act, and will ensure that the entries on the register of members are made without any delay.

JPMorgan Chase Bank, N.A., as depositary will be included in our register of members as the only holder of the ordinary shares underlying the ADSs in this offering. The shares underlying the ADSs are not shares in bearer form, but are in registered form and are "non-negotiable" or "registered" shares in which case the shares underlying the ADSs can only be transferred on the books of the company in accordance with Section 166 of the Companies Act. In the event that we fail to update our register of members, the recourse of investors is directly to the depositary under the terms of the deposit agreement, which is governed by New York law.

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Section 46 of the Companies Act provides that in the event we fail to update our register of members, the aggrieved party may apply for an order with the courts of the Cayman Islands for the rectification of the register. Further, the depositary will have recourse against us under the terms of the deposit agreement.

#### Differences in Corporate Law
The Companies Act is derived, to a large extent, from the older Companies Acts of England but does not follow recent United Kingdom statutory enactments, and accordingly there are significant differences between the Companies Act and the current Companies Act of England.

In addition, the Companies Act differs from laws applicable to United States corporations and their shareholders. Set forth below is a summary of the significant differences between the provisions of the Companies Act applicable to us and the laws applicable to United States corporations and companies incorporated in the State of Delaware.

***Mergers and Similar Arrangements.*** The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (i) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (ii) a "consolidation" means the combination of two or more constituent companies into a consolidated company and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must then be authorized by (i) a special resolution of the shareholders of each constituent company, and (ii) such other authorization, if any, as may be specified in such constituent company's articles of association. The written plan of merger or consolidation must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders of that Cayman subsidiary if a copy of the plan of merger is given to every member of that Cayman subsidiary to be merged unless that member agrees otherwise. For this purpose a company is a "parent" of a subsidiary if it holds issued shares that together represent at least ninety percent (90%) of the votes at a general meeting of the subsidiary.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain limited circumstances, a shareholder of a Cayman constituent company who dissents from the merger or consolidation is entitled to payment of the fair value of his shares (which, if not agreed between the parties, will be determined by the Cayman Islands court) upon dissenting to the merger or consolidation, provide the dissenting shareholder complies strictly with the procedures set out in the Companies Act. The exercise of dissenter rights will preclude the exercise by the dissenting shareholder of any other rights to which he or she might otherwise be entitled by virtue of holding shares, save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

Separate from the statutory provisions relating to mergers and consolidations, the Companies Act also contains statutory provisions that facilitate the reconstruction and amalgamation of companies by way of schemes of arrangement, *provided* that the arrangement is approved by (a) 75% in value of the shareholders or class of shareholders, as the case may be, or (b) a majority in number representing 75% in value of the creditors or class of creditors, as the case may be, with whom the arrangement is to be made that are, in each case, present and voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently the arrangement

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must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express to the court the view that the transaction ought not to be approved, the Grand Court can be expected to approve the arrangement if it determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the statutory provisions as to the required majority vote have been met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shareholders have been fairly represented at the meeting in question and the statutory majority are acting bona fide without coercion of the minority to promote interests adverse to those of the class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is such that may be reasonably approved by an intelligent and honest man of that class acting in respect of his interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act.

The Companies Act also contains a statutory power of compulsory acquisition which may facilitate the "squeeze out" of a dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of 90.0% of the shares affected within four months, the offeror may, within a two-month period commencing on the expiration of such four-month period, require the holders of the remaining shares to transfer such shares to the offeror on the terms of the offer. An objection can be made to the Grand Court of the Cayman Islands but this is unlikely to succeed in the case of an offer which has been so approved unless there is evidence of fraud, bad faith or collusion.

If an arrangement and reconstruction by way of scheme of arrangement is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

***Shareholders' Suits.*** In principle, we will normally be the proper plaintiff to sue for a wrong done to us as a company, and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in *Foss v. Harbottle* and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of our company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control our company are perpetrating a "fraud on the minority."

***Indemnification of Directors and Executive Officers and Limitation of Liability.*** Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association permit indemnification of officers and directors for losses, damages, costs and expenses incurred in their capacities as such unless such losses or damages arise from negligence, actual fraud, willful default, breach of duty or breach of trust of such directors or officers. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

In addition, we intend to enter into indemnification agreements with each of our directors and executive officers that provide such persons with additional indemnification beyond that provided in our Memorandum and Articles of Association.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, or the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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***Directors' Fiduciary Duties.*** Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director acts in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, the director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a personal profit based on his or her position as director (unless the company permits him or her to do so), a duty not to put himself or herself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party, and a duty to exercise powers for the purpose for which such powers were intended. A director of a Cayman Islands company owes to the company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

***Shareholder Action by Written Consent.*** Under the Delaware General Corporation Law, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Under Cayman Islands Law, a company may eliminate the ability of shareholders to approve corporate matters by way of written resolution signed by or on behalf of each shareholder who would have been entitled to vote on such matters at a general meeting without a meeting being held by amending the articles of association. Our Memorandum and Articles of Association allow shareholders to act by written resolutions.

***Shareholder Proposals.*** Under the Delaware General Corporation Law, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

With respect to shareholder proposals, Cayman Islands law is essentially the same as Delaware law. The Companies Act does not provide shareholders with an express right to put forth any proposal before an annual general meeting of the shareholders. However, the Companies Act may provide shareholders with limited rights to requisition a general meeting, but such rights must be stipulated in the articles of association of the Company.

Any one or more shareholders holding not less than ten per cent of the total number of paid-up shares which as of the date of the requisition carry the right to vote at general meeting of the Company, by written requisition to the board of directors, to require an extraordinary general meeting to be called by the board of directors for the transaction of any business specified in such requisition.

***Cumulative Voting.*** Under the Delaware General Corporation Law, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it.

Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. There are no prohibitions in relation to cumulative voting under the laws of the Cayman Islands, but our Memorandum and Articles of Association do not provide for cumulative voting. As a result, our shareholders are not afforded any less protections or rights on this issue than shareholders of a Delaware corporation.

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***Removal of Directors.*** Under the Delaware General Corporation Law, a director of a corporation with a classified board may be removed only for cause with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Memorandum and Articles of Association, directors may be removed with or without cause, by an ordinary resolution of our shareholders. A director shall hold office until the expiration of his or her term or his or her successor shall have been appointed and qualified, or until his or her office is otherwise vacated. In addition, a director's office shall be vacated if the director (i) becomes bankrupt or makes any arrangement or composition with his creditors; (ii) is found to be or becomes of unsound mind or dies; (iii) resigns his office by notice in writing to the company; (iv) without special leave of absence from our board of directors, is absent from three consecutive meetings of the board and the board resolves that his office be vacated; (v) is disqualified from acting as a director in any jurisdiction for reasons other than on technical grounds; or (vi) is removed from office pursuant to any other provisions of our Memorandum and Articles of Association.

***Transactions with Interested Shareholders.*** The Delaware General Corporation Law contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting share within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, the directors of our company are required to comply with fiduciary duties which they owe to our company under Cayman Islands laws, including the duty to ensure that, in their opinion, any such transactions must be entered into bona fide in the best interests of the company, and are entered into for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

***Restructuring.*** A company may present a petition to the Grand Court of the Cayman Islands for the appointment of a restructuring officer on the grounds that the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or is likely to become unable to pay its debts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) intends to present a compromise or arrangement to its creditors (or classes thereof) either pursuant to the Companies Act, the law of a foreign country or by way of a consensual restructuring.

The Grand Court may, among other things, make an order appointing a restructuring officer upon hearing of such petition, with such powers and to carry out such functions as the court may order. At any time (i) after the presentation of a petition for the appointment of a restructuring officer but before an order for the appointment of a restructuring officer has been made, and (ii) when an order for the appointment of a restructuring officer is made, until such order has been discharged, no suit, action or other proceedings (other than criminal proceedings) shall be proceeded with or commenced against the company, no resolution to wind up the company shall be passed, and no winding up petition may be presented against the company, except with the leave of the court. However, notwithstanding the presentation of a petition for the appointment of a restructuring officer or the appointment of a restructuring officer, a creditor who has security over the whole or part of the assets of the company is entitled to enforce the security without the leave of the court and without reference to the restructuring officer appointed.

***Dissolution; Winding up.*** Under the Delaware General Corporation Law, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's issued and outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

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Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its members or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its members. The court has authority to order winding up in a number of specified circumstances, including where it is, in the opinion of the court, just and equitable to do so.

***Variation of Rights of Shares.*** Under the Delaware General Corporation Law, a corporation may vary the rights of a class of shares with the approval of a majority of the issued and outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under Cayman Islands law and our Memorandum and Articles of Association, if our share capital is divided into more than one class of shares, we may vary the rights attached to any class with the sanction of an Ordinary Resolution of the holders of the issued shares of that class at a separate meeting of the holders of the shares of that class. We may vary the rights attached to any class without the consent of the holders of the issued shares of that class where such variation is considered by the directors not to disparately reduce or restrict or otherwise have a material adverse effect upon such rights.

***Amendment of Governing Documents.*** Under the Delaware General Corporation Law, a corporation's governing documents may be amended with the approval of a majority of the issued and outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under the Companies Act and our Memorandum and Articles of Association, our Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.

***Rights of Nonresident or Foreign Shareholders.*** There are no limitations imposed by our Memorandum and Articles of Association on the rights of nonresident or foreign shareholders to hold or exercise voting rights on our shares. However, there are provisions in our Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

#### History of Securities Issuance
On March 21, 2025, our Company issued one ordinary share of a par value of S$0.0001 to Mapcal Limited. Mapcal Limited is an affiliate company of Maples and Calder (Hong Kong) LLP, the legal adviser to our Company as to Cayman Islands law. Immediately after the incorporation of our Company on March 21, 2025, the entire issued and paid-up share capital of our Company was transferred from Mapcal Limited to Angelling Capital Holdings Limited.

On April 30, 2025, our Company issued 509,008 ordinary shares of a par value of S$0.0001 each as consideration for the purchase of 100% of the issued and paid-up share capital in MetaOptics Technologies from all of the shareholders of MetaOptics Technologies as of April 30, 2025.

On September 9, 2025, we completed our initial public offering and listing of ordinary shares on Catalist of the SGX-ST, pursuant to which 30,000,000 ordinary shares were placed at S$0.20 per share, raising gross proceeds of S$6.0 million. The net proceeds raised from the placement (after deducting the placement commissions and the expenses incurred in relation to the placement payable by our Company of S$2.1 million) was S$3.9 million. In addition, 2,359,632 ordinary shares were allotted and issued to ZICO Capital Pte. Ltd., the sponsor, issue manager and placement agent, as part satisfaction of their management fees in connection with the listing.

On December 19, 2025, we completed a private placement of an aggregate of 6,685,028 ordinary shares at a placement price of S$0.7255 per share to a number of private and corporate investors, increasing our issued share capital to 242,648,260 shares.

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#### DESCRIPTION OF AMERICAN DEPOSITARY SHARES

#### American Depositary Receipts
JPMorgan Chase Bank, N.A. ("JPMorgan"), as depositary, will issue the ADSs that you will be entitled to receive in this offering. Each ADS will represent an ownership interest in a designated number or percentage of shares that we will deposit with the custodian, as agent of the depositary, under the deposit agreement among ourselves, the depositary, and all holders and beneficial owners from time to time of American depositary receipts issued thereunder.

The depositary's office is located at 270 Park Avenue, Floor 8, New York, New York 10017.

The ADS-to-share ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated by the form of ADR). In the future, each ADS will also represent any securities, cash or other property deposited with the depositary but which they have not distributed directly to you.

A beneficial owner is any person or entity having a beneficial ownership interest in ADSs. A beneficial owner need not be the holder of the ADR evidencing such ADS. If a beneficial owner is not an ADR holder, it must rely on the holder of the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under the deposit agreement. A beneficial owner shall only be able to exercise any right or receive any benefit under the deposit agreement solely through the holder of the ADR(s) evidencing the ADSs owned by such beneficial owner. The arrangements between a beneficial owner and the holder of the corresponding ADRs may affect the beneficial owner's ability to exercise any rights it may have.

An ADR holder shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by the ADRs registered in such ADR holder's name for all purposes under the deposit agreement and ADRs. The depositary's only notification obligations under the deposit agreement and the ADRs is to registered ADR holders. Notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs.

Unless certificated ADRs are specifically requested, all ADSs will be issued on the books of our depositary in book-entry form and periodic statements will be mailed to you which reflect your ownership interest in such ADSs. In our description, references to American depositary receipts or ADRs shall include the statements you will receive that reflect your ownership of ADSs.

You may hold ADSs either directly or indirectly through your broker or other financial institution. If you hold ADSs directly, by having an ADS registered in your name on the books of the depositary, you are an ADR holder. This description assumes you hold your ADSs directly. If you hold the ADSs through your broker or financial institution nominee, you must rely on the procedures of such broker or financial institution to assert the rights of an ADR holder described in this section. You should consult with your broker or financial institution to find out what those procedures are.

As an ADR holder or beneficial owner, we will not treat you as a shareholder of ours and you will not have any shareholder rights. Cayman Island law governs shareholder rights. Because the depositary or its nominee will be the shareholder of record for the shares represented by all outstanding ADSs, shareholder rights rest with such record holder. Your rights are those of an ADR holder or of a beneficial owner. Such rights derive from the terms of the deposit agreement to be entered into among us, the depositary and all holders and beneficial owners from time to time of ADRs issued under the deposit agreement and, in the case of a beneficial owner, from the arrangements between the beneficial owner and the holder of the corresponding ADRs. The obligations of our company and the depositary and its agents are also set out in the deposit agreement. Because the depositary or its nominee will actually be the registered owner of the shares, you must rely on it to exercise the rights of a shareholder on your behalf.

The deposit agreement, the ADRs and the ADSs are governed by the internal laws of the State of New York without giving effect to the application of the conflict of law principles thereof. Under the deposit agreement, as an ADR holder or a beneficial owner of ADSs, you agree that any legal suit, action or proceeding against or involving us or the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated thereby, may only be instituted by you in the United States District Court for the Southern District of New York (or, in certain cases, the state courts of New York County, New York), and you irrevocably waive any objection which you may have to the laying of venue of any such proceeding and irrevocably submit to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

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The following is a summary of what we believe to be the material terms of the deposit agreement. Notwithstanding this, because it is a summary, it may not contain all the information that you may otherwise deem important. For more complete information, you should read the entire deposit agreement and the form of ADR that contains the terms of your ADSs. You can read a copy of the deposit agreement, which is filed as an exhibit to the registration statement (or amendment thereto) filed with the U.S. Securities and Exchange Commission (the "SEC") of which this prospectus forms a part. You may also obtain a copy of the deposit agreement at the SEC's Public Reference Room, which is currently located at 100 F Street, NE, Washington, DC 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-732-0330. You may also find the registration statement and the attached deposit agreement on the SEC's website at *http://www.sec.gov*.

#### Distributions on Deposited Securities, Sales

#### How will I receive dividends and other distributions on the shares underlying my ADSs?
We may make various types of distributions with respect to our securities. The depositary has agreed that, to the extent practicable, it will pay to you the cash dividends or other distributions it or the custodian receives on shares or other deposited securities, after converting any cash received into U.S. dollars (if it determines such conversion may be made on a reasonable basis) and, in all cases, making any necessary deductions provided for in the deposit agreement. The depositary may utilize a division, branch or affiliate of JPMorgan to direct, manage and/or execute any public and/or private sale of securities and/or property under the deposit agreement. Such division, branch and/or affiliate may charge the depositary a fee in connection with such sales, which fee is considered an expense of the depositary chargeable to holders of ADSs. All sales of securities will be handled by the depositary in accordance with its then current policies. You will receive these distributions in proportion to the number of underlying securities that your ADSs represent. In all instances where the deposit agreement or an ADR refers to a " sale" (or words of similar import) of securities or property, the depositary may, but shall not be obligated, to effect any such sale unless the securities to be sold are listed and publicly traded on a securities exchange or there is a public market for the property to be sold. To the extent the securities are not so listed and publicly traded or there is no public market for the property so distributed by us: (i) the depositary shall, in the event the deposit agreement is terminated and the depositary holds deposited securities that are not listed and publicly traded after the termination date of the deposit agreement, act in accordance with the termination provisions of the deposit agreement and form of ADR in respect of such securities and property; and (ii) in the event the depositary or its custodian receives a distribution other than cash, our shares and/or rights to acquire our shares, and such distribution consists of securities or property that are not distributed by the depositary the depositary will be deemed to have sold the aggregate number of securities and/or property so received for nominal value and shall have no obligation to distribute such securities or any proceeds from the deemed sale thereof to the ADR holders. Furthermore, in the event the depositary endeavors to make a sale of shares, other securities or property, such securities and/or property may be sold in a block sale or single lot transaction.

Except as stated below, the depositary will deliver such distributions to ADR holders in proportion to their interests in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cash.* The depositary will distribute any U.S. dollars available to it resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion thereof (to the extent applicable), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such distribution being permissible or practicable with respect to certain registered ADR holders, and (iii) deduction of the depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. To the extent that any of the deposited securities is not or shall not be entitled, by reason of its date of issuance, or otherwise, to receive the full amount of such cash dividend, distribution, or net proceeds of sales, the depositary shall make appropriate adjustments in the amounts distributed to the ADR holders issued in respect of such deposited securities. To the extent we or the depositary shall be required to withhold and do withhold from any cash dividend, distribution or net proceeds from sales in respect of any deposited securities an amount on account of taxes, the amount distributed on the ADSs issued in respect of such deposited securities shall be reduced accordingly.

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To the extent the depositary determines in its discretion that it would not be permitted by applicable law, rule or regulation, or it would not otherwise be practicable, to convert foreign currency into U.S. dollars and distribute such U.S. dollars to some or all of the ADR holders entitled thereto, the depositary may in its discretion distribute some or all of the foreign currency received by the depositary as it deems permissible and practicable to, or retain and hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the ADR holders entitled to receive the same. To the extent the depositary retains and holds any cash, foreign currency, securities or other property as permitted under the deposit agreement, any and all fees, charges and expenses related to, or arising from, the holding thereof shall be paid from such cash, foreign currency, securities or other property, or the net proceeds from the sale thereof, thereby reducing the amount so held. *If exchange rates fluctuate during a time when the depositary cannot convert a foreign currency, you may lose some or all of the value of the distribution.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Shares.* In the case of a distribution in shares, the depositary will issue additional ADRs to evidence the number of ADSs representing such shares. Only whole ADSs will be issued. Any shares that would result in fractional ADSs will be sold and the net proceeds of the public or private sales of such will be distributed in the same manner as cash to the ADR holders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Rights to receive additional shares.* In the case of a distribution of rights to subscribe for additional shares or other rights, if we timely provide evidence satisfactory to the depositary that it may lawfully distribute such rights, the depositary will distribute warrants or other instruments in the discretion of the depositary representing such rights. However, if we do not timely furnish such evidence, the depositary may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell such rights if practicable and distribute the net proceeds of the public or private sales of such rights in the same manner as cash to the ADR holders entitled thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if it is not practicable to sell such rights by reason of the non-transferability of the rights, limited markets therefor, their short duration or otherwise, do nothing and allow such rights to lapse, in which case ADR holders will receive nothing and the rights may lapse.

We have no obligation to file a registration statement under the Securities Act in order to make any rights available to ADR holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Distributions.* In the case of a distribution of securities or property other than those described above, the depositary may either (i) distribute such securities or property in any manner it deems equitable and practicable or (ii) to the extent the depositary deems distribution of such securities or property not to be equitable and practicable, sell such securities or property and distribute any net proceeds of public or private sales in the same way it distributes cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Elective Distributions*. In the case of a dividend payable at the election of our shareholders in cash or in additional ordinary shares, we will notify the depositary at least 30 days prior to the proposed distribution stating whether or not we wish such elective distribution to be made available to ADR holders. The depositary shall make such elective distribution available to ADR holders only if (i) we shall have timely requested that the elective distribution is available to ADR holders, (ii) the depositary shall have determined that such distribution is reasonably practicable and (iii) the depositary shall have received satisfactory documentation within the terms of the deposit agreement including any legal opinions of counsel that the depositary in its reasonable discretion may request. If the above conditions are not satisfied, the depositary shall, to the extent permitted by law, distribute to the ADR holders, on the basis of the same determination as is made in the local market in respect of the ordinary shares for which no election is made, either (x) cash or (y) additional ADSs representing such additional ordinary shares. If the above conditions are satisfied, the depositary shall establish procedures to enable ADR holders to elect the receipt of the proposed dividend in cash or in additional ADSs. There can be no assurance that ADR holders or beneficial owners of ADSs generally, or any ADR holder or beneficial owner of ADSs in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of ordinary shares.

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If the depositary determines in its sole discretion that any distribution described above is not practicable with respect to any or all ADR holders, the depositary may choose any method of distribution that it deems practicable for such ADR holder, including the distribution of some or all of any cash, foreign currency, securities or other property (or appropriate documents evidencing the right to receive some or all of any such cash, foreign currency, security or other property), and/or it may retain some or all of such items, without paying interest on or investing them, on behalf of the ADR holder as deposited securities, in which case the ADSs will also represent the retained items. To the extent the depositary does not reasonably believe it will be permitted by applicable law, rule or regulation to convert foreign currency into U.S. dollars and distribute such U.S. dollars to some or all of the ADR holders, the depositary may in its discretion distribute the foreign currency received by the depositary to, or hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the ADR holders entitled to receive the same. To the extent the depositary holds such foreign currency, any and all costs and expenses related to, or arising from, the holding of such foreign currency shall be paid from such foreign currency thereby reducing the amount so held.

Any U.S. dollars will be paid via wire transfer and/or distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the depositary in accordance with its then current practices.

*The depositary is not responsible if it fails to determine that any distribution or action is lawful or reasonably practicable.*

*There can be no assurance that the depositary will be able to convert any currency at a specified exchange rate or sell any property, rights, shares or other securities at a specified price, nor that any of such transactions can be completed within a specified time period. All purchases and sales of securities will be handled by the depositary in accordance with its then current policies, which are currently set forth on the "Disclosures" page (or successor page) of www.adr.com (as updated by the depositary from time to time, "ADR.com").*

#### Deposit, Withdrawal and Cancellation

#### How does the depositary issue ADSs?
The depositary will issue ADSs if you or your broker deposit shares or evidence of rights to receive shares with the custodian and pay the fees and expenses owing to the depositary in connection with such issuance. In the case of the ADSs to be issued under this prospectus, we will arrange with the underwriters named herein to deposit such shares.

Shares deposited in the future with the custodian must be accompanied by certain delivery documentation and shall, at the time of such deposit, be registered in the name of "JPMorgan Chase Bank, N.A., as depositary for the benefit of holders of ADRs" or in such other name as the depositary shall direct.

The custodian will hold all deposited shares (including those being deposited by or on our behalf in connection with the offering to which this prospectus relates) for the account and to the order of the depositary, in each case for the benefit of ADR holders, to the extent not prohibited by law. ADR holders and beneficial owners thus have no direct ownership interest in the shares and only have such rights as are contained in the deposit agreement. The custodian will also hold any additional securities, property and cash received on or in substitution for the deposited shares. The deposited shares and any such additional items are referred to as "deposited securities."

Deposited securities are not intended to, and shall not, constitute proprietary assets of the depositary, the custodian or their nominees. Beneficial ownership in deposited securities is intended to be, and shall at all times during the term of the deposit agreement continue to be, vested in the beneficial owners of the ADSs representing such deposited securities. Notwithstanding anything else contained herein, in the deposit agreement, in the form of ADR and/or in any outstanding ADSs, the depositary, the custodian and their respective nominees are intended to be, and shall at all times during the term of the deposit agreement be, the record holder(s) only of the deposited securities represented by the ADSs for the benefit of the ADR holders. The depositary, on its own behalf and on behalf of the custodian and their respective nominees, disclaims any beneficial ownership interest in the deposited securities held on behalf of the ADR holders.

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Upon each deposit of shares, receipt of related delivery documentation and compliance with the other provisions of the deposit agreement, including the payment of the fees and charges of the depositary and any taxes or other fees or charges owing, the depositary will issue an ADR or ADRs in the name or upon the order of the person entitled thereto evidencing the number of ADSs to which such person is entitled. All of the ADSs issued will, unless specifically requested to the contrary, be part of the depositary's direct registration system, and a registered holder will receive periodic statements from the depositary which will show the number of ADSs registered in such ADR holder's name. An ADR holder can request that the ADSs not be held through the depositary's direct registration system and that a certificated ADR be issued.

#### How do ADR holders cancel an ADS and obtain deposited securities?
When you turn in your ADR certificate at the depositary's office, or when you provide proper instructions and documentation in the case of direct registration ADSs, subject to the provisions of or governing our shares (including, without limitation, our governing documents and all applicable laws, rules and regulations), the depositary will, upon payment of certain applicable fees, charges and taxes, deliver the underlying shares to you or upon your written order. Delivery of deposited securities in certificated form will be made at the custodian's office (or from the custodian to the extent dematerialized). At your risk, expense and request, the depositary may deliver deposited securities (including any certificates therefor) at such other place as you may request.

The depositary may only restrict the withdrawal of deposited securities in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• temporary delays caused by closing our transfer books or those of the depositary or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the payment of fees, taxes and similar charges; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with any U.S. or foreign laws or governmental regulations relating to the ADRs or to the withdrawal of deposited securities.

This right of withdrawal may not be limited by any other provision of the deposit agreement.

#### Record Dates
The depositary may, after consultation with us if practicable, fix record dates (which, to the extent applicable, shall be as near as practicable to any corresponding record dates set by us) for the determination of the registered ADR holders who will be entitled (or obligated, as the case may be):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to receive any distribution on or in respect of deposited securities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to give instructions for the exercise of voting rights,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to pay any fees assessed by, or owing to, the depositary for administration of the ADR program and for any expenses as provided for in the ADR, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to receive any notice or to act or be obligated in respect of other matters, all subject to the provisions of the deposit agreement.

#### Voting Rights

#### How do I vote?
If you are an ADR holder and the depositary asks you to provide it with voting instructions, you may instruct the depositary how to exercise the voting rights for the shares which underlie your ADSs. As soon as practicable after receipt from us of notice of any meeting at which the holders of shares are entitled to vote, or of our solicitation of consents or proxies from holders of shares, the depositary shall fix the ADS record date in accordance with the provisions of the deposit agreement, provided that if the depositary receives a written request from us in a timely manner and at least thirty (30) days prior to the date of such vote or meeting, the depositary shall, at our expense,

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distribute to the registered ADR holders a "voting notice" stating (i) final information particular to such vote and meeting and any solicitation materials, (ii) that each ADR holder on the record date set by the depositary will, subject to any applicable provisions of the laws of the Cayman Islands, be entitled to instruct the depositary as to the exercise of the voting rights, if any, pertaining to the deposited securities represented by the ADSs evidenced by such ADR holder's ADRs and (iii) the manner in which such instructions may be given, including instructions for giving a discretionary proxy to a person designated by us. Each ADR holder shall be solely responsible for the forwarding of voting notices to the beneficial owners of ADSs registered in such ADR holder's name. There is no guarantee that ADR holders and beneficial owners generally or any holder or beneficial owner in particular will receive the notice described above with sufficient time to enable such ADR holder or beneficial owner to return any voting instructions to the depositary in a timely manner.

Following actual receipt by the ADR department responsible for proxies and voting of ADR holders' instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for the Depository Trust Company (the "DTC"), the depositary shall, in the manner and on or before the time established by the depositary for such purpose, endeavor to vote or cause to be voted the deposited securities represented by the ADSs evidenced by such ADR holders' ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or governing deposited securities. Under our Memorandum and Articles of Association, voting at any meeting of our shareholders is by poll.

ADR holders are strongly encouraged to forward their voting instructions to the depositary as soon as possible. For instructions to be valid, the ADR department of the depositary that is responsible for proxies and voting must receive them in the manner and on or before the time specified, notwithstanding that such instructions may have been physically received by the depositary prior to such time. The depositary will not itself exercise any voting discretion in respect of deposited securities. The depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by us, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the depositary is instructed to grant a discretionary proxy pursuant to the terms of the deposit agreement, or for the effect of any such vote.

Notwithstanding anything contained in the deposit agreement or any ADR, the depositary may, to the extent not prohibited by any law, rule or regulation, or by the rules, regulations or requirements of any stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the depositary in connection with any meeting of or solicitation of consents or proxies from holders of deposited securities, distribute to the registered holders of ADRs a notice that provides such ADR holders with or otherwise publicizes to such ADR holders instructions on how to retrieve such materials or receive such materials upon request (*i.e.*, by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

There is no guarantee that you will receive voting materials in time to instruct the depositary to vote and it is possible that you, or persons who hold their ADSs through brokers, dealers or other third parties, will not have the opportunity to exercise a right to vote.

#### Reports and Other Communications

#### Will ADR holders be able to view our reports?
The deposit agreement, the provisions of or governing deposited securities, and any written communications from us which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities, are available for inspection by ADR holders at the offices of the depositary in the United States, on the SEC's internet website or upon request to the depositary (which request may be refused by the depositary at its discretion).

Additionally, if we make any written communications generally available to holders of our shares, and we furnish copies thereof (or English translations or summaries) to the depositary, it will distribute the same to registered ADR holders.

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#### Fees and Expenses

#### What fees and expenses will I be responsible for paying?
The depositary may charge each person to whom ADSs are issued, including, without limitation, issuances against deposits of shares, issuances in respect of share distributions, rights and other distributions, issuances pursuant to a stock dividend or stock split declared by us or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or deposited securities, and each person surrendering ADSs for withdrawal of deposited securities or whose ADSs are cancelled or reduced for any other reason, a fee of up to $5.00 for each 100 ADSs (or any portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon which a share distribution or elective distribution is made or offered, as the case may be. The depositary may sell (by public or private sale) sufficient securities and property received in respect of a share distribution, rights and/or other distribution prior to such deposit to pay such charge.

The following additional fees, charges and expenses shall also be incurred by the ADR holders, the beneficial owners, by any party depositing or withdrawing shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared by us or an exchange of stock regarding the ADSs or the deposited securities or a distribution of ADSs), whichever is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of up to US$0.05 per ADS held for any cash distribution made, or for any elective cash/stock dividend offered, pursuant to the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an aggregate fee of up to US$0.05 per ADS per calendar year (or portion thereof) for services performed by the depositary in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against holders of ADRs as of the record date or record dates set by the depositary during each calendar year and shall be payable in the manner described in the next succeeding provision);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an amount for the reimbursement of such fees, charges and expenses as are incurred by the depositary and/or any of its agents (including, without limitation, the custodian, as well as charges and expenses incurred on behalf of ADR holders in connection with compliance with foreign exchange control regulations or any law, rule or regulation relating to foreign investment) in connection with the servicing of the shares or other deposited securities, the sale of securities (including, without limitation, deposited securities), the delivery of deposited securities or otherwise in connection with the depositary's or its custodian's compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against ADR holders as of the record date or dates set by the depositary and shall be payable at the sole discretion of the depositary by billing such ADR holders or by deducting such charge from one or more cash dividends or other cash distributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fee of up to $0.05 per ADS held for the direct or indirect distribution of securities (other than ADSs or rights to purchase additional ADSs) or the net cash proceeds from the public or private sale of such securities, regardless of whether any such distribution and/or sale is made by, for, or received from, or (in each case) on behalf of, the depositary, us and/or any third party (which fee may be assessed against ADR holders as of a record date set by the depositary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock transfer or other taxes and other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication) as disclosed on the "Disclosures" page (or successor page) of *www.adr.com* (as updated by the depositary from time to time, "ADR.com") and any applicable delivery expenses (which are payable by such persons or ADR holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transfer or registration fees for the registration of transfer of deposited securities on any applicable register in connection with the deposit or withdrawal of deposited securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees of any division, branch or affiliate of the depositary utilized by the depositary to direct, manage and/or execute any public and/or private sale of securities under the deposit agreement.

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To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the depositary may engage the foreign exchange desk within the banking division of JPMorgan (the "Bank") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars. For certain currencies, foreign exchange transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, foreign exchange transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such foreign exchange transactions.

The foreign exchange rate applied to a foreign exchange transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider, in each case plus or minus a spread, as applicable. The depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. Such applicable foreign exchange rate and spread may (and neither the depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the foreign exchange transaction. Additionally, the timing of execution of a foreign exchange transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on the depositary, us, ADR holders or beneficial owners. *The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.*

Notwithstanding the foregoing, to the extent we provide U.S. dollars to the depositary, neither the Bank nor any of its affiliates will execute a foreign exchange transaction as set forth herein. In such case, the depositary will distribute the U.S. dollars received from us.

*Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of foreign exchange transactions will be provided by the depositary on ADR.com. Each holder and beneficial owner by holding or owning an ADR or ADS or an interest therein, and we, each acknowledge and agree that the terms applicable to foreign exchange transactions disclosed from time to time on ADR.com will apply to any foreign exchange transaction executed pursuant to the deposit agreement.*

We will pay all other fees, charges and expenses of the depositary and any agent of the depositary (except the custodian) pursuant to agreements from time to time between us and the depositary.

The right of the depositary to charge and receive payment of fees, charges and expenses survives the termination of the deposit agreement, and shall extend for those fees, charges and expenses incurred prior to the effectiveness of any resignation or removal of the depositary.

The fees and charges described above may be amended from time to time by agreement between us and the depositary.

The depositary anticipates reimbursing us for certain expenses incurred by us that are related to the establishment and maintenance of the ADR program upon such terms and conditions as we and the depositary may agree from time to time. The depositary may make available to us a set amount or a portion of the depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as we and the depositary may agree from time to time. Under certain limited circumstances the depositary may also agree to reduce or waive certain fees that would normally be charged on ADSs issued to or at the director of, or otherwise held by, us and/or certain holders and beneficial owners and holders and beneficial owners of shares of ours. The depositary collects its fees for issuance and cancellation of ADSs directly from investors depositing shares or surrendering ADSs for the purpose of withdrawal or from intermediaries acting for them. The depositary collects fees for making distributions to investors by deducting those fees from the amounts distributed or by selling a portion of distributable property to pay the fees. The depositary may collect its annual fee for depositary services by deduction from cash distributions, or by directly billing investors, or by charging the book-entry system accounts of participants acting for them. The depositary will generally set off the amounts owing from distributions made to holders of ADSs. If, however, no distribution exists and payment owing is not timely received by the depositary, the depositary may refuse to provide any further services to ADR holders that have not paid those fees and expenses owing until such fees and expenses have been paid. At the discretion of the depositary, all fees and charges owing under the deposit agreement are due in advance and/or when declared owing by the depositary.

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#### Payment of Taxes
ADR holders and/or beneficial owners must pay any tax or other governmental charge payable by the custodian or the depositary on any ADS or ADR, deposited security or distribution. If any taxes or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of the custodian or the depositary with respect to any ADR, any deposited securities represented by the ADSs evidenced thereby or any distribution thereon, such tax or other governmental charge shall be paid by the ADR holder thereof to the depositary and by holding or owning, or having held or owned, an ADR or any ADSs evidenced thereby, the ADR holder and all beneficial owners thereof, and all prior ADR holders and beneficial owners thereof, jointly and severally, agree to indemnify, defend and save harmless each of the depositary and its agents in respect of such tax or other governmental charge. Notwithstanding the depositary's right to seek payment from current or former ADR holders and beneficial owners, each ADR holder and beneficial owner, and each prior ADR holder and beneficial owner, by holding or owning, or having held or owned, an ADR or an interest in ADSs acknowledges and agrees that the depositary has no obligation to seek payment of amounts owing from any current or prior beneficial owner. If an ADR holder owes any tax or other governmental charge, the depositary may (i) deduct the amount thereof from any cash distributions, or (ii) sell deposited securities (by public or private sale) and deduct the amount owing from the net proceeds of such sale. In either case, the ADR holder remains liable for any shortfall. If any tax or governmental charge is unpaid, the depositary may also refuse to effect any registration, registration of transfer, split-up or combination of ADRs or withdrawal of deposited securities until such payment is made. If any tax or governmental charge is required to be withheld on any cash distribution, the depositary may deduct the amount required to be withheld from any cash distribution or, in the case of a non-cash distribution, sell the distributed property or securities (by public or private sale) in such amounts and in such manner as the depositary deems necessary and practicable to pay such taxes and distribute any remaining net proceeds or the balance of any such property after deduction of such taxes to the ADR holders entitled thereto. Neither we nor the depositary nor any of our or its respective agents, shall be liable to ADR holders or beneficial owners of the ADSs for failure of any of them to comply with applicable tax laws, rules and/or regulations.

As an ADR holder or beneficial owner, you will be agreeing to indemnify us, the depositary, its custodian and any of our or their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained, which obligations shall survive any transfer or surrender of ADSs or the termination of the deposit agreement.

#### Reclassifications, Recapitalizations and Mergers
If we take certain actions that affect the deposited securities, including (i) any change in par value, split-up, consolidation, cancellation or other reclassification of deposited securities or (ii) any distributions of shares or other property not made to holders of ADRs or (iii) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all of our assets, then the depositary may choose to, and shall if reasonably requested by us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend the form of ADR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute additional or amended ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribute cash, securities or other property it has received in connection with such actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell by public or private sale any securities or property received and distribute the proceeds as cash; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the above.

If the depositary does not choose any of the above options, any of the cash, securities or other property it receives will constitute part of the deposited securities and each ADS will then represent a proportionate interest in such property.

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#### Amendment and Termination

#### How may the deposit agreement be amended?
We may agree with the depositary to amend the deposit agreement and the ADSs without your consent for any reason. ADR holders must be given at least thirty (30) days' notice of any amendment that imposes or increases any fees on a per ADS basis, charges or expenses (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, a transaction fee per cancellation request (including any cancellation request made through SWIFT, facsimile transmission or any other method of communication), applicable delivery expenses or other such fees, charges or expenses), or otherwise prejudices any substantial existing right of ADR holders or beneficial owners. Such notice need not describe in detail the specific amendments effectuated thereby, but must identify to ADR holders and beneficial owners a means to access the text of such amendment. If an ADR holder or beneficial owner continues to hold an ADR or ADRs, or an interest therein, after being so notified, such ADR holder and any beneficial owner are deemed to agree to such amendment and to be bound by the deposit agreement as so amended. No amendment, however, will impair your right to surrender your ADSs and receive the underlying securities, except in order to comply with mandatory provisions of applicable law.

Any amendments or supplements that (i) are reasonably necessary (as agreed by us and the depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities Act or (b) the ADSs or shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by ADR holders, shall be deemed not to prejudice any substantial rights of ADR holders or beneficial owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations that would require amendment or supplement of the deposit agreement or the form of ADR to ensure compliance therewith, we and the depositary may amend or supplement the deposit agreement and the form of ADR (and all outstanding ADRs) at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the deposit agreement in such circumstances may become effective before a notice of such amendment or supplement is given to ADR holders or within any other period of time as required for compliance.

Notice of any amendment to the deposit agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the ADR holders identifies a means for ADR holders and beneficial owners to retrieve or receive the text of such amendment (*i.e.*, upon retrieval from the SEC's, the depositary's or our website or upon request from the depositary).

#### How may the deposit agreement be terminated?
The depositary may at any time, and shall at our written direction, terminate the deposit agreement and the ADRs by mailing notice of such termination to the registered holders of ADRs at least thirty (30) days prior to the date fixed in such notice for such termination; provided, however, if the depositary shall have (i) resigned as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered ADR holders unless a successor depositary shall not be operating under the deposit agreement within sixty (60) days of the date of such resignation, and (ii) been removed as depositary under the deposit agreement, notice of such termination by the depositary shall not be provided to registered holders of ADRs unless a successor depositary shall not be operating under the deposit agreement on the 60<sup>th</sup> day after our notice of removal was first provided to the depositary. Notwithstanding anything to the contrary in the deposit agreement, the depositary may terminate the deposit agreement (a) without notifying us, but subject to giving thirty (30) days' notice to the ADR holders, under the following circumstances: (i) in the event of our bankruptcy, liquidation proceedings or insolvency, (ii) if our shares are delisted from a "national securities exchange" (that has registered with the Commission under Section 6 of the Securities Exchange Act of 1934), (iii) if we effect (or will effect) a redemption of all or substantially all of the deposited securities, or a cash or share distribution representing a return of all or substantially all of the value of the deposited securities, (iv) there are no deposited securities with respect to ADSs remaining, including if the deposited securities are cancelled, or the deposit securities have been deemed to have no value, or (v) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of deposited securities, and (b) immediately without prior notice to the Company, any ADR holder or beneficial owner or any other person if (i) required by any law, rule or regulation relating to sanctions by any governmental authority or body, (ii) the depositary would be subject to liability under or pursuant to any law, rule or regulation, or (iii) required by any governmental authority or body, in each case under (b) as determined by the depositary in its reasonable discretion.

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If our shares are not listed and publicly traded on a stock exchange or in a securities market as of the date so fixed for termination or if, for any reason, the depositary does not sell the deposited securities, then after such date fixed for termination, the depositary shall use its reasonable efforts to ensure that the ADSs cease to be eligible for settlement within DTC and that neither DTC nor any of its nominees shall thereafter be an ADR holder. At such time as the ADSs cease to be DTC eligible and/or neither DTC nor any of its nominees is an ADR holder, to the extent we are not, to the depositary's knowledge, insolvent or in bankruptcy or liquidation, the depositary shall (A) cancel all outstanding ADRs; (B) request DTC to provide the depositary with information on those holding ADSs through DTC and, upon receipt thereof, revise the ADR register to reflect the information provided by DTC; (C) instruct its custodian to deliver all deposited securities to us, a subsidiary or affiliate of ours (the company representative) or an independent trust company engaged by us (the trustee) to hold those deposited securities in trust for the beneficial owners of the ADRs if we are not permitted to hold any of the deposited securities under applicable law and/or we have directed the depositary to deliver such deposited securities to the company representative or trustee along with a stock transfer form and/or such other instruments of transfer covering such deposited securities as are needed under applicable law, in either case referring to the names set forth on the ADR register and (D) provide us with a copy of the ADR register.

Upon receipt of any instrument of transfer covering such deposited securities, any applicable share certificate or indemnity for lost share certificate and the ADR Register, we have agreed that we will, approve the transfer of the deposited securities previously represented by the ADSs evidenced by their ADRs the persons listed on the ADR register (as applicable), procure the relevant updates to the register of members of the Company to reflect the transfer of the deposited securities previously represented by their ADRs to the persons listed on the ADR register (as applicable) and provide the depositary with a certified copy of the updated register of our shareholders.

To the extent the depositary reasonably believes that we are insolvent, or if we are in receivership, have filed for bankruptcy and/or are otherwise in restructuring, administration or liquidation, and in any such case the deposited securities are not listed and publicly traded on a securities exchange after the termination date, or if, for any reason, the depositary believes it is not able to or cannot practicably sell the deposited securities promptly and without undue effort, the deposited securities shall be deemed to have no value (and such holder shall be deemed to have instructed the depositary that the deposited securities have no value). The depositary may (and, by holding an ADR or an interest therein, all holders irrevocably consent and agree that the depositary may) instruct its custodian to deliver all deposited securities to us (acting, as applicable by an administrator, receiver, administrative receiver, liquidator, provisional liquidator, restructuring officer, interim restructuring officer, trustee, controller or other entity overseeing the bankruptcy, insolvency, administration, restructuring or liquidation process) and notify us that the deposited shares are surrendered for no consideration. The deposit agreement requires us, subject to applicable law, to promptly accept the surrender of the deposited shares for no consideration and deliver to the depositary a written notice confirming (A) the acceptance of the surrender of the deposited securities for no consideration and (B) the cancellation of such deposited shares. Promptly after notifying us that the deposited shares are surrendered for no consideration and irrespective of whether we haves complied with the immediately preceding sentence, the depositary shall notify ADR holders that their ADSs have been cancelled with no consideration being payable to such ADR holders.

Upon the depositary's compliance with the provisions of any of the above three paragraphs, the depositary and its agents shall be discharged from all, and cease to have any, obligations under the deposit agreement and the ADRs.

If our shares are listed and publicly traded on a securities exchange and the depositary believes that it is able, permissible and practicable to sell the deposited securities without undue effort, then the depositary may endeavor to publicly or privately sell (as long as it may lawfully do so) the deposited securities, which sale may be effected in a block sale/single lot transaction and, after the settlement of such sale(s), to the extent legally permissible and practicable, distribute or hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sale(s), less any amounts owing to the depositary (including, without limitation, cancellation fees), together with any other cash then held by it under the deposit agreement, in trust, without liability for interest, for the pro rata benefit of the holders entitled thereto. After making such sale, the depositary shall be discharged from all obligations in respect of the deposit agreement and the ADRs, except to account for such net proceeds and other cash.

Notwithstanding anything to the contrary, in connection with any such termination, the depositary may, in its sole discretion and without notice to us, establish an unsponsored American depositary share program (on such terms as the depositary may determine) for our shares and make available to ADR holders a means to withdraw the shares represented by the ADSs issued under the deposit agreement and to direct the deposit of such shares into such

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unsponsored American depositary share program, subject, in each case, to receipt by the depositary, at its discretion, of the fees, charges and expenses provided for under the deposit agreement and the fees, charges and expenses applicable to the unsponsored American depositary share program.

#### Limitations on Obligations and Liability

#### Limits on our obligations and the obligations of the depositary; limits on liability to ADR holders, beneficial owners and others
Prior to the issue, registration, registration of transfer, split-up, combination, or cancellation of any ADRs, or the delivery of any distribution in respect thereof, and from time to time in the case of the production of proofs as described below, we or the depositary or its custodian may require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of shares or other deposited securities upon any applicable register and (iii) any applicable fees and expenses described in the deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the production of proof satisfactory to it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of, or interest in, any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the deposit agreement and the ADRs, as it may deem necessary or proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with such regulations as the depositary may establish consistent with the deposit agreement or as the depositary believes are required, necessary or advisable in order to comply with applicable laws, rules and regulations.

The issuance of ADRs, the acceptance of deposits of shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of shares, may be suspended, generally or in particular instances, when the ADR register or any register for deposited securities is closed or when any such action is deemed required, necessary or advisable by the depositary for any reason provided that the ability to withdraw shares may only be limited under the following circumstances: (i) temporary delays caused by closing transfer books of the depositary or our transfer books or the deposit of shares in connection with voting at a shareholders' meeting, or the payment of dividends, (ii) the payment of fees, taxes, and similar charges, and (iii) compliance with any laws or governmental regulations relating to ADRs or to the withdrawal of deposited securities. The depositary may close the ADR register (and/or any portion thereof) at any time or from time to time when deemed expedient by it.

The deposit agreement expressly limits the obligations and liability of the depositary, the depositary's custodian or ourselves and each of our and their respective directors, officers, employees, agents and affiliates, provided, however, that no provision of the deposit agreement is intended to constitute a waiver or limitation of any rights that ADR holders or beneficial owners may have under the Securities Act or the Securities Exchange Act of 1934, to the extent applicable. The deposit agreement provides that each of us, the depositary and our respective directors, officers, employees, agents and affiliates will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or assume no liability (including, without limitation, to ADR holders or beneficial owners) if any present or future law, rule, regulation, fiat, order or decree of the United States, the Cayman Islands, the Republic of Singapore or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company's charter, any act of God, war, terrorism, epidemic, pandemic, nationalization, expropriation, currency restrictions, extraordinary market conditions, work stoppage, strike, civil unrest, revolutions, rebellions, explosions, cyber, ransomware or malware attack, computer failure or circumstance our, the depositary's or our respective directors', officers', employees', agents' or affiliates' direct and immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the deposit agreement or the ADRs provide shall be done or performed by any such party (including, without limitation, voting);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur or assume no liability (including, without limitation, to ADR holders or beneficial owners) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or things which by the terms of the deposit agreement it is provided shall or may be done or performed or any exercise or failure to exercise discretion under the deposit agreement or the ADRs including, without limitation, any failure to determine that any distribution or action may be lawful or reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of the depositary and its agents, incur or assume no liability (including, without limitation, to holders or beneficial owners) if it performs its obligations specifically set forth in the deposit agreement and ADRs without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of the depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities the ADSs or the ADRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of us and our agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities the ADSs or the ADRs, which in our or our agents' opinion, as the case may be, may involve us in expense or liability, unless indemnity satisfactory to us or our agent, as the case may be against all expense (including fees and disbursements of counsel) and liability is furnished as often as may be requested;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not be liable (including, without limitation, to ADR holders or beneficial owners) for any action or inaction by it in reliance upon the advice of or information from any legal counsel, any accountant, any person presenting shares for deposit, any registered holder of ADRs, or any other person believed by it to be competent to give such advice or information and/or, in the case of the depositary, from us provided that the foregoing shall not apply to our indemnification obligations under the deposit agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties.

The depositary shall not be a fiduciary or have any fiduciary duty to ADR holders or beneficial owners.

The depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the deposit agreement, any registered holder or holders of ADRs, any ADRs or otherwise related to the deposit agreement or ADRs to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. The depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system. Furthermore, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of JPMorgan. Notwithstanding anything to the contrary contained in the deposit agreement or any ADRs, the depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the custodian except to the extent that any registered ADR holder has incurred liability directly as a result of the custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the depositary or (ii) failed to use reasonable care in the provision of custodial services to the depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located. The depositary and the custodian(s) may use third party delivery services and providers of information regarding matters such as, but not limited to, pricing, proxy voting, corporate actions, class action litigation and other services in connection with the ADRs and the deposit agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of security holders of issuers. Although the depositary and the custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third-party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

The depositary has no obligation to inform ADR holders or beneficial owners about the requirements of the laws, rules or regulations or any changes therein or thereto of the Cayman Islands, the Republic of Singapore, the United States or any other country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

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Additionally, none of the depositary, the custodian or us, or any of their or our respective directors, officers, employees, agents or affiliates shall be liable for the failure by any registered holder of ADRs or beneficial owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such ADR holder's or beneficial owner's income tax liability. The depositary is under no obligation to provide the ADR holders and beneficial owners, or any of them, with any information about our tax status. None of us, the depositary, the custodian or any of our or their respective directors, officers, employees, agents or affiliates shall incur any liability for any tax or tax consequences that may be incurred by registered ADR holders or beneficial owners on account of their ownership or disposition of ADRs or ADSs.

Neither the depositary nor its agents will be responsible for any failure to carry out any instructions to vote any of the deposited securities, for the manner in which any voting instructions are given, including instructions to give a discretionary proxy to a person designated by us, for the manner in which any vote is cast, including, without limitation, any vote cast by a person to whom the depositary is instructed to grant a discretionary proxy pursuant to the terms of the deposit agreement, or for the effect of any such vote. The depositary shall endeavor to effect any sale of securities or other property and any conversion of currency, securities or other property, in each case as is referred to or contemplated in the deposit agreement or the form of ADR, in accordance with the depositary's normal practices and procedures under the circumstances applicable to such sale or conversion, but shall have no liability (in the absence of its own willful default or gross negligence or that of its agents, officers, directors or employees) with respect to the terms of any such sale or conversion, including the price at which such sale or conversion is effected, or if such sale or conversion shall not be practicable, or shall not be believed, deemed or determined to be practicable by the depositary. Specifically, the depositary shall not have any liability for the price received in connection with any public or private sale of securities (including, without limitation, for any sale made at a nominal price), the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. The depositary shall not incur any liability in connection with or arising from any failure, inability or refusal by us or any other party, including any share registrar, transfer agent or other agent appointed by us or the depositary or any other party, to process any transfer, delivery or distribution of cash, shares, other securities or other property, including without limitation upon the termination of the deposit agreement, or otherwise to comply with any provisions of the deposit agreement that are applicable to it. The depositary may rely upon instructions from us or our counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The depositary shall not incur any liability for the content of any information submitted to it by us or on our behalf for distribution to ADR holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the deposit agreement or for the failure or timeliness of any notice from us. The depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the depositary or in connection with any matter arising wholly after the removal or resignation of the depositary. Neither the depositary nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation ADR holders or beneficial owners), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

In the deposit agreement each party thereto (including, for avoidance of doubt, each ADR holder and beneficial owner) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of or relating to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory). No provision of the deposit agreement or the ADRs is intended to constitute a waiver or limitation of any rights which an ADR holder or any beneficial owner may have under the Securities Act or the Securities Exchange Act of 1934, to the extent applicable.

The depositary and its agents may own and deal in any class of securities of our company and our affiliates and in ADSs.

#### Disclosure of Interest in ADSs
To the extent that the provisions of or governing any deposited securities may require disclosure of or impose limits on beneficial or other ownership of, or interest in, deposited securities, other shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, you as ADR holders or beneficial owners agree to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable instructions we may provide in respect thereof.

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#### Books of Depositary
The depositary or its agent will maintain a register for the registration, registration of transfer, combination and split-up of ADRs, which register shall include the depositary's direct registration system. Registered holders of ADRs may inspect such records at the depositary's office at all reasonable times, but solely for the purpose of communicating with other ADR holders in the interest of the business of our company or a matter relating to the deposit agreement. Such register (and/or any portion thereof) may be closed at any time or from time to time, when deemed expedient by the depositary.

The depositary will maintain facilities for the delivery and receipt of ADRs.

#### Appointment
In the deposit agreement, each registered holder of ADRs and each beneficial owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with the terms and conditions of the deposit agreement will be deemed for all purposes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be a party to and bound by the terms of the deposit agreement and the applicable ADR or ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint the depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the deposit agreement and the applicable ADR or ADRs, to adopt any and all procedures necessary to comply with applicable laws and to take such action as the depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the deposit agreement and the applicable ADR and ADRs, the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acknowledge and agree that (i) nothing in the deposit agreement or any ADR shall give rise to a partnership or joint venture among the parties thereto, nor establish a fiduciary or similar relationship among such parties, (ii) the depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of non-public information about us, ADR holders, beneficial owners and/or their respective affiliates, (iii) the depositary and its divisions, branches and affiliates may at any time have multiple banking relationships with us, ADR holders, beneficial owners and/or the affiliates of any of them, (iv) the depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which parties adverse to us, ADR holders, or beneficial owners may have interests, (v) nothing contained in the deposit agreement or any ADR(s) shall (A) preclude the depositary or any of its divisions, branches or affiliates from engaging in any such transactions or establishing or maintaining any such relationships, or (B) obligate the depositary or any of its divisions, branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received in any such transactions or relationships, (vi) the depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the depositary and (vii) notice to an ADR holder shall be deemed, for all purposes of the deposit agreement and the ADRs, to constitute notice to any and all beneficial owners of the ADSs evidenced by such ADR holder's ADRs. For all purposes under the deposit agreement and the ADRs, the ADR holders thereof shall be deemed to have all requisite authority to act on behalf of any and all beneficial owners of the ADSs evidenced by such ADRs.

#### Consent to Jurisdiction
In the deposit agreement, we have submitted to the non-exclusive jurisdiction of the state and federal courts in New York, New York and appointed an agent for service of process on our behalf. Any action based on the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby may also be instituted by the depositary against us in any competent court in the Republic of Singapore, the Cayman Islands, the United States and/or any other court of competent jurisdiction.

Under the deposit agreement, by holding or owning an ADR or ADS or an interest therein, holders and beneficial owners each irrevocably agree that (i) any legal suit, action or proceeding against or involving holders or beneficial owners brought by us or the depositary, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby, may be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection that it may now or

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hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding and (ii) any legal suit, action or proceeding against or involving us and/or the depositary brought by holders or beneficial owners, arising out of or based upon the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby, including, without limitation, claims under the Securities Act of 1933, may be instituted only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York if either (a) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular dispute or (b) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable). In the deposit agreement each holder and beneficial owner irrevocably waives any objection which it may at any time have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding.

Notwithstanding anything in the deposit agreement to the contrary, by directly or indirectly holding or owing an ADR or ADS or an interest therein, holders and beneficial owners each agree that: (i) the depositary may, in its sole discretion, elect to institute any dispute, suit, action, controversy, claim or proceeding directly or indirectly based on, arising out of or relating to the deposit agreement, the ADSs, the ADRs or the transactions contemplated therein or thereby, including without limitation any question regarding its or their existence, validity, interpretation, performance or termination against any other party or parties, by having such dispute referred to and finally resolved by an arbitration. Any such arbitration shall, at the depositary's election, be conducted either in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association or in Hong Kong following the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) with the Hong Kong International Arbitration Centre serving as the appointing authority and the language of any such arbitration shall be English. In all cases, the fees of the arbitrators and other costs incurred by the parties in connection with such arbitration shall be paid by the party (or parties) that is (or are) unsuccessful in such arbitration. Holders and beneficial owners shall not be entitled to join or consolidate disputes by or against others in any arbitration, or to include in any arbitration any dispute as a representative or member of a class, or act in any arbitration in the interest of the general public or in a private attorney general capacity.

#### Jury Trial Waiver
In the deposit agreement, each party thereto (including, for the avoidance of doubt, each holder and beneficial owner of, and/or holder of interests in, ADSs or ADRs) irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in any suit, action or proceeding against the depositary and/or us directly or indirectly arising out of, based on or relating in any way to the shares or other deposited securities, the ADSs or the ADRs, the deposit agreement or any transaction contemplated therein, or the breach thereof (whether based on contract, tort, common law or any other theory), including any claim under the U.S. federal securities laws.

If we or the depositary were to oppose a jury trial demand based on such waiver, the court would determine whether the waiver was enforceable in the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a jury trial. The waiver to right to a jury trial in the deposit agreement is not intended to be deemed a waiver by any holder or beneficial owner of our or the depositary's compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder.

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#### CONVERSION BETWEEN ORDINARY SHARES AND ADSs

#### Dealings and Settlement of Ordinary Shares in Singapore
Dealings in our ordinary shares on Catalist of the SGX-ST are conducted in Singapore dollars. Our ordinary shares are traded on SGX-ST in board lot of 100 ordinary shares. The transaction costs of dealings in our ordinary shares on Catalist of the SGX-ST include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fee of S$10.00 (subject to GST at the prevailing rate) for each withdrawal of 1,000 Shares or less and a fee of S$25.00 (subject to GST at the prevailing rate) for each withdrawal of more than 1,000 Shares is payable upon withdrawing our Shares from the book-entry settlement system and obtaining physical share certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Registration fee — S$2.00 (subject to GST at the prevailing rate) per certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A fee of S$10.00 (subject to GST at the prevailing rate) is payable upon the deposit of each instrument of transfer with the CDP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfers and settlements pursuant to on-exchange trades will be charged a fee of S$30.00 and transfers and settlements pursuant to off-exchange trades will be charged a fee of 0.015% of the value of the transaction, subject to a minimum of S$75.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Singapore clearing fee for trades in our Shares on Catalist of the SGX-ST is payable at the rate of 0.0325% of the transaction value. The clearing fee, instrument of transfer deposit fee and share withdrawal fee may be subject to GST at the prevailing rate.

Investors must settle their trades executed on Catalist of the SGX-ST through their brokers directly or through custodians. For an investor who has deposited his/her ordinary shares in his/her CDP securities account or in a designated participant or nominee account maintained with the CDP, settlement will be effected through CDP in accordance with the CDP Clearing Rules and CDP Settlement Rules in effect from time to time. For an investor who holds physical share certificates, the certificates and duly executed transfer documents and forms must be completed and submitted to CDP, sufficiently in advance so that the shares are credited to the relevant CDP account before the scheduled settlement date.

An investor may arrange with his/her broker or custodian on a settlement date in respect of his/her trades executed on Catalist of the SGX-ST. Under the SGX-ST Rules in effect from time to time, the settlement date is the second market day following the trade date (T+2), being a day on which CDP's settlement services are open. For trades settled through CDP, the CDP Clearing Rules in effect from time to time provide that, where a selling party does not have sufficient shares in the CDP securities account for settlement on the settlement date, CDP will conduct a buy-in on the afternoon of the settlement date or, if the intended settlement date of the trades executed on SGX securities market falls on a day with half day trading or if the buy-in is not successful by the end of the second market day following the trade date (T+2), buying-in will be conducted on the next business day (i.e. T+3). CDP will also impose applicable processing fees, penalties and other charges in accordance with its rules and procedures from the time the delivery obligation falls due.

#### The ADSs
The ADSs will be traded on Nasdaq. Dealings in the ADSs will be conducted in U.S. dollars. ADSs may be held either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• directly on the books of the depositary (which ADSs will be reflected in book-entry form); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indirectly, in DTC through a bank, broker or other financial institution or nominee.

The depositary for the ADSs is JPMorgan Chase Bank, N.A., whose principal executive office for ADR related matters is located at 270 Park Avenue, Floor 8, New York, New York 10017.

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#### Depositing Ordinary Shares Trading in Singapore for Delivery of ADSs
An investor who holds ordinary shares registered in Singapore and who wishes to receive delivery of ADSs to trade on Nasdaq must deposit, or have his or her broker deposit, the ordinary shares with the depositary's Singapore custodian (the "custodian") in exchange for ADSs. A deposit of ordinary shares trading on Catalist of the SGX-ST in exchange for ADSs involves the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ordinary shares have been deposited with the CDP, the investor must transfer the ordinary shares to the depositary's designated CDP account maintained by the custodian by following CDP's book-entry transfer procedures and must submit and deliver a duly completed and signed letter of transmittal to the custodian via his or her broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ordinary shares are held outside the CDP, the investor must arrange to deposit his or her ordinary shares into the CDP so that they can be delivered to the depositary's designated CDP account maintained by the custodian, and must submit and deliver a duly completed and signed letter of transmittal to the custodian via his or her broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon payment of the depositary's applicable fees (including, without limitation, the ADS issuance fee) and expenses and payment of any applicable taxes, duties, charges or fees, and in each case subject to the terms of the deposit agreement, the depositary will register the corresponding number of ADSs in the name(s) requested by the investor and will either (i) in the case of ADSs to be registered in the holder's name directly on the books of the depositary, deliver a book-entry statement to the holder's address set forth on the letter of transmittal or (ii) in the case of ADSs to be delivered to a bank, broker or other financial institution or nominee within DTC, deliver the ADSs to the designated DTC specified in the letter of transmittal

For ordinary shares deposited with the CDP, under normal circumstances, the above steps generally require two business days, provided that the investor has provided timely and complete instructions. For ordinary shares held outside the CDP in physical form, the above steps may take up to 14 business days, or more, to complete. Temporary delays may arise. For example, the transfer books of the depositary may from time to time be closed to ADS issuances. The investor will be unable to receive the ADSs until the procedures are completed.

#### Surrender of ADSs for Delivery of Ordinary Shares Trading in Singapore
An investor who holds ADSs and who wishes to receive ordinary shares that trade on Catalist of the SGX-ST must cancel the ADSs the investor holds, withdraw ordinary shares from the ADS program and cause his or her broker or other financial institution to trade such ordinary shares on Catalist of the SGX-ST.

An investor that holds ADSs indirectly through a broker or other financial institution should follow the procedure of the broker or financial institution and instruct the broker to arrange for cancelation of the ADSs and transfer of the underlying ordinary shares from the depositary's account with the custodian within the CDP system to the investor's Singapore stock account. For investors holding ADSs directly, the following steps must be taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To withdraw ordinary shares from the ADS program, an investor who holds ADSs must surrender such ADSs to the depositary, endorsed in blank (if certificated) or accompanied by a duly executed instrument of transfer of such ADSs in blank, together with a written order directing the depositary to cause the ordinary shares represented by such ADSs to be withdrawn and delivered to, or upon the written order of, any person designated in such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon payment or net of its fees (including, without limitation, the ADS cancellation fee), payment of the CDP's fees and expenses, and payment of expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, if applicable, and subject in all cases to the terms of the deposit agreement, upon compliance with the provisions of the first bullet above, the depositary will instruct the custodian to deliver ordinary shares underlying the canceled ADSs to the CDP account designated by an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If an investor prefers to receive ordinary shares outside the CDP, he or she must receive ordinary shares in the CDP first and then arrange for withdrawal from the CDP. Investors can then obtain a withdrawal form to withdraw the ordinary shares in their own names with the Singapore share registrar.

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For ordinary shares to be received in the CDP, under normal circumstances, the above steps generally require two business days, provided that the investor has provided timely and complete instructions.

For ordinary shares to be received outside the CDP in physical form, the above steps may take up to 14 business days, or more, to complete. The investor will be unable to trade the ordinary shares on the Catalist of the SGX-ST until the procedures are completed.

Temporary delays may arise. For example, the transfer books of the depositary may from time to time be closed to ADS cancelations. In addition, completion of the above steps and procedures for delivery for ordinary shares in a CDP account is subject to there being a sufficient number of ordinary shares on the Singapore share register to facilitate a withdrawal from the ADS program directly into the CDP. We are not under any obligation to maintain or increase the number of ordinary shares on the Singapore share register to facilitate such withdrawals.

#### Depositary Requirements
The depositary may require, among others, the payment of applicable taxes, fees, and charges, the production of satisfactory proof of identity and compliance with applicable laws and regulations, and observance of its procedures in connection with the issuance, registration of transfer, split up, combination, or cancellation of ADSs, or the delivery of any distributions in respect of ADSs. See "Description of American Depositary Shares — Limitations on Obligations and Liability" for further details.

The depositary may refuse to deliver, transfer, or register issuances, transfers, and cancellations of ADSs generally when the transfer books of the depositary or our Singapore share registrar are closed or at any time if the depositary determines it advisable to do so, subject to such refusal complying with U.S. federal securities laws.

All costs attributable to the transfer of ordinary shares to effect a withdrawal from or deposit of ordinary shares into the ADS program will be borne by the investor requesting the transfer. In particular, holders of ordinary shares and ADSs should note that the Singapore share registrar will charge between S$10.00 to S$25.00, depending on the speed of service and quantity of Shares, for each transfer of ordinary shares from one registered owner to another, each share certificate canceled or issued by it and any applicable fee as stated in the share transfer forms used in Singapore. In addition, holders of ordinary shares and ADSs must pay up to US$5.00 per 100 ADSs (or portion thereof) for each issuance of ADSs and each cancelation of ADSs, as the case may be, in connection with the deposit of ordinary shares into, or withdrawal of ordinary shares from, the ADS program.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Before this offering, no public market existed in the United States for our ordinary shares or the ADSs. Upon completion of this offering, assuming the underwriters do not exercise their option to purchase additional ADSs, we will have ADSs outstanding, representing approximately % of our outstanding ordinary shares. All of the ADSs sold in this offering will be freely transferable by persons other than by our "affiliates" without restriction or further registration under the Securities Act. Sales of substantial amounts of our ADSs in the public market could adversely affect prevailing market prices of our ADSs. We intend to apply to list the ADSs on the Nasdaq Global Market, but we cannot assure you that a regular trading market will develop for the ADSs. Our ordinary shares are and, following the completion of this offering, will continue to be listed on Catalist of the SGX-ST, and we will apply for admission of the new ordinary shares to be issued as a result of this offering to trading on SGX-ST.

#### Rule 144
In general, under Rule 144 of the Securities Act as currently in effect, beginning 90 days after the date of this prospectus, a person who has beneficially owned our "restricted securities" within the meaning of Rule 144 for at least six months is entitled to sell the restricted securities without registration under the Securities Act, subject to certain restrictions. Persons who are our affiliates may sell within any three-month period a number of restricted securities that does not exceed the greater of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the then outstanding ordinary shares, in the form of ADSs or otherwise, which immediately after this offering will equal ordinary shares, assuming the underwriters do not exercise their option to purchase additional ADSs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our ordinary shares, in the form of ADSs or otherwise, during the four calendar weeks preceding the date on which notice of the sale is filed with the SEC.

Sales by our affiliates under Rule 144 are also subject to certain requirements relating to manner of sale, notice and the availability of current public information about us.

#### Rule 701
In general, under Rule 701 of the Securities Act as currently in effect, each of our employees, consultants or advisors who purchases ordinary shares from us in connection with a compensatory stock or option plan or other written agreement relating to compensation is eligible to resell such shares 90 days after we became a reporting company under the Exchange Act in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144.

#### Regulation S
Regulation S provides generally that sales made in offshore transactions are not subject to the registration or prospectus-delivery requirements of the Securities Act.

#### Lock-Up Agreements
For a period of 180 days after the date of this prospectus, we have agreed, subject to certain exceptions, not to directly or indirectly offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, except in this offering, any of our ordinary shares or ADSs or securities convertible into or exercisable or exchangeable for our ordinary shares or ADSs (other than pursuant to employee equity incentive plans existing on, or upon the conversion or exchange of convertible or exchangeable securities outstanding as of, the date of this prospectus), without the prior written consent of the representatives of the underwriters. We have also agreed not to facilitate our shareholders' conversion of ordinary shares to ADSs during such period without the prior written consent of the representatives.

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Furthermore, each of our directors and executive officers, and certain of our significant shareholders, have also entered into a similar lock-up agreement for a period of 180 days from the date of this prospectus, subject to certain exceptions, with respect to our ordinary shares, ADSs and securities convertible into or exercisable or exchangeable for our ordinary shares or ADSs, except with the prior written consent of the representatives of the underwriters.

Upon the expiration of the lock-up agreements, substantially all of the shares subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed above. For a further description of these lock-up agreements, see "Underwriting."

#### Moratorium for Listing on Catalist of the SGX-ST

#### Promoters
Under Rule 422 of the Catalist Rules, each of MST SingCo and Angelling Capital Holdings Limited are deemed promoters of our Company (collectively, the "Promoters" and each a "Promoter"). Each of MST SingCo and Angelling Capital Holdings Limited has undertaken to ZICO Capital Pte. Ltd., as the sponsor, issue manager and placement agent for our listing on Catalist of the SGX-ST, and our Company that it will, amongst others, until September 8, 2026, not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, contract to sell, offer, realize, transfer, assign, pledge, grant any option, right or warrant to purchase, lend, grant any security over, encumber (such as by way of mortgage, assignment of rights, charge, pre-emption rights, rights of first refusal or otherwise), transfer or otherwise dispose of any part of its interests in, or all of, the ordinary shares in the capital of our Company (adjusted for any bonus issue or sub-division of the ordinary shares in the capital of our Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any agreement, transaction or other arrangement, in whole or in part, (including any swap, hedge or derivative transaction) with a similar effect (economic or otherwise) to such restrictions set out in sub-paragraph (i) above, where such agreement, transaction or other arrangement is to be settled by delivery of its ordinary shares in the capital of our Company, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposit all or any part of its effective interest, in any part of its ordinary shares in the capital of our Company, in any depository receipt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any agreement, transaction or arrangement which is designed or which may reasonably be expected to result in any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) publicly announce any intention to do any of the above.

(collectively, the "Restrictions").

The Restrictions shall apply in respect of its effective interest in 50.0% of all ordinary shares in the capital of our Company held by MST SingCo and Angelling Capital Holdings Limited, respectively, immediately after our listing on Catalist of the SGX-ST, being 15,244,600 and 27,602,400 of our ordinary shares, respectively, (adjusted for any bonus issue or sub-division of ordinary shares).

#### Indirect Shareholdings and Effective Interest of the Promoters
MST ListCo has undertaken to ZICO Capital Pte. Ltd., as the sponsor, issue manager and placement agent for our listing on Catalist of the SGX-ST, and our Company that it will, amongst others, until September 8, 2026, not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, contract to sell, offer, realize, transfer, assign, pledge, grant any option, right or warrant to purchase, lend, grant any security over, encumber (such as by way of mortgage, assignment of rights, charge, pre-emption rights, rights of first refusal or otherwise), transfer or otherwise dispose of any part of its interests in, or all of, the shares in the share capital of MST SingCo (adjusted for any bonus issue or sub-division of the shares in the share capital of MST SingCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any agreement, transaction or other arrangement, in whole or in part, (including any swap, hedge or derivative transaction) with a similar effect (economic or otherwise) to such restrictions set out in sub-paragraph (i) above, where such agreement, transaction or other arrangement is to be settled by delivery of the shares in the share capital of MST SingCo, in cash or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposit all or any part of its effective interest, in any shares in the share capital of MST SingCo, in any depository receipt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any agreement, transaction or arrangement which is designed or which may reasonably be expected to result in any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) publicly announce any intention to do any of the above.

Mr. Thng Chong Kim, being the sole shareholder of the entire issued share capital of Angelling Capital Holdings Limited, has undertaken to ZICO Capital Pte. Ltd., as the sponsor, issue manager and placement agent for our listing on Catalist of the SGX-ST, and our Company that he will, amongst others, until September 8, 2026, not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, contract to sell, offer, realize, transfer, assign, pledge, grant any option, right or warrant to purchase, lend, grant any security over, encumber (such as by way of mortgage, assignment of rights, charge, pre-emption rights, rights of first refusal or otherwise), transfer or otherwise dispose of any part of his interests in, or all of, the shares in the share capital of Angelling Capital Holdings Limited (adjusted for any bonus issue or sub-division of the shares in the share capital of Angelling Capital Holdings Limited);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any agreement, transaction or other arrangement, in whole or in part, (including any swap, hedge or derivative transaction) with a similar effect (economic or otherwise) to such restrictions set out in sub-paragraph (i) above, where such agreement, transaction or other arrangement is to be settled by delivery of the shares in the share capital of Angelling Capital Holdings Limited, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposit all or any part of its effective interest, in any shares in the share capital of Angelling Capital Holdings Limited, in any depository receipt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any agreement, transaction or arrangement which is designed or which may reasonably be expected to result in any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) publicly announce any intention to do any of the above.

#### Pre-SGX IPO Investors
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Mr. Zhang Hongjun; (ii) Opulent Techno Pte. Ltd.; (iii) L & K Precision Engineering Pte. Ltd.; (iv) Mr. Lin, Chen-Yen; (v) Yang Chia International Co Ltd; (vi) Oriental Spirit Pte. Ltd.; (vii) Technical Trend Pte. Ltd.; (viii) Mr. Chang, Shun-Teh; (ix) Mr. Chen Xin; and (x) Z&H Brothers Oversea Investment Pte. Ltd. (collectively, the "Pre-SGX IPO Investors") have undertaken to comply with the Restrictions in respect of a portion of the 27,410,400 ordinary shares that they hold immediately before our listing on Catalist of the SGX-ST, until September 8, 2026, in compliance with Rule 422(2) of the Catalist Rules.

#### Other Shareholders
To demonstrate their commitment to us, MMI Holdings Limited, Accelerate Technologies, Autec Solutions Pte. Ltd., Origgin Ventures Pte. Ltd., Dong & Geng Capital Pte. Ltd., Dr. Arseniy Kuznetsov, Mr. Aloysius Chua Hao Peng, Aquaspring Group Limited, and Haur-Jye Technology Co Ltd have undertaken to ZICO Capital Pte. Ltd., as the sponsor, issue manager and placement agent for our listing on Catalist of the SGX-ST, and our Company that it or he will, amongst others, until September 8, 2026, not directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell, contract to sell, offer, realize, transfer, assign, pledge, grant any option, right or warrant to purchase, lend, grant any security over, encumber (such as by way of mortgage, assignment of rights, charge, pre-emption rights, rights of first refusal or otherwise), transfer or otherwise dispose of any part of its or his interests in, or all of, the ordinary shares in the capital of our Company (adjusted for any bonus issue or sub-division of the ordinary shares in the capital of our Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into any agreement, transaction or other arrangement, in whole or in part, (including any swap, hedge or derivative transaction) with a similar effect (economic or otherwise) to such restrictions set out in sub-paragraph (i) above, where such agreement, transaction or other arrangement is to be settled by delivery of its or his ordinary shares in the capital of our Company, in cash or otherwise;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deposit all or any part of its or his effective interest, in any part of its or his ordinary shares in the capital of our Company, in any depository receipt facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into any agreement, transaction or arrangement which is designed or which may reasonably be expected to result in any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) publicly announce any intention to do any of the above.

These restrictions shall apply to 50.0% of all ordinary shares held by MMI Holdings Limited, Accelerate Technologies, Autec Solutions Pte. Ltd., Origgin Ventures Pte. Ltd., Dong & Geng Capital Pte. Ltd., Dr. Arseniy Kuznetsov, Mr. Aloysius Chua Hao Peng, Aquaspring Group Limited, and Haur-Jye Technology Co Ltd immediately after our listing on Catalist of the SGX-ST, collectively being 45,249,600 of our ordinary shares (adjusted for any bonus issue or sub-division of ordinary shares).

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#### TAXATION
*The following summary of material Cayman Islands, Singapore, and United States federal income tax consequences of an investment in our ADSs or ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this prospectus, all of which are subject to change. This summary does not deal with all possible tax consequences relating to an investment in our ADSs or ordinary shares, such as the tax consequences under state, local and other tax laws. To the extent that this discussion relates to matters of Cayman Islands tax law, it represents the opinion of Maples and Calder (Hong Kong) LLP, our counsel as to Cayman Islands law.*

#### Cayman Islands Taxation
The Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within the jurisdiction of the Cayman Islands. The Cayman Islands is not party to any double tax treaties that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in the Cayman Islands.

Payments of dividends and capital in respect of the ADSs or ordinary shares will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or capital to any holder of our ADSs or ordinary shares, nor will gains derived from the disposal of our ADSs or ordinary shares be subject to Cayman Islands income or corporation tax.

#### Certain Singapore Taxation Considerations
The statements made herein regarding taxation are general in nature and based on certain aspects of current tax laws of Singapore and administrative guidelines issued by the relevant authorities in force as of the date of this prospectus and are subject to any changes in such laws or administrative guidelines, or in the interpretation of these laws or guidelines, occurring after such date, which could be made on a retrospective basis. These laws and guidelines are also subject to various interpretations and the relevant tax authorities or the courts could later disagree with the explanations or conclusions set out below. The statements below are not to be regarded as advice on the tax position of any holder of the ADSs or our ordinary shares or of any person acquiring, selling or otherwise dealing with the ADSs or our ordinary shares or on any tax implications arising from the acquisition, sale or other dealings in respect of the ADSs or our ordinary shares. The statements made herein do not purport to be a comprehensive or exhaustive description of all of the tax considerations that may be relevant to a decision to purchase, own or dispose of the ADSs or our ordinary shares and do not purport to deal with the tax consequences applicable to all categories of investors, some of which (such as dealers in securities) may be subject to special rules. Prospective holders of the ADSs or our ordinary shares are advised to consult their own tax advisers as to the Singapore or other tax consequences of the acquisition, ownership of or disposal of the ADSs or our ordinary shares. The statements below are based on the assumption that MetaOptics Technologies is tax resident in Singapore for Singapore income tax purposes. It is emphasized that neither MetaOptics Technologies nor any other persons involved in this prospectus accepts responsibility for any tax consequences or liabilities resulting from the subscription for or purchase, holding or disposal of our ADSs and our ordinary shares.

#### Corporate Income Tax
A Singapore tax resident corporate taxpayer is subject to Singapore income tax on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• income accruing in or derived from Singapore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign sourced income received or deemed received in Singapore, unless otherwise exempted.

Foreign-sourced income is deemed to be received in Singapore when it is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) remitted to, transmitted or brought into Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) used to satisfy any debt incurred in respect of a trade or business carried on in Singapore; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) used to purchase any movable property brought into Singapore.

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Foreign income in the form of branch profits, dividends and service fee income ("**specified foreign income**") received or deemed received in Singapore by a Singapore tax resident company is exempted from Singapore tax provided that the following qualifying conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such income is subject to tax of a similar character to income tax (by whatever name called), or qualified domestic minimum top-up tax (but disregarding any excluded top-up tax), under the law of the territory from which such income is received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time the income is received in Singapore by the person resident in Singapore, the highest rate of tax of a similar character to income tax (by whatever name called) (but disregarding any excluded top-up tax or qualified domestic minimum top-up tax), levied under the law of the territory from which such income is received on any gains or profits from any trade or business carried on by any company in that territory at that time is at least 15.0%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Comptroller of Income Tax is satisfied that the tax exemption would be beneficial to the person resident in Singapore who is receiving or deemed to be receiving the specified foreign income.

A non-Singapore tax resident corporate taxpayer, subject to certain exceptions, is subject to Singapore income tax on income accrued in or derived from Singapore, and on foreign income received or deemed received in Singapore.

A company is regarded as tax resident in Singapore if the control and management of the company's business is exercised in Singapore. Control and management is defined as the making of decisions on strategic matters, such as those concerning the company's policy and strategy. Generally, the location of the company's board of directors meetings where strategic decisions are made determines where the control and management is exercised. However, under certain scenarios, holding board meetings in Singapore may not be sufficient and other factors will be considered to determine if the control and management of the business is indeed exercised in Singapore.

The prevailing corporate tax rate in Singapore is 17.0% with the first S$200,000 of chargeable income of a company being partially exempt from tax as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 75.0% of the first S$10,000 of chargeable income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 50.0% of the next S$190,000 of chargeable income.

#### Individual Income Tax
An individual taxpayer (both resident and non-resident) is subject to Singapore income tax on income accruing in or derived from Singapore. Foreign-sourced income received or deemed received by an individual is exempt from income tax in Singapore except for such income received by a resident individual through a partnership in Singapore. Certain Singapore-sourced investment income received or deemed received by individuals is also exempt from tax.

An individual is regarded as a tax resident in Singapore if in the calendar year preceding the year of assessment, he was physically present in Singapore or exercised an employment in Singapore (other than as a director of a company) for 183 days or more, or if he ordinarily resides in Singapore, except for such temporary absences therefrom as may be reasonable and not inconsistent with a claim by such individual to be resident in Singapore.

Currently, a Singapore tax resident individual is subject to tax at the progressive resident rates, ranging from 0% to 24.0%, after deductions of qualifying personal reliefs where applicable. A non-Singapore tax resident individual is generally taxed at the tax rate of 24.0% on most types of income.

#### Capital Gains
Any gains made from the sale of the ADSs or our ordinary shares which are considered to be in the nature of capital gains will not be taxable in Singapore to the extent that they do not fall within the ambit of Section 10L of the ITA, which subjects to tax gains from the sale or disposal of specified foreign assets with effect from January 1, 2024. However, any gains which are considered to be revenue in nature (e.g. if they are derived by any person from any trade, business, profession or vocation carried on by that person), if accruing in or derived from Singapore, may be taxable.

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Under Section 10L of the Income Tax Act 1947, gains received in Singapore by an entity of a relevant group from the sale or disposal of any movable or immovable property outside Singapore will be treated as income chargeable to tax under Section 10(1)(g) of the ITA under certain circumstances. The foreign-sourced disposal gains will be subject to tax if the entity does not have adequate economic substance in Singapore and the sale or disposal of the foreign asset occurs on or after January 1, 2024. An entity is a member of a group of entities if its assets, liabilities, income, expenses and cash flows are (a) included in the consolidated financial statements of the parent entity of the group; or (b) excluded from the consolidated financial statements of the parent entity of the group solely on size or materiality grounds or on the grounds that the entity is held for sale. A group is a relevant group if (a) the entities of the group are not all incorporated, registered or established in Singapore; or (b) any entity of the group has a place of business outside Singapore.

Holders of the ADSs or our ordinary shares who apply or who are required to apply Financial Reporting Standard ("**FRS**") 39, FRS 109 or Singapore Financial Reporting Standard (International) 9 ("**SFRS(I) 9**") (as the case may be), for Singapore income tax purposes may be required to recognize gains or losses (not being gains or losses in the nature of capital) on the ADSs or our ordinary shares, irrespective of disposal, in accordance with FRS 39 or FRS 109 or SFRS(I) 9 (as the case may be).

Investors are advised to consult their own tax advisors on the applicable tax treatment if they received gains in Singapore from the disposal of the ADSs or our ordinary shares.

#### Stamp Duty
There is no stamp duty payable in Singapore on the subscription for, allotment or holding of the ADSs or our ordinary shares.

On the basis that the ADSs or our ordinary shares are not maintained in a share register in Singapore, stamp duty would not be payable in Singapore on any instrument of transfer of the ADSs or our ordinary shares.

#### United States Federal Income Taxation
The following discussion is a summary of U.S. federal income tax considerations generally applicable to the ownership and disposition of the ADSs or ordinary shares by a U.S. Holder (as defined below) that acquires the ADSs or ordinary shares in this offering and holds the ADSs or ordinary shares as "capital assets" (generally, property held for investment) under the U.S. Internal Revenue Code of 1986, as amended (the "Code"). This discussion is based upon existing U.S. federal tax law, which is subject to differing interpretations or change, possibly with retroactive effect. No ruling has been sought from the Internal Revenue Service (the "IRS") with respect to any U.S. federal income tax considerations described below, and there can be no assurance that the IRS or a court will not take a contrary position. This discussion, moreover, does not address the U.S. federal estate, gift, and alternative minimum tax considerations, the Medicare tax on certain net investment income, information reporting or backup withholding or any state, local, and non-U.S. tax considerations, relating to the ownership or disposition of the ADSs or ordinary shares. The following summary does not address all aspects of U.S. federal income taxation that may be important to particular investors in light of their individual circumstances or to persons in special tax situations such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cooperatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• traders that elect to use a mark-to-market method of accounting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain former U.S. citizens or long-term residents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities (including private foundations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• individual retirement accounts or other tax-deferred accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons liable for alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who acquire their ordinary shares pursuant to any employee share option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors that will hold their ordinary shares as part of a straddle, hedge, conversion, constructive sale or other integrated transaction for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors that have a functional currency other than the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 10% or more of the ordinary shares (by vote or value); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities taxable as partnerships for U.S. federal income tax purposes, or persons holding the ordinary shares through such entities, all of whom may be subject to tax rules that differ significantly from those discussed below.

Each U.S. Holder is urged to consult its tax advisor regarding the application of U.S. federal taxation to its particular circumstances, and the state, local, non-U.S., and other tax considerations of the ownership and disposition of the ordinary shares.

#### General
For purposes of this discussion, a "U.S. Holder" is a beneficial owner of the ADSs or ordinary shares that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created in, or organized under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust, or (ii) that has otherwise validly elected to be treated as a U.S. person under the Code.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of the ADSs or ordinary shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partnerships holding the ADSs or ordinary shares and their partners are urged to consult their tax advisors regarding an investment in the ADSs or ordinary shares.

#### ADSs
If you own our ADSs, then you should be treated as the owner of the underlying ordinary shares represented by those ADSs for United States federal income tax purposes. Accordingly, deposits or withdrawals of ordinary shares for ADSs should not be subject to United States federal income tax.

The United States Treasury Department and the IRS have expressed concerns that intermediaries in the chain of ownership between the holder of an ADS and the issuer of the security underlying the ADS may be taking actions that are inconsistent with the beneficial ownership of the underlying security (for example, a pre-release of ADSs to persons that do not have beneficial ownership of the securities underlying the ADSs). Such actions may be inconsistent with the claiming of the reduced rate of tax applicable to certain dividends received by non-corporate United States Holders of ADSs, including individual United States Holders, and the claiming of foreign tax credits by United States

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Holders of ADSs. Accordingly, among other things, the availability of foreign tax credits or the reduced tax rate for dividends received by non-corporate United States Holders, each discussed below, could be affected by actions taken by intermediaries in the chain of ownership between the holder of an ADS and our company, if as a result of such actions, the holders of ADSs are not properly treated as beneficial owners of ordinary shares.

#### Passive Foreign Investment Company Considerations
A non-U.S. corporation, such as our company, will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either (i) 75% or more of its gross income for such year consists of certain types of "passive" income or (ii) 50% or more of the value of its assets (determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. Passive income generally includes, among other things, dividends, interest, rents, royalties, and gains from the disposition of passive assets. Passive assets are those which give rise to passive income, and include assets held for investment, as well as cash, assets readily convertible into cash, and working capital. Our goodwill and other unbooked intangibles are taken into account and may be classified as active or passive depending upon the relative amounts of income generated by us in each category. We would be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation in which we own, directly or indirectly, 25% or more (by value) of the stock.

Based upon our current and projected income and assets, the expected proceeds from this offering, and projections as to the market price of the ADSs immediately following this offering, we do not expect to be a PFIC for the current taxable year or the foreseeable future. However, no assurance can be given in this regard because the determination of whether we are or may become a PFIC is a factual determination made annually that will depend, in part, upon the composition and classification of our income and assets, including the relative amounts of income generated by our strategic investment business as compared to our other businesses, and the value of the assets held by our strategic investment business as compared to our other businesses. Because there are uncertainties in the application of the relevant rules, it is possible that the IRS may challenge our classification of certain income and assets as non-passive, which may result in our being or becoming classified as a PFIC in the current or subsequent years. Furthermore fluctuations in the market price of the ADSs may cause us to be a PFIC for the current or future taxable years because the value of our assets for purposes of the asset test, including the value of our goodwill and unbooked intangibles, may be determined by reference to the market price of the ADSs from time to time (which may be volatile). In estimating the value of our goodwill and other unbooked intangibles, we have taken into account our anticipated market capitalization immediately following the close of this offering. Among other matters, if our market capitalization is less than anticipated or subsequently declines, we may be or become a PFIC for the current or future taxable years. The composition of our income and assets may also be affected by how, and how quickly, we use our liquid assets and the cash raised in this offering. Under circumstances where our revenue from activities that produce passive income significantly increase relative to our revenue from activities that produce non-passive income, or where we determine not to deploy significant amounts of cash for active purposes, our risk of becoming a PFIC may substantially increase.

If we are a PFIC for any year during which a U.S. Holder holds the ADSs or ordinary shares, we generally will continue to be treated as a PFIC with respect to that U.S. Holder for all succeeding years during which such U.S. Holder holds the ADSs or ordinary shares unless, in such case, we cease to qualify as a PFIC and such U.S. Holder makes a deemed sale election.

The discussion below under "— Dividends" and "— Sale or Other Disposition" is written on the basis that we will not be or become classified as a PFIC. The U.S. federal income tax rules that apply generally if we are treated as a PFIC are discussed below under "— Passive Foreign Investment Company Rules."

#### Dividends
Any cash distributions paid on the ADSs or ordinary shares out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles, will generally be includible in the gross income of a U.S. Holder as dividend income on the day actually or constructively received by the U.S. Holder, in the case of ordinary shares, or by the depositary, in the case of ADSs. Because we do not intend to determine our earnings and profits under U.S. federal income tax principles, any distribution we pay will generally be treated as a "dividend" for U.S. federal income tax purposes. Dividends received on the ADSs or ordinary shares will not be eligible for the dividends received deduction allowed to corporations in respect of dividends received from U.S. corporations.

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Individuals and other non-corporate U.S. Holders may be subject to tax on any such dividends at the lower capital gain tax rate applicable to "qualified dividend income," provided that certain conditions are satisfied, including that (i) the ADSs or ordinary shares on which the dividends are paid are readily tradable on an established securities market in the United States, (ii) we are neither a PFIC nor treated as such with respect to a U.S. Holder for the taxable year in which the dividend is paid and the preceding taxable year, and (iii) certain holding period requirements are met. We have applied to list the ADSs on the Nasdaq Global Market. Provided that this listing is approved, we believe that the ADSs should generally be considered to be readily tradeable on an established securities market in the United States. There can be no assurance that the ADSs will continue to be considered readily tradable on an established securities market in later years. Because the ordinary shares will not be listed on a U.S. exchange, we do not believe that dividends received with respect to ordinary shares that are not represented by ADSs will be treated as qualified dividends. U.S. Holders are urged to consult their tax advisors regarding the applicability of the lower income tax rate on dividends paid with respect to the ADSs or ordinary shares.

For U.S. foreign tax credit purposes, dividends paid on the ADSs or ordinary shares will generally be treated as income from foreign sources and will generally constitute passive category income. The rules governing the foreign tax credit are complex and U.S. Holders are urged to consult their tax advisors regarding the availability of the U.S. foreign tax credit under their particular circumstances.

#### Sale or Other Disposition
A U.S. Holder will generally recognize gain or loss upon the sale or other disposition of ADSs or ordinary shares in an amount equal to the difference between the amount realized upon the disposition and the holder's adjusted tax basis in such ADSs or ordinary shares. Such gain or loss will generally be capital gain or loss. Any such capital gain or loss will be long term if the ADSs or ordinary shares have been held for more than one year. Non-corporate U.S. Holders (including individuals) generally will be subject to U.S. federal income tax on long-term capital gain at preferential rates. The deductibility of a capital loss may be subject to limitations. Any such gain or loss that the U.S. Holder recognizes will generally be treated as U.S. source income or loss for foreign tax credit limitation purposes, which could limit the availability of foreign tax credits. Each U.S. Holder is advised to consult its tax advisor regarding the tax consequences if a foreign tax is imposed on a disposition of the ADSs or ordinary shares, including the applicability of any tax treaty and the availability of the foreign tax credit under its particular circumstances.

#### Passive Foreign Investment Company Rules
If we are classified as a PFIC for any taxable year during which a U.S. Holder holds the ADSs or ordinary shares, and unless the U.S. Holder makes a mark-to-market election (as described below), the U.S. Holder will generally be subject to special tax rules on (i) any excess distribution that we make to the U.S. Holder (which generally means any distribution paid during a taxable year to a U.S. Holder that is greater than 125 percent of the average annual distributions paid in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for the ADSs or ordinary shares), and (ii) any gain realized on the sale or other disposition, including, under certain circumstances, a pledge, of the ADSs or ordinary shares. Under the PFIC rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period for the ADSs or ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to the current taxable year and any taxable years in the U.S. Holder's holding period prior to the first taxable year in which we are classified as a PFIC (each, a "pre-PFIC year"), will be taxable as ordinary income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount allocated to each prior taxable year, other than a pre-PFIC year, will be subject to tax at the highest tax rate in effect for individuals or corporations, as appropriate, for that year, increased by an additional tax equal to the interest on the resulting tax deemed deferred with respect to each such taxable year.

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Alternatively, a U.S. Holder of "marketable stock" (as defined below) in a PFIC may make a mark-to-market election with respect to such stock. If a U.S. Holder makes this election with respect to the ADSs, the holder will generally (i) include as ordinary income for each taxable year that we are a PFIC the excess, if any, of the fair market value of ADSs held at the end of the taxable year over the adjusted tax basis of such ADSs and (ii) deduct as an ordinary loss the excess, if any, of the adjusted tax basis of the ADSs over the fair market value of such ADSs held at the end of the taxable year, although such deduction will only be allowed to the extent of the net amount previously included in income as a result of the mark-to-market election. The U.S. Holder's adjusted tax basis in the ADSs would be adjusted to reflect any income or loss resulting from the mark-to-market election. If a U.S. Holder makes a mark-to-market election in respect of the ADSs and we cease to be classified as a PFIC, the holder will not be required to take into account the gain or loss described above during any period that we are not classified as a PFIC. If a U.S. Holder makes a mark-to-market election, any gain such U.S. Holder recognizes upon the sale or other disposition of the ADSs in a year when we are a PFIC will be treated as ordinary income and any loss will be treated as ordinary loss, but such loss will only be treated as ordinary loss to the extent of the net amount previously included in income as a result of the mark-to-market election.

The mark-to-market election is available only for "marketable stock," which is stock that is traded in other than de minimis quantities on at least 15 days during each calendar quarter, or regularly traded, on a qualified exchange or other market, as defined in applicable U.S. Treasury regulations. The ADSs, but not the ordinary shares, will be treated as marketable stock upon their listing on the Nasdaq Global Market. We anticipate that the ADSs should qualify as being regularly traded, but no assurances may be given in this regard.

Because a mark-to-market election cannot technically be made for any lower-tier PFICs that we may own, a U.S. Holder may continue to be subject to the PFIC rules with respect to such U.S. Holder's indirect interest in any investments held by us that are treated as an equity interest in a PFIC for U.S. federal income tax purposes.

We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections which, if available, would result in tax treatment different from (and generally less adverse than) the general tax treatment for PFICs described above.

If a U.S. Holder owns the ADSs or ordinary shares during any taxable year that we are a PFIC, the U.S. Holder must generally file an annual IRS Form 8621, Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund. You should consult your tax advisor regarding the U.S. federal income tax consequences of owning and disposing of the ADSs or ordinary shares if we are or become a PFIC.

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#### UNDERWRITING
We have entered into an underwriting agreement with Roth Capital Partners, LLC and The Benchmark Company, LLC, acting as representatives of the underwriters in this offering (the "representatives.") We refer to the several underwriters listed in the table below as the "underwriters." We have applied to have the ADSs listed on the Nasdaq Global Market under the symbol "MOT."

Pursuant to the terms and subject to the conditions contained in the underwriting agreement, we have agreed to sell to the underwriters named below, and each underwriter severally has agreed to purchase from us, at the public offering price less the underwriting discount set forth on the cover page of this prospectus, the respective number of ADSs set forth opposite its name below:

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>ADSs** |
|  Roth Capital Partners, LLC |  |
|  The Benchmark Company, LLC |  |
| &nbsp;&nbsp;&nbsp; **Total** |  |

---

The underwriting agreement provides that the obligation of the underwriters to purchase the ADSs offered by this prospectus is subject to certain conditions. The underwriters are obligated to purchase all of the ADSs offered hereby if any of the ADSs are purchased, other than those covered by the over-allotment option to purchase additional ADSs as described below.

We have granted the underwriters an option to buy up to an additional ADSs, representing approximately 15% of the total number of ADSs being offered, from us at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any. The underwriters may exercise this option at any time, in whole or in part, during the 45-day period after the date of this prospectus. If the underwriters exercise this option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional ADSs proportionate to that underwriter's initial amount reflected in the above table.

The address of Roth Capital Partners, LLC is 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660. The address of The Benchmark Company, LLC 150 East 58th St, 17th Floor, New York, NY 10155.

The underwriters are offering the ADSs, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel and other conditions contained in the underwriting agreement. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Discounts, Commissions and Expenses
The representatives have advised us that the underwriters propose to offer the ADSs purchased pursuant to the underwriting agreement to the public at the initial public offering price set forth on the cover page of this prospectus and to certain dealers at that price less a concession not in excess of $ per ADS of which up to $ per ADS may be reallowed to other dealers. After this offering, the public offering price, concession and reallowance may be changed by the underwriters. No such change shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus.

The following table shows the underwriting discounts and commissions payable to the underwriters by us in connection with this offering (assuming both the exercise and non-exercise of the underwriters' over-allotment option to purchase ADSs):

---

| | | | |
|:---|:---|:---|:---|
|  | **Per ADS** | **Total Without <br>Exercise of <br>Over-allotment <br>Option** | **Total With Full <br>Exercise of <br>Over-allotment <br>Option** |
|  Initial public offering price | $| $| $|
|  Underwriting discounts and commissions paid by us<sup>(1)</sup> | $| $| $|
|  Proceeds to us before expenses | $| $| $|

---

____________

(1) We have agreed to pay the underwriters a discount equal to 7.0% of the gross proceeds of this offering.

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

We have also agreed to reimburse the underwriters for certain accountable out-of-pocket expenses, including the fees and disbursements of counsel, up to an aggregate of $250,000.

We estimate that the total expenses payable by us in connection with this offering, other than the underwriting discounts and commissions referred to above, will be $, including the maximum reimbursement of $250,000 of the underwriters' accountable out-of-pocket expenses.

Any expense deposits paid by us will be returned to us to the extent the underwriters' accountable out-of-pocket expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

#### Representatives' Warrants
Upon the closing of this offering, we have agreed to issue warrants to the representatives, collectively, to purchase a number of ADSs equal to 3.0% of the aggregate number of ADSs sold in this offering, including any ADSs issued pursuant to exercise of the underwriters' over-allotment option. The representatives' warrants shall have an exercise price equal to 120% of the initial public offering price of the ADSs sold in this offering. The representatives' warrants may be purchased in cash or via cashless exercise, will be exercisable at any time and from time to time, in whole or in part, commencing six months after the closing of this offering. The representatives' warrants will terminate five years from the commencement of sales of this offering. The representatives' warrants and the underlying ADSs will be deemed compensation by FINRA, and therefore will be subject to FINRA Rule 5110(e)(1). In accordance with FINRA Rule 5110(e)(1), and except as otherwise permitted by FINRA Rule 5110(e)(2), neither the representatives' warrants nor any of our ADSs issued upon exercise of the representatives' warrants may be sold, transferred, assigned, pledged or hypothecated, or be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of such securities by any person, for a period of 180 days beginning on the date of commencement of sales of the offering.

The representatives' warrants and the underlying ADSs are being registered in the registration statement of which this prospectus forms a part and will be freely tradable upon exercise after the expiration of the 180 day FINRA lock-up period under FINRA Rule 5110(e)(1). In addition, we have also agreed that the representatives' warrants will provide for registration rights. These registration rights will apply to all of the securities directly and indirectly issuable upon exercise of the representatives' warrants. In accordance with FINRA Rule 5110(g)(8), the representatives' warrants (i) will not be exercisable more than five years from the commencement of sales in the offering; (ii) will not provide for more than one demand registration right at our expense; (iii) will not have demand rights that extend more than five years following the commencement of sales in this offering; (iv) will not have "piggyback" registration rights which extend more than seven years following the commencement of sales in this offering; (v) will not have any anti-dilution terms that would allow the representatives to receive more ADSs or to exercise at a lower price than originally agreed upon at the time of this offering, when the public shareholders have not been proportionally affected by a stock split, stock dividend, or other similar event; and (vi) will not have any anti-dilution terms that would allow the representatives to receive or accrue cash dividends prior to the exercise of the representatives' warrants.

#### Indemnification
Pursuant to the underwriting agreement, we have agreed to indemnify the underwriters and certain of their controlling persons against certain liabilities, including liabilities under the Securities Act, or to contribute to payments that the underwriters or such other indemnified parties may be required to make in respect of those liabilities.

#### Lock-Up Agreements
We have agreed not to, during the period ending 180 days after the date of this prospectus (the "Lock-Up Period"), (i) offer, pledge, issue, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any ordinary shares, ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs; (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of ordinary shares, ADSs or such other securities, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of our ordinary shares, ADSs or such other securities, in cash or otherwise, subject to certain exceptions; (iii) file any registration statement with the SEC relating to the offering of our ordinary shares, ADSs or such other securities, or (iv) publicly disclose the intention to take any such action. We have also agreed not to facilitate our shareholders' conversion of ordinary shares to ADSs during the Lock-Up Period without the prior written consent of the representatives.

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

In addition, each of our directors, executive officers and certain shareholders, which, in the aggregate, beneficially own approximately % of our ordinary shares immediately prior to this offering, have agreed not to, during the Lock-Up Period: (i) offer, pledge, sell, announce the intention to sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, make any short sale or otherwise transfer or dispose of, directly or indirectly, any ordinary shares, ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs (including, without limitation, ordinary shares or ADSs which may be deemed to be beneficially owned in accordance with the rules and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant) whether now owned or hereafter acquired (collectively, the "Lock-Up Securities"); (ii) enter into a transaction which would have the same effect, or enter into any swap, hedge or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Lock-Up Securities; or (iii) or publicly disclose the intention to enter into any such transaction, in each case without the prior written consent of the representatives and subject to certain exceptions.

#### Pricing of the Offering
Prior to this offering, there has been no public market for our securities in the U. S. The initial public offering price of the ADSs has been negotiated between us and the representatives. Among the factors considered in determining the initial public offering price of the ADSs, in addition to the prevailing market conditions, are our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

#### Electronic Distribution
This prospectus may be made available in electronic format on websites or through other online services maintained by the underwriters or by their affiliates. Other than this prospectus in electronic format, the information on the underwriters' websites and any information contained in any other websites maintained by the underwriters is not part of this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or any underwriter in its capacity as underwriter, and should not be relied upon by investors.

#### Price Stabilization, Short Positions and Penalty Bids
In connection with the offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids in accordance with Regulation M under the Exchange Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Over-allotment involves sales by the underwriters of ADSs in excess of the number of ADSs such underwriter is obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of ADSs over-allotted by such underwriter is not greater than the number of ADSs that they may purchase in the over-allotment option. In a naked short position, the number of ADSs involved is greater than the number of ADSs in the over-allotment option. Such underwriter may close out any covered short position by either exercising their over-allotment option and/or purchasing ADSs in the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions involve purchases of the ADSs in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of ADSs to close out the short position, the underwriters will consider, among other things, the price of ADSs available for purchase in the open market as compared to the price at which they may purchase ADSs through the over-allotment option. A naked short position occurs if the underwriters sell more ADSs than could be covered by the over-allotment option. This position can only be closed out by buying ADSs in the open market. A naked short position is more likely to be created if the underwriters are concerned that there could be downward pressure on the price of the ADSs in the open market after pricing that could adversely affect investors who purchase in the offering.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the ADSs originally sold by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.

The underwriters may also engage in passive market making transactions in our ADSs. Passive market making may stabilize the market price of our ADSs at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of the ADSs or preventing or retarding a decline in the market price of the ADSs. As a result, the price of the ADSs may be higher than the price that might otherwise exist in the open market. These transactions may be discontinued at any time.

Neither we nor the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the ADSs. In addition, neither we nor the underwriters make any representation that the underwriters will engage in these transactions or that any transaction, if commenced, will not be discontinued without notice.

#### Right of First Refusal
We have granted the representatives' a right of first refusal for a period of twelve (12) months from the closing of this offering to act as sole or joint underwriter or sole or joint exclusive placement agent, at the representatives discretion, for each and every future public offering in the United States of equity, equity-linked or debt securities; provided, however, if the underwriting agreement is terminated for cause by us, the right of first refusal will terminate in accordance with FINRA Rule 5110(g)(5)(B).

#### Other Relationships
The underwriters and their affiliates are full service financial institutions engaged in various activities, which may include the sales and trading of securities, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, financing, brokerage and other financial and non-financial activities and services. The underwriters and their affiliates may have, from time to time, performed, and may in the future perform, a variety of such activities and services for us and for persons or entities with relationships with us for which they received or will receive customary fees, commissions and expenses.

In the course of their businesses, the underwriters and their affiliates may actively trade our securities or loans for their own account or for the accounts of customers, and, accordingly, the underwriters and their affiliates may at any time hold long or short positions in such securities or loans. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Offer Restrictions Outside the United States
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

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

#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions, that we expect to incur in connection with this offering. With the exception of the SEC registration fee, the Financial Industry Regulatory Authority, or FINRA, filing fee, and the stock exchange application and listing fee, all amounts are estimates.

---

| | |
|:---|:---|
|  SEC Registration Fee | US$ |
|  FINRA Filing Fee | US$ |
|  Stock Exchange Application and Listing Fee | US$ |
|  Legal Fees and Expenses | US$ |
|  Accounting Fees and Expenses | US$ |
|  Printing and Engraving Expenses | US$ |
|  Miscellaneous | US$ |
|  **Total** | **US$** |

---

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

#### LEGAL MATTERS
We are being represented by Norton Rose Fulbright with respect to certain legal matters as to United States federal securities and New York State law. Certain legal matters related to the offering will be passed upon for the underwriters by Taft Stettinius & Hollister LLP, Washington, D.C. The validity of our ordinary shares offered in this offering and certain other legal matters as to Cayman Islands law will be passed upon for us by Maples and Calder (Hong Kong) LLP. Drew & Napier LLC will pass upon certain legal matters as to Singapore law for us. Norton Rose Fulbright may rely upon Maples and Calder (Hong Kong) LLP with respect to matters governed by Cayman Islands law and Drew & Napier LLC with respect to matters governed by Singapore law.

#### EXPERTS
The financial statements as of December 31, 2025, December 31, 2024 and January 1, 2024 and for the years ended December 31, 2025 and 2024 included in this prospectus have been so included in reliance on the report (which contains an explanatory paragraph relating to the Company's correction of material errors in previously issued local GAAP accounts used in the first-time IFRS adoption reconciliation as described in Note 25 to the financial statements) of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

The office of PricewaterhouseCoopers LLP is located at 7 Straits View, Marina One, East Tower, Level 12, Singapore 018936.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed a registration statement on Form F-1, including relevant exhibits, with the SEC under the Securities Act with respect to the underlying ordinary shares represented by the ADSs to be sold in this offering. A related registration statement on Form F-6 will be filed with the SEC to register the ADSs. This prospectus, which constitutes a part of the registration statement on Form F-1, does not contain all of the information contained in the registration statement. You should read our registration statements and their exhibits and schedules for further information with respect to us and our ADSs. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance we refer you to the copy of such contract or other document filed as an exhibit to the registration statement.

Immediately upon the effectiveness of the registration statement on Form F-1 of which this prospectus forms a part, we will become subject to periodic reporting and other informational requirements of the Exchange Act. Accordingly, we will be required to file periodic reports and other information with the SEC pursuant to the Exchange Act, as applicable to foreign private issuers. As we are a foreign private issuer, we are exempt from some of the Exchange Act reporting requirements, the rules prescribing the furnishing and content of proxy statements to shareholders, Section 16 reporting rules regarding sales of ordinary shares by holders of more than 10% of our shares, and rules imposing liability under Section 16 of the Exchange Act for insiders and holders of more than 10% of our shares who profit from trades made in a short period of time. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The SEC maintains a website that contains reports, information statements and other information regarding registrants that file electronically with the SEC. The address of the website is *www.sec.gov*.

We maintain a website at *www.metaoptics.sg*. Information contained on, or that can be accessed through, our website is not a part of, and shall not be incorporated by reference into, this prospectus.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES<br> (A Cayman Islands limited liability company)

#### CONSOLIDATED FINANCIAL STATEMENTS
*For the financial year ended December 31, 2025*

#### Contents

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#T2001) | F-2 |
|  [Consolidated Statements of Comprehensive Loss](#T2002) | F-3 |
|  [Consolidated Balance Sheets](#T2003) | F-4 |
|  [Consolidated Statements of Changes in Equity](#T2004) | F-5 |
|  [Consolidated Statements of Cash Flows](#T2005) | F-6 |
|  [Notes to the Financial Statements](#T2006) | F-8 |

---

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

#### Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of MetaOptics Ltd

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of MetaOptics Ltd and its subsidiaries (the "Group") as of December 31, 2025 and 2024 and January 1, 2024, and the related consolidated statements of comprehensive loss, changes in equity and cash flows for the years ended December 31, 2025 and 2024, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of December 31, 2025 and 2024 and January 1, 2024, and the results of its operations and its cash flows for the years ended December 31, 2025 and 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS).

*Correction of material errors in previously issued local GAAP accounts used in the first*-time *IFRS adoption reconciliation*

As discussed in Note 25 to the consolidated financial statements, the Group has corrected material errors in the first-time IFRS adoption reconciliation. The previously issued consolidated financial statements were prepared in accordance with Singapore Financial Reporting Standards (International).

#### Basis for Opinion
These consolidated financial statements are the responsibility of the Group's management. Our responsibility is to express an opinion on the Group's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Singapore

March 12, 2026

We have served as the Group's auditor since 2023.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### Consolidated Statements of Comprehensive Loss
*For the financial year ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025<br>S$** | **2024<br>S$** |
|  Revenue | 4 | **787388** | 79440 |
|  Cost of sales | 6 | **(642562)** | (62871) |
|  **Gross profit** |  | **144826** | 16569 |
|  Other income | 5(a) | **317686** | 2000 |
|  Other (losses)/gains, net | 5(b) | **(492)** | 4916 |
|  Administrative expenses | 6 | **(3682794)** | (886702) |
|  Research and development expenses | 6 | **(1843294)** | (1036635) |
|  Selling and marketing expenses | 6 | **(204622)** | (49186) |
|  Finance expenses | 8 | **(176883)** | (1844) |
|  **Loss before income tax** |  | **(5445573)** | (1950882) |
|  Income tax expense | 9 | **—** |  |
|  **Loss after income tax and total comprehensive loss** |  | **(5445573)** | (1950882) |
|  **Loss per share for loss attributable to the equity holders of the Company:** |  |  |  |
|  – Basic and diluted loss per share (in cents) | 10 | **(2.54)** | (1.01) |

---

*The accompanying notes form an integral part of these financial statements.*

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### Consolidated Balance Sheets
*As at December 31, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **Note** | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  **ASSETS** |  |  |  |  |
|  **Current assets** |  |  |  |  |
|  Prepayments and deposits | 11 | **1085867** | 274131 |  |
|  Trade and other receivables | 12 | **98568** | 35403 | 26912 |
|  Cash at bank | 13 | **8789537** | 959226 | 722192 |
|  Inventories | 14 | **53356** | 55153 |  |
|  |  | **10027328** | 1323913 | 749104 |
|  **Non-current assets** |  |  |  |  |
|  Prepayments and deposits | 11 | **—** | 4780 | 4780 |
|  Plant and equipment | 15 | **441625** | 496042 | 548275 |
|  Intangible assets | 16 | **3139833** | 3842059 | 4544285 |
|  Right-of-use assets | 17 | **22014** | 24155 |  |
|  |  | **3603472** | 4367036 | 5097340 |
|  **Total assets** |  | **13630800** | 5690949 | 5846444 |
|  **LIABILITIES** |  |  |  |  |
|  **Current liabilities** |  |  |  |  |
|  Trade and other payables | 18 | **601318** | 360195 | 89662 |
|  Contract liabilities | 4(b) | **852892** | 266320 | 266320 |
|  Amounts due to shareholders and a director | 19 | **—** | 5850 | 2885850 |
|  Lease liabilities |  | **22683** | 13275 |  |
|  |  | **1476893** | 645640 | 3241832 |
|  **Non-current liabilities** |  |  |  |  |
|  Amount due to a shareholder | 19 | **2106147** | 1930297 |  |
|  Lease liabilities |  | **—** | 11580 |  |
|  |  | **2106147** | 1941877 |  |
|  **Total liabilities** |  | **3583040** | 2587517 | 3241832 |
|  **NET ASSETS** |  | **10047760** | 3103432 | 2604612 |
|  **EQUITY** |  |  |  |  |
|  Share capital | 20 | **61** | 51 | 51 |
|  Share premium | 20 | **13330772** | 3103381 | 3103381 |
|  Accumulated losses |  | **(10982042)** | (5536469) | (3585587) |
|  Capital reserve | 21 | **7698969** | 5536469 | 3086767 |
|  **Total equity** |  | **10047760** | 3103432 | 2604612 |

---

*The accompanying notes form an integral part of these financial statements.*

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### Consolidated Statements of Changes in Equity
*For the financial year ended December 31, 2025*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Note** | **Share<br>capital<br>S$** | **Share <br>premium<br> S$** | **Accumulated <br>losses<br> S$** | **Capital <br>reserve<br> S$** | **Total<br> S$** |
| **2025** |  |  |  |  |  |  |
|  **Beginning of financial year** |  | **51** | **3103381** | **(5536469)** | **5536469** | **3103432** |
|  Loss for the financial year |  |  |  | (5445573) |  | (5445573) |
|  Issuance of shares | 20 | 10 | 10849990 |  |  | 10850000 |
|  Transaction cost in relation to issuance of shares | 20 |  | (622599) |  |  | (622599) |
|  Contribution from shareholders | 21 |  |  |  | 2250000 | 2250000 |
|  Transaction cost in relation to contribution from shareholders | 21 |  |  |  | (87500) | (87500) |
|  **Total transactions with owners, recognized directly in equity** |  | **10** | **10227391** | **—** | **2162500** | **12389901** |
|  **End of financial year** |  | **61** | **13330772** | **(10982042)** | **7698969** | **10047760** |
| 2024 |  |  |  |  |  |  |
|  **Beginning of financial year** |  | **51** | **3103381** | **(3585587)** | **3086767** | **2604612** |
|  Loss for the financial year |  |  |  | (1950882) |  | (1950882) |
|  Contribution from shareholders | 21 |  |  |  | 1499999 | 1499999 |
|  Capital contribution from a shareholder | 21 |  |  |  | 949703 | 949703 |
|  **Total transactions with owners, recognized directly in equity** |  | **—** | **—** | **—** | **2449702** | **2449702** |
|  **End of financial year** |  | **51** | **3103381** | **(5536469)** | **5536469** | **3103432** |

---

*The accompanying notes form an integral part of these financial statements.*

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### Consolidated Statements of Cash Flows
*For the financial year ended December 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025<br>S$** | **2024<br>S$** |
|  **Cash flows from operating activities** |  |  |  |
|  Loss for the financial year |  | **(5445573)** | (1950882) |
|  Adjustment for: |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of intangible assets | 16 | **702226** | 702226 |
| &nbsp;&nbsp;&nbsp; Depreciation of plant and equipment | 15 | **54417** | 52233 |
| &nbsp;&nbsp;&nbsp; Depreciation of right-of-use assets | 17 | **16486** | 15372 |
| &nbsp;&nbsp;&nbsp; Interest income | 5(a) | **(4292)** |  |
| &nbsp;&nbsp;&nbsp; Unrealized currency transaction losses/(gains) |  | **2553** | (5436) |
| &nbsp;&nbsp;&nbsp; Finance expenses | 8 | **176883** | 1844 |
|  |  | **(4497300)** | (1184643) |
|  Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp; – Prepayments and deposits |  | **(806956)** | (274131) |
| &nbsp;&nbsp;&nbsp; – Trade and other receivables |  | **(63165)** | (8491) |
| &nbsp;&nbsp;&nbsp; – Trade and other payables |  | **241123** | 295533 |
| &nbsp;&nbsp;&nbsp; – Contract liabilities |  | **586572** |  |
| &nbsp;&nbsp;&nbsp; – Inventories |  | **1797** | (55153) |
|  **Net cash used in operating activities** |  | **(4537929)** | (1226885) |
|  **Cash flows from investing activities** |  |  |  |
|  Payment for intangible assets | 16 | **—** | (25000) |
|  Interest received |  | **4292** |  |
|  **Net cash used in investing activities** |  | **4292** | (25000) |
|  **Cash flows from financing activities** |  |  |  |
|  Proceeds from issuance of shares |  | **10850000** |  |
|  Proceeds from contribution from shareholders |  | **2250000** | 1499999 |
|  Payment for transaction cost in relation to issuance of shares |  | **(622599)** |  |
|  Payment for transaction cost in relation to contribution from shareholders |  | **(87500)** |  |
|  Lease payments |  | **(16517)** | (14672) |
|  Interest payments |  | **(1033)** | (1844) |
|  Repayment of amount due to a shareholder and director |  | **(5850)** |  |
|  **Net cash provided by financing activities** |  | **12366501** | 1483483 |
|  **Net changes in cash and cash equivalents** |  | **7832864** | 231598 |
|  Cash and cash equivalents at beginning of financial year |  | **959226** | 722192 |
|  Effects of currency translation on cash and cash equivalents |  | **(2553)** | 5436 |
|  **Cash and cash equivalents at end of financial year** | 13 | **8789537** | 959226 |

---

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### Consolidated Statements of Cash Flows — (Continued)
*For the financial year ended December 31, 2025*

#### Reconciliation of liabilities arising from financing activities
The table below details changes in the Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated statements of cash flows as cash flows from financing activities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Beginning of <br>financial year<br>S$** | **Cash flows** | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning of <br>financial year<br>S$** | **Principal<br>and interest <br>payments<br>S$** | **Finance<br>expense<br>S$** | **Addition<br>S$** | **End of<br>financial<br>year<br>S$** |
|  Lease liabilities |  |  |  |  |  |
| 2025 | 24855 | (17550) | 1033 | 14345 | 22683 |
| 2024 |  | (16516) | 1844 | 39527 | 24855 |

---

*The accompanying notes form an integral part of these financial statements.*

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. General information

MetaOptics Ltd ("Company") was incorporated and domiciled in the Cayman Islands with limited liabilities on March 21, 2025 under the Companies Act. The registered office and principal place of business of the Company is at Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. On September 9, 2025, the Company became a public listed company limited by shares upon its initial public offering of ordinary shares on the Singapore Exchange Securities Trading Limited ("SGX-ST")

The Company is an investment holding company. The Company and its subsidiaries (collectively the "Group") are principally engaged in the design and manufacturing of optics lens and module and Internet of Things ("IoT") devices.

Prior to the incorporation of the Company and the completion of the Restructuring (as disclosed in Note 2), the Group's operating activities were carried out by MetaOptics Technologies Pte. Ltd. ("**MOT**" or the "**Predecessor Operating Business**"). The ultimate beneficial owner of MOT was Mr. Thng, an executive director who held 29.31% of MOT as at December 31, 2024. Immediately after the completion of the Restructuring, the ultimate controlling shareholder of the Group is Angelling Capital Holdings Limited, which is an entity controlled by Mr. Thng.

Immediately after the completion of the Restructuring on April 30, 2025, the Company became the holding company of the Group.

2. Material accounting policy information

2.1 Basis of preparation

#### The Restructuring
The Group underwent a capital reorganization exercise as described below, which resulted in the Company becoming the holding company of MOT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Incorporation of MOT

MOT was incorporated in Singapore on June 15, 2021. On incorporation, MOT had 290,000 issued ordinary shares of S$1 each, of which 261,000 ordinary shares were allotted and issued to Metasurface Technologies Pte. Ltd. ("MST") and 29,000 ordinary shares were allotted and issued to Mr. Thng.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Incorporation of the Company

The Company was incorporated in Cayman Islands with limited liabilities on March 21, 2025 under the Companies Act as a private company limited by shares. On September 9, 2025, the Company became a public listed company limited by shares.

The issued and paid-up share capital at the date of incorporation was S$1 comprising 1 ordinary share of a par value of S$0.0001 which was held by Mapcal Limited. On March 21, 2025, the share was transferred to Angelling Capital Holdings Limited, which is controlled by Mr. Thng (an executive director of the Group).

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Acquisition of 100% of the issued and paid-up share capital in MOT

On April 30, 2025, the Company acquired the entire issued and paid-up share capital of the MOT pursuant to a sale and purchase agreement with all of the shareholders of MOT as at April 30, 2025.

The consideration amount was satisfied by the allotment and issuance of 509,008 Shares of the Company to all of the shareholders of MOT as at April 30, 2025 and it was arrived at on a willing-buyer and willing-seller basis, taking into account the net assets value of MOT as at December 31, 2024 of S$3,103,432. Following the completion of the Restructuring, MOT became a direct wholly owned subsidiary of the Company.

Immediately prior to the completion of the Restructuring, the operating business was conducted through MOT. Pursuant to the Restructuring, the operating business is transferred to and held by the Company. The Company has not been involved in any other business prior to the Restructuring and does not meet the definition of a business. The Restructuring is merely a capital reorganization of the operating business with no change in management of such business.

#### Adoption of IFRS
The financial statements of the Group for the financial year ended December 31, 2025 have been presented in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS").

The Group adopted IFRS during the year ended December 31, 2025. The consolidated financial statements for the year ended December 31, 2025 are the first set of financial statements prepared in accordance with IFRS. The Group's previously issued financial statements for periods up to and including the financial year ended December 31, 2024 were prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)").

In adopting IFRS during 2025, the Group is required to apply all of the specific transition requirements in IFRS 1 First-time Adoption of IFRS. The Group's opening balance sheet has been prepared as at January 1, 2024, which is the date of transition to IFRS ("date of transition"), and there is no material impact from the transition from SFRS(I) to IFRS.

Under IFRS 1, these financial statements are required to be prepared using accounting policies that comply with IFRS effective as at December 31, 2025 subject to mandatory exceptions and optional exemptions under IFRS 1. The application of the mandatory exceptions and the optional exemptions in IFRS 1 did not have any material impact on the financial statements.

The preparation of financial statements in conformity with IFRS requires management to exercise its judgement in the process of applying the Group's accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3.

In addition, IFRS 18, Presentation and Disclosure of Financial Statements ("IFRS 18"), a new IFRS that have not been early adopted by the Group, which will replace IAS 1 Presentation of Financial Statements, aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the consolidated statements of comprehensive loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for the aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements of IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. The Group continues to evaluate the impact that IFRS 18 will have on its financial statements.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

The following are the other new or amended IFRS Accounting Standards that are not yet applicable and have not been early adopted by the Group:

---

| | |
|:---|:---|
|  **Description** | **Annual periods <br>commencing on** |
|  Amendments to IFRS 9 and IFRS 7: *Classification and Measurement of Financial Instruments* | January 1, 2026 |
|  Annual Improvements to IFRS Accounting Standards – Volume 11 | January 1, 2026 |
|  Amendments to IFRS 10 and IAS 28: Sales or Contribution of Assets between an Investor and its Associate or Joint Venture | January 1, 2027 |

---

These are not expected to have a material impact on the Group in the current or future reporting periods and on foreseeable future transactions.

In 2025, the Company began presenting its statements of comprehensive loss using a functional classification of operating expenses, including administrative expenses, research and development expenses, and selling and marketing expenses. The comparative figures for the prior financial year have been reclassified to conform to the current year's presentation. Refer to Note 25 for details of the reclassification.

#### Going concern
The Group was in a net current asset position of S$8,550,435 as at December 31, 2025 and reported net loss of S$5,445,573 for the financial year ended December 31, 2025.

The financial statements have been prepared on a going concern basis as the directors are of the view that the Group has sufficient financial resources to meet its financial obligations as and when they fall due in the next twelve months period from the date of authorization of the consolidated financial statements based on the cash flow projections prepared by management.

2.2 Revenue and income recognition

The Group sells optical lenses, modules, IOT devices, equipment and provides metalens design services. The Group recognizes revenue based on the principles of IFRS 15 Revenue from Contracts with Customers. All performance obligations and its transaction price within the contract can be separately identified. Revenue is recognized when each performance obligation is satisfied. For performance obligations satisfied over time, the Group selects an appropriate measure of progress to determine how much revenue is recognized as the performance obligation is satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sale of goods

Sale of goods relates to the sale of optical lenses, modules and IOT devices. The transaction price is the amount of consideration to which the Group to be entitled in exchange for transferring the promised goods. The sales are made in accordance with purchase orders and contracts entered into with the customers. Payment terms are generally on a cash term basis. The revenue is recognized at a point in time, when control of the products has been transferred to the customer, which is usually the point when the goods are shipped to the customer.

In determining the transaction price, management considers whether there is any variable consideration including rebates, discounts or price adjustments. There are no rebates for sales made during the year, and discounts or price adjustments are not material.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sale of equipment

Sale of equipment relates to direct laser writers ("DLW"), which are used in smartphone sensors and optical appliances. Customers typically pay a deposit of approximately 30 to 50 percent upon order confirmation, with the remaining balance payable when the equipment is ready for shipment. Deposits received prior to shipment are recognized as contract liabilities. Revenue is recognized at a point in time, when control of the equipment is transferred to the customer, which is generally upon delivery of the equipment.

In determining the transaction price, management considers whether there is any variable consideration including rebates, discounts or price adjustments. There are no rebates for sales made during the year, and discounts or price adjustments are not material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Revenue from services rendered

Services revenue relates to on-site installation service upon delivering the capital equipment. These services are contracted and invoiced separately and represent separate performance obligations, as the customer can benefit from the services on their own and they are separately identifiable from the related equipment.

Revenue from services is recognized over time, as the customer simultaneously receives and consumes the benefits provided by the Group's performance. The Group applies the output method, with progress measured based on the achievement of the specified service or installation milestone, which management believes best depicts the transfer of control of the services to the customer.

Other than the service revenue relating to on-site installation services, there is one metalens design services contract, which is immaterial for the periods presented.

2.3 Government grants

Grants from the government are recognized as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Group will comply with all the attached conditions.

Government grants receivable are recognized as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.

Government grants relating to assets are deducted against the carrying amount of the assets.

2.4 Group accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subsidiaries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidation

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date on that control ceases.

In preparing the consolidated financial statements, transactions, balances and unrealized gains on transactions between group entities are eliminated. Unrealized losses are also eliminated unless

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

the transaction provides evidence of an impairment indicator of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

2.5 Plant and equipment

All items of plant and equipment are initially recorded at cost. Subsequent to recognition, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. The cost of plant and equipment includes its purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Dismantlement, removal or restoration costs are included as part of the cost of plant and equipment if the obligation for dismantlement, removal or restoration is incurred as a consequence of acquiring or using the plant and equipment.

Depreciation of plant and equipment is calculated on the straight-line method to allocate their depreciable amounts over their estimated useful lives as follows:

---

| | |
|:---|:---|
|  | **Useful lives** |
|  Computer and accessories | 1 to 3 years |
|  Equipment | 10 years |

---

Construction in progress are not depreciated.

The residual value, useful lives and depreciation method are reviewed at the end of each reporting period, and adjusted prospectively, if appropriate. The effects of any revision are recognized in the consolidated statements of comprehensive loss when the changes arise.

Subsequent expenditure relating to plant and equipment that has already been recognized is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognized in the consolidated statements of comprehensive loss when incurred.

The carrying amounts of plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.

An item of plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on de-recognition of the asset is included in the consolidated statements of comprehensive loss in the year the asset is derecognized.

2.6 Intangible assets

Intangible assets acquired are initially recognized at cost and are subsequently carried at cost less accumulated amortization and accumulated impairment losses. These costs are to be amortized to profit or loss using the straight-line method over 5 to 10 years, which is the shorter of their estimated useful lives and periods of contractual rights as follows:

---

| | |
|:---|:---|
|  | **Useful life** |
|  License | 5 to 10 years |
|  Patent | 7 years |

---

The amortization period and amortization method of intangible assets are reviewed at least at each balance sheet date. The effects of any revision are recognized in the consolidated statements of comprehensive loss when the changes arise.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

Royalties payable under the Group's licensing agreements, including minimum and revenue-based royalties, are recognized as expenses in the periods in which the related license benefits are consumed or revenue is generated. Such royalties represent consideration for the ongoing use of licensed technology and do not give rise to additional rights or enhancement of intangible assets.

2.7 Impairment of non-financial assets

Intangible assets, plant and equipment and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to disposal and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the cash generating units ("CGU") to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount.

The difference between the carrying amount and recoverable amount is recognized as an impairment loss in the consolidated statements of comprehensive loss.

The Group assesses at the end of the reporting whether there is any indication that an impairment recognized in prior periods may no longer exist or may have decreased. If any such indication exists, the recoverable amount of that asset is estimated and may result in a reversal of impairment loss. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined, net of any accumulated amortization or depreciation, had no impairment loss been recognized for the asset in prior years.

A reversal of impairment loss is recognized in the consolidated statements of comprehensive loss.

2.8 Financial assets

The Group classifies its financial assets at amortized cost. The classification depends on the Group's business model for managing the financial assets as well as the contractual terms of the cash flows of the financial asset.

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

The Group reclassifies its financial assets at amortized cost when and only when its business model for managing those assets changes.

<u><u>At initial recognition</u></u>

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in the consolidated statements of comprehensive loss.

<u><u>At subsequent measurement</u></u>

Financial assets at amortized cost mainly comprise of cash at bank, trade and other receivables and refundable deposit.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

There are three prescribed subsequent measurement categories, depending on the Group's business model in managing the assets and the cash flow characteristic of the assets. The Group manages these Group of financial assets by collecting the contractual cash flow and these cash flows represents solely payment of principal and interest. Accordingly, these Group of financial assets are measured at amortized cost subsequent to initial recognition.

A gain or loss on a financial asset that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in the consolidated statements of comprehensive loss when the asset is derecognized or impaired. Interest income from these financial assets are recognized using the effective interest rate method.

The Group assesses on forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach permitted by the IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables.

For cash at bank, other receivables and refundable deposits, the general 3 stage approach is applied. Credit loss allowance is based on 12-month expected credit loss if there is no significant increase in credit risk since initial recognition of the assets. If there is a significant increase in credit risk since initial recognition, lifetime expected credit loss will be calculated and recognized.

2.9 Offsetting financial instruments

Financial assets and financial liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously.

2.10 Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). Otherwise, they are presented as non-current liabilities.

Trade and other payables are initially recognized at fair value, and subsequently carried at amortized cost using the effective interest method.

2.11 Leases — When the Group is the lessee

At the inception of the contract, the Group assesses if the contract contains a lease. A contract contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Reassessment is only required when the terms and conditions of the contract are changed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Right-of-use assets

The Group recognizes a right-of-use asset and lease liability at the date which the underlying asset is available for use. Right-of-use assets are measured at cost which comprises the initial measurement of lease liabilities adjusted for any lease payments made at or before the commencement date and lease incentives received. Any initial direct costs that would not have been incurred if the lease had not been obtained are added to the carrying amount of the right-of-use assets.

These right-of-use assets are subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lease liabilities

The initial measurement of a lease liability is measured at the present value of the lease payments discounted using the interest rate implicit in the lease, if the rate can be readily determined. If that rate cannot be readily determined, the Group shall use its incremental borrowing rate.

Lease payments include the following:

- Fixed payments (including in-substance fixed payments), less any lease incentives receivable;

- Variable lease payments that are based on an index or rate, initially measured using the index or rate as at the commencement date;

- Amounts expected to be payable under residual value guarantees;

- The exercise price of a purchase option if the Group is reasonably certain to exercise the option;

- Lease payments to be made under an extension option if the Group is reasonably certain to exercise the option; and

- Payment of penalties for terminating the lease, if the lease term reflects the Group exercising that option.

For a contract that contains both lease and non-lease components, the Group allocates the consideration to each lease component on the basis of the relative stand-alone prices of the lease and non-lease components. The Group has elected to not separate lease and non-lease components for property leases and account these as one single lease component.

Lease liabilities are measured at amortized cost using the effective interest method. Lease liabilities shall be remeasured when:

- There is a change in future lease payments arising from changes in an index or rate;

- There is a change in the Group's assessment of whether it will exercise an extension option; or

- There is a modification in the scope or the consideration of the lease that was not part of the original term.

- Lease liabilities are remeasured with a corresponding adjustment to the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short term and low value leases

The Group has elected to not recognize right-of-use assets and lease liabilities for short-term leases that have lease terms of 12 months or less and leases of low value leases, except for sublease arrangements. Lease payments relating to these leases are expensed to the consolidated statements of comprehensive loss on a straight-line basis over the lease term.

2.12 Inventories

Inventories are carried at lower of cost and net realizable value. Cost is determined using the first-in, first-out method. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business, less the applicable selling expenses.

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

2.13 Income taxes

Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.

A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized.

Deferred income tax is measured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the tax rates that are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) based on the tax consequence that will follow from the manner in which the Group expects, at the balance sheet date, to recover or settle the carrying amounts of its assets and liabilities.

Current and deferred income taxes are recognized as income or expense in profit or loss, except to the extent that the tax arises from a business combination or a transaction which is recognized directly in equity. Deferred tax arising from a business combination is adjusted against goodwill on acquisition.

The Group accounts for investment tax credits (for example, productivity and innovation credit) similar to accounting for other tax credits where a deferred tax asset is recognized for unused tax credits to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilized.

2.14 Employee compensation

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as an asset.

Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

2.15 Currency translation

The financial statements are presented in Singapore Dollar ("**SGD**" or "**$**"), which is the functional currency of the Group.

Transactions in a currency other than the functional currency ("**foreign currency**") are translated into the functional currency using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities

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#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
**2. Material accounting policy information** (cont.)

denominated in foreign currencies at the closing rates at the balance sheet date are recognized in the consolidated statements of comprehensive loss. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

Foreign exchange gains and losses that relate to borrowings are presented in the profit or loss within "finance expense." All other foreign exchange gains and losses impacting profit or loss are presented in the consolidated statements of comprehensive loss within "Other (losses)/gains, net."

2.16 Cash at bank

For the purpose of presentation in the consolidated statements of cash flows, cash at bank include deposits with financial institutions which are subject to an insignificant risk of changes in value.

2.17 Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity.

2.18 Share premium

Share premium represents the excess of consideration received over the par value of shares issued. Costs directly attributable to the issue of new shares are deducted from share premium.

3. Critical accounting estimates, assumptions and judgements

Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Useful life of intangible assets

The Group estimates the useful life of intangible assets based on the period which the assets are expected to be available for use. The estimated useful life of intangible assets is reviewed periodically and are updated if there are changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset.

In addition, the estimation of the useful life of intangible assets is based on the managements' evaluation and experience with similar assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful life of intangible assets would increase the amortization expenses and decrease the carrying amount of the intangible assets.

The carrying amount of the Group's intangible assets as at the reporting date is disclosed in Note 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Impairment of plant and equipment, intangible assets and right-of-use assets

Plant and equipment, intangible assets and right-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

The recoverable amounts of these assets and, where applicable, CGU have been determined based on the recoverable amount (i.e. the higher of the fair value less costs of disposal and the value-in-use).

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025

#### 3 Critical accounting estimates, assumptions and judgements (cont.)
The recoverable amount of the CGU was determined based on fair value less cost of disposal. Fair value less cost of disposal is determined based the Company's market capitalization, determined by multiplying the quoted share price by the number of shares outstanding, adjusted where appropriate for the estimated costs of disposal. The estimates used in calculating the fair value less cost of disposal includes the range of share price for the period of reporting, and the estimated cost of disposal.

The Group has concluded that there was no impairment indication in respect of these assets at the balance sheet date. The carrying amounts of the plant and equipment, intangible assets and right-of-use assets as at the balance sheet date are disclosed in Note 15, 16 and 17 respectively.

4. Revenue from contracts with customers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Disaggregation of revenue from contracts with customers

The Group derives revenue from sales of goods and equipment at a point in time and services rendered over time in the following geographical regions. Revenue is attributed to countries by location of customers.

---

| | | | |
|:---|:---|:---|:---|
|  | **At a point <br>in time <br>S$** | **Over time <br>S$** | **Total <br>S$** |
| **2025** |  |  |  |
|  Sale of equipment |  |  |  |
|  – Taiwan | **541944** | **—** | **541944** |
|  Sales of goods |  |  |  |
|  – Taiwan | **35189** | **—** | **35189** |
|  – China | **72791** | **—** | **72791** |
|  – Singapore | **57058** | **—** | **57058** |
|  – South Korea | **14205** | **—** | **14205** |
|  – Japan | **8523** | **—** | **8523** |
|  – Others | **18468** | **—** | **18468** |
|  | **206234** | **—** | **206234** |
|  Service |  |  |  |
|  – Taiwan | **—** | **39210** | **39210** |
|  Total | **748178** | **39210** | **787388** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **At a point <br>in time <br>S$** | **Over time <br>S$** | **Total <br>S$** |
| **2024** |  |  |  |
|  Sales of goods |  |  |  |
|  – Taiwan | 23590 |  | 23590 |
|  – China | 10729 |  | 10729 |
|  – Singapore | 34636 |  | 34636 |
|  – South Korea | 7888 |  | 7888 |
|  – Japan | 2597 |  | 2597 |
|  – Others |  |  |  |
|  Total | 79440 |  | 79440 |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
4. Revenue from contracts with customers (cont.)

Revenue amounting to S$611,380 (2024: S$37,745) pertains to sales of goods and equipment to certain shareholders of the Group. These shareholders do not have the ability to control, or have significant influence over the Group and, as such, are not considered related parties of the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Contract liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  Advances received from customers | **852892** | 266320 | 266320 |

---

Contract liabilities comprise of non-refundable deposits collected in advance from customers for the sale of equipment. Revenue will be recognized within 12 months from the balance sheet date.

The change in contract liabilities balances is mainly due to more advances received from customers during the financial year due to an increase in customers orders for equipment sale.

Contract liabilities balance amounting to S$266,320 as at December 31, 2024 relates to an advance received for an order in 2023, which was only recognized as revenue in 2025. The order was placed by a shareholder of the Group. The shareholder does not have the ability to control, or have significant influence over the Group and, as such, is not considered a related party of the Group.

#### 5(a). Other income

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Government grant | **313394** | 2000 |
|  Interest income | **4292** |  |
|  | **317686** | 2000 |

---

The Group received a S$300,000 listing grant from the Monetary Authority of Singapore ("MAS") under the Grant for Equity Market Singapore ("GEMS") scheme in connection with the Company's initial public offering on the SGX-ST in September 2025.

#### 5(b). Other (losses)/gains, net

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** |
|  Currency exchange (losses)/gains, net | **(492)** | 4916 |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
6. Expenses by nature

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Purchase of goods | **578893** | 108024 |
|  Changes in inventories | **32411** | (55153) |
|  Amortization of intangible assets (Note 16) | **702226** | 702226 |
|  Depreciation of plant and equipment (Note 15) | **54417** | 52233 |
|  Depreciation of right-of-use assets (Note 17) | **16486** | 15372 |
|  Employee compensation (Note 7) | **409104** | 152610 |
|  Development and prototype expenses | **991046** | 309804 |
|  Directors' fees | **115000** |  |
|  Professional fees, net of capitalization of transaction cost for shares issuance (Note 20) | **2227823** | 362099 |
|  Auditors' remuneration | **720157** | 124375 |
|  Tradeshows and advertising expenses | **204622** | 49186 |
|  Consumables expenses | **16832** | 81185 |
|  Repair and maintenance | **16965** | 13752 |
|  Royalty expenses (Note 16) | **31258** | 10000 |
|  Short-term rental expenses | **4682** | 19330 |
|  Travel expenses | **163368** | 56645 |
|  Other expenses | **87982** | 33706 |
|  Total cost of sales, administrative expenses, research and development expenses and selling and marketing expenses | **6373272** | 2035394 |

---

Professional fees include fees for two research scientists seconded from A\*STAR, the Government Agency for Science and Technology and Research, at a discounted price of S$21,576 (2024: S$24,606) during the financial year ended December 31, 2025. The research scientists were seconded under Technology for Enterprise Capability Upgrading ("T-UP") program, which supports local enterprises in enhancing business competitiveness. There is no further obligation arising from the T-UP program.

On August 1, 2025, the two research scientists became full-time employees of the Group and their compensation is included in the "Employee compensation (Note 7)" line prospectively from August 1, 2025.

7. Employee compensation

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Wages and salaries | **371333** | 133815 |
|  Employer's contribution to defined contribution plans | **37771** | 18795 |
|  | **409104** | 152610 |

---

8. Finance expenses

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Interest expense on lease liabilities | **1033** | 1844 |
|  Deemed interest expense on amount due to a shareholder | **175850** |  |
|  | **176883** | 1844 |

---

The deemed interest expense relates to the unwinding of the discount on the amount due to a shareholder (Note 19).

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
9. Income tax expense

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Current tax expenses |  |  |

---

The tax on the Group's result differs from the theoretical amount that would arise using the Singapore standard rate of income tax as follows:

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Loss before income tax | **(5445573)** | (1950882) |
|  Income tax using the statutory tax rate of 17% (2024: 17%) | **(925747)** | (331650) |
|  Effects of: |  |  |
|  – Expenses not deductible for tax purpose | **502336** | 156422 |
|  – Deferred tax assets not recognized | **423410** | 175228 |

---

Deferred tax assets have not been recognized in respect of these temporary differences, unutilized tax losses and unrecognized capital allowances as the Group has assessed that it is not probable that future taxable profit will be available against which the Group can utilize the tax benefits.

The Group has unrecognized tax losses of S$3,309,359 (2024: S$1,144,526) and unrecognized capital allowances of S$617,551 (2024: S$617,551). The unutilized tax losses and unrecognized capital allowances have no expiry date and are subject to agreement by the local tax authority.

10. Loss per share

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  Net loss attributable to equity holders of the Company | **(5445573)** | (1950882) |
|  Weighted average number of ordinary shares in issue for basic and diluted loss per share\* | **213985171** | 193455807 |
|  Loss per share |  |  |
|  – Basic and diluted (in cents) | **(2.54)** | (1.01) |

---

____________

\* The weighted average shares for all periods prior to the capital reorganization (Note 2.1) are based on the outstanding shares of MOT for those periods as retrospectively adjusted for the effect of the capital reorganization and the share split.

Shares issued for cash consideration during the financial year ended December 31, 2025 have been included in the calculation of earnings per share for the financial year ended December 31, 2025 based on the weighted average number of outstanding shares from the date of such issuance.

Basic loss per share is calculated by dividing the net loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the financial year.

There are no potential dilutive ordinary shares during the financial year ended December 31, 2024 and December 31, 2025.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
11. Prepayments and deposits

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  *Current* |  |  |  |
|  Deposits | **6328** |  |  |
|  Prepayment | **1079539** | 274131 |  |
|  | **1085867** | 274131 |  |
|  *Non-current* |  |  |  |
|  Deposits |  | 4780 | 4780 |

---

Prepayment amounting to S$800,637 (2024: S$224,162) relates to the purchase of components for the fulfilment of equipment sale purchase order.

12. Trade and other receivables

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  Trade receivables | **3217** | 5016 |  |
|  GST receivables | **95351** | 30387 | 26912 |
|  | **98568** | 35403 | 26912 |

---

13. Cash at bank

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  Cash at bank | **8789537** | 959226 | 722192 |

---

14. Inventories

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  Raw materials | **28794** |  |  |
|  Finished goods | **24562** | 55153 |  |
|  | **53356** | 55153 |  |

---

The cost of inventories recognized as an expense and included in "cost of sales" amounted to S$611,304 (2024: S$52,871).

No inventory write-down or reversal was recognized in 2025 and 2024.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
15. Plant and equipment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Computer and <br>accessories <br>S$** | **Equipment <br>S$** | **Machinery <br>under <br>construction <br>S$** | **Total <br>S$** |
|  **Cost** |  |  |  |  |
|  At January 1, 2024 | 16400 |  | 544175 | 560575 |
|  Transfer |  | 544175 | (544175) |  |
|  At December 31, 2024 | 16400 | 544175 |  | 560575 |
|  At December 31, 2025 | 16400 | 544175 |  | 560575 |
|  **Accumulated depreciation** |  |  |  |  |
|  At January 1, 2024 | 12300 |  |  | 12300 |
|  Depreciation | 4100 | 48133 |  | 52233 |
|  At December 31, 2024 | 16400 | 48133 |  | 64533 |
|  Depreciation |  | 54417 |  | 54417 |
|  At December 31, 2025 | 16400 | 102550 |  | 118950 |
|  **Carrying amount** |  |  |  |  |
|  At January 1, 2024 | 4100 |  | 544175 | 548275 |
|  At December 31, 2024 |  | 496042 |  | 496042 |
|  At December 31, 2025 |  | 441625 |  | 441625 |

---

16. Intangible assets

---

| | | | |
|:---|:---|:---|:---|
|  | **License (a) <br>S$** | **Patent (b) <br>S$** | **Total <br>S$** |
|  **Cost** |  |  |  |
|  At January 1, 2024 | 3855000 | 1900000 | 5755000 |
|  At December 31, 2024 | 3855000 | 1900000 | 5755000 |
|  At December 31, 2025 | 3855000 | 1900000 | 5755000 |
|  **Accumulated amortization** |  |  |  |
|  At January 1, 2024 | 600000 | 610715 | 1210715 |
|  Amortization | 430797 | 271429 | 702226 |
|  At December 31, 2024 | 1030797 | 882144 | 1912941 |
|  Amortization | 430797 | 271429 | 702226 |
|  At December 31, 2025 | 1461594 | 1153573 | 2615167 |
|  **Carrying amount** |  |  |  |
|  At January 1, 2024 | 3255000 | 1289285 | 4544285 |
|  At December 31, 2024 | 2824203 | 1017856 | 3842059 |
|  At December 31, 2025 | 2393406 | 746427 | 3139833 |

---

The principal activities of the Group are designing and manufacture of optics lens and module and IoT devices, i.e. manufacturing flat optics components (i.e. "Metalens" or flat lens) and DLW which are used in smartphone sensors and optical appliances. The production of meta-lens requires lithography techniques to perform fine patterning required. Therefore, the Group acquires the following patents and license for setting up the production facilities for this core business.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
16. Intangible assets (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) License

The Group entered into three different license agreements with Accelerate Technologies Pte Ltd ("Accelerate Technologies"), the commercialization arm of A\*STAR. These agreements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 2021 License Agreement

Under the terms of the 2021 License Agreement, the Group is entitled the right to use certain of their technology, including certain know-how and patents for a term of 10 years. The total consideration of S$2,880,000 was paid on behalf of the Group directly by Metasurface Technologies Pte. Ltd. ("MST"), a shareholder of the Group and the Group is obligated to repay the amount to MST. The amount was outstanding as at December 31, 2025 included as part of non-current amount due to a shareholder (Note 19).

The key terms and conditions of the 2021 License Agreement are as follows:

---

| | |
|:---|:---|
|  Fees: | Royalties:<br> Starting from January 1, 2022 until the end of the term, the Group shall pay annual royalties to Accelerate Technologies constituting 1.5% of the gross revenue attributable to the 2021 Licensed Products, subject to the annual minimum royalties set out in the 2021 License Agreement. |
|  Payment terms of royalties: | Payable annually, within 30 days after December 13 of each year. |
|  Commercialization obligations: | The Group shall reach the commercialization milestones within the timeline specified in the 2021 License Agreement. For example, it shall use reasonable endeavors to raise capital in the amount of approximately S$6,000,000 on or before December 31, 2023 in one or more tranches, and have a pilot or mass production line ready for producing flat lens in Singapore by December 31, 2026.<br> The Group had sought a waiver to the commercialization obligations under the 2021 License Agreement including the obligation to use reasonable endeavors to raise capital and such a waiver had been granted by Accelerate Technologies on April 29, 2025. Accordingly, the Group no longer needs to raise a specified amount of capital based on any stipulated timeline.<br> In respect of the commercialization obligation to establish a pilot or mass production line in Singapore for the production of flat lens by December 31, 2026, Accelerate Technologies has, on April 29, 2025, granted the Group an extension of the timeline for the fulfilment of this obligation to December 31, 2029. |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
16. Intangible assets (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Aug 2023 License Agreement

On August 1, 2023, Accelerate Technologies granted the Group the License. This license includes certain know-how and patents for a term of 5 years. The total consideration of S$25,000 was paid during the financial year ended December 31, 2024. The key terms and conditions of the Aug 2023 License Agreement are as follows:

---

| | |
|:---|:---|
|  Fees: | Royalties:<br> Starting from September 1, 2024 until the end of the term, the Group shall pay annual royalties to Accelerate Technologies constituting 3% of the gross revenue attributable to the Aug 2023 Licensed Products, subject to the annual minimum royalties set out in the Aug 2023 License Agreement. |
|  Payment terms of royalties: | From and after the date falling 12 months from the date of the Aug 2023 License Agreement, in order to maintain the license granted in force, the Group shall pay to Accelerate Technologies the minimum annual royalty as set out in the Aug 2023 License Agreement. |
|  Commercialization obligations: | The Group shall reach commercialization milestones within the timeline specified in the Aug 2023 License Agreement. For example, it shall achieve gross revenues of at least S$3,000,000 by August 1, 2028.<br> In respect of the commercialization obligation of sales of at least two units of licensed products by August 1, 2025, Accelerate Technologies has, on December 8, 2025, granted us an extension of the timeline for the fulfilment of this obligation to August 1, 2027. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Dec 2023 License Agreement

On December 20, 2023, the Group acquired the license which included certain know-how and patents for a term of 7 years for a total agreed consideration of S$950,000. The consideration was satisfied through the issuance and allotment of shares to Accelerate Technologies on March 22, 2024. The key terms and conditions of the Dec 2023 License Agreement are as follows:

---

| | |
|:---|:---|
|  Fees: | Royalties:<br> Starting from January 25, 2025 until the end of the term, the Group shall pay annual royalties to Accelerate Technologies constituting 1.5% of the gross revenue attributable to the Dec 2023 Licensed Agreement, subject to the annual minimum royalties set out in the Dec 2023 License Agreement. |
|  Payment terms of royalties: | From and after the date falling 12 months from the date of the Dec 2023 License Agreement, in order to maintain the license granted in force, the Group shall pay to Accelerate Technologies the minimum annual royalty as set out in the Dec 2023 License Agreement. |
|  Commercialization obligations: | The Group shall, among others, raise capital and reach commercialization milestones within the timeline specified in the Dec 2023 License Agreement. For example, it shall achieve gross revenues of at least S$5,000,000 by December 25, 2028. |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
16. Intangible assets (cont.)

 In respect of the commercialization obligation of sales of setting up a facility to manufacture the license products in Singapore by December 25, 2025, Accelerate Technologies has, on December 8, 2025, replaced this with the obligation to establish a meta lens design office in Singapore by December 25, 2025. The Group has fulfilled this commercial obligation.<br>

Royalties amounting to S$31,258 (2024: S$10,000) (Note 6) relate to the annual royalties payable for the year under the license agreements, and were paid by the Group to Accelerate Technologies.

The breakdown of the future minimum annual royalties fees were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Within <br>1 year <br>S$** | **Between <br>1 to 2 years <br>S$** | **Between <br>2 to 5 years <br>S$** |
|  At December 31, 2025 |  |  |  |
|  Royalties fees | 25000 | 45000 | 335000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Within <br>1 year <br>S$** | **Between <br>1 to 2 years <br>S$** | **Between <br>2 to 5 years <br>S$** |
|  At December 31, 2024 |  |  |  |
|  Royalties fees | 15000 | 25000 | 380000 |

---

The Group may request to terminate the Aug 2023 License Agreement and Dec 2023 License Agreement by giving Accelerate Technologies written notice of no less than 30 days. For the 2021 License Agreement, the Group may terminate it after eight years from the license effective date of December 13, 2021 by giving Accelerate Technologies written notice of no less than 30 days. Accelerate Technologies may agree to the proposed termination provided that no sale of the 2021 Licensed Products has occurred and the Group demonstrated to Accelerate Technologies that best efforts have been undertaken to achieve such sale.

Accelerate Technologies may also request to terminate the 2021 License Agreement, the Aug 2023 License Agreement and the Dec 2023 License Agreement by giving written notice to the Group, in the event (i) the Group breaches the license agreements and fails to remedy the breach (where capable of remedy) within 30 days upon receipt of a written notice containing full particulars of the breach, (ii) an encumbrance takes possession, or a receiver is appointed, of any property or assets of the Group (iii) the Group makes any voluntary arrangement with its creditors, (iv) the Group goes into liquidation (except for the purpose of amalgamation or reconstruction), or (v) the Group ceases, or threatens to cease, to carry on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Patents

On September 8, 2021 and November 1, 2021, Mr. Thng Chong Kim (executive director of the Group) transferred a total of 12 registered patents to the Group in exchange for the shares of MST. The valuation of the patents acquired by the Group was undertaken by an independent qualified professional valuer. The fair values of the patents amounting to S$1,900,000 were derived using the income approach, relief from royalty method and subject to a number of assumptions such as royalty rates, useful lives of the patents, discount rates and rates of obsolescence.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
17. Leases — The Group as a lessee

<u><u>Nature of the Group's leasing activities</u></u>

Property

The Group leases office space for the purpose of back office operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Carrying amounts

---

| | | | |
|:---|:---|:---|:---|
|  Property | **December 31,** | **December 31,** | **January 1, <br>2024 <br>S$** |
|  Property | **2025 <br>S$** | **2024 <br>S$** | **January 1, <br>2024 <br>S$** |
|  Property | **22014** | 24155 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Depreciation

---

| | | |
|:---|:---|:---|
|  | **2025 <br>S$** | **2024 <br>S$** |
|  Property | **16486** | 15372 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest expense on lease liabilities

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** |
|  Interest expense on lease liabilities | **1033** | 1844 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Lease expense not capitalized in lease liabilities

---

| | | |
|:---|:---|:---|
|  | **2025 <br>S$** | **2024 <br>S$** |
|  Lease expense – short-term leases | **4682** | 19330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Total cash outflow for all the leases for the financial year ended December 31, 2025 was S$22,232 (2024: S$35,846).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Addition of right-of-use assets during the financial year ended December 31, 2025 was S$14,345 (2024: S$39,527).

18. Trade and other payables

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31,** | **December 31,** | **January 1,<br>2024<br>S$** |
|  | **2025<br>S$** | **2024<br>S$** | **January 1,<br>2024<br>S$** |
|  Trade payables | **959** |  |  |
|  Accrued operating expenses | **600359** | 360195 | 89662 |
|  | **601318** | 360195 | 89662 |

---

19. Amounts due to shareholders and director

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br>2025<br>S$** | **December 31, <br>2024<br>S$** | **January 1, <br>2024<br>S$** |
|  | **December 31, <br>2025<br>S$** | **December 31, <br>2024<br>S$** | **January 1, <br>2024<br>S$** |
|  *Current* |  |  |  |
|  Amount due to a shareholder and director | **—** | 5850 | 2885850 |
|  *Non-current* |  |  |  |
|  Amount due to a shareholder | **2106147** | 1930297 |  |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
19. Amounts due to shareholders and director (cont.)

As at January 1, 2024 the amount due to a shareholder and director comprises an amount due to a shareholder amounting to S$2,880,000 for acquisition of license (Note 16(a)). This is non-trade in nature, unsecured interest free and repayable on demand.

On December 31, 2024, it was agreed between the Group and the shareholder that this amount shall be repayable from 2027 onwards but no later than 2029, with the first payment in 2027 being S$250,000, the second payment in 2028 being S$630,000 and the remaining S$2,000,000 in 2029. Accordingly, the Group has de-recognized the original current liability due to shareholder and recognized a non-current liability due to shareholder, amounting to S$1,930,297, as at December 31, 2024. This amount is discounted at market borrowing rates and adjusted with credit risk rate of 9.1% at balance sheet date. The difference of S$949,703 was recognized at December 31, 2024 to capital reserve (Note 21(c)).

As at December 31, 2024 the current amount due to a shareholder and director refers to amount due to Mr. Thng.

20. Share capital and share premium

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** | **Share <br>premium<br>S$** | **Total<br>S$** |
|  | **No. of <br>ordinary shares** | **S$** | **Share <br>premium<br>S$** | **Total<br>S$** |
| **2025** |  |  |  |  |
|  **Beginning of financial year\*** | **—** | **51** | **3103381** | **3103432** |
|  Incorporation of the Company (Note 2.1 (ii)) | 1 |  |  |  |
|  Issuance of shares pursuant to the Restructuring (Note 2.1 (iii)) | 509008 |  |  |  |
|  Issuance of new shares arising from share split | 203094591 |  |  |  |
|  Issuance of shares | 39044660 | 10 | 10849990 | 10850000 |
|  Transaction costs in relation to issuance of shares |  |  | (622599) | (622599) |
|  **End of financial year** | **242648260** | **61** | **13330772** | **13330833** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** | **Share <br>premium<br>S$** | **Total<br>S$** |
|  | **No. of <br>ordinary shares** | **S$** | **Share <br>premium<br>S$** | **Total<br>S$** |
| 2024 |  |  |  |  |
|  Beginning and end of financial year\* |  | 51 | 3103381 | 3103432 |

---

____________

\* *Share capital and share premium as at December 31, 2024 and January 1, 2024 represent the net assets of MOT acquired through the issuance of shares by the Company pursuant to the Restructuring as described in Note 2.1. The Company has adopted the accounting policy to account for the share issuance to effect the capital reorganization as having occurred at the beginning of the comparative period.*

The holders of ordinary shares are entitled to receive dividends as and when declared by the Company. All ordinary shares carry one vote per share without restrictions. The ordinary shares have par value at $0.00000025.

On June 27, 2025, the Company effected a share split exercise which resulted in 509,009 shares being sub-divided into 203,603,600 shares. Following the share split, the issued and paid-up share capital was $51 comprising 203,603,600 shares.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
20. Share capital and share premium (cont.)

*Issuance of share*

On September 9, 2025, the Company completed its initial public offering on the SGX-ST raising gross proceeds of S$6,000,000 from the issuance of 30,000,000 new shares at S$0.20 per share. 2,359,632 shares were issued and allotted to the Company's financial advisor as part satisfaction of their fees representing 1.0% of the issued and paid-up shares of the Company immediately after Listing.

On December 17, 2025, the Company completed a secondary placement exercise on the SGX-ST by issuing 6,685,028 new shares raising gross proceeds of S$4,850,000 at S$0.7255 per share.

21. Capital reserve

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025<br>S$** | **2024<br>S$** |
|  Beginning of financial year (Note a) | **5536469** | 3086767 |
|  Cash contribution from shareholders (Note b) | **2250000** | 1499999 |
|  Transaction cost in relation to contribution from shareholders | **(87500)** |  |
|  Capital contribution from a shareholder of the Company (Note c) | **—** | 949703 |
|  **End of financial year** | **7698969** | 5536469 |

---

____________

Notes:

(a) The opening capital reserve comprises contributions from equity holders as at January 1, 2024, with the detailed breakdown as follows:

---

| | |
|:---|:---|
|  **Capital reserve as at January 1, 2024** | **S$** |
|  Equity holders' contribution on: |  |
|  License (Note 16(a)) | 950000 |
|  Patents (Note 16(b)) | 1900000 |
|  Share-based compensation benefits | 1560198 |
|  Restructuring from capital reorganization (Note d) | (1323431) |
|  | 3086767 |

---

(b) The cash contribution from shareholders relates to shares being issued by MOT prior to the Restructuring.

(c) For the financial year ended December 31, 2024, the capital contribution from a shareholder of the Group is the difference between the nominal interest free loan from a shareholder (Note 19) and the discounted present value of the loan at market interest rates and adjusted with credit risk rate.

(d) This represents the difference between the value of the shares issued by the Company to effect the capital reorganization (Note 2.1) and the share capital of MOT as at January 1, 2024.

22. Financial risk management

*Financial risk factors*

The Group's activities expose it to a variety of financial risks from its operations. The key financial risks include market risk (including interest rate risk and foreign currency risk), credit risk and liquidity risk.

The Board of Directors of the Group review and agree policies and procedures for the management of these risks, which are executed by the management team.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
22. Financial risk management (cont.)

The information presented below is based on information received by the management team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Market risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Interest rate risk

The Group has no significant exposure to interest rate risk except from those that arises from the Group's bank accounts.

The sensitivity analysis to a reasonably possible change in interest rates with all other variables held constant, of the Group's profit net of tax has not been disclosed as the Group's exposure to changes in market interest rates is not significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency risk

The Group is exposed to foreign currency risk when it enters or transacts in currencies other than its functional currency.

The Group's currency exposure based on the information provided to key management is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SGD<br>S$** | **US$S$** | **HKD<br>S$** | **Total<br>S$** |
|  **At December 31, 2025** |  |  |  |  |
|  **Financial assets** |  |  |  |  |
|  Cash at bank | 8532232 | 257305 |  | 8789537 |
|  Trade and other receivables |  | 3217 |  | 3217 |
|  Refundable deposits | 6328 |  |  | 6328 |
|  | 8538560 | 260522 |  | 8799082 |
|  **Financial liabilities** |  |  |  |  |
|  Trade and other payables | (270543) | (213478) | (14628) | (498649) |
|  Amount due to a shareholder | (2106147) |  |  | (2106147) |
|  Lease liabilities | (22683) |  |  | (22683) |
|  | (2399373) | (213478) | (14628) | (2627479) |
|  Currency profiles | 6139187 | 47044 | (14628) |  |
|  Currency exposure |  | 47044 | (14628) |  |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
22. Financial risk management (cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SGD<br>S$** | **US$S$** | **Total<br>S$** |
|  **At December 31, 2024** |  |  |  |
|  **Financial assets** |  |  |  |
|  Cash at bank | 846820 | 112406 | 959226 |
|  Trade and other receivables | 5016 |  | 5016 |
|  Refundable deposits | 4780 |  | 4780 |
|  | 856616 | 112406 | 969022 |
|  **Financial liabilities** |  |  |  |
|  Trade and other payables | (360195) |  | (360195) |
|  Amount due to shareholders and a director | (1936147) |  | (1936147) |
|  Lease liabilities | (24855) |  | (24855) |
|  | (2321197) |  | (2321197) |
|  Currency profiles | (1464581) | 112406 |  |
|  Currency exposure |  | 112406 |  |

---

If the US$ and HKD change against the SGD by 10% (2024: 10%) and 10% respectively with all other variables including tax rate being held constant, the effects arising from the net financial assets/(liabilities) position will be as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025<br>S$** | **December 31, <br>2024<br>S$** |
|  US$ against SGD |  |  |
|  – Strengthened | **(4705)** | (11241) |
|  – Weakened | **4705** | 11241 |
|  HKD against SGD |  |  |
|  – Strengthened | **1463** |  |
|  – Weakened | **(1463)** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit risk

Credit risk refers to the risk that the counterparty will default on its contractual obligations resulting in a loss to the Group.

The Group is mainly exposed to credit risk in relation to its trade and other receivables and cash at bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Cash at bank

The Group held cash at bank of S$8,789,537 (2024: S$959,226) with two banks which are rated AA- and A+ based on Standard & Poor and considered to have low credit risk. The cash balances are measured on 12-month expected credit losses and subject to immaterial credit loss.

The Group has assessed that trade and other receivables are subject to immaterial credit loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Impairment of financial assets

The Group does not have financial assets that are subject to more than immaterial credit losses where the expected credit loss model has been applied.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
22. Financial risk management (cont.)

Trade and other receivables are written off when there is no reasonable expectation of recovery. The Group categorizes a receivable for write off when a debtor has probability of insolvency and/or significant financial difficulty. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liquidity risk

Liquidity risk refers to the risk that the Group will encounter difficulties in meeting its short-term obligations due to shortage of funds.

The table below summarizes the maturity profile of the non-derivative financial liabilities of the Group at the reporting date based on contractual undiscounted repayment obligations. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.

---

| | | | |
|:---|:---|:---|:---|
|  | **Within<br>1 year<br>S$** | **Between 1 to <br>2 years<br>S$** | **Between 2 to <br>5 years<br>S$** |
|  <u>Group</u> |  |  |  |
|  **At December 31, 2025** |  |  |  |
|  **Financial liabilities** |  |  |  |
|  Trade and other payables | 498649 |  |  |
|  Amounts due to shareholders and director |  | 250000 | 2630000 |
|  Lease liabilities | 23109 |  |  |
|  | 521758 | 250000 | 2630000 |
|  **At December 31, 2024** |  |  |  |
|  **Financial liabilities** |  |  |  |
|  Trade and other payables | 360195 |  |  |
|  Amounts due to shareholders and director | 5850 |  | 2880000 |
|  Lease liabilities | 14156 | 11797 |  |
|  | 380201 | 11797 | 2880000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Capital risk

The capital structure of the Group comprises issued share capital, accumulated losses, amount due from a shareholder/immediate holding company, and amounts due to shareholders and director.

The Group is not subject to any internally and externally imposed capital requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fair value measurements

The carrying amount of financial assets and liabilities carried at amortized cost approximate their fair values.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
22. Financial risk management (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Financial instruments by category

---

| | | |
|:---|:---|:---|
|  | **2025<br>S$** | **2024<br>S$** |
|  <u>Financial assets, at amortized cost</u> |  |  |
|  Refundable deposits | **6328** | 4780 |
|  Trade and other receivables | **3217** | 5016 |
|  Cash at bank | **8789537** | 959226 |
|  | **8799082** | 969022 |
|  <u>Financial liabilities, at amortized cost</u> |  |  |
|  Trade and other payables | **498648** | 360195 |
|  Amounts due to shareholders and director | **2106147** | 1936147 |
|  Lease liabilities | **22683** | 24855 |
|  | **2627478** | 2321197 |

---

23. Related party transactions

In addition to the information disclosed elsewhere in the financial statements, the following transactions took place between the Company and related parties at terms agreed between the parties:

Key management personnel compensation

---

| | | |
|:---|:---|:---|
|  | **December 31, <br>2025<br>S$** | **December 31, <br>2024<br>S$** |
|  Wages and salaries | **228000** | 65000 |
|  Employer's contribution to defined contribution plans | **35081** | 7610 |
|  | **263081** | 72610 |

---

24. Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the executive committee, which comprise the Executive Chairman and Chief Executive Officer ("CEO") of the Group, whose members are responsible for allocating resources and assessing performance of the operating segments.

The entity has only one operating and reportable segment as the entity operates in one type of business and the results of the entity are managed on a consolidated basis.

Revenues from external customers are derived mainly from the sale of goods relating to optic lenses, modules and IOT devices. The breakdown of the Group's revenue by country is provided under Note 4(a).

Revenues of S$587,408 (2024: S$15,559) are derived from a single external customer.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
25. IFRS adoption and correction of material errors in previously issued SFRS(I) financial statements

As noted in Note 2.1, there are no material differences between Singapore Financial Reporting Standards (International) ("SFRS(I)") and IFRS. However, the Group has made certain corrections for errors in the previously issued financial statements prepared under SFRS(I) of its Predecessor Operating Business (i.e. MOT) to reflect the substance of the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prepayment of S$29,036 related to an order cancelled in the financial year ended December 31, 2023 ("FY2023") were written off during the financial year ended December 31, 2024 ("FY2024"). Accordingly, an adjustment has been made by reversing the administrative expenses for FY2024 and increasing the opening accumulated losses as at January 1, 2024 by S$29,036;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bonus was over-accrued in FY2024 and a salary adjustment relating to FY2023 was recognized in FY2024, amounting to S$8,525 and S$14,291 respectively. Accordingly, an adjustment has been made by reversing administrative expenses for FY2024 by S$22,816, other payables as at December 31, 2024 by S$8,525 and increasing opening accumulated losses as at January 1, 2024 by S$14,291;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) GST receivables were erroneously derecognized in FY2024 relates to (i) GST claims received in the preceding year amounting to S$45,388 and (ii) GST that was deemed uncollectable amounting to S$17,908 as at December 31, 2024 but was subsequently collected during the financial year ended December 31, 2025.

For (i), MOT has erroneously credited this amount to the income statement during the financial year ended December 31, 2023, instead of derecognizing the GST receivables balance as at December 31, 2023. Subsequently in FY2024, MOT wrote off the GST receivables balance of S$45,488 to administrative expenses. Accordingly, an adjustment has been made by reversing administrative expenses for FY2024 by S$45,388, increasing opening accumulated losses as at January 1, 2024 by S$45,388 and derecognizing other receivable as at December 31, 2023 by S$45,388.

For (ii), MOT has erroneously written off the GST receivables to administrative expenses in FY2024. Accordingly, an adjustment has been made by reversing administrative expenses for FY2024 by S$17,908, and reinstating other receivable balance as at December 31, 2024 by S$17,908.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Bank balance denominated in foreign currency was not revalued as at December 31, 2024. Accordingly, a revaluation has been performed, and an adjustment has been made to recognize other gains and increasing cash at bank balance by S$5,436;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Equity-holder transactions during FY2024, which amounted to S$91,702, were incorrectly recorded as share-based compensation. These transactions pertain to issuance of ordinary shares to certain shareholders of MOT which were financing in nature, rather than for the acquisition of goods nor services. Accordingly, an adjustment has been made to derecognize FY2024 administrative expense and reducing capital reserves as at December 31, 2024 by S$91,702;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Customer deposits for provision of goods were included in other payables, amounting to S$266,320. Accordingly, an adjustment has been made to reclassify the customer deposits from other payables to contract liabilities by S$266,320 as at December 31, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment of intangible assets of S$25,000 was recorded in the changes in working capital in the statements of cash flow for FY2024. Accordingly, an adjustment has been made to reclassify the payment of intangible assets to investing activity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount due to shareholders of S$2,880,000 for the acquisition of the license (Note 16(a)) was incorrectly discounted to January 1, 2024 instead of December 31, 2024. As a result, an adjustment has been recorded to reduce the finance expense and the amount due to shareholders by S$175,850.

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
25. IFRS adoption and correction of material errors in previously issued SFRS(I) financial statements (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The denominator used in calculating the 2024 loss per share (Note 10) has been revised from that which was used in the previously issued SFRS(I) financial statements. Previously, the Company used the Company's outstanding shares upon completion of the reorganization as outstanding for the entirety of 2024. The Company has revised the calculation of the denominator to be the 2024 weighted average number of shares of MOT, reflecting retrospectively the effects of the capital reorganization and share split. The impact of this, together with the impact of the above mentioned error corrections which has impacted FY24's "Loss after income tax and total comprehensive loss," is included in the "error corrections" column for loss per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The classification of the license royalty payment of S$10,000 as administrative expense was determined to be incorrect, as the royalty expense relates to the contribution from the sale of the licensed product. Accordingly, an adjustment has been made to reclassify the royalty expense from administrative expenses to cost of sales for the financial year ended December 31, 2024.

In addition, the Group began presenting its statements of comprehensive loss using a functional classification of operating expenses, including administrative expenses, research and development expenses, and selling and marketing expenses. The comparative figures for the prior financial year have been reclassified to conform to the current year's presentation.

The impact arising from the above correction for errors and the reclassification of operating expenses are summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **SFRS(I) <br>S$** | **Error <br>corrections <br>S$** | **Reclassifications <br>S$** | **As reported <br>herein <br>(IFRS) <br>S$** |
|  **Statements of Comprehensive Loss for the financial year ended December 31, 2024** |  |  |  |  |  |
|  Cost of sales | (j) | (52871) | (10000) |  | (62871) |
|  **Gross profit** |  | **26569** | **(10000)** | **—** | **16569** |
|  Other income |  |  |  | 2000 | 2000 |
|  Other (losses)/gains, net | (d) | 1480 | 5436 | (2000) | 4916 |
|  Administrative expenses | (a), (b), (c), (e), (j) | (2189373) | 216850 | 1085821 | (886702) |
|  Research and development expenses |  |  |  | (1036635) | (1036635) |
|  Selling and marketing expenses |  |  |  | (49186) | (49186) |
|  Finance expenses | (h) | (177694) | 175850 |  | (1844) |
|  Loss before income tax |  | (2339018) | 388136 |  | (1950882) |
|  Loss after income tax and total comprehensive loss |  | (2339018) | 388136 |  | (1950882) |
|  **Loss per share for loss attributable to the equity holders of the Company:** |  |  |  |  |  |
|  – Basic and diluted loss per share <br>(in cents) | (i) | (1.15) | 0.14 |  | (1.01) |
|  **Balance Sheet** |  |  |  |  |  |
|  *As at December 31, 2024* |  |  |  |  |  |
|  **Current assets** |  |  |  |  |  |
|  Trade and other receivables | (c) | 17495 | 17908 |  | 35403 |
|  Cash at bank | (d) | 953790 | 5436 |  | 959226 |
|  Total current assets |  | 1300569 | 23344 |  | 1323913 |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
25. IFRS adoption and correction of material errors in previously issued SFRS(I) financial statements (cont.)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Note** | **SFRS(I) <br>S$** | **Error <br>corrections <br>S$** | **Reclassifications <br>S$** | **As reported <br>herein <br>(IFRS) <br>S$** |
|  **Current liabilities** |  |  |  |  |  |
|  Other payables | (b), (f) | 635040 | (274845) |  | 360195 |
|  Contract liabilities | (f) |  | 266320 |  | 266320 |
|  Total current liabilities |  | 654165 | (8525) |  | 645640 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Amounts due to shareholders | (h) | 2106147 | (175850) |  | 1930297 |
|  Net assets |  | 2895713 | 207719 |  | 3103432 |
|  **Equity** |  |  |  |  |  |
|  Share premium\* |  | 2895662 | 207719 |  | 3103381 |
|  Accumulated losses |  | (5835890) | 299421 |  | (5536469) |
|  Capital reserve | (e) | 5835890 | (299421) |  | 5536469 |
|  Total equity |  | 2895713 | 207719 |  | 3103432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **SFRS(I) <br>S$** | **Error <br>corrections <br>S$** | **As reported <br>herein (IFRS) <br>S$** |
|  **Balance Sheet** |  |  |  |  |
|  *As at January 1, 2024* |  |  |  |  |
|  **Current assets** |  |  |  |  |
|  Prepayments and deposits | (a) | 29036 | (29036) |  |
|  Trade and other receivables | (c) | 72300 | (45388) | 26912 |
|  Total current assets |  | 823528 | (74424) | 749104 |
|  **Current liabilities** |  |  |  |  |
|  Trade and other payables | (b), (f) | 341691 | (252029) | 89662 |
|  Contract liabilities | (f) |  | 266320 | 266320 |
|  Total current liabilities |  | 3227541 | 14291 | 3241832 |
|  Net assets |  | 2693327 | (88715) | 2604612 |
|  **Equity** |  |  |  |  |
|  Share premium\* |  | 2895662 | 207719 | 3103381 |
|  Accumulated losses |  | (3496872) | (88715) | (3585587) |
|  Capital reserve |  | 3294486 | (207719) | 3086767 |
|  Total equity |  | 2693327 | (88715) | 2604612 |
|  **Statements of cash flows for the financial years ended December 31, 2024** |  |  |  |  |
|  Loss for the financial year |  | (2339018) | 388136 | (1950882) |
|  Unrealized currency translation gain | (d) |  | (5436) | (5436) |
|  Write-off expenses | (c) | 63296 | (63296) |  |
|  Share-based payment expenses for the employees and shareholders | (e) | 91702 | (91702) |  |
|  Finance expenses | (h) | 177694 | (175850) | 1844 |

---

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

#### METAOPTICS LTD AND ITS SUBSIDIARIES

#### NOTES TO THE FINANCIAL STATEMENTS<br> For the financial year ended December 31, 2025
25. IFRS adoption and correction of material errors in previously issued SFRS(I) financial statements (cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **SFRS(I) <br>S$** | **Error <br>corrections <br>S$** | **As reported <br>herein (IFRS) <br>S$** |
|  Changes in working capital: |  |  |  |  |
|  Prepayments and deposits | (a) | (245095) | (29036) | (274131) |
|  Other payables | (b), (f), (g) | 293349 | 2184 | 295533 |
|  **Net cash used in operating activities** | (g) | (1251885) | 25000 | (1226885) |
|  **Cash flows from investing activity** |  |  |  |  |
|  Payment for intangible asset | (g) |  | (25000) | (25000) |
|  **Net cash used in investing activity** |  |  | (25000) | (25000) |
|  Effects of currency translation on cash and cash equivalents | (d) |  | 5436 | 5436 |
|  Cash and cash equivalents at end of financial year |  | 953790 | 5436 | 959226 |

---

____________

\* The reclassification between share premium and capital reserve of S$207,719 relates to restructuring accounting (Note 2.1(iii)). This amount represents the changes in MOT's net assets arising from the correction of errors as at December 31, 2024.

26. Authorization of financial statements for issue

These financial statements were authorized for issue in accordance with a resolution of the Board of Directors of MetaOptics Ltd on March 12, 2026.

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

American Depositary Shares<br>Representing Ordinary Shares

**MetaOptics Ltd**

____________________________________

PROSPECTUS

____________________________________

---

| | |
|:---|:---|
|  **Roth Capital Partners** | **Benchmark, a StoneX Company** |

---

, 2026

Until and including , 2026 (the 25<sup>th</sup> day after the date of this prospectus), all dealers that buy, sell or trade our ADSs, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

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

#### PART II — INFORMATION NOT REQUIRED IN THE PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
Cayman Islands law does not limit the extent to which a company's articles of association may provide indemnification of officers and directors, except to the extent that any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as providing indemnification against fraud or dishonesty.

Our second amended and restated memorandum and articles of association provide that every director and officer (which for the avoidance of doubt, shall not include auditors of the Company), together with every former director and former officer shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own negligence, actual fraud, willful default, breach of duty or breach of trust. No said person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or willful default of such said person. No person shall be found to have committed negligence, actual fraud, willful default, breach of duty or breach of trust unless or until a court of competent jurisdiction shall have made a finding to that effect.

We intend to enter into indemnification agreements with each of our directors and executive officers in connection with this offering. Under these agreements, we will agree to indemnify our directors and officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of our Company.

The underwriting agreement also provides for indemnification of us and our officers, directors, or persons controlling us for certain liabilities.

We have obtained directors' and officers' liability insurance coverage that will cover certain liabilities of the directors and officers of our Company arising out of claims based on acts or omissions in their capacities as directors or officers.

#### Item 7. Recent Sales of Unregistered Securities
On March 21, 2025, our Company issued one ordinary share of a par value of S$0.0001 to Mapcal Limited. Mapcal Limited is an affiliate company of Maples and Calder (Hong Kong) LLP, the legal adviser to our Company as to Cayman Islands law. Immediately after the incorporation of our Company on March 21, 2025, the entire issued and paid-up share capital of our Company was transferred from Mapcal Limited to Angelling Capital Holdings Limited.

On April 30, 2025, our Company issued 509,008 ordinary shares of a par value of S$0.0001 each as consideration for the purchase of 100% of the issued and paid-up share capital in MetaOptics Technologies from all of the shareholders of MetaOptics Technologies as of April 30, 2025.

On June 27, 2025, each authorized issued and unissued share of a par value of S$0.0001 in our Company was subdivided into 400 shares of a par value of S$0.00000025 each, such that the authorized share capital of the Company was changed from S$50,000 divided into 500,000,000 ordinary shares of a par value of S$0.0001 each to S$50,000 divided into 200,000,000,000 ordinary shares of a par value of S$0.00000025 each.

Following the completion of the Restructuring Exercise and the Share Subdivision, our issued and paid-up share capital is S$50.9009 comprising 203,603,600 ordinary shares of a par value of S$0.00000025 each.

On September 9, 2025, we completed our initial public offering and listing of ordinary shares on Catalist of the SGX-ST, pursuant to which 30,000,000 ordinary shares were placed at S$0.20 per share, raising gross proceeds of S$6.0 million. The net proceeds raised from the placement (after deducting the placement commissions and the expenses incurred in relation to the placement payable by our Company of S$2.1 million) was S$3.9 million. In addition, 2,359,632 ordinary shares were allotted and issued to ZICO Capital Pte. Ltd., the sponsor, issue manager and placement agent for the listing, in partial satisfaction of their management fees in connection with the listing.

On December 19, 2025, we completed a private placement of an aggregate of 6,685,028 ordinary shares at a placement price of S$0.7255 per share to a number of private and corporate investors, increasing our issued share capital to 242,648,260 shares.

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

*We believe that each of the issuances and transfers was exempt from registration under the Securities Act in reliance on Regulation D under the Securities Act or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public offering or in reliance on Regulation S under the Securities Act regarding sales by an issuer in offshore transactions. Except as disclosed above, no underwriters were involved in these issuances of securities.*

#### Item 8. Exhibits and Financial Statement Schedules
(a) Exhibits

---

| | |
|:---|:---|
|  **Exhibit No** | **Description** |
|  1.1\* | Form of Underwriting Agreement |
| 3.1 | [Second Amended and Restated Memorandum and Articles of Association](ea027035409ex3-1.htm) |
|  4.1\* | Form of Deposit Agreement |
|  4.2\* | Form of American Depositary Receipt (included in Exhibit 4.1) |
|  4.3\* | Form of Representatives' Warrant |
| 4.4 | [Registrant's Specimen Certificate for Ordinary Shares](ea027035409ex4-4.htm) |
| 5.1 | [Opinion of Maples and Calder (Hong Kong) LLP regarding the validity of the ordinary shares being registered](ea027035409ex5-1.htm) |
|  5.2\* | Opinion of Norton Rose Fulbright US LLP regarding the validity of the representatives' warrants being registered |
| 8.1 | [Opinion of Maples and Calder (Hong Kong) LLP as to Cayman Islands tax matters (included in Exhibit 5.1)](ea027035409ex5-1.htm) |
| 10.1 | [Form of Service Agreements between the registrant and each of the executive officers](ea027035409ex10-1.htm) |
| 10.2 | [Form of Director Agreement between the registrant and each of the Independent and Non-Executive Director](ea027035409ex10-2.htm) |
| 10.3 | [MetaOptics Employee Share Option Scheme 2026](ea027035409ex10-3.htm) |
| 10.4 | [MetaOptics Performance Share Plan 2026](ea027035409ex10-4.htm) |
| 10.5 | [Deed of Undertaking from Dato Sri Chua Chwee Lee](ea027035409ex10-5.htm) |
| 10.6 | [Deed of Undertaking from Jee Wee Jene](ea027035409ex10-6.htm) |
|  10.7† | [2021 License Agreement and addendum](ea027035409ex10-7.htm) |
|  10.8† | [Aug 2023 License Agreement and addendum](ea027035409ex10-8.htm) |
|  10.9† | [Dec 2023 License Agreement and addendum](ea027035409ex10-9.htm) |
| 10.10 | [Tenancy Agreement, dated November 7, 2023, between Jurong Town Corporation and MetaOptics Technologies](ea027035409ex10-10.htm) |
| 10.11 | [Tenancy Agreement, dated September 25, 2025, between Jurong Town Corporation and MetaOptics Technologies](ea027035409ex10-11.htm) |
| 14.1 | [Clawback Policy](ea027035409ex14-1.htm) |
| 21.1 | [List of Subsidiaries of the registrant](ea027035409ex21-1.htm) |
| 23.1 | [Consent of PricewaterhouseCoopers LLP](ea027035409ex23-1.htm) |
| 23.2 | [Consent of China Insights Industry Consultancy Limited](ea027035409ex23-2.htm) |
| 23.3 | [Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1)](ea027035409ex5-1.htm) |
|  23.4\* | Consent of Norton Rose Fulbright US LLP (included in Exhibit 5.2) |
| 24.1 | [Power of Attorney (included in the signature page)](#T80) |
| 99.1 | [Audit and Risk Management Committee Terms of Reference](ea027035409ex99-1.htm) |
| 99.2 | [Nominating Committee Terms of Reference](ea027035409ex99-2.htm) |
| 99.3 | [Remuneration Committee Terms of Reference](ea027035409ex99-3.htm) |
| 107 | [Filing Fee Table](ea027035409ex-fee.htm) |

---

____________

\* To be filed via amendment.

† Portions of this exhibit have been omitted in reliance upon Item 601 of Regulation S-K as the registrant has determined that the omitted information (i) is not material and (ii) is the type that the registrant treats as private or confidential.

(b) Financial statement schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or has been included in the Company's consolidated financial statements or notes thereto.

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#### Item 9. Undertakings
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 provisions described in Item 6 of this registration statement, or otherwise, the registrant has been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer, or controlling person of the registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&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 the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; 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 material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not be furnished, provided that the issuer includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) that, for the purpose of determining liability under the Securities Act to any purchaser:

&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 issuer is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each prospectus filed by the undersigned issuer pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act shall be deemed to be part of and included in the

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

registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offerings described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; 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;(ii) if the issuer is relying on Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) that, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any preliminary prospectus or prospectus of the undersigned registrant relating to the offerings required to be filed pursuant to Rule 424;

&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 free writing prospectus relating to the offerings prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the portion of any other free writing prospectus relating to the offerings containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other communication that is an offer in the offerings made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective; and

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

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Singapore on May 4, 2026.

---

| | |
|:---|:---|
|  **MetaOptics Ltd** | **MetaOptics Ltd** |
|  By: | /s/ Aloysius Chua Hao Peng |
|  | Aloysius Chua Hao Peng |
|  | Chief Executive Officer and Executive Director |

---

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Mr. Aloysius Chua Hao Peng as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for and in such person's name, place and stead, in any and all capacities, to sign in the name and on behalf of the undersigned any and all amendments (including post-effective amendments) to this registration statement and any and all additional registration statements pursuant to Rule 462 under the Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto such attorney-in-fact and agent full power and authority to do and perform each and every act in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

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

---

| | | |
|:---|:---|:---|
|  **Name** | **Title** | **Date** |
|  /s/ Aloysius Chua Hao Peng | Chief Executive Officer and Executive Director | May 4, 2026 |
|  Aloysius Chua Hao Peng | *(Principal Executive Officer)* |  |
|  /s/ Chu Wee Liat | Chief Financial Officer | May 4, 2026 |
|  Chu Wee Liat | (*Principal Financial and Accounting Officer*) |  |
|  /s/ Thng Chong Kim | Executive Chairman | May 4, 2026 |
|  Thng Chong Kim |  |  |
|  /s/ Jee Wee Jene | Non-Independent and Non-Executive Director | May 4, 2026 |
|  Jee Wee Jene |  |  |
|  /s/ Teng Jinghua | Non-Independent and Non-Executive Director | May 4, 2026 |
|  Teng Jinghua |  |  |
|  /s/ Sonny Yuen | Lead Independent and Non-Executive Director | May 4, 2026 |
|  Sonny Yuen |  |  |
|  /s/ Sean Lee | Independent and Non-Executive Director | May 4, 2026 |
|  Sean Lee |  |  |
|  /s/ Goh Yong Cheng | Independent and Non-Executive Director | May 4, 2026 |
|  Goh Yong Cheng |  |  |
|  /s/ Ng Thiam Chye | Independent and Non-Executive Director | May 4, 2026 |
|  Ng Thiam Chye |  |  |

---

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#### SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED STATES
Pursuant to the Securities Act of 1933, the undersigned, the duly authorized representative in the United States of MetaOptics Ltd, has signed this registration statement or amendment thereto in New York, NY on May 4, 2026.

---

| | |
|:---|:---|
|  **Authorized U.S. Representative** | **Authorized U.S. Representative** |
|  **Cogency Global Inc.** | **Cogency Global Inc.** |
|  By: | /s/ Colleen A. De Vries |
|  Name: | Colleen A. De Vries |
|  Title: | Senior Vice President |

---

## Exhibit 3.1

**Exhibit 3.1**

**THE COMPANIES ACT (As Revised)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**MetaOptics Ltd**

**(adopted by special resolution dated 10 April 2026 and effective on 10 April 2026)**

**THE COMPANIES ACT (As Revised)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**MEMORANDUM OF ASSOCIATION**

**OF**

**MetaOptics Ltd**

**(adopted by special resolution dated 10 April 2026 and effective on 10 April 2026)**

1 The name of the Company is MetaOptics Ltd.

---

| | |
|:---|:---|
| 2 | The Registered Office of the Company shall be at the offices of Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands, or at such other place within the Cayman Islands as the Directors may decide. |

---

---

| | |
|:---|:---|
| 3 | The objects for which the Company is established are unrestricted and the Company shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. |

---

---

| | |
|:---|:---|
| 4 | The liability of each Member is limited to the amount unpaid on such Member's shares. |

---

---

| | |
|:---|:---|
| 5 | The share capital of the Company is S$50,000 divided into 200,000,000,000 ordinary shares of a par value of S$0.00000025 each. |

---

---

| | |
|:---|:---|
| 6 | The Company has power to register by way of continuation as a body corporate limited by shares under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |

---

---

| | |
|:---|:---|
| 7 | Capitalised terms that are not defined in this Second Amended and Restated Memorandum of Association bear the respective meanings given to them in the Second Amended and Restated Articles of Association of the Company. |

---

**THE COMPANIES ACT (As Revised)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**SECOND AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**MetaOptics Ltd**

**(adopted by special resolution dated 10 April 2026 and effective on 10 April 2026)**

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

1.1 In
 the Articles Table A in the First Schedule to the Statute does not apply and, unless there
 is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| **"ADS"** | means an American depositary share representing a designated number of Shares. |
| **"Affiliate"** | in respect of a person, means any other person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such person, and (a) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law and father-in-law and brothers and sisters-in-law, whether by blood, marriage or adoption or anyone residing in such person's home, a trust for the benefit of any of the foregoing, a company, partnership or any natural person or entity wholly or jointly owned by any of the foregoing and (b) in the case of an entity, shall include a partnership, a corporation or any natural person or entity which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. |

---

---

| | |
|:---|:---|
| **"Applicable Law"** | means, with respect to any person, all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person. |
| **"Articles"** | means these second amended and restated articles of association of the Company. |
| **"Audit Committee"** | means the audit committee of the Board of Directors established pursuant to the Articles, or any successor committee. |
| **"Auditor"** | means the person for the time being performing the duties of auditor of the Company (if any). |
| **"Board"** or **"Board of Directors"** | means the board of directors of the Company. |
| **"business day"** | means any day other than a Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorised or obligated by law to close in Singapore and the United States. |
| **"Chairperson"** | means the Chairperson presiding at any meeting of members or of the Board of Directors. |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communication, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and be heard by each other and all Members' rights to speak and vote at the meeting are maintained. |

---

---

| | |
|:---|:---|
| **"Company"** | means the above named company. |
| **"Company's Website"** | means the website of the Company and/or its web-address or domain name (if any). |
| **"Designated Stock Exchange"** | means (i) the Singapore Exchange Securities Trading Limited on which the securities of the Company are listed for trading (abbreviation: SGX) or (ii) The Nasdaq Stock Market in the United States on which any Shares or ADSs are listed for trading. |
| **"Directors"** | means the directors for the time being of the Company. |
| **"Dividend"** | means any dividend (whether interim or final) resolved to be paid on Shares pursuant to the Articles. |
| **"Electronic Communication"** | means a communication transmitted (whether from one person to another, from one device to another, from a person to a device or from a device to a person): |

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| | |
|:---|:---|
| (a) | by means of a telecommunication system; or |
| (b) | other means while in an electronic form as otherwise decided and approved by the Directors, |
| such that it can (where particular conditions are met) be received in legible form or be made legible following receipt in non-legible form. | such that it can (where particular conditions are met) be received in legible form or be made legible following receipt in non-legible form. |

---

---

| | |
|:---|:---|
| **"Electronic Record"** | has the same meaning as in the Electronic Transactions Act. |
| **"Electronic <br> Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands. |

---

---

| | |
|:---|:---|
| **"Equity-linked Securities"** | means any debt or equity securities that are convertible, exercisable or exchangeable for Shares, including but not limited to a private placement of equity or debt. |
| **"Independent Director"** | means an independent director of the Company. |
| **"Laws"** | means the Statute and every other act of the legislature of the Cayman Islands for the time being in force applying to or affecting the Company, its Memorandum and/or these Articles. |
| **"Market Day"** | means a day on which the Designated Stock Exchange is open for trading in securities. |
| **"Member"** | has the same meaning as in the Statute. |
| **"Memorandum"** | means the second amended and restated memorandum of association of the Company. |
| **"Nominating Committee"** | means the nominating committee of the Board of Directors established pursuant to the Articles, or any successor committee. |
| **"Officer"** | means a person appointed to hold an office in the Company. |
| **"Ordinary Resolution"** | means a resolution passed by a simple majority of the Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting, and includes a unanimous written resolution. In computing the majority when a poll is demanded regard shall be had to the number of votes to which each Member is entitled by the Articles. |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires. |

---

---

| | |
|:---|:---|
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Members, which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Member, a proxy which has been validly appointed by such Member in accordance with these Articles), being: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) physically
 present at the meeting; or

(b) in the case of any meeting
 at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means
 of the use of such Communication Facilities.

---

| | |
|:---|:---|
| **"Register of Members"** | means the register of Members maintained in accordance with the Statute and includes (except where otherwise stated) any branch or duplicate register of Members. |
| **"Registered Office"** | means the registered office for the time being of the Company. |
| **"relevant intermediary"** | has the meaning ascribed to it in the Singapore Companies Act. |
| **"Remuneration Committee"** | means the remuneration committee of the Board of Directors established pursuant to the Articles, or any successor committee. |
| **"S$" or "Singapore Dollars"** | means the legal currency of Singapore. |
| **"Seal"** | means the common seal of the Company and includes every duplicate seal. |

---

---

| | |
|:---|:---|
| **"SEC"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the time. |
| **"Share"** | means an ordinary share of a par value of S$0.00000025 in the share capital of the Company and includes a fraction of a share. |
| **"Singapore Companies Act"** | means the Companies Act 1967 of Singapore. |
| **"Singapore Securities and Futures Act"** | means the Securities and Futures Act 2001 of Singapore. |
| **"Special Resolution"** | means a resolution that has been passed by a majority of at least three-quarters of such Members as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at a general meeting of which notice specifying the intention to propose the resolution as a special resolution has been duly given, and includes a unanimous written resolution. |
| **"Statute"** | means the Companies Act (As Revised) of the Cayman Islands. |
| **"telecommunication system"** | means any system used or intended to be used for telecommunications. |
| **"telecommunications"** | means a transmission, emission or reception of signs, signals, writing, images, sounds or intelligence of any nature by wire, radio, optical or other electro-magnetic systems whether or not such signs, signals, writing, images, sounds or intelligence have been subjected to rearrangement, computation or other processes by any means in the course of their transmission, emission or reception. |

---

---

| | |
|:---|:---|
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Statute. |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction. |
| **"Virtual Meeting"** | means any general meeting of the Members at which the Members and any other permitted participants of such meeting (including, without limitation, the Chairperson of such meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

---

1.2 In
 the Articles:

(a) words
 importing the singular number include the plural number and vice versa;

(b) words
 importing the masculine gender include the feminine gender;

(c) words
 importing persons include corporations as well as any other legal or natural person;

(d) "written"
 and "in writing" include all modes of representing or reproducing words in visible form, including in the form of an
 Electronic Record;

(e) "shall"
 shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references
 to provisions of any law or regulation shall be construed as references to those provisions as amended, modified, re-enacted or replaced;

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

(h) the term
 "and/or" is used herein to mean both "and" as well as "or." The use of "and/or" in
 certain contexts in no respects qualifies or modifies the use of the terms "and" or "or" in others;

(i) the term
 "or" shall not be interpreted to be exclusive and the term "and" shall not be interpreted to require the
 conjunctive (in each case, unless the context otherwise requires);

(j) headings
 are inserted for reference only and shall be ignored in construing the Articles;

(k) any requirements
 as to delivery under the Articles include delivery in the form of an Electronic Record;

(l) where
 the Company is required to record any information in any company records in writing, that requirement may be met by information in
 the form of an Electronic Record in accordance with the Electronic Transactions Act;

(m) any requirements
 as to execution or signature under the Articles including the execution of the Articles themselves can be satisfied in the form of
 an electronic signature as defined in the Electronic Transactions Act;

(n) sections
 8 and 19(3) of the Electronic Transactions Act shall not apply;

(o) the expressions
 "Depositor" and "Depository" shall have the meanings ascribed to them respectively in the Singapore Securities
 and Futures Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the term
 "clear days" in relation to the period of a notice means that period excluding the day when the notice is received or
 deemed to be received and the day for which it is given or on which it is to take effect; and

(q) the term
 "holder" in relation to a Share means a person whose name is entered in the Register of Members as the holder of such
 Share.

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| | |
|:---|:---|
| **2** | **Commencement of Business** |
| 2.1 | The business of the Company may be commenced as soon after incorporation of the Company as the Directors shall see fit. |
| 2.2 | The Directors may pay, out of the capital or any other monies of the Company, all expenses incurred in or about the formation and establishment of the Company, including the expenses of registration. |
| **3** | **Issue of Shares and other Securities** |
| 3.1 | Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, and without prejudice to any rights attached to any existing Shares, the Directors may allot, issue, grant options over or otherwise dispose of Shares (including fractions of a Share) with or without preferred, deferred or other rights or restrictions, whether in regard to Dividends or other distributions, voting, return of capital or otherwise and to such persons, at such times and on such other terms as they think proper, and may also (subject to the Statute, the Articles and the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law) vary such rights. |
| 3.2 | Subject to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may issue rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares or other securities in the Company on such terms as the Directors may from time to time determine. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Subject
 to the provisions, if any, in the Memorandum (and to any direction that may be given by the Company in general meeting) and, where
 applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise
 under Applicable Law, the Company may issue units of securities in the Company, which may be comprised of whole or fractional Shares,
 rights, options, warrants or convertible securities or securities of similar nature conferring the right upon the holders thereof
 to subscribe for, purchase or receive any class of Shares or other securities in the Company, upon such terms as the Directors may
 from time to time determine.

3.4 The Company
 shall not issue Shares to bearer.

3.5 Preference
 shares may be issued subject to such limitation thereof as may be prescribed by the Designated Stock Exchange. The rights attaching
 to shares of a class other than Shares, including preference shares, shall be as determined by the Directors prior to issuance and
 must be expressed but subject to such limitations in respect of such class of shares as may be prescribed by the Designated Stock
 Exchange. The total number of issued preference shares shall not exceed the total number of Shares issued at any time. Provisions
 1(a) and (b)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The holders of any preference
shares shall have the same rights as the holders of Shares as regards: Provision 1(d)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the right
 to receive notices, reports, balance sheets and any financial information provided to Members holding Shares, including any notices
 of general meetings of the Company; and

(b) the right
 to attend and vote at any general meeting of the Company including any general meeting convened for the purpose of reducing the Company's
 capital or winding up or sanctioning a sale of the undertaking of the Company or where the proposition to be submitted to the meeting
 directly affects their rights and privileges or on any proposition when the dividend on the preference shares is in arrear for more
 than six months.

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| | | |
|:---|:---|:---|
| 3.7 | The Company has power to issue preference shares ranking equally with, or in priority to, preference shares already issued. | Provision 1(c) |
| **4** | **Register of Members** |  |
| 4.1 | The Company shall maintain or cause to be maintained the Register of Members in accordance with the Statute. |  |
| 4.2 | The Directors may determine that the Company shall maintain one or more branch registers of Members in accordance with the Statute. The Directors may also determine which register of Members shall constitute the principal register and which shall constitute the branch register or registers, and to vary such determination from time to time. |  |
| 4.3 | The Directors may determine that a Depository may maintain a branch register of Members in accordance with the Statute and the rules and regulations of the Designated Stock Exchange. |  |
| **5** | **Closing Register of Members or Fixing Record Date** |  |
| 5.1 | The Directors may fix in advance or arrears a date as the record date for any such determination of Members entitled to notice of, or to vote at any meeting of the Members or any adjournment thereof, or for the purpose of determining the Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination of Members for any other purpose. |  |
| 5.2 | If no record date is fixed for the determination of Members entitled to notice of, or to vote at, a meeting of Members or Members entitled to receive payment of a Dividend or other distribution, the date on which notice of the meeting is sent or the date on which the resolution of the Directors resolving to pay such Dividend or other distribution is passed, as the case may be, shall be the record date for such determination of Members. When a determination of Members entitled to vote at any meeting of Members has been made as provided in this Article, such determination shall apply to any adjournment thereof. |  |

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---

| | | |
|:---|:---|:---|
| **6** | **Certificates for Shares** |  |
| 6.1 | Every person whose name is entered as a Member in the Register of Members shall be entitled to receive, within ten Market Days (or such other period as may be approved by the Designated Stock Exchange) of the closing date of any application for Shares or, as the case may be, the date of lodgement of a registrable transfer, one certificate for all such person's shares of any one class or several certificates in reasonable denominations each for a part of the Shares so allotted or transferred. Where such a Member transfers part only of the Shares comprised in a certificate, the old certificate shall be cancelled and a new certificate or certificates for the balance of such Shares issued in lieu thereof and such Member shall pay a maximum fee of S$2 for each new certificate or such other fee as the Directors may from time to time determine having regard to any limitation in respect of such partial transfer as may be prescribed by the Designated Stock Exchange. | Provision 2(a) |
| 6.2 | Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Every share certificate of the Company shall bear legends required under the Applicable Law, including the Securities Act. Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be consecutively numbered or otherwise identified and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject to the Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall have been surrendered and cancelled. |  |
| 6.3 | If any person whose name is entered in the Register of Members shall surrender for cancellation a share certificate representing Shares held by such person and request the Company to issue in lieu two or more share certificates representing such Shares in such proportions as such person may specify, the Directors may, if they think fit, comply with such request. Such person shall (unless such fee is waived by the Directors) pay a maximum fee of S$2 for each share certificate issued in lieu of a share certificate surrendered for cancellation or such other fee as the Directors may from time to time determine having regard to any limitation as may be prescribed by the Designated Stock Exchange. | Provision 2(a) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The
 Company shall not be bound to register more than three persons as the registered holders of a Share except in the case of executors
 or administrators (or trustees) of the estate of a deceased Member. Provision
 4(d)

6.5 The Company
 shall not be bound to issue more than one certificate for Shares held jointly by more than one person and delivery of a certificate
 to one joint holder shall be a sufficient delivery to all of them.

6.6 Subject
 to the provisions of the Applicable Law, if a share certificate is defaced, worn out, lost, destroyed or stolen, it may be renewed
 on such evidence being produced and a letter of indemnity (if required) being given by the Member, transferee, person entitled, purchaser,
 member firm or member company of the Designated Stock Exchange or on behalf of its or their client or clients as the Directors shall
 require, and (in the case of defacement or wearing out) upon delivery of the old certificate and in any case on payment of such sum
 not exceeding S$2 as the Directors may from time to time require. In the case of destruction, loss or theft, a Member or person entitled
 to whom such renewed certificate is given shall also bear the loss and pay to the Company all expenses incidental to the investigations
 by the Company of the evidence of such destruction or loss. Provisions
 1(f) and 2

6.7 Every share
 certificate sent in accordance with the Articles will be sent at the risk of the Member or other person entitled to the certificate.
 The Company will not be responsible for any share certificate lost or delayed in the course of delivery.

6.8 Share certificates
 shall be issued within the relevant time limit as prescribed by the Statute, if applicable, or as the rules and regulations of the
 Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law may from time to time
 determine, whichever is shorter, after the allotment or, except in the case of a Share transfer which the Company is for the time
 being entitled to refuse to register and does not register, after lodgement of a Share transfer with the Company.

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| | | |
|:---|:---|:---|
| **7** | **Transfer of Shares** |  |
| 7.1 | All transfers of the legal title in Shares may be effected by the registered holders thereof by an instrument of transfer in writing in the form for the time being approved by the Designated Stock Exchange or in any other form acceptable to the Directors. The instrument of transfer of any Share shall be signed by or on behalf of both the transferor and the transferee, provided always that an instrument of transfer in respect of which the transferee is the Depository or its nominee (as the case may be) shall be effective although not signed by or on behalf of the Depository or its nominee (as the case may be). The transferor shall remain the holder of the Shares concerned until the name of the transferee is entered in the Register of Members in respect thereof. | Provision 4(a) |
| 7.2 | The Directors may in their sole discretion refuse to register any instrument of transfer of Shares unless: |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such
 fee not exceeding S$2 as the Directors may from time to time require, is paid to the Company in respect thereof; and Provision
 4(b)

(b) if the Shares
 in question were issued in conjunction with rights, options, warrants or units issued pursuant to the Articles on terms that one
 cannot be transferred without the other, evidence satisfactory to the Directors of the like transfer of such right, option, warrant
 or unit is provided to the Directors.

---

| | | |
|:---|:---|:---|
| 7.3 | Save as set out in Article 7.2, there shall be no restriction on the transfer of fully paid Shares except where required by the Applicable Law or the rules and regulations of the Designated Stock Exchange. | Provision 4(c) |
| **8** | **Redemption, Repurchase and Surrender of Shares** |  |
| 8.1 | Subject to the provisions of the Statute, and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may issue shares that are to be redeemed or are liable to be redeemed at the option of the Member or the Company as the Directors may determine prior to the issuance of such shares. |  |

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---

| | |
|:---|:---|
| 8.2 | Subject to the provisions of the Statute and Article 10.2, and, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, the Company may purchase its own shares (including any redeemable shares) in such manner and on such other terms as the Directors may agree with the relevant Member. |
| 8.3 | For the avoidance of doubt, subject to, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, redemptions, repurchases and surrenders of shares in the circumstances described in this Article 8 shall not require further approval of the Members (excluding any repurchase of preference shares described in Article 10.2). |
| 8.4 | The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the Statute, including out of capital. |
| 8.5 | The Directors may accept the surrender for no consideration of any fully paid Share. |
| **9** | **Treasury Shares** |
| 9.1 | The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share shall be held as a Treasury Share. |
| 9.2 | The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they think proper (including, without limitation, for nil consideration). |

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---

| | | |
|:---|:---|:---|
| 9.3 | The Company shall not exercise any right in respect of the Treasury Shares save as prescribed by Articles 9.1 and 9.2 above, and the Statute. |  |
| **10** | **Variation of Rights of Shares** |  |
| 10.1 | Subject to Articles 3.1 and 10.2, if at any time the share capital of the Company is divided into different classes of shares, all or any of the rights attached to any class (save and except for preference shares (other than redeemable preference shares)) may, whether or not the Company is being wound up, be varied without the consent of the holders of the issued shares of that class where such variation is considered by the Directors not to disparately reduce or restrict or otherwise have a material adverse effect upon such rights. For the avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not disparately reduce or restrict or otherwise have a material adverse effect on such rights, to obtain the sanction of an Ordinary Resolution from the holders of shares of the relevant class at a separate meeting of such class held for such purpose. To any such meeting all the provisions of the Articles relating to general meetings shall apply *mutatis mutandis*, except that the necessary quorum shall be one person holding or representing by proxy at least one-third of the issued shares of the class and that any holder of shares of the class Present may demand a poll. |  |
| 10.2 | Notwithstanding Articles 8.2 and 10.1, subject to the provisions of the Applicable Law, preference shares (other than redeemable preference shares) may be repaid or repurchased and the special rights attached to preference shares may be altered, varied or abrogated only with the sanction of a Special Resolution passed at a separate class meeting of the preference shareholders concerned (but not otherwise), provided always that where the necessary majority for such a Special Resolution is not obtained at such class meeting, the consent in writing if obtained from the holders of three-quarters of the issued shares of the class concerned within two calendar months of the date of such meeting shall be as valid and effectual as a Special Resolution adopted at such meeting. | Provision 5(a) |
| 10.3 | The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith or shares issued with preferred or other rights. |  |

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| | | |
|:---|:---|:---|
| **11** | **Commission on Sale of Shares** |  |
|  | The Company may, in so far as the Statute permits, pay a commission to any person in consideration of his subscribing or agreeing to subscribe (whether absolutely or conditionally) or procuring or agreeing to procure subscriptions (whether absolutely or conditionally) for any Shares. Such commissions may be satisfied by the payment of cash and/or the issue of fully or partly paid-up Shares. The Company may also on any issue of Shares pay such brokerage as may be lawful. |  |
| **12** | **Non Recognition of Trusts** |  |
|  | The Company shall not be bound by or compelled to recognise in any way (even when notified) any equitable, contingent, future or partial interest in any Share, or (except only as is otherwise provided by the Articles or the Statute) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder. |  |
| **13** | **Lien on Shares** |  |
| 13.1 | The Company shall have a first and paramount lien on every Share (not being a fully paid Share) and dividends from time to time declared in respect of such Shares. Such lien shall be restricted to unpaid calls and instalments upon the specific Shares in respect of which such monies are due and unpaid, and to such amounts as the Company may be called upon by law to pay in respect of the Shares of the Member or deceased Member. The Directors may waive any lien which has arisen and may resolve that any Share shall for some limited period be exempt wholly or partially from the provisions of this regulation. The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. | Provision 3(a) |
| 13.2 | The Company may sell, in such manner as the Directors think fit, any Shares on which the Company has a lien, if a sum in respect of which the lien exists is presently payable, and is not paid within fourteen clear days after notice has been received or deemed to have been received by the holder of the Shares, or to the person entitled to it in consequence of the death or bankruptcy of the holder, demanding payment and stating that if the notice is not complied with the Shares may be sold. Any such Shares on which the Company has a lien or whose call remain unpaid, and which are sold pursuant to this Article will be sold pursuant to procedure for the sale of forfeited Shares as described in Article 15. |  |

---

---

| | | |
|:---|:---|:---|
| 13.3 | To give effect to any such sale the Directors may authorise any person to execute an instrument of transfer of the Shares sold to, or in accordance with the directions of, the purchaser. The purchaser or such purchaser's nominee shall be registered as the holder of the Shares comprised in any such transfer, and the purchaser shall not be bound to see to the application of the purchase money, nor shall such purchaser's title to the Shares be affected by any irregularity or invalidity in the sale or the exercise of the Company's power of sale under the Articles. |  |
| 13.4 | The net proceeds of such sale after payment of the costs of such sale shall be applied in or towards payment or satisfaction of the debts or liabilities (including unpaid calls and accrued interest and expenses) and any residue shall be paid to the person entitled to the Shares at the time of the sale or to such person's executors, administrators or assigns, or as such person may direct. | Provision 3(b) |
| **14** | **Call on Shares** |  |
| 14.1 | Subject to the terms of the allotment and issue of any Shares, the Directors may make calls upon the Members in respect of any monies unpaid on their Shares (whether in respect of par value or premium), and each Member shall (subject to receiving at least fourteen clear days' notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on the Shares. A call may be revoked or postponed, in whole or in part, as the Directors may determine. A call may be required to be paid by instalments. A person upon whom a call is made shall remain liable for calls made upon him notwithstanding the subsequent transfer of the Shares in respect of which the call was made. |  |
| 14.2 | A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed. |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The
 joint holders of a Share shall be jointly and severally liable to pay all calls in respect thereof.

14.4 If a
 call remains unpaid after it has become due and payable, the person from whom it is due shall pay interest on the amount unpaid from
 the day it became due and payable until it is paid at such rate as the Directors may determine (and in addition all expenses that
 have been incurred by the Company by reason of such non-payment), but the Directors may waive payment of the interest or expenses
 wholly or in part.

14.5 An amount
 payable in respect of a Share on issue or allotment or at any fixed date, whether on account of the par value of the Share or premium
 or otherwise, shall be deemed to be a call and if it is not paid all the provisions of the Articles shall apply as if that amount
 had become due and payable by virtue of a call.

14.6 The Directors
 may issue Shares with different terms as to the amount and times of payment of calls, or the interest to be paid.

14.7 The Directors
 may, if they think fit, receive an amount from any Member willing to advance all or any part of the monies uncalled and unpaid upon
 any Shares held by him, and may (until the amount would otherwise become payable) pay interest at such rate as may be agreed upon
 between the Directors and the Member paying such amount in advance.

14.8 No such
 amount paid in advance of calls, whether carrying interest or not, shall entitle the Member paying such amount to any portion of
 a Dividend or other profit or distribution payable in respect of any period prior to the date upon which such amount would, but for
 such payment, become payable.

---

| | |
|:---|:---|
| **15** | **Forfeiture of Shares** |
| 15.1 | If a call or instalment of a call remains unpaid after it has become due and payable the Directors may give to the person from whom it is due not less than fourteen clear days' notice requiring payment of the amount unpaid together with any interest which may have accrued and any expenses incurred by the Company by reason of such non-payment. The notice shall specify where payment is to be made and shall state that if the notice is not complied with the Shares in respect of which the call was made will be liable to be forfeited. |
| 15.2 | If the notice is not complied with, any Share in respect of which it was given may, before the payment required by the notice has been made, be forfeited by a resolution of the Directors. Such forfeiture shall include all Dividends, other distributions or other monies payable in respect of the forfeited Share and not paid before the forfeiture. |
| 15.3 | A forfeited Share may be sold, re-allotted or otherwise disposed of on such terms and in such manner as the Directors think fit and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Directors think fit. Where for the purposes of its disposal a forfeited Share is to be transferred to any person the Directors may authorise some person to execute an instrument of transfer of the Share in favour of that person. |
| 15.4 | A person any of whose Shares have been forfeited shall cease to be a Member in respect of them and shall surrender to the Company for cancellation the certificate for the Shares forfeited and shall remain liable to pay to the Company all monies which at the date of forfeiture were payable by him to the Company in respect of those Shares together with interest at such rate as the Directors may determine, but his liability shall cease if and when the Company shall have received payment in full of all monies due and payable by him in respect of those Shares. |

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| | |
|:---|:---|
| 15.5 | A certificate in writing under the hand of one Director or Officer that a Share has been forfeited on a specified date shall be conclusive evidence of the facts stated in it as against all persons claiming to be entitled to the Share. The certificate shall (subject to the execution of an instrument of transfer) constitute a good title to the Share and the person to whom the Share is sold or otherwise disposed of shall not be bound to see to the application of the purchase money, if any, nor shall his title to the Share be affected by any irregularity or invalidity in the proceedings in reference to the forfeiture, sale or disposal of the Share. |
| 15.6 | The provisions of the Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account of the par value of the Share or by way of premium as if it had been payable by virtue of a call duly made and notified. |
| **16** | **Transmission of Shares** |
| 16.1 | If a Member dies, the survivor or survivors (where he was a joint holder), or his legal personal representatives (where he was a sole holder), shall be the only persons recognised by the Company as having any title to his Shares. The estate of a deceased Member is not thereby released from any liability in respect of any Share, for which he was a joint or sole holder. |
| 16.2 | Any person becoming entitled to a Share in consequence of the death or bankruptcy or liquidation or dissolution of a Member (or in any other way than by transfer) may, upon such evidence being produced as may be required by the Directors, elect, by a notice in writing sent by him to the Company, either to become the holder of such Share or to have some person nominated by him registered as the holder of such Share. If he elects to have another person registered as the holder of such Share he shall sign an instrument of transfer of that Share to that person. The Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution, as the case may be. |
| 16.3 | A person becoming entitled to a Share by reason of the death or bankruptcy or liquidation or dissolution of a Member (or in any other case than by transfer) shall be entitled to the same Dividends, other distributions and other advantages to which he would be entitled if he were the holder of such Share. However, he shall not, before becoming a Member in respect of a Share, be entitled in respect of it to exercise any right conferred by membership in relation to general meetings of the Company and the Directors may at any time give notice requiring any such person to elect either to be registered himself or to have some person nominated by him be registered as the holder of the Share (but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had in the case of a transfer of the Share by the relevant Member before his death or bankruptcy or liquidation or dissolution or any other case than by transfer, as the case may be). If the notice is not complied with within ninety days of being received or deemed to be received (as determined pursuant to the Articles), the Directors may thereafter withhold payment of all Dividends, other distributions, bonuses or other monies payable in respect of the Share until the requirements of the notice have been complied with. |

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| | |
|:---|:---|
| **17** | **Amendments of Memorandum and Articles of Association, Alteration of Capital and Rights of Pre-emption** |
| 17.1 | The Company may by Ordinary Resolution: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase
 its authorised share capital by such sum as the Ordinary Resolution shall prescribe and with such rights, priorities and privileges
 annexed thereto, as the Company in general meeting may determine;

(b) consolidate
 and divide all or any of its share capital into Shares of larger amount than its existing Shares;

(c) convert
 all or any of its paid-up Shares into stock, and reconvert that stock into paid-up Shares of any denomination;

(d) by subdivision
 of its existing Shares or any of them divide the whole or any part of its share capital into Shares of smaller amount than is fixed
 by the Memorandum or into Shares without par value; and

(e) cancel any
 Shares that at the date of the passing of the Ordinary Resolution have not been taken or agreed to be taken by any person and diminish
 the amount of its share capital by the amount of the Shares so cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 Notwithstanding
 Articles 3 and 17.1(a) above, subject to any direction to the contrary that may be given by the Company in a general meeting or except
 as permitted under the rules and regulations of the Designated Stock Exchange, all new Shares shall, before issue, be offered to
 such Members who as at the date of the offer are entitled to receive notices from the Company of general meetings in proportion,
 as far as the circumstances admit, to the number of the existing Shares to which they are entitled. The offer shall be made by notice
 specifying the number of Shares offered, and limiting a time within which the offer, if not accepted, will be deemed to be declined,
 and, after the expiration of that time, or on the receipt of an intimation from the Member to whom the offer is made that such Member
 declines to accept the Shares offered, the Directors may dispose of those Shares in such manner as they think most beneficial to
 the Company. The Directors may likewise so dispose of any new Shares which (by reason of the ratio which the new Shares bear to Shares
 held by persons entitled to an offer of new Shares) cannot, in the opinion of the Directors, be conveniently offered under this Article
 17.2. Provision
 1(e)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 All
 new Shares created in accordance with the provisions of Article 3 and this Article 17 shall be subject to the same provisions of
 these Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as the Shares in the
 original share capital.

17.4 Subject
 to the applicable provisions of the Statute, the Singapore Companies Act and the rules and regulations of the Designated Stock Exchange,
 the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change
 its name;

(b) alter or
 add to the Articles;

(c) alter or
 add to the Memorandum with respect to any objects, powers or other matters specified therein; and

(d) reduce its
 share capital or any capital redemption reserve fund.

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| | |
|:---|:---|
| **18** | **Offices and Places of Business** |
|  | Subject to the provisions of the Statute, the Company may by resolution of the Directors change the location of its Registered Office. The Company may, in addition to its Registered Office, maintain such other offices or places of business as the Directors determine. |
| **19** | **General Meetings** |
| 19.1 | All general meetings other than annual general meetings shall be called extraordinary general meetings. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The
 Company may, but shall not (unless required by the Statute or where applicable, the rules and regulations of the Designated Stock
 Exchange and/or any other competent regulatory authority or otherwise under Applicable Law) be obliged to, in each year hold a general
 meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. For so long as the Shares
 (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall hold all its general meetings
 in Singapore (unless prohibited by any Applicable Law) or such other jurisdiction as permitted or required by the Applicable Law
 or the rules or regulations of the Designated Stock Exchange. At these general meetings the report of the Directors (if any) shall
 be presented.

19.3 The Company
 shall hold its annual general meeting within four months from the end of its financial year (or such other period as may be permitted
 by the Applicable Law or the rules and regulations of the Designated Stock Exchange). Provision
 10(a)

19.4 The Directors
 or the Chairperson of the Board of Directors may call general meetings, and general meetings shall also be convened on a Members'
 requisition. On such a Members' requisition, the Directors shall immediately proceed duly to convene an extraordinary general
 meeting of the Company to be held as soon as practicable but in any case not later than three months after the receipt by the Company
 of the requisition.

19.5 A Members'
 requisition is a requisition of Members holding at the date of deposit of the requisition not less than ten per cent of the total
 number of paid-up Shares which as at that date carry the right to vote at general meetings of the Company.

19.6 The Members'
 requisition must state the objects of the meeting and must be signed by the requisitionists and deposited at the Registered Office,
 and may consist of several documents in like form each signed by one or more requisitionists.

19.7 If there
 are no Directors as at the date of the deposit of the Members' requisition or if the Directors do not within twenty-one days
 after the date of the deposit of the Members' requisition duly proceed to convene a general meeting, the requisitionists, or
 any of them representing more than fifty per cent of the total voting rights of all of the requisitionists, may themselves convene
 a general meeting, but any meeting so convened shall not be held after the expiration of three months from that date.

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| | | |
|:---|:---|:---|
| 19.8 | A general meeting convened by the requisitionists in accordance with Article 19.7 above shall be convened in the same manner as nearly as possible as that in which general meetings are to be convened by Directors. |  |
| **20** | **Notice of General Meetings** |  |
| 20.1 | Any general meeting at which it is proposed to pass a Special Resolution shall be called by twenty-one calendar days' notice in writing at the least. An annual general meeting and any other extraordinary general meeting shall be called by fourteen calendar days' notice in writing at the least; provided always that a general meeting notwithstanding that it has been called by a shorter notice than that specified above shall be deemed to have been duly called if it is so agreed: | Provision 7(a) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an annual general meeting, by all of the Members entitled to attend and vote thereat; and

(b) in the
 case of an extraordinary general meeting, by a majority in number of the Members having a right to attend and vote thereat, being
 a majority together holding not less than ninety-five per cent in par value of the Shares giving that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 The
 period of notice shall in each case be exclusive of the day on which it is despatched and of the day on which the meeting is to be
 held and shall be given in the manner hereinafter mentioned to all Members other than such as are not under the provisions of these
 Articles and the Statute entitled to receive such notices from the Company. Provision
 7(a)

20.3 So long
 as the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, notices of any general meeting
 shall be given by advertisement in the daily press in Singapore or such other jurisdiction as permitted or required by the Applicable
 Law or the rules or regulations of the Designated Stock Exchange and in writing to the Designated Stock Exchange. Provision
 7(a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4 The
 Directors may make Communication Facilities available for a specific general meeting or all general meetings of the Company so that
 Members and other participants may attend and participate at such general meetings by means of such Communication Facilities. Without
 limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting subject
 to, where applicable, the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority
 or otherwise under Applicable Law.

20.5 Every
 notice calling a general meeting shall specify the place (which, in the case of a Virtual Meeting, includes a virtual place), the
 day and the hour of the meeting and the general nature of the business to be conducted at the general meeting. Any notice of a general
 meeting called to consider special business shall be accompanied by a statement regarding the effect of any proposed resolution on
 the Company in respect of such special business. Provision
 7(a)

20.6 The notice
 of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
 Facilities that will be utilised, including the procedures to be followed by any Member or other participant of the general meeting
 who wishes to utilise such Communication Facilities for the purpose of attending, participating and voting at such meeting.

20.7 The accidental
 omission to give notice of a general meeting to, or the non-receipt of notice of a general meeting by, any person entitled to receive
 such notice shall not invalidate the proceedings of that general meeting.

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| | |
|:---|:---|
| **21** | **Proceedings at General Meetings** |
| 21.1 | No business shall be transacted at any general meeting unless a quorum is Present. One or more Members holding in aggregate not less than one-third (1/3) of the total number of issued and outstanding Shares of the Company (excluding treasury shares) Present shall constitute a quorum unless there is only one Member of the Company in which case that Member may constitute a quorum. For the avoidance of doubt, where a Member is the Depository, one or more person(s) attending as the Depository's proxy or as the Depository's duly authorised representative may count towards the quorum. |
| 21.2 | A person may participate at a general meeting by Communications Facilities by means of which all the persons participating in the meeting can communicate with each other simultaneously and instantaneously using such Communication Facilities. Participation by a person in a general meeting in this manner is treated as a person being Present at that meeting. |
| 21.3 | A resolution (including a Special Resolution) in writing (in one or more counterparts) signed by or on behalf of all of the Members for the time being entitled to receive notice of and to attend and vote at general meetings (or, being corporations or other non-natural persons, signed by their duly authorised representatives) shall be as valid and effective as if the resolution had been passed at a general meeting of the Company duly convened and held. |
| 21.4 | If a quorum is not Present within half an hour from the time appointed for the meeting to commence or if during such a meeting a quorum ceases to be Present, the meeting, if convened upon a Members' requisition, shall be dissolved and in any other case it shall stand adjourned to the same day in the next week (or if that day is a public holiday then to the next business day following that public holiday) at the same time and place (whether physical or virtual) or to such other day and at such other time and/or place (whether physical or virtual) as the Directors may by not less than ten calendar days' notice appoint. At the adjourned meeting any one or more Members Present shall be a quorum. For the avoidance of doubt, where a Member is the Depository, one or more person(s) attending as the Depository's proxy or as the Depository's duly authorised representative may count towards the quorum. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 The
 Directors may, at any time prior to the time appointed for the meeting to commence, appoint any person to act as Chairperson of a
 general meeting of the Company or, if the Directors do not make any such appointment, the Chairperson, if any, of the Board of Directors
 shall preside as Chairperson at such general meeting. If there is no such Chairperson, or if such Person shall not be Present within
 fifteen minutes after the time appointed for the meeting to commence, or is unwilling to act, the Directors Present shall elect one
 of their number to be Chairperson of the meeting.

21.6 If no
 Director is willing to act as Chairperson or if no Director is Present within fifteen minutes after the time appointed for the meeting
 to commence, the Members Present shall choose one of their number to be Chairperson of the meeting.

21.7 The Chairperson
 of any general meeting shall be entitled to attend and participate at such general meeting by means of Communication Facilities,
 and to act as the Chairperson, in which event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Chairperson shall be deemed to be Present at the meeting; and

(b) if the
 Communication Facilities are interrupted or fail for any reason to enable the Chairperson to hear and be heard by all other Persons
 attending and participating at the meeting, then the other Directors Present at the meeting shall choose another Director Present
 to act as Chairperson of the meeting for the remainder of the meeting; provided that (i) if no other Director is Present at the meeting,
 or (ii) if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same day
 in the next week and at such time and place (whether physical or virtual) as shall be decided by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.8 The
 Chairperson may, with the consent of a meeting at which a quorum is Present (and shall if so directed by the meeting) adjourn the
 meeting from time to time and from place to place (whether physical or virtual), but no business shall be transacted at any adjourned
 meeting other than the business left unfinished at the meeting from which the adjournment took place.

21.9 If a
 notice is issued in respect of a general meeting and the Directors, in their absolute discretion, consider that it is impractical
 or undesirable for any reason to hold that general meeting at the place (whether physical or virtual), the day and the hour specified
 in the notice calling such general meeting, the Directors may, subject always to the rules and regulations of the Designated Stock
 Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, postpone the general meeting to another
 place (whether physical or virtual), day and/or hour provided that notice of the place, the day and the hour of the rearranged general
 meeting is promptly given to all Members. No business shall be transacted at any postponed meeting other than the business specified
 in the notice of the original meeting.

21.10 When
 a general meeting is adjourned or postponed for thirty days or more, notice of the adjourned or postponed meeting shall be given
 as in the case of an original meeting. The Chairperson of the meeting may (and, if required by the rules or regulations of the Designated
 Stock Exchange, shall) appoint at least one scrutineer (who shall be independent of the persons undertaking the poll process).

21.11 For so
 long as the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, if required by the rules
 or regulations of the Designated Stock Exchange, all resolutions at general meetings shall be voted by poll unless such requirement
 is waived by the Designated Stock Exchange.

21.12 A poll
 shall be taken as the Chairperson directs, and the result of the poll shall be deemed to be the resolution of the general meeting
 at which the poll was required or demanded.

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| | | |
|:---|:---|:---|
| 21.13 | A poll demanded on the election of a Chairperson or on a question of adjournment shall be taken forthwith. A poll demanded on any other question shall be taken at such date, time and place as the Chairperson of the general meeting directs, and any business other than that upon which a poll has been demanded or is contingent thereon may proceed pending the taking of the poll. |  |
| 21.14 | In the case of an equality of votes the Chairperson shall be entitled to a second or casting vote. |  |
| **22** | **Votes of Members** |  |
| 22.1 | Subject to any rights or restrictions attached to any Shares, every Member Present in any such manner, including a Depository, shall have one vote for every Share of which such Member is the holder. | Provision 8(a) |
| 22.2 | In the case of joint holders of Shares, any one of such persons may vote, but if more than one of such persons is Present at a meeting, the person whose name stands first on the Register of Members shall alone be entitled to vote to the exclusion of the votes of the other joint holders. | Provision 8(b) |
| 22.3 | A Member of unsound mind, or in respect of whom an order has been made by any court, having jurisdiction in lunacy, may vote, whether on a show of hands or on a poll, by his committee, receiver, curator bonis, or other person on such Member's behalf appointed by that court, and any such committee, receiver, curator bonis or other person may vote by proxy. |  |
| 22.4 | No person shall be entitled to vote at any general meeting unless he is registered as a Member on the record date for such meeting and unless all calls or other monies then payable by such Member in respect of Shares have been paid. | Provision 8(a) |
| 22.5 | No objection shall be raised as to the qualification of any voter except at the general meeting or adjourned general meeting at which the vote objected to is given or tendered and every vote not disallowed at the meeting shall be valid. Any objection made in due time in accordance with this Article shall be referred to the Chairperson whose decision shall be final and conclusive. |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.6 An
 instrument appointing a proxy shall be deemed to include the right to demand or join in demanding a poll, to move any resolution
 or amendment thereto and, if afforded the opportunity, to speak at the meeting the same as any other voting Member. Votes may be
 cast either personally or by proxy (or in the case of a corporation or other non-natural person by its duly authorised representative
 or proxy). A Member may appoint more than one proxy or the same proxy under one or more instruments to attend and vote at a meeting.
 Where a Member appoints more than one proxy the instrument of proxy shall specify the number of Shares in respect of which each proxy
 is entitled to exercise the related votes. Provisions
 8(a) and (e)

22.7 A Member,
 including for the avoidance of doubt a Depository, holding more than one Share need not cast the votes in respect of such Member's
 Shares in the same way on any resolution and therefore may vote a Share or some or all such Shares either for or against a resolution
 and/or abstain from voting a Share or some or all of the Shares and, subject to the terms of the instrument appointing the proxy,
 a proxy appointed under one or more instruments may vote a Share or some or all of the Shares in respect of which such proxy is appointed
 either for or against a resolution and/or abstain from voting a Share or some or all of the Shares in respect of which such proxy
 is appointed.

22.8 To the
 extent permitted by Applicable Law, where a Member (or, where the Member is the Depository, a Depositor) is required by the rules
 or regulations of the Designated Stock Exchange or a court order to abstain from voting on a resolution at a general meeting, such
 Member (or, where the Member is the Depository, a Depositor) shall not be entitled to vote on the relevant resolution and shall be
 required to abstain from voting such member's Shares (including by proxy or by attorney or being a corporation by its duly
 authorised representative) in respect of such resolution, and if the Member casts any votes (whether by proxy or by attorney or being
 a corporation by its duly authorised representative) in contravention of this Article or, if the rules or regulations of the Designated
 Stock Exchange require the Company to do so, the Company shall be entitled to disregard such votes.

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| | |
|:---|:---|
| **23** | **Proxies** |
| 23.1 | Any Member entitled to attend, vote and speak at a meeting of the Company who is the holder of two or more Shares shall be entitled to appoint not more than two proxies to attend, vote and speak instead of such Member at the same general meeting provided that if the Member is the Depository: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Depository may appoint more than two proxies to attend, vote and speak at the same general meeting and each proxy shall be entitled
 to exercise the same powers on behalf of the Depository as the Depository could exercise;

(b) unless
 the Depository specifies otherwise in a written notice to the Company, the Depository shall be deemed to have appointed as the Depository's
 proxies to vote on behalf of the Depository at a general meeting of the Company each of the Depositors who are individuals and whose
 names are shown in the records of the Depository as at a time not earlier than forty-eight hours prior to the time of the relevant
 general meeting supplied by the Depository to the Company and notwithstanding any other provision of these Articles, the appointment
 of proxies by virtue of this Article 23.1(b) shall not require an instrument of proxy or the lodgement of any instrument of proxy;

(c) the Company
 shall accept as valid in all respects the form of instrument of proxy approved by the Depository (the "**Depository Proxy Form**") for use at the date relevant to the general meeting in question naming a Depositor (the "**Nominating Depositor** ")
 and permitting that Nominating Depositor to nominate a person or persons other than the Nominating Depositor as the proxy or proxies
 appointed by the Depository. A Nominating Depositor who is not a relevant intermediary may nominate not more than two persons to
 attend and vote in such Nominating Depositor's place as proxy or proxies appointed by the Depository, and a Nominating Depositor
 who is a relevant intermediary may nominate more than two persons to attend and vote in its place as proxies appointed by the Depository.
 The Company shall, in determining rights to vote and other matters in respect of a completed Depository Proxy Form submitted to it,
 have regard to the instructions given by and the notes (if any) set out in the Depository Proxy Form. The submission of any Depository
 Proxy Form shall not affect the operation of Article 23.1(b) and shall not preclude a Depositor appointed as a proxy by virtue of
 Article 23.1(b) from attending and voting at the relevant meeting but in the event of attendance by such Depositor the Depository
 Proxy Form submitted bearing such Depositor's name as the Nominating Depositor shall be deemed to be revoked;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Company shall reject any Depository Proxy Form of a Nominating Depositor if such Nominating Depositor's name is not shown in
 the records of the Depository as at a time not earlier than forty-eight hours prior to the time of the relevant general meeting supplied
 by the Depository to the Company; and

(e) on a
 poll the maximum number of votes which a Depositor, or proxies appointed pursuant to a Depository Proxy Form in respect of that Depositor,
 is able to cast shall be the number of Shares credited to the Securities Account of that Depositor as shown in the records of the
 Depository as at a time not earlier than forty-eight hours prior to the time of the relevant general meeting supplied by the Depository
 to the Company (or such timing as may be stipulated by the Designated Stock Exchange from time to time), whether that number is greater
 or smaller than the number specified in any Depository Proxy Form or instrument of proxy executed by or on behalf of the Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2 The
 instrument appointing a proxy shall be in writing and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the case of an individual shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed
 under the hand of the appointor or of such Member's attorney duly authorised in writing if the instrument is delivered personally
 or sent by post; or

(ii) authorised
 by that individual through such method and in such manner as may be approved by the Directors, if the instrument is submitted by
 Electronic Communication; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 the case of a corporation or other non-natural person, shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) under
 the hand of its duly authorised representative, or in the case of the Depository, signed by its duly authorised officer by some method
 or system of mechanical signature as the Depository may deem appropriate, if the instrument is delivered personally or sent by post;
 or

(ii) authorised
 by that corporation or non-natural person through such method and in such manner as may be approved by the Directors, if the instrument
 is submitted by Electronic Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 The
 Directors may, in their absolute discretion, approve the method and manner for an instrument appointing a proxy to be authorised
 by an appointor, or deposited with or received by the Company, as well as any authentication procedure for authentication of such
 instrument as contemplated in Articles 23.2(a)(ii) and 23.2(b)(ii) for application to such Members or class of Members as they may
 determine. Where the Directors do not so approve and designate in relation to a Member (whether of a class or otherwise), Article
 23.2(a)(i) and/or (as the case may be) Article 23.2(b)(i) shall apply, provided that if the instrument appointing a proxy is delivered
 personally or sent by post, it shall be deposited physically at the Registered Office not less than 48 hours before the time appointed
 for the meeting or adjourned meeting to commence at which the person named in the instrument proposes to vote.

23.4 A proxy
 need not be a Member. Provision
 8(c)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.5 The
 instrument appointing a proxy and (if required by the Board of Directors) the power of attorney or other authority (if any) under
 which it is signed or authorised on behalf of the appointor (which shall, for this purpose, include a Depositor), or a certified
 copy of such power or authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 sent personally or by post, must be delivered to such place or one of such places (if any) as may be specified for that purpose in
 or by way of note to or in any document accompanying the notice convening the meeting (or, if no place is so specified at the Registered
 Office); or

(b) if submitted
 by Electronic Communication, must be received through such means as may be specified by the Company for that purpose in or by way
 of note to or in any document accompanying the notice convening the meeting, and in either case, not less than forty-eight hours
 (or such timing as may be stipulated by the Designated Stock Exchange from time to time) before the time appointed for holding the
 meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently
 to the date of a meeting or adjourned meeting, for the taking of the poll, and in default the instrument of proxy shall not be treated
 as valid. No instrument appointing a proxy shall be valid after the expiration of twelve months from the date named in it as the
 date of its execution, except at an adjourned meeting or on a poll demanded at a meeting or an adjourned meeting in cases where the
 meeting was originally held within twelve months from such date. Delivery of an instrument appointing a proxy shall not preclude
 a Member from attending and voting in person at the meeting convened and in such event, the instrument appointing a proxy shall be
 deemed to be revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.6 The
 Directors may, in their absolute discretion, and in relation to such Members or class of Members as they may determine, specify the
 means through which instruments appointing a proxy may be submitted by Electronic Communication, as contemplated in Article 23.5(b).
 Where the Directors do not so specify, Article 23.5(a) shall apply.

23.7 The Chairperson
 may in any event at the Chairperson's discretion declare that an instrument of proxy shall be deemed to have been duly deposited.
 An instrument of proxy that is not deposited in the manner permitted, or which has not been declared to have been duly deposited
 by the Chairperson, shall be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.8 The
 instrument appointing a proxy may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked.
 An instrument appointing a proxy shall be deemed to confer the authority to demand or join or concur in demanding a poll. Provision
 8(d)

23.9 Votes
 given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the
 principal or revocation of the proxy or of the authority under which the proxy was executed, or the transfer of the Share in respect
 of which the proxy is given unless notice in writing of such death, insanity, revocation or transfer was received by the Company
 at the Registered Office before the commencement of the general meeting, or adjourned meeting at which it is sought to use the proxy.

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|:---|:---|:---|
| **24** | **Corporate Members** |  |
| 24.1 | Any corporation or other non-natural person which is a Member may in accordance with its constitutional documents, or in the absence of such provision by resolution of its directors or other governing body, authorise such person as it thinks fit to act as its representative at any meeting of the Company or of any class of Members, and the person so authorised shall be entitled to exercise the same powers on behalf of the corporation which he represents as the corporation could exercise if it were an individual Member. |  |
| 24.2 | If a Depository (or its nominee(s)), being a corporation, is a Member, it may authorise such persons as it sees fit to act as its representative at any meeting of the Company or at any meeting of any class of Members provided that the authorisation shall specify the number and class of Shares in respect of which each such representative is so authorised. Each person so authorised under the provisions of this Article shall be deemed to have been duly authorised without further evidence of the facts and be entitled to exercise the same rights and powers on behalf of the Depository (or its nominee(s)) as if such person was the registered holder of such Shares held by the Depository (or its nominee(s)). |  |
| **25** | **Shares that May Not be Voted** |  |
|  | Shares in the Company that are beneficially owned by the Company shall not be voted, directly or indirectly, at any meeting and shall not be counted in determining the total number of outstanding Shares at any given time. |  |
| **26** | **Directors and Chief Executive Officer(s)** |  |
| 26.1 | There shall be a Board of Directors consisting of not less than one person provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. All Directors of the Company shall be natural persons. | Provision 9(a) |

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| | | |
|:---|:---|:---|
| 26.2 | The Directors may from time to time appoint one or more of their body to be Chief Executive Officer or Chief Executive Officers (or other equivalent position) of the Company and may from time to time (subject to the provisions of any contract between such Director(s) and the Company) remove or dismiss such Director(s) from the office of Chief Executive Officer(s) and appoint another or others in such Director(s)' place(s). Where an appointment is for a fixed term, such term shall not exceed five years. | Provision 9(h) |
| 26.3 | A Chief Executive Officer (or person holding an equivalent position) shall at all times be subject to the control of the Directors but subject thereto the Directors may from time to time entrust to and confer upon a Chief Executive Officer (or person holding an equivalent position) for the time being such of the powers exercisable under these Articles by the Directors as they may think fit and may confer such powers for such time and to be exercised on such terms and conditions and with such restrictions as they think expedient and they may confer such powers either collaterally with or to the exclusion of and in substitution for all or any of the powers of the Directors in that behalf and may from time to time revoke, withdraw, alter or vary all or any of such powers. | Provision 9(i) |
| **27** | **Powers of Directors** |  |
| 27.1 | Subject to the provisions of the Statute, the Memorandum and the Articles and to any directions given by Special Resolution, the business of the Company shall be managed by the Directors who may exercise all the powers of the Company. No alteration of the Memorandum or Articles and no such direction shall invalidate any prior act of the Directors which would have been valid if that alteration had not been made or that direction had not been given. A duly convened meeting of Directors at which a quorum is present may exercise all powers exercisable by the Directors. |  |
| 27.2 | All cheques, promissory notes, drafts, bills of exchange and other negotiable or transferable instruments and all receipts for monies paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed as the case may be in such manner as the Directors shall determine by resolution. |  |

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| | | |
|:---|:---|:---|
| 27.3 | The Directors on behalf of the Company may pay a gratuity or pension or allowance on retirement to any Director who has held any other salaried office or place of profit with the Company or to his widow or dependants and may make contributions to any fund and pay premiums for the purchase or provision of any such gratuity, pension or allowance. |  |
| 27.4 | The Directors may exercise all the powers of the Company to borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof and to issue debentures, debenture stock, mortgages, bonds and other such securities whether outright or as security for any debt, liability or obligation of the Company or of any third party. | Provision 6(a) |
| **28** | **Appointment and Removal of Directors** |  |
| 28.1 | The Company may by Ordinary Resolution appoint any person to be a Director or may by Ordinary Resolution remove any Director. |  |
| 28.2 | At each Annual General Meeting one-third of the Directors for the time being (or, if their number is not a multiple of three, the number nearest to but not less than one-third), selected in accordance with Article 28.3, shall retire from office by rotation (in addition to any Director retiring pursuant to Article 28.4), provided always that, if required by the rules and regulations of the Designated Stock Exchange, all Directors shall retire at least once every three years. |  |
| 28.3 | The Directors to retire in every year shall be those subject to retirement by rotation who have been longest in office since their last re-election or appointment and so that as between persons who became or were last re-elected Directors on the same day those to retire shall (unless they otherwise agree among themselves) be determined by lot. A retiring Director shall be eligible for re-election. |  |
| 28.4 | The Directors may appoint any person to be a Director, either to fill a casual vacancy or as an additional Director provided that the appointment does not cause the number of Directors to exceed any number fixed by or in accordance with the Articles as the maximum number of Directors. Any person so appointed by the Directors shall hold office only until the next annual general meeting. Such Director shall then be eligible for re-election, but shall not be taken into account in determining the number of Directors who are to retire by rotation at such meeting. | Provision 9(b) |

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| | | |
|:---|:---|:---|
| 28.5 | No person other than a Director retiring at the meeting shall, unless recommended by the Directors for election, be eligible for appointment as a Director at any general meeting unless not less than eleven nor more than forty-two clear calendar days (exclusive of the date on which the notice is given) before the date appointed for the meeting there shall have been lodged at the Registered Office notice in writing signed by some Member (other than the person to be proposed) duly qualified to attend and vote at the meeting for which such notice is given of such Member's intention to propose such person for election or notice in writing signed by the person to be proposed giving such person's consent to the nomination and signifying that person's candidature for the office, provided always that in the case of a person recommended by the Directors for election not less than nine clear calendar days' notice shall be necessary and notice of each and every such person shall be served on the Members at least seven calendar days prior to the meeting at which the election is to take place. | Provision 9(g) |
| **29** | **Vacation of Office of Director** |  |
|  | The office of a Director shall be vacated if: |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Director gives notice in writing to the Company that he resigns the office of Director; or

(b) the Director
 absents himself, herself or itself (for the avoidance of doubt, without being represented by proxy) from three consecutive meetings
 of the Board of Directors without special leave of absence from the Directors, and the Directors pass a resolution that such Director
 has by reason of such absence vacated office; or

(c) the Director
 dies, has a bankruptcy order made against such Director or makes any arrangement or composition with such Director's creditors
 generally; or Provision
 9(f)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Director becomes mentally disordered (including being of unsound mind) and incapable of managing such Director's affairs or
 if in Singapore or the United States or elsewhere an order shall be made by any court claiming jurisdiction in that behalf on the
 ground (however formulated) of mental disorder for such Director's detention or for the appointment of a guardian or for the
 appointment of a receiver or other person (by whatever name called) to exercise powers with respect to such Director's property
 or affairs; or Provision
 9(f)

(e) the Director
 shall become disqualified from acting as a director in any jurisdiction for reasons other than on technical grounds (in which event
 such Director must immediately resign from the Board); or Provision 9(m)

(f) the Director
 is removed from office by Ordinary Resolution.

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| | | |
|:---|:---|:---|
| **30** | **Proceedings of Directors** |  |
| 30.1 | The quorum for the transaction of the business of the Directors may be fixed by the Directors, and unless so fixed shall be two Directors. |  |
| 30.2 | Subject to the provisions of the Articles, the Directors may regulate their proceedings as they think fit. Questions arising at any meeting shall be decided by a majority of votes. In the case of an equality of votes (except where only two Directors are present and form the quorum or when only two Directors are competent to vote on the question in issue), the Chairperson shall have a second or casting vote. | Provision 9(l) |
| 30.3 | A person may participate in a meeting of the Directors or any committee of Directors by Communications Facilities by means of which all the persons participating in the meeting can simultaneously and instantaneously communicate with each other at the same time. Participation by a person in a meeting in this manner is treated as presence in person at that meeting. Unless otherwise determined by the Directors, the meeting shall be deemed to be held at the place where the Chairperson is located, or deemed to be located, at the start of the meeting. |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4 A
 resolution in writing (in one or more counterparts) signed by all the Directors or all the members of a committee of the Directors
 or, in the case of a resolution in writing relating to the removal of any Director or the vacation of office by any Director, all
 of the Directors other than the Director who is the subject of such resolution shall be as valid and effectual as if it had been
 passed at a meeting of the Directors, or committee of Directors as the case may be, duly convened and held. The expressions "in
 writing" and "signed" include approval by any such Director by facsimile or any form of Electronic Communication
 approved by the Directors for such purpose from time to time and in accordance with the Applicable Law.

30.5 A Director
 may, or other Officer on the direction of a Director shall, call a meeting of the Directors by at least two days' notice in
 writing to every Director which notice shall set forth the general nature of the business to be considered unless notice is waived
 by all the Directors either at, before or after the meeting is held. To any such notice of a meeting of the Directors all the provisions
 of the Articles relating to the giving of notices by the Company to the Members shall apply *mutatis mutandis.* 

30.6 The continuing
 Directors (or a sole continuing Director, as the case may be) may act notwithstanding any vacancy in their body, but if and so long
 as their number is reduced below the number fixed by or pursuant to the Articles as the necessary quorum of Directors the continuing
 Directors or Director may act only for the purpose of increasing the number of Directors to be equal to such fixed number, or of
 summoning a general meeting of the Company, but for no other purpose (except in an emergency). If there be no Directors or Director
 able or willing to act, then any two Members may summon a general meeting for the purpose of appointing Directors. Provision
 9(j)

30.7 The Directors
 may elect and appoint a Chairperson by the affirmative vote of a simple majority of the Directors then in office, and determine the
 period for which the Chairperson is to hold office. The Chairperson shall preside as chairperson at every meeting of the Board of
 Directors. To the extent the Chairperson is not present within five minutes after the time appointed for the meeting to commence,
 the Directors present may choose one of their number to be Chairperson of the meeting.

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| | | |
|:---|:---|:---|
| 30.8 | All acts done by any meeting of the Directors or of a committee of the Directors shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment of any Director, and/or that they or any of them were disqualified, and/or had vacated their office and/or were not entitled to vote, be as valid as if every such person had been duly appointed and/or not disqualified to be a Director and/or had not vacated their office and/or had been entitled to vote, as the case may be. |  |
| 30.9 | A Director may be represented at any meetings of the Board of Directors by a proxy appointed in writing by him. The proxy shall count towards the quorum and the vote of the proxy shall for all purposes be deemed to be that of the appointing Director. |  |
| **31** | **Alternate Directors** |  |
| 31.1 | Any Director may at any time by writing under such Director's hand and deposited at the Registered Office, or delivered at a meeting of the Directors, nominate any person (other than another Director) for appointment to be such Director's Alternate Director and may in like manner at any time terminate such appointment. Such appointment, unless previously approved by the majority of the other Directors, shall have effect only upon and subject to being so approved. A person shall not act as Alternate Director to more than one Director at the same time. |  |
| 31.2 | An Alternate Director shall be entitled to contract and be interested in and benefit from contracts or arrangements or transactions and to be repaid expenses and to be indemnified to the same extent *mutatis mutandis* as if such person were a Director but such person shall not be entitled to receive from the Company in respect of such person's appointment as Alternate Director any remuneration except only such part (if any) of the remuneration otherwise payable to such person's principal as such principal may by notice in writing to the Company from time to time direct, provided always that any fees payable to such Alternate Director shall be deducted from the relevant appointing principal's remuneration. | Provision 9(k) |

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| | | |
|:---|:---|:---|
| **32** | **Directors' Interests** |  |
| 32.1 | A Director may hold any other office or place of profit under the Company (other than the office of Auditor) in conjunction with his office of Director for such period and on such terms as to remuneration and otherwise as the Directors may determine. |  |
| 32.2 | A Director may act by himself, herself, itself or by, through or on behalf of such Director's firm in a professional capacity for the Company and the Director or the Director's firm shall be entitled to remuneration for professional services as if the Director were not a Director. |  |
| 32.3 | A Director may be or become a director or other officer of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting party or otherwise, and no such Director shall be accountable to the Company for any remuneration or other benefits received by the Director as a director or officer of, or from such Director's interest in, such other company. |  |
| 32.4 | No person shall be disqualified from the office of Director or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or any contract or transaction entered into by or on behalf of the Company in which any Director shall be in any way interested be or be liable to be avoided, nor shall any Director so contracting or being so interested be liable to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such Director holding office or of the fiduciary relationship thereby established. A Director shall not vote in respect of any contract or proposed contract or transaction in which such Director has directly or indirectly any personal material interest. | Provision 9(e) |
| 32.5 | Notwithstanding any other provision of the Articles, a Director that is in any way interested in a proposed contract or transaction, whether directly or indirectly, may be counted as part of the quorum for a meeting of the Directors at which a resolution in respect of such proposed contract or proposed transaction is tabled provided that such an interested Director shall not be permitted to vote in respect of such proposed contract or proposed transaction at such board meeting (or pursuant to a resolution in writing to be signed by all the Directors or all the members of a committee of the Directors whom are entitled to vote on same) notwithstanding any notice given to the Board of Directors regarding such interest. |  |

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| | |
|:---|:---|
| **33** | **Minutes** |
|  | The Directors shall cause minutes to be made in books kept for the purpose of recording all appointments of Officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors present at each meeting. |
| **34** | **Delegation of Directors' Powers** |
| 34.1 | The Directors may delegate any of their powers, authorities and discretions, including the power to sub-delegate, to any committee consisting of one or more Directors (including, without limitation, the Audit Committee, the Remuneration Committee and the Nominating Committee). Any such delegation may be made subject to any conditions the Directors may impose and either collaterally with or to the exclusion of their own powers and any such delegation may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of a committee of Directors shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |
| 34.2 | The Directors may establish any committees, local boards or agencies or appoint any person to be a manager or agent for managing the affairs of the Company and may appoint any person to be a member of such committees, local boards or agencies. Any such appointment may be made subject to any conditions the Directors may impose, and either collaterally with or to the exclusion of their own powers and any such appointment may be revoked or altered by the Directors. Subject to any such conditions, the proceedings of any such committee, local board or agency shall be governed by the Articles regulating the proceedings of Directors, so far as they are capable of applying. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.3 The
 Directors may adopt formal written charters for committees. Each of these committees shall be empowered to do all things necessary
 to exercise the rights of such committee set forth in the Articles and shall have such powers as the Directors may delegate pursuant
 to the Articles and as required by the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory
 authority or otherwise under Applicable Law. Each of the Audit Committee, the Remuneration Committee and the Nominating Committee,
 if established, shall consist of such number of Directors as the Directors shall from time to time determine (or such minimum number
 as may be required from time to time by the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory
 authority or otherwise under Applicable Law). For so long as any Shares (or depositary receipts therefor) are listed or quoted on
 the Designated Stock Exchange, the Audit Committee, the Remuneration Committee and the Nominating Committee shall be made up of such
 number of Independent Directors as is required from time to time by the rules and regulations of the Designated Stock Exchange and/or
 any other competent regulatory authority or otherwise under Applicable Law.

34.4 The Directors
 may by power of attorney or otherwise appoint any person to be the agent of the Company on such conditions as the Directors may determine,
 provided that the delegation is not to the exclusion of their own powers and may be revoked by the Directors at any time.

34.5 The Directors
 may by power of attorney or otherwise appoint any company, firm, person or body of persons, whether nominated directly or indirectly
 by the Directors, to be the attorney or authorised signatory of the Company for such purpose and with such powers, authorities and
 discretions (not exceeding those vested in or exercisable by the Directors under the Articles) and for such period and subject to
 such conditions as they may think fit, and any such powers of attorney or other appointment may contain such provisions for the protection
 and convenience of persons dealing with any such attorneys or authorised signatories as the Directors may think fit and may also
 authorise any such attorney or authorised signatory to delegate all or any of the powers, authorities and discretions vested in him.

34.6 The Directors
 may appoint such Officers as they consider necessary on such terms, at such remuneration and to perform such duties, and subject
 to such provisions as to disqualification and removal as the Directors may think fit. Unless otherwise specified in the terms of
 his appointment an Officer may be removed by resolution of the Directors or Members. An Officer may vacate his office at any time
 if he gives notice in writing to the Company that he resigns his office.

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| | | |
|:---|:---|:---|
| **35** | **Remuneration of Directors** |  |
| 35.1 | The remuneration of the Directors shall from time to time be determined by an Ordinary Resolution of the Company and shall not be increased except pursuant to an Ordinary Resolution passed at a general meeting where notice of the proposed increase shall have been given in the notice convening the general meeting. The Directors shall also be entitled to be paid all travelling, hotel and other expenses properly incurred by them in connection with their attendance at meetings of Directors or committees of Directors, or general meetings of the Company, or separate meetings of the holders of any class of Shares or debentures of the Company, or otherwise in connection with the business of the Company or the discharge of their duties as a Director, or to receive a fixed allowance in respect thereof as may be determined by the Directors, or a combination partly of one such method and partly the other. | Provision 9(d) |
| 35.2 | The Directors may by resolution approve additional remuneration to any Director for any services which in the opinion of the Directors go beyond his ordinary routine work as a Director. Any fees paid to a Director who is also counsel, attorney or solicitor to the Company, or otherwise serves it in a professional capacity shall be in addition to his remuneration as a Director. |  |
| 35.3 | Notwithstanding Articles 35.1 and 35.2 above, all remuneration in the case of a Director other than an Executive Director shall be payable by a fixed sum and shall not at any time be by commission on or percentage of the profits or turnover, and no Director whether an Executive Director or otherwise shall be remunerated by a commission on or a percentage of turnover. | Provision 9(c) |

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| | |
|:---|:---|
| **36** | **Authentication** |
| 36.1 | Any Director or a Company secretary or any person appointed by the Directors for the purpose of authentication may authenticate any documents affecting the Memorandum and Articles of the Company and any resolution passed by the Company or the Directors or any committee, and any books, records, documents and financial statements relating to the business of the Company, and to certify copies thereof or extracts therefrom as true copies or extracts, and if any books, records, documents, accounts or financial statements are elsewhere than at the Registered Office or the head office, the local manager or other officer of the Company having the custody thereof shall be deemed to be a person so appointed by the Directors. |
| 36.2 | A document purporting to be a copy of a resolution, or an extract from the minutes of a meeting, of the Company or of the Directors or any committee which is so certified shall be conclusive evidence in favour of all persons dealing with the Company upon the faith thereof that such resolution has been duly passed or, as the case may be, that such minutes or extract is a true and accurate record of proceedings at a duly constituted meeting. |
| 36.3 | Any authentication or certification made pursuant to this Article 36 may be made by any electronic means approved by the Directors for such purpose from time to time incorporating, if the Directors deem necessary, the use of security and/or identification procedures and devices approved by the Directors. |
| **37** | **Seal** |
| 37.1 | The Company may, if the Directors so determine, have a Seal. The Seal shall only be used by the authority of the Directors or of a committee of the Directors authorised by the Directors. Every instrument to which the Seal has been affixed shall be signed by at least one person who shall be either a Director or some Officer or other person appointed by the Directors for the purpose. |

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| | |
|:---|:---|
| 37.2 | The Company may have for use in any place or places outside the Cayman Islands a duplicate Seal or Seals each of which shall be a facsimile of the common Seal of the Company and, if the Directors so determine, with the addition on its face of the name of every place where it is to be used. |
| 37.3 | A Director or Officer, representative or attorney of the Company may without further authority of the Directors affix the Seal over his signature alone to any document of the Company required to be authenticated by him under seal or to be filed with the Registrar of Companies in the Cayman Islands or elsewhere wheresoever. |
| **38** | **Dividends, Distributions and Reserve** |
| 38.1 | Subject to the Statute and this Article and except as otherwise provided by the rights attached to any Shares, the Directors may resolve to pay Dividends and other distributions on Shares in issue and authorise payment of the Dividends or other distributions out of the funds of the Company lawfully available therefor. A Dividend shall be deemed to be an interim Dividend unless the terms of the resolution pursuant to which the Directors resolve to pay such Dividend specifically state that such Dividend shall be a final Dividend. No Dividend or other distribution shall be paid except out of the realised or unrealised profits of the Company, out of the share premium account or as otherwise permitted by law. |
| 38.2 | Except as otherwise provided by the rights attached to any Shares, all Dividends and other distributions shall be paid according to the par value of the Shares that a Member holds. If any Share is issued on terms providing that it shall rank for Dividend as from a particular date, that Share shall rank for Dividend accordingly, provided that where such Shares are partly paid, all Dividends or other profits or distributions must be apportioned and paid proportionately to the amounts paid or credited as paid on the partly paid Shares. |
| 38.3 | For the purposes of this Article 38, amounts paid or credited as paid on a Share in advance of calls are to be ignored. |
| 38.4 | The Directors may deduct from any Dividend or other distribution payable to any Member all sums of money (if any) then payable by him to the Company on account of calls or otherwise. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.5 The
 Directors may resolve that any Dividend or other distribution be paid wholly or partly by the distribution of specific assets and
 in particular (but without limitation) by the distribution of shares, debentures, or securities of any other company or in any one
 or more of such ways and where any difficulty arises in regard to such distribution, the Directors may settle the same as they think
 expedient and in particular may issue fractional Shares and may fix the value for distribution of such specific assets or any part
 thereof and may determine that cash payments shall be made to any Members upon the basis of the value so fixed in order to adjust
 the rights of all Members and may vest any such specific assets in trustees in such manner as may seem expedient to the Directors.

38.6 Except
 as otherwise provided by the rights attached to any Shares, Dividends and other distributions may be paid in any currency. The Directors
 may determine the basis of conversion for any currency conversions that may be required and how any costs involved are to be met.

38.7 The Directors
 may, before resolving to pay any Dividend or other distribution, set aside such sums as they think proper as a reserve or reserves
 which shall, at the discretion of the Directors, be applicable for any purpose of the Company and pending such application may, at
 the discretion of the Directors, be employed in the business of the Company.

38.8 Any Dividend,
 other distribution, interest or other monies payable in cash in respect of Shares may be paid by wire transfer to the holder or by
 cheque or warrant sent through the post directed to the registered address of the holder or, in the case of joint holders, to the
 registered address of the holder who is first named on the Register of Members or to such person and to such address as such holder
 or joint holders may in writing direct. Every such cheque or warrant shall be made payable to the order of the person to whom it
 is sent. Any one of two or more joint holders may give effectual receipts for any Dividends, other distributions, bonuses, or other
 monies payable in respect of the Share held by them as joint holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.9 No
 Dividend or other distribution shall bear interest against the Company.

38.10 Any Dividend
 or other distribution which cannot be paid to a Member and/or which remains unclaimed after six months from the date on which such
 Dividend or other distribution becomes payable may, in the discretion of the Directors, be paid into a separate account in the Company's
 name, provided that the Company shall not be constituted as a trustee in respect of that account and the Dividend or other distribution
 shall remain as a debt due to the Member. Any Dividend or other distribution which remains unclaimed after a period of six years
 from the date on which such Dividend or other distribution becomes payable shall be forfeited and shall revert to the Company.

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| | |
|:---|:---|
| **39** | **Capitalisation** |
|  | The Directors may at any time capitalise any sum standing to the credit of any of the Company's reserve accounts or funds (including the share premium account and capital redemption reserve fund) or any sum standing to the credit of the profit and loss account or otherwise available for distribution; appropriate such sum to Members in the proportions in which such sum would have been divisible amongst such Members had the same been a distribution of profits by way of Dividend or other distribution; and apply such sum on their behalf in paying up in full unissued Shares for allotment and distribution credited as fully paid-up to and amongst them in the proportion aforesaid. In such event the Directors shall do all acts and things required to give effect to such capitalisation, with full power given to the Directors to make such provisions as they think fit in the case of Shares becoming distributable in fractions (including provisions whereby the benefit of fractional entitlements accrue to the Company rather than to the Members concerned). The Directors may authorise any person to enter on behalf of all of the Members interested into an agreement with the Company providing for such capitalisation and matters incidental or relating thereto and any agreement made under such authority shall be effective and binding on all such Members and the Company. |

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| | |
|:---|:---|
| **40** | **Books of Account** |
| 40.1 | The Directors shall cause proper books of account (including, where applicable, material underlying documentation including contracts and invoices) to be kept with respect to all sums of money received and expended by the Company and the matters in respect of which the receipt or expenditure takes place, all sales and purchases of goods by the Company and the assets and liabilities of the Company. Such books of account must be retained for a minimum period of five years from the date on which they are prepared. Proper books shall not be deemed to be kept if there are not kept such books of account as are necessary to give a true and fair view of the state of the Company's affairs and to explain its transactions. |
| 40.2 | The Directors shall determine whether and to what extent and at what times and places and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Members not being Directors and no Member (not being a Director) shall have any right of inspecting any account or book or document of the Company except as conferred by Statute or authorised by the Directors or by the Company in general meeting. |
| 40.3 | The Directors may cause to be prepared and to be laid before the Company in general meeting profit and loss accounts, balance sheets, group accounts (if any) and such other reports and accounts as may be required by law. |

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---

| | |
|:---|:---|
| **41** | **Audit** |
| 41.1 | The Directors may appoint an Auditor of the Company who shall hold office on such terms as the Directors determine, subject to any requirements as may be prescribed by the Designated Stock Exchange. |
| 41.2 | Without prejudice to the freedom of the Directors to establish any other committee, if the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, and if required by the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, the Directors shall establish and maintain an Audit Committee as a committee of the Directors and shall adopt a formal written Audit Committee charter and review and assess the adequacy of the formal written charter on an annual basis. The composition and responsibilities of the Audit Committee shall comply with the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law. |
| 41.3 | If the Shares (or depositary receipts therefor) are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate review of all related party transactions on an ongoing basis and shall utilise the Audit Committee for the review and approval of potential conflicts of interest. |
| 41.4 | The remuneration of the Auditor shall be fixed by the Audit Committee (if one exists). If no Audit Committee exists, the remuneration of the Auditor shall be determined by the Directors. |
| 41.5 | If the office of Auditor becomes vacant by resignation or death of the Auditor, or by the Auditor becoming incapable of acting by reason of illness or other disability at a time when such Auditor's services are required, the Directors shall fill the vacancy and determine the remuneration of such Auditor. |
| 41.6 | Every Auditor of the Company shall have a right of access at all times to the books and accounts and vouchers of the Company and shall be entitled to require from the Directors and Officers such information and explanation as may be necessary for the performance of the duties of the Auditor. |

---

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| | |
|:---|:---|
| 41.7 | Auditors shall, if so required by the Directors, make a report on the accounts of the Company during their tenure of office at the next annual general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an ordinary company, and at the next extraordinary general meeting following their appointment in the case of a company which is registered with the Registrar of Companies as an exempted company, and at any other time during their term of office, upon request of the Directors or any general meeting of the Members. |
| 41.8 | Any payment made to members of the Audit Committee (if one exists) shall require the review and approval of the Directors, with any Director interested in such payment abstaining from such review and approval. |
| **42** | **Notices** |
| 42.1 | Notices shall be in writing and may be given by the Company to any Member either personally or by sending it by courier, post, cable, telex, fax or e-mail to him, her or it or to such Member's address as shown in the Register of Members or at any other address supplied by such Member to the Company. Notice may also be served in accordance with the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or by placing it on the Company's Website. |
| 42.2 | Without prejudice to the provisions of Article 42.1, but subject otherwise to the Applicable Law and the rules and regulations of the Designated Stock Exchange relating to Electronic Communication, any notice or document (including, without limitation, any financial statements, balance sheet or report) which is required or permitted to be given, sent or served under the Applicable Law, the rules or regulations of the Designated Stock Exchange or under these Articles by the Company or by the Directors, to a Member may be given, sent or served using Electronic Communication: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 the current address of that person; and/or

(b) by making
 it available on the Company's Website, in accordance with the provisions of these Articles, the Applicable Law and the rules
 and regulations of the Designated Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.3 When
 the Company uses Electronic Communication to send a notice or document to a Member, the Company shall inform the Member as soon as
 practicable of how to request a physical copy of that notice or document from the Company. The Company shall provide a physical copy
 of that notice or document upon such request.

42.4 For the
 purposes of Article 42.2 above, a Member shall be implied to have agreed to receive such notice or document by way of such Electronic
 Communication and shall not have a right to elect to receive a physical copy of such notice or document.

42.5 Notwithstanding
 Article 42.4 above, the Directors may, at their discretion, at any time give a Member an opportunity to elect within a specified
 period of time whether to receive such notice or document by way of Electronic Communication or as a physical copy, and a Member
 shall be deemed to have consented to receive such notice or document by way of Electronic Communication if such Member was provided
 with such an opportunity and such Member failed to make an election within the specified time, and such Member shall not in such
 an event have a right to receive a physical copy of such notice or document.

42.6 Subject
 to the rules and regulations of the Designated Stock Exchange, where a notice or document is served to a Member by making it available
 on the Company's Website pursuant to Article 42.2(b) above, the Company shall give separate notice to the Member of the publication
 of the notice or document on that website and the manner in which the notice or document may be accessed by any one or more of the
 following means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by
 sending such separate notice to the Member personally or through the post or by fax pursuant to Article 42.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by
 sending such separate notice to the Member using Electronic Communication to his current address pursuant to Article 42.2(a);

(c) by way
 of advertisement in a daily newspaper; and/or

(d) by way
 of announcement on the Designated Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.7 Where
 a notice is sent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) courier;
 service of the notice shall be deemed to be effected by delivery of the notice to a courier company, and shall be deemed to have
 been received on the third day (not including Saturdays or Sundays or public holidays) following the day on which the notice was
 delivered to the courier;

(b) post;
 service of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing the notice,
 and shall be deemed to have been received on the fifth day (not including Saturdays or Sundays or public holidays in the Cayman Islands)
 following the day on which the notice was posted;

(c) cable,
 telex or fax; service of the notice shall be deemed to be effected by properly addressing and sending such notice and shall be deemed
 to have been received on the same day that it was transmitted;

(d) e-mail
 or other Electronic Communication; service of the notice shall be deemed to be effected by:

&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) transmitting
 the e-mail or other Electronic Communication to the current address of the intended recipient pursuant to Article 42.2(a) and the
 notice shall be deemed to have been received at the time of transmission of the Electronic Communication by the email server or facility
 operated by the Company or its service provider to the current address of such person (notwithstanding any delayed receipt, non-delivery
 or "returned mail" reply message or any other error message indicating that the e-mail or other Electronic Communication
 was delayed or not successfully sent), unless otherwise provided under the Applicable Law and/or the rules or regulations of the
 Designated Stock Exchange, and it shall not be necessary for the receipt of the e-mail or other Electronic Communication to be acknowledged
 by the recipient; 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;(ii) making
 it available on the Company's Website pursuant to Article 42.2(b) and the notice shall be deemed to have been duly given, sent
 or served on the date on which the notice or document is first made available on the Company's Website, unless otherwise provided
 under the Applicable Law and/or the rules or regulations of the Designated Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.8 Any
 notice or other document delivered or sent by post to, or left at the address of, any Member or given, sent or served by Electronic
 Communication in accordance with these Articles shall, notwithstanding that such Member is then dead, suffering from mental disorder
 or bankrupt or that any other event has occurred, and whether or not the Company has notice of the death, mental disorder or bankruptcy
 or other event, be deemed to have been duly served or delivered in respect of any Share registered in the name of such Member as
 sole or joint holder unless such Member's name shall, at the time of the service or delivery of the notice or document, have
 been removed from the Register of Members as the holder of the share, and such service or delivery shall for all purposes be deemed
 a sufficient service or delivery of such notice or document on all persons interested (whether jointly with or as claiming through
 or under such Member) in the share.

42.9 A notice
 may be given by the Company to the person or persons which the Company has been advised are entitled to a share or shares in consequence
 of the death, mental disorder, or bankruptcy or otherwise of a Member in the same manner as other notices which are required to be
 given under the Articles and shall be addressed to them by name, or by the title of representatives of the deceased, or trustee of
 the bankrupt, or by any like description. Upon supplying to the Company an address within Singapore or the United States for the
 service of notices, such person or persons shall be entitled to have served upon such person or persons at such address any notice
 or document to which the Member would but for such Member's death, mental disorder, bankruptcy or otherwise be entitled and
 such service shall for all purposes be deemed a sufficient service of such notice or document on all persons interested (whether
 jointly with or as claiming through or under him) in the share.

---

| | | |
|:---|:---|:---|
| 42.10 | Notice of every general meeting shall be given in any manner authorised by the Articles to every holder of Shares carrying an entitlement to receive such notice on the record date for such meeting except that in the case of joint holders the notice shall be sufficient if given to the joint holder first named in the Register of Members and every person upon whom the ownership of a Share devolves by reason of his being a legal personal representative or a trustee in bankruptcy of a Member where the Member but for such Member's death or bankruptcy would be entitled to receive notice of the meeting, and no other person shall be entitled to receive notices of general meetings. |  |
| **43** | **Winding Up** |  |
| 43.1 | If the Company shall be voluntarily wound up, the application to wind up the Company shall, subject to Applicable Law, be made in Singapore pursuant to the provisions of the Insolvency, Restructuring and Dissolution Act 2018, No. 40 of 2018, of Singapore, as may be restated or amended. If the Company shall be involuntarily wound up, the administration of the winding-up process shall be by the Cayman Islands court in accordance with the Statute. | Provision 11(a) |
| 43.2 | If the Company shall be wound up, the liquidator shall, subject always to Applicable Law, apply the assets of the Company in satisfaction of creditors' claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any Shares, in a winding up: | Provision 11(a) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 the assets available for distribution amongst the Members shall be insufficient to repay the whole of the Company's issued
 share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the Members in proportion
 to the par value of the Shares held by them; or

(b) if the
 assets available for distribution amongst the Members shall be more than sufficient to repay the whole of the Company's issued
 share capital at the commencement of the winding up, the surplus shall be distributed amongst the Members in proportion to the par
 value of the Shares held by them at the commencement of the winding up subject to a deduction from those Shares in respect of which
 there are monies due, of all monies payable to the Company for unpaid calls or otherwise.

---

| | | |
|:---|:---|:---|
| 43.3 | If the Company shall be wound up (whether the liquidation is voluntary, under supervision, or by the court) the liquidator may, subject to the rights attaching to any Shares and Applicable Law, and with the approval of a Special Resolution of the Company and any other approval required by the Statute, divide amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and may for that purpose set such value as such liquidator deems fair upon any assets and may determine how the division shall be carried out as between the Members or different classes of Members. The liquidator may, with the like approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Members as the liquidator, with the like approval, shall think fit, but so that no Member shall be compelled to accept any asset upon which there is a liability. | Provision 11(a) |
| **44** | **Indemnity and Insurance** |  |
| 44.1 | Subject to the rules and regulations of the Designated Stock Exchange and/or any other competent regulatory authority or otherwise under Applicable Law, every Director and Officer (which for the avoidance of doubt, shall not include auditors of the Company), together with every former Director and former Officer (each an "**Indemnified Person**") shall be indemnified out of the assets of the Company against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own negligence, actual fraud, wilful default, breach of duty or breach of trust. No Indemnified Person shall be liable to the Company for any loss or damage incurred by the Company as a result (whether direct or indirect) of the carrying out of their functions unless that liability arises through the actual fraud or wilful default of such Indemnified Person. No person shall be found to have committed negligence, actual fraud, wilful default, breach of duty or breach of trust under this Article unless or until a court of competent jurisdiction shall have made a finding to that effect. |  |

---

---

| | |
|:---|:---|
| 44.2 | The Company shall advance to each Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defence of any action, suit, proceeding or investigation involving such Indemnified Person for which indemnity will or could be sought. In connection with any advance of any expenses hereunder, the Indemnified Person shall execute an undertaking to repay the advanced amount to the Company if it shall be determined by final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification pursuant to this Article. If it shall be determined by a final judgment or other final adjudication that such Indemnified Person was not entitled to indemnification with respect to such judgment, costs or expenses, then such party shall not be indemnified with respect to such judgment, costs or expenses and any advancement shall be returned to the Company (without interest) by the Indemnified Person. |
| 44.3 | The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director or Officer against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to the Company. |
| **45** | **Financial Year and Financial Statements** |
|  | **Unless the Directors otherwise prescribe, the financial year of the Company shall end on 31st December in each year and, following the year of incorporation, shall begin on 1st January in each year.** |
| **46** | **Transfer by Way of Continuation** |
|  | If the Company is exempted as defined in the Statute, it shall, subject to the provisions of the Statute and with the approval of a Special Resolution, have the power to register by way of continuation as a body corporate under the laws of any jurisdiction outside the Cayman Islands and to be deregistered in the Cayman Islands. |
| **47** | **Mergers and Consolidations** |
|  | The Company shall have the power to merge or consolidate with one or more other constituent companies (as defined in the Statute) upon such terms as the Directors may determine and (to the extent required by the Statute) with the approval of a Special Resolution. |

---

---

| | |
|:---|:---|
| **48** | **Notification of Shareholdings by Directors and Substantial Shareholders** |
| 48.1 | For so long as the Shares are listed on the SGX, each Director shall, upon his appointment to the Board, give an undertaking to the Company that, for so long as he remains a Director, he shall forthwith notify the secretary of the Company, in the prescribed form under the Singapore Securities and Futures Act or such regulations promulgated thereunder, of the particulars of the Shares beneficially owned by him (and such other securities, contracts or interests required under the Singapore Securities and Futures Act) at the time of his appointment and of any change in such particulars. |
| 48.2 | For so long as the Shares are listed on the SGX, each Member shall, (a) upon becoming a substantial shareholder of the Company; (b) for so long as he remains a substantial shareholder of the Company, upon a change in the percentage level of his interest or interests in the Company; and (c) upon ceasing to be a substantial shareholder of the Company, give the secretary of the Company, in the prescribed form under the Singapore Securities and Futures Act or such regulations promulgated thereunder, a notice in writing of (i) the particulars of the Shares beneficially owned by him; or (ii) the particulars of the change in interests (including the date of change and the circumstances by reason of which that change has occurred); or (iii) the particulars of the date and circumstances of the cessation of substantial shareholding, as the case may be, within two (2) business days after (aa) becoming a substantial shareholder; (bb) the date the substantial shareholder becomes aware of the change in interests; or (cc) the date of cessation, as the case may be. For the purposes of this Article 48.2, the term "substantial shareholder" shall have the same meaning ascribed to it in Sections 2(4) and 2(6) of the Singapore Securities and Futures Act, the term "interest" or "interests" shall have the same meaning ascribed to it in Section 4 of the Singapore Securities and Futures Act and the term "percentage level" shall have the meaning ascribed to it in Section 136 of the Singapore Securities and Futures Act. The requirement to give notice under this Article 48.2 shall not apply to the Depository. |
| 48.3 | For so long as the Shares are listed on the SGX, the provisions of Division 1 Part 7 of the Singapore Securities and Futures Act in respect of disclosure of interests shall apply. |
| **49** | **Takeovers** |
| 49.1 | For so long as the shares of the Company are listed on the SGX, the provisions of Sections 138, 139 and 140 of the Singapore Securities and Futures Act and the Singapore Code on Take-overs and Mergers, including any amendment, modification, revision, variation or re-enactment thereof, shall apply, *mutatis mutandis* to all takeover offers for shares of the Company. |

---

## Exhibit 4.4

**Exhibit 4.4**

![](ea027035409_ex4-4img1.jpg)

## Exhibit 5.1

**Exhibit 5.1**

MetaOptics Ltd

81 Ayer Rajah Crescent

#01-45

Singapore 139967

4 May 2026

**MetaOptics Ltd**

We have acted as Cayman Islands legal advisers to MetaOptics Ltd (the "**Company**") in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto (the "**Registration Statement**"), filed with the Securities and Exchange Commission (the "**Commission**") under the U.S. Securities Act of 1933, as amended to date relating to the initial public offering in the United States by the Company (the "**Offering**") of certain American depositary shares (the "**ADSs**") representing the ordinary shares of a par value of S$0.00000025 each in the Company (the "**Ordinary Shares**").

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.3 to the Registration Statement.

1 Documents Reviewed

For the purposes of this opinion, we have reviewed only originals, copies or final drafts of the following documents:

1.1 The certificate of incorporation of the Company dated 21 March 2025 and the certificate of incorporation
on change of name of the Company dated 2 July 2025 issued by the Registrar of Companies in the Cayman Islands.

1.2 The amended and restated memorandum and articles
 of association of the Company as adopted by a special resolution dated 27 June 2025 (the
 "**Prior Memorandum and Articles** ").

1.3 The second amended and restated memorandum
 and articles of association of the Company as adopted by a special resolution dated 10 April
 2026 (the "**Current Memorandum and Articles** ").

1.4 The written resolutions of the board of directors
 of the Company dated 19 March 2026 (the "**Directors' Resolutions** ").

1.5 The certified extract of the minutes (the "**EGM Minutes**") of
 the extraordinary general meeting of the Company held on 10 April 2026 (the "**EGM** ").

1.6 A certificate of good standing dated 1 April 2026, issued by the Registrar of Companies in the Cayman
Islands (the "**Certificate of Good Standing** ").

1.7 A certificate from a director of the Company, a copy of which is attached to this opinion letter (the
" **Director's Certificate** ").

1.8 The Registration Statement.

2 Assumptions

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving these opinions we have relied (without further verification) upon the completeness and accuracy, as of the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals.

2.2 All signatures, initials and seals are genuine.

2.3 The Company will have sufficient authorised but unissued Ordinary Shares in its authorised share capital
to effect the issue of the Ordinary Shares at the time of issuance.

2.4 The Company will receive money or money's worth in consideration for the issue of the Ordinary Shares
and none of the Ordinary Shares were or will be issued for less than par value.

2.5 There is nothing contained in the minute book or corporate records of the Company (which, other than the
records set out in paragraphs 1.1 to 1.5 of this opinion letter, we have not inspected) which would or might affect the opinions set out
below.

2.6 There is nothing under any law (other than the law of the Cayman Islands), which would or might affect
the opinions set out below.

---

| | |
|:---|:---|
| 3 | Opinions |

---

Based upon the foregoing and subject to the qualifications set out below and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

3.2 The authorised share capital of the Company is, and with effect immediately prior to the completion of
the Offering of the ADSs representing the Ordinary Shares, will be S$50,000 divided into 200,000,000,000 ordinary shares of a par value
of S$0.00000025 each.

3.3 The issue and allotment of the Ordinary Shares have been duly authorised and when allotted, issued and
paid for as contemplated in the Registration Statement, the Ordinary Shares will be legally issued and allotted, fully paid and non-assessable.
As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

3.4 The statements under the caption "Taxation - Cayman Islands Taxation" in the prospectus forming
part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material
respects and that such statements constitute our opinion.

4 Qualifications

The opinions expressed above are subject to the following qualifications:

4.1 To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman
Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.

4.2 Under the Companies Act (As Revised) (the "**Companies Act** "), the register of members
of a Cayman Islands company is by statute regarded as prima facie evidence of any matters which the Companies Act directs or authorises
to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield
to a court order for rectification (for example, in the event of fraud or manifest error).

4.3 In this opinion the phrase "non-assessable" means, with respect to shares in the Company,
that a shareholder shall not, solely by virtue of its status as a shareholder and in absence of a contractual arrangement, or an obligation
pursuant to the memorandum and articles of association, to the contrary, be liable for additional assessments or calls on the shares by
the Company or its creditors (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).

4.4 The obligations of the Company may be subject to restrictions pursuant to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) United Nations and United Kingdom sanctions extended to the Cayman Islands by Orders in Council; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sanctions imposed by Cayman Islands authorities under Cayman Islands legislation.

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, which are the subject of this opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to our name under the headings "Enforceability of Civil Liabilities", "Taxation - Cayman Islands Taxation" and "Legal Matters" and elsewhere in the prospectus included in the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the Rules and Regulations of the Commission thereunder.

Yours faithfully

---

| |
|:---|
| /s/ Maples and Calder (Hong Kong) LLP |
| Maples and Calder (Hong Kong) LLP |

---

## Exhibit 10.1

**Exhibit 10.1**

**FORM OF SERVICE AGREEMENT**

THIS AGREEMENT made on _________

BETWEEN:

(1) MetaOptics Ltd (Company Registration No.: 419911), a company incorporated in the Cayman Islands and having its registered address at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands ("Company"); and

(2) _________ (Passport No. _________) at _________ ("Appointee"),

(each a "Party" and together the "Parties").

WHEREAS the Company is desirous of appointing the Appointee as its _________ upon the terms and subject to the conditions hereinafter appearing in view of the pending listing and quotation of the shares of the Company on the Catalist Board of Singapore Exchange Securities Trading Limited ("SGX-ST") (the "Catalist").

NOW IT IS HEREBY AGREED as follows:-

**1. APPOINTMENT**

1.1 The Company hereby appoints the Appointee, and the Appointee hereby accepts the appointment to work for the Company and its subsidiaries ("Group") as its _________ or in such other office or offices as the board of directors of the Group (the "Board") may from time to time direct.

1.2 The terms of employment in this Agreement shall commence with effect from the date of this Agreement (the "Commencement Date") for a period of 3 years (the "Initial Term") unless earlier determined pursuant to the provisions hereof. Upon expiry of the Initial Term, this Agreement shall be automatically renewed annually unless terminated earlier in accordance with Clause 11 of this Agreement. Any variation of the terms of this Agreement as may be agreed between the Company and the Appointee shall be subject to the approval of the Remuneration Committee and the Board and if necessary, approved by the shareholders of the Company.

**2. DUTIES**

2.1 The Appointee shall devote substantially the whole of his time, attention and skill to the duties of his office and shall faithfully and diligently perform such duties (which may include assuming an executive post or position on the board of directors of the Group and assuming such other executive or management positions or responsibilities in the subsidiary of the Company) and exercise such powers as may from time to time be assigned to or vested in him and shall obey all reasonable and lawful directions given to him by or under the authority of the Board and shall use his best endeavours to promote the interests of the Group as defined in the Companies Act 1967 of Singapore.

2.2 Subject to any regulations from time to time issued by the Company which may apply to him, the Appointee shall not receive or obtain directly or indirectly any discount, rebate, commission or other inducement in respect of any sale or purchase of any goods or services effected or other business transacted (whether or not by him) by or on behalf of the Group.

2.3 The Appointee confirms that he owes a fiduciary and diligence obligation to the Company and that he shall not engage in any activities in competition with the Group's business or carry out any activities detrimental to the interests of the Group other than where mutually agreed in writing.

2.4 The Appointee shall:

&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that he satisfies all his obligations in connection with
his shareholding notifications in accordance with the Companies Act 1967 of Singapore (as amended, modified or supplemented from time
to time), the Securities and Futures Act 2001 of Singapore (as amended, modified or supplemented from time to time) and the Listing Manual
Section B: Rules of Catalist of the SGX-ST ("Catalist Rules") (as amended, supplemented or modified from time to time), where
applicable;

&nbsp;&nbsp;&nbsp;&nbsp;(b) disclose his interest in all relevant matters put before the
Board for its decision and abstain from making any recommendations; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that he does not deal in any securities of the Group
prior to the announcements of any results of the Group or any other price sensitive information in accordance with the best practice
guide adopted or to be adopted by the Company and/or the Group.

**3. REMUNERATION**

3.1 During the continuance of his employment hereunder, the Appointee shall be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a base salary at the rate of _________ per month, which shall
be payable on the 7th day of the following month. The Company shall be entitled to arrange for such base salary to be paid to the Appointee
by another company within the Group. The Company reserves the right to deduct from the Appointee's salary, any amount in respect
of employee's contributions to the Central Provident Fund ("CPF"), or any other amount whatsoever, as the Company may
be entitled to deduct or as may be required by law;

&nbsp;&nbsp;&nbsp;&nbsp;(b) an annual wage supplement of one (1) month's basic salary
per annum; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) a variable performance bonus ("Performance Bonus")
in respect of each financial year commencing from financial year _________ shall be determined by the Remuneration Committee.

3.2 Any Performance Bonus payable to the Appointee in relation to any one (1) financial year shall be payable after the consolidated financial statements of the Group for that financial year have been laid before the Company at its annual general meeting and announced on the SGXNET. The Appointee shall be responsible for the payment of all income tax in relation to all payments and all taxable benefits received or to be received by him or her from any relevant company in the Group ("Group Company") hereunder. The Company and the Appointee shall make all CPF contributions and other payments required by law to be made by the Company and/or the Appointee in Singapore.

3.3 In the event that this Agreement terminates before the end of the financial year for the reasons following Clause 11 of this Agreement, the Appointee shall be entitled to a Performance Bonus on a pro-rata basis based on the period of his or her Employment in that financial year calculated based on the consolidated financial statements of the Group for the quarter year ending immediately prior to the last day of the Appointee's services under this Agreement. For the avoidance of doubt, the Appointee shall not be entitled to any Performance Bonus in any one (1) financial year in the event of termination pursuant to Clause 11 of this Agreement.

3.4 The rate of the Appointee's remuneration specified in Clause 3.1 above shall be subject to annual review by the Remuneration Committee after the accounts of the Group for the immediate preceding financial year have been audited, in light of the Appointee's performance and prevailing economic conditions. The Appointee shall abstain from voting in respect of any resolution or decision to be made by the Board in relation to the terms and renewal of this Agreement.

3.5 For the purposes of this Clause 3 and this Agreement, "Remuneration Committee" shall mean such remuneration committee of the Company for the time being comprising directors of the Company.

**4. BENEFITS**

4.1 The Company shall at its own expense reimburse, or arrange for another company in the Group to reimburse, the Appointee all reasonable travelling, hotel, entertainment and such other out-of-pocket expenses incurred by him in the discharge of his duties hereunder based on the Company's policies from time to time.

4.2 The Company shall at its own expense reimburse, or arrange for another company in the Group to reimburse, the Appointee all reasonable medical expenses in accordance with its personnel policy.

4.3 The Appointee shall be entitled to all other remuneration and benefits generally available to the employees of the Company, or as the Board shall from time to time determine.

4.4 Subject to the approvals of the shareholders of the Company, the SGX-ST and any other regulatory authorities, where necessary, and subject to the eligibility criteria set out in the relevant employee share or share option scheme or plan, the Appointee shall be eligible to participate in the performance share plan or other employee share scheme implemented by the Company (if any) on such terms as may be determined by the Remuneration Committee at its sole and absolute discretion.

**5. CONFIDENTIALITY**

5.1 The Appointee shall not either during his appointment or at any time after its termination:-

&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 disclose, divulge or communicate to any person or persons (except
to those authorised by the Company to know or as otherwise required by law);

&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 use for his own purposes or for any purposes other than those
of the Company and/or the Group, or in any manner which may cause detriment, loss or injury to the Company and/or the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 through any failure to exercise all due care and diligence cause
any unauthorised disclosure of,

any confidential information of the Group (including in particular lists or details of customers and suppliers of the Group) relating but not limited to the working of any process, technology, invention or methods carried on or used by the Group or in respect of which the Group is bound by an obligation of confidence to a third party or any financial or trading information or trade secrets relating to the Group. These restrictions shall cease to apply to information or knowledge which may (otherwise than through the default of the Appointee) become available to the public generally.

5.2 All notes, memoranda, records and writings made by the Appointee relating to any matter within the scope of business of the Group or concerning any confidential information of the Group shall be and remain the property of the Group to whose business they relate and shall be delivered by him to the company to which they belong forthwith upon request or provide evidence of its destruction to the satisfaction of the Company or such other Group Company.

5.3 The Appointee shall during his appointment use the business email address that the Company has or will create for all correspondences, and the Appointee shall adhere to usage of this email address for all correspondences. At all times, the Appointee shall refrain from using your personal email address for correspondences.

**6. NON-SOLICITATION AND RESTRICTIVE COVENANTS**

6.1 The Appointee agrees and undertakes with the Company that he shall not, and procure that his Associates (as defined under the Catalist Rules) shall not, during his employment with the Company and for a period of twelve (12) months after cessation of his employment with the Company, within Singapore or any country in which the Group has operations or carries on business (the "Territories"):-

&nbsp;&nbsp;&nbsp;&nbsp;6.1.1 either on his own account or for any other person or in conjunction
with or on behalf of any other person, firm, or company, be directly or indirectly engaged or concerned or interested whether as shareholder,
director, employee, partner, agent or otherwise in any other business competing with or in opposition to the business for the time being
of the Group or as regards any goods or services is a supplier or customer of the Group within the Territories, provided always that
this shall not prohibit his holding or him being interested in shares or debentures of not more than 5% of the total issued share capital
of any other company listed on any stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;6.1.2 either on his own account or in conjunction with or on behalf
of any other person, firm or company, solicit or entice away or attempt to solicit or entice away from the Group any person, firm, company
or organisation who shall at any time prior to the date hereof or during the duration of his employment with the Company, has been a
customer, client, business or technology partner, agent or correspondent of the Group or in the habit of dealing with the Group;

&nbsp;&nbsp;&nbsp;&nbsp;6.1.3 either on his own account or in conjunction with or on behalf
of any other person, firm or company, solicit or entice away or attempt to solicit or entice away from the Group any person who is an
officer, manager or employee of the Group whether or not such person would commit a breach of his contract of employment by reason of
leaving such employment; and

&nbsp;&nbsp;&nbsp;&nbsp;6.1.4 at any time hereafter make use of or disclose or divulge to
any third party any information relating to the Group other than any information properly available to the public or disclosed or divulged
pursuant to an order of a court of competent jurisdiction.

6.2 The Appointee further agrees that he shall not during his employment hereunder and upon his ceasing to be the _________ of the Group without limit in point of time, directly or indirectly, except with the Group Company's prior written consent:

&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 use the name "MetaOptics" or any colourable imitation
thereof in connection with any business;

&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 use any trade mark of any company in the Group in connection
with any business; and

&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 use a name or trade mark in such a way as to be capable of being
or likely to be confused with the name or trade mark of any company in the Group and shall use all reasonable endeavour to procure that
no such name or trade mark shall be used by any person, firm or company with which he is connected.

6.3 Each and every obligation under this Clause 6 shall be treated as a separate obligation and shall be severally enforceable as such and in the event of any obligation or obligations being or becoming unenforceable in whole or in part, such part or parts as are unenforceable shall be deleted from this Clause 6 and any such deletion shall not affect the enforceability of all such parts of this Clause 6 as remain not so deleted.

6.4 While the restrictions contained in this Clause 6 are considered by the parties to be reasonable in all the circumstances, it is recognised that restrictions of the nature in question may fail for reasons unforeseen and accordingly, it is hereby agreed and declared that if any of such restrictions shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Group but would be valid if part of the wording thereof were deleted or the periods thereof reduced or the range of activities or areas dealt with thereby reduced in scope the said restriction shall apply with such modifications as may be necessary to make it valid and effective.

6.5 This Clause shall survive the termination of this Agreement.

**7. LEAVE**

7.1 The Appointee shall be entitled without loss of remuneration to fourteen (14) days' leave a year to be taken at such time or times as may be approved by the Board and subject to the annual leave policies as may be set out in the Company's human resource policies and procedures (as amended from time to time). Your annual leave shall be neither accumulated from one calendar year to the next nor carried over to the next calendar year. Any annual leave unused at the end of that calendar year shall lapse and be treated as forfeited and shall not be encashed.

7.2 The Appointee shall be entitled to paid sick leave not exceeding in the aggregate:

&nbsp;&nbsp;&nbsp;&nbsp;(a) fourteen (14) days in each year if no hospitalisation is necessary;
or

&nbsp;&nbsp;&nbsp;&nbsp;(b) sixty (60) days in each year if hospitalisation is necessary.

Thereafter the Appointee shall continue to be paid salary only at the discretion of the Board.

**8. INTELLECTUAL PROPERTY RIGHTS**

**9. INSURANCE**

The Appointee shall during the term of his employment with the Company participate and be covered by such other insurance policies obtained by the Company for its employees on a group basis.

**10. INCAPACITY**

10.1 The Company may without prejudice to any right of action in respect of any breach of this Agreement, deduct a proportionate amount from the Appointee's remuneration for every day of absence from his engagement without prior permission of the Company save and except otherwise provided for under Clause 7.1 and Clause 7.2.

10.2 If the Appointee shall at any time be incapacitated or prevented by illness, injury, accident or any other circumstance beyond his control (incapacity) from discharging in full his duties under this Agreement, the Company may by notice in writing to the Appointee given at any time so long as the incapacity shall continue:

&nbsp;&nbsp;&nbsp;&nbsp;(a) discontinue payment in whole or part of the remuneration on
and from such date as may be specified in the notice until the incapacity shall cease; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) (whether or not payment shall already have been discontinued
as aforesaid) determine this Agreement forthwith or on such date as may be specified in this notice.

10.3 Provided that if the incapacity shall be or appear to be occasioned by actionable negligence of a third party in respect of which damages are or may be recoverable the Appointee shall forthwith notify the Company of that fact and of any claim, compromise, settlement or judgment made or awarded in connection therewith and shall give to the Company all such particulars of such matters as the Company may reasonably require and shall if so required by the Company refund to the Company such sum (not exceeding the amount of damages recovered by him under such claim, compromise, settlement or judgment borne by the Company and not exceeding the aggregate of the remuneration paid to him in respect of the period of the incapacity) as the Company may determine.

10.4 Except as expressly provided by this Clause, the Appointee shall not be entitled to any remuneration, in respect of any period during which he shall fail or be unable from any cause to perform all or any of his duties under this Agreement without prejudice to any right of action accruing or accrued to either party in respect of any breach of this Agreement.

**11. TERMINATION**

11.1 This Agreement shall be subject to termination by the Company (without prejudice to and in addition to any other remedy):-

&nbsp;&nbsp;&nbsp;&nbsp;11.1.1 by not less than three (3) months' written notice given
at any time while the Appointee is incapacitated by reason of ill-health or accident from performing his duties hereunder and where the
Appointee shall have been so incapacitated for a total period of ninety (90) working days or more (whether or not consecutive) in the
preceding three (3) months or by giving the Appointee an amount equal to three (3) months' salary in lieu of notice;

&nbsp;&nbsp;&nbsp;&nbsp;11.1.2 at any time without notice or payment in lieu of notice under
the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Appointee is guilty of any gross negligence, gross default
or grave misconduct in connection with or affecting the business of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Appointee shall be guilty of conduct likely to bring
himself or any member of the Group into disrepute or discredit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Appointee neglects or refuses, without reasonable cause,
to attend to the business of our Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Appointee misappropriates assets of our Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the event of any serious or repeated breach or non-observance
by the Appointee of his duties or any of the stipulations contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if the Appointee becomes bankrupt or has bankruptcy proceedings
commenced against him whether in Singapore or elsewhere (and such proceedings are not withdrawn within ninety (90) days from the date
of commencement) or makes any composition or enters into any deed of arrangement with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Appointee shall cease to hold the office of director pursuant
to the constitution of our Group, or is disqualified from holding the office of, or acting as, a director of any company, pursuant to
any applicable laws or rules of any stock exchange, for whatever reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if the Appointee shall become of unsound mind or is otherwise
medically certified to be unfit to perform the duties of his position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Appointee is a Sanctioned Subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Appointee commits any breach of any code of conduct, rule
or regulation under applicable laws as set forth by all relevant regulatory agencies, exchanges and self-regulatory bodies relevant to
the Appointee and/or our Group's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) if the Appointee commits any act of fraud, criminal breach of
trust or dishonesty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if the Appointee is convicted of any criminal offence (save
an offence under road traffic legislation for which he is not sentenced to any term of immediate or suspended imprisonment) and sentenced
to any term of immediate or suspended imprisonment; or

&nbsp;&nbsp;&nbsp;&nbsp;11.1.3 by not less than three (3) months prior written notice of such
termination or by giving the Appointee an amount equal to three (3) months' salary based on the Appointee's last drawn monthly
salary in lieu of notice. The parties may by mutual agreement waive or vary the notice requirement.

11.2 This Agreement may be terminated by the Appointee by giving to the Company not less than six (6) months prior written notice of such termination. The parties may by mutual agreement waive or vary the notice requirement, subject to approval from the Company's Nominating Committee.

11.3 Upon termination of this Agreement for whatever reason:

&nbsp;&nbsp;&nbsp;&nbsp;11.3.1 the Appointee shall immediately resign from all positions and
offices held in the Group;

&nbsp;&nbsp;&nbsp;&nbsp;11.3.2 the Appointee shall deliver to the Company in proper order and
condition all books, documents, papers, materials and any other property or assets relating to the business or affairs of the Group which
may then be in the Appointee's possession or under his control; and

&nbsp;&nbsp;&nbsp;&nbsp;11.3.3 the Appointee shall not at any time thereafter represent himself
as being in any way connected with the business of the Group.

11.4 For the purpose of this Clause, "Sanctioned Subject" refers to any individual or entity or government which is (a) listed or designated on any sanction list(s); and/or (b) owned or controlled by an individual or entity or government listed in (a).

**12. PERSONAL DATA PROTECTION**

12.1 The Appointee consents to his personal data being collected, used and/or disclosed by the Appointee for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;12.1.1 performing obligations under and/or in connection with his contract
of employment (or potential contract of employment) with the Company (including payment of remuneration and tax);

&nbsp;&nbsp;&nbsp;&nbsp;12.1.2 all human resources related matters conducted by the Company,
including administering payroll, performance management, assessing training needs, developing and/or implementing human resource policies
or strategies, investigating or auditing on acts or defaults (or suspected acts/defaults), management forecasting, planning and negotiations
concerning the legitimate business interests of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;12.1.3 managing and terminating the employment relationship between
the Appointee and the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;12.1.4 transmission to any of the Company's affiliated or related
companies and/or third party service providers of the Company or its affiliated or related companies for the above purposes.

12.2 The Company will handle the Appointee's personal data in accordance with any and all applicable laws and regulations.

**13. MISCELLANEOUS**

13.1 Notices by either party must be given by registered letter or by electronic mail addressed to the other party at (in the case of the Company) its registered office for the time being and (in the case of the Appointee) his last known address or sent to their respective electronic mail address set out below and any such notice given by letter or electronic email shall be deemed to have been given at the time at which the letter or electronic mail would be delivered in the ordinary course of post or transmission as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;13.1.1 The addresses and electronic mail address of the parties for
the purpose of Clause 13.1 are as follows:

**Company**

Address: 81 Ayer Rajah Crescent, #01-45, Singapore 139967

Email address:

For the attention of: Chairman of the Nominating Committee

**Appointee**

Address:

Email address:

13.2 The expiration or determination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof which in accordance with their terms are expressed to operate or have effect after the expiration or determination of this Agreement.

13.3 This Agreement is in substitution for all previous contracts of service between the Company or any of its subsidiaries and the Appointee (if any) which shall be deemed to have been terminated by mutual consent as from the date on which this Agreement commences.

13.4 This Agreement constitutes the entire agreement between the parties with respect to the subject matters hereof and there are no representations, understandings or agreements relative hereto which are not fully expressed herein.

13.5 In the event that any term condition or provision of this Agreement is held to be in violation of any applicable law statute or regulation the same shall be deemed to be deleted from this Agreement and shall be of no force and effect and this Agreement shall remain in full force and effect as if such term condition or provision had not originally been contained in this Agreement.

**14. CONTINUING EFFECT**

The expiration or termination of this Agreement howsoever arising shall not operate to affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any other accrued rights or remedies of the parties.

**15. JURISDICTION**

This Agreement shall be governed by and be construed in accordance with the laws of Singapore and the parties hereto submit to the non-exclusive jurisdiction of the courts of Singapore.

**IN WITNESS WHEREOF** the parties hereto have hereunto set their hands the day and year first written above.

SIGNED BY

---

| |
|:---|
| **MetaOptics Ltd** |
| Signature: |
| Name: |
| Title: |

---

---

| |
|:---|
| **Appointee** |
| Signature: |
| Name: |

---

## Exhibit 10.2

**Exhibit 10.2**

**FORM OF DIRECTOR AGREEMENT**

**[DATE]**

**[NAME]**

**[ADDRESS]**

***Dear Sir***

 ****

**<u>Appointment as a Non-Executive and Independent Director of</u>**

**<u>MetaOptics Ltd</u>**

**<u>(the "Company", together with its subsidiaries, the "Group")</u>**

**1. Appointment as Non-Executive and Independent Director of the Company**

We are pleased to confirm that the board of directors ("Board") of the Company has resolved that you be appointed as a non-executive and independent director of the Company. The purpose of this letter (the "Letter") is to confirm the basis of your appointment should you be willing to accept. Please sign and return the attached copy in acknowledgement.

**2. Term of Appointment**

Your appointment will be made pursuant to the Company's constitution ("Constitution") and is initially for the period expiring at the next Annual General Meeting, at which time shareholders will consider your re-election for a further period of up to three (3) years pursuant to Rule 720(4) of Section B: Rules of Catalist of the Listing Manual of the Singapore Exchange Securities Trading Limited ("SGX-ST") (the "Catalist Rules"). Thereafter, one-third of the directors of the Company ("Directors") shall retire by rotation annually and may offer themselves for re-appointment, pursuant to the Code of Corporate Governance 2018 (the "Code").

From time to time, you may also be appointed to be a member of the relevant committee(s) of the Board ("Board Committee").

You may resign by providing at least three (3) months' notice in writing to the Company at any time and, under the applicable laws of Cayman Islands, the Code, Constitution and the Catalist Rules, subsequent to which, your appointment may cease in certain prescribed circumstances.

**3. Role of Director**

You will be expected to participate as an active member of the Board in the following:

&nbsp;&nbsp;&nbsp;&nbsp;(a) attending all Board meetings and Board Committee meetings
which are expected to be held every quarter (i.e. 4 times a year) (excluding ad-hoc meetings);

&nbsp;&nbsp;&nbsp;&nbsp;(b) taking up memberships in Board Committees as may be appointed
from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) attending general meetings of the Company.

In addition to your general fiduciary responsibilities, you are expected to faithfully and diligently perform such functions and exercise such powers as are appropriate to your directorial duties, including: (a) being adequately prepared for meetings and the attendance of such meetings as may be required; (b) completing any follow-up tasks allocated to you; (c) being physically present in the office and site visit if and where necessary; and (d) being available for ad-hoc discussions from time to time.

For first-time directors with no prior experience in a SGX-ST listed company, you are required to attend the requisite directors' training ("Mandatory Training") as prescribed by Rule 406(3) of the Catalist Rules within one (1) year from the date of your appointment as a director to the Company.

In your role as a non-executive and independent director, you have the same general legal responsibilities to the Company as any other director. By accepting the appointment as a non-executive and independent director, you have agreed to give sufficient time and attention to the affairs of the Company. In particular, it is a requirement under the Catalist Rules that you shall comply with Rule 406(3)(c) of the Catalist Rules which provides for the circumstances in which a director would not be considered as independent. Your duties and responsibilities as a director are largely embodied in the common law, the applicable laws of Cayman Islands, the Code, the Constitution and Catalist Rules. The laws and applicable rules may be amended from time to time and we will keep you informed of developments on this front.

In addition to Board meetings and Board Committee meetings which you would be attending, you may request for all relevant information pertaining to the Company's affairs as is reasonably necessary in order to assist you in your role. As far as reasonably possible, such information will be shared with you in a timely manner.

You must not make any statements on the Company's behalf or concerning the Company to the press, media, venture capitalists, brokers, banks, financial analysts, and/or anyone associated with the stock market or the investor community, unless with the prior approval of the Board.

**4. Director's Fee**

As an independent director, you will be entitled to a director's fee of _________ per annum, payable quarterly in arrears, subject to the approval received at the Annual General Meeting. All directors are responsible for their own statutory employment contributions and/or tax contributions. The director's fee will be paid to you by the Group's subsidiary, MetaOptics Technologies Pte. Ltd..

**5. Independent Advice**

If there are any instances where you may consider that you need professional advice on Company-related matters, it may be appropriate for you to seek advice from independent advisors at the Company's expense. Subject to applicable laws and regulations, the Company shall reimburse the full cost of expenditure reasonably and properly incurred by you in the discharge of your duties as a director on behalf of the Company. Copies of such professional advice must be made available to, and for the benefit of, all Directors.

**6. Disclosure and Independence**

To ensure compliance with the applicable laws of Cayman Islands, the Catalist Rules and the Constitution, you shall at all times keep the Board promptly and fully informed (in writing if so requested) of any of your business or activities, or any relevant or material personal interest, which would or is likely to cause you to be in conflict with the interest of the Company or its subsidiary and any matter which may affect your independence for the purposes of the Catalist Rules. Such conflict of interest situations may also include assuming directorship or holding an executive position or having a material interest in the shares or securities, in a company which is in a similar business or in direct competition with the Group. You shall also promptly advise the Group on details of any interests, or changes thereto, in the Company's shares or securities to the Company which may affect your role or impair your independence as a director.

**7. Director Liability Insurance**

In the unlikely event that any adverse or other event arises that could attract liability for a director, we would like you to know that the Company maintains directors' and officers' liability insurance policies to cover any eventualities of such a nature.

**8. Company Policies**

As a director of the Company, you will be expected to act at all times in accordance with the Constitution and comply with the Company's corporate policies and procedures that relate to your role as a director covering areas such as corporate governance, privacy and travel. Copies of these documents will be provided to you.

**9. Confidentiality**

You shall not either during your appointment or at any time after its termination:

&nbsp;&nbsp;&nbsp;&nbsp;(a) disclose to any person or persons (except to those authorised
by the Company to know or as otherwise required by law);

&nbsp;&nbsp;&nbsp;&nbsp;(b) use for your own purposes or for any purposes other than
those of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) through any failure to exercise all due care and diligence
cause any unauthorised disclosure of,

any confidential information of the Group (including in particular lists or details of customers and suppliers of the Group) relating but not limited to the working of any process, technology, invention or methods carried on or used by the Group or in respect of which the Group is bound by an obligation of confidence to a third party or any financial or trading information or trade secrets relating to the Group. These restrictions shall cease to apply to information or knowledge which may (otherwise than through the default of the Appointee) become available to the public generally.

Throughout your role as an independent director of the Company, the Company will or will have created a business email account for all correspondences and you are strictly to use this group email address for all correspondences. At all times, you should refrain from using your personal email address for correspondences.

All notes, memoranda, records and writings made by you relating to any matter within the scope of business of the Group or concerning any confidential information of the Group shall be and remain the property of the Group to whose business they relate and shall be delivered by you to the company to which they belong forthwith upon request or provide evidence of its destruction to the satisfaction of the Company or such other Group company. If such information of the Group remains in your possession as at your last day of appointment, you are required to return such information to the Company in person within two (2) business days from your last working day.

**10. Personal Data**

You acknowledge and consent that any member of the Group may collect, use and/or disclose your personal data to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) any regulatory or government bodies, including the Singapore
Exchange Securities Trading Limited;

&nbsp;&nbsp;&nbsp;&nbsp;(b) any other person or in connection with the business of any
member of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;(c) the advisors, insurers, clients and potential investors of
any member of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) any other person to which any member of the Group considers
such disclosure to be necessary or desirable for the purposes set out above and consent to such disclosure.

The Company will handle your personal data in accordance with any and all applicable laws and regulations.

**11. Continuing Effect**

The expiration or termination of this Letter howsoever arising shall not operate to affect such of the provisions hereof as are expressed to operate or have effect thereafter and shall be without prejudice to any other accrued rights or remedies of the parties.

**12. Notice**

Any notice required to be given hereunder shall, in the case of notice to the Company be deemed duly served if left at or sent by registered post to the principal place of business in Singapore of the Group from time to time and, in the case of notice to you, if handed to you personally or left at or sent by registered post to your last known address in Singapore. Accordingly, you are responsible for updating your address as and when such changes are effective. Any such notice shall be deemed to be served at the time when the same is handed to or left at the address of the party to be served and if served by post, three (3) business days after posting.

**13. Jurisdiction**

This Letter shall be governed by and construed in all respects in accordance with the laws of Singapore and the parties herein submit to the non-exclusive jurisdiction of the courts of Singapore.

**14.** If you have any questions or would like to discuss anything at all, please feel free to contact _________.

**15.** Please sign, date and return the enclosed copy of this Letter to us, confirming your acceptance of the appointment and its terms set out herein.

Yours sincerely

For and on behalf of

---

| |
|:---|
| <br> **MetaOptics Ltd** |
| Signature: |
| Name: |
| Title: |

---

**ACKNOWLEDGEMENT**

I, _________, (ID _________), understood and agreed to abide by all terms and conditions as regards my appointment under this letter and hereby accept the appointment as non-executive and independent director of the Company by signing this Letter.

Date:

## Exhibit 10.3

**Exhibit 10.3**

**RULES OF THE METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

1. **NAME OF THE SCHEME** 

The Scheme shall be called the "**MetaOptics Employee Share Option Scheme 2026**".

2. **DEFINITIONS** 

In this Scheme, except where the context otherwise requires, the following words and expressions shall have the following meanings:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Singapore Companies Act**" | The Companies Act 1967 of Singapore, as amended, modified or supplemented from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Adoption Date**" | The date on which the Scheme is adopted by the Shareholders of the Company at a general meeting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Aggregate Subscription Cost**" | The total amount payable for the Shares to be subscribed for on the exercise of an Option |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Associate**" | Shall have the meaning ascribed to it in the Catalist Rules |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Auditors**" | The auditors of the Company for the time being |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Board**" | The board of directors of the Company for the time being |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Catalist Rules"** | The Listing Manual Section B: Rules of Catalist of the SGX-ST, as amended, modified or supplemented from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**CDP**" | The Central Depository (Pte) Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Committee**" | The remuneration committee of the Company for the time being, duly authorized and appointed by the Board to administer the Scheme |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Company**" | MetaOptics Ltd |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Control**" | The capacity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of that company being controlled |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Controlling Shareholder**" | : | A person who:<br>|

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(a) holds directly or indirectly 15% or more of the nominal amount
of all voting shares in the Company; or

(b) in fact exercises control over the Company

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Date of Grant**" | : | In relation to an Option, the date on which an Option is granted |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Directors**" | : | The directors of the Company as at the date of this Circular, unless otherwise stated |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Exercise Period**" | : | The period for the exercise of an Option, being a period commencing: |

---

(a) in the case of a Market Price Option, a period commencing
after the first anniversary of the Date of Grant and expiring on the tenth anniversary of such Date of Grant (or such other shorter period
if so determined by the Committee), or such other period which may from time to time be prescribed under any relevant law, regulation
or rule of the SGX-ST, subject as provided in Rules 7, 8 and 9 of the Scheme and any other conditions as may be introduced by the Committee
from time to time;

(b) in the case of an Incentive Option, a period commencing after
the second anniversary of the Date of Grant and expiring on the tenth anniversary of such Date of Grant (or such other shorter period
if so determined by the Committee), or such other period which may from time to time be prescribed under the relevant law, regulation
or rule of the SGX-ST subject as provided in Rules 9 and 10 of the Scheme and any other conditions as may be introduced by the Committee
from time to time

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Exercise Price**" | The price at which a Participant shall subscribe for each Share upon the exercise of an Option which shall be the price as determined in accordance with Rule 6, as adjusted in accordance with Rule 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Grantee**" | The person to whom an offer of an Option is made |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group**" | The Company and its subsidiaries |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Employee**" | A full-time employee of a Group Company (including any Group Executive Director who meets the relevant criteria and who shall be regarded as a Group Employee for the purposes of the Scheme) selected by the Committee to participate in the Scheme in accordance with the Scheme |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Executive Director**" | A director of the Company and/or any of its subsidiaries, as the case may be, who performs an executive function |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Non-Executive Director**" | A director of the Company and/or any of its subsidiaries, as the case may be, other than one who performs an executive function |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Incentive Option**" | An Option granted with the Exercise Price set at a discount to the Market Price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Market Day**" | A day on which the SGX-ST is open for trading in securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Market Price**" | A price equal to the average of the last dealt prices for the Shares on the SGX-ST over the five consecutive Trading Days immediately preceding the Date of Grant of that Option, as determined by the Committee by reference to the daily official list or any other publication published by the SGX-ST, rounded to the nearest whole cent in the event of fractional prices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Market Price Option**" | An Option granted with the Exercise Price set at the Market Price |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**M&AA**" | The amended and restated memorandum and articles of association of the Company, as amended from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Option**" | The right to subscribe for Shares granted or to be granted to a Participant pursuant to the Scheme and for the time being subsisting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Participant**" | Any eligible person who is selected by the Committee to participate in the Scheme in accordance with the Rules |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Record Date**" | The date as at the close of business (or such other time as may have been prescribed by the Company) on which Shareholders must be registered in order to participate in the dividends, rights, allotments or other distributions (as the case may be) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Rules**" | Rules of the Scheme |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Scheme**" | The MetaOptics Employee Share Option Scheme, as the same may be modified or altered from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Securities Account**" | The securities account maintained by a Depositor with CDP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**SGX-ST**" | Singapore Exchange Securities Trading Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Shareholders**" | The registered holders for the time being of the Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Shares**" | Ordinary shares in the capital of the Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Substantial Shareholder**" | Shall bear the meaning set out in Section 81 of the Act |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" | A day on which the Shares are traded on the SGX-ST |

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<u>Currencies, Units and Others</u> 

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"S$" or "$" and "cents" | : | Singapore dollar and cents respectively, being the lawful currency of Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"%" or "per cent." | : | Per centum or percentage |

---

The terms "**Depositor**", "**Depository Agent**" and "**Depository Register**" shall have the meanings ascribed to them respectively in the SFA, the Cayman Islands Companies Act and/or the Singapore Companies Act, and/or the Catalist Rules, as the case may be.

The term "**subsidiary**" shall have the same meaning ascribed to it in Section 5 of the Act.

Any reference in the Scheme to any enactment is a reference to that enactment as for the time being amended or re-enacted. Any word defined under the Act or any statutory modification thereof and used in the Scheme shall have the meaning assigned to it under the Act or any statutory modification thereof, as the case may be.

Words importing the singular number shall, where applicable, include the plural number and vice versa. Words importing the masculine gender shall, where applicable, include the feminine and neuter genders and *vice versa*. References to persons shall include corporations.

Any reference to a time of day shall be a reference to Singapore time.

3. **OBJECTIVES OF THE SCHEME** 

The Scheme is a share incentive scheme. The Scheme is proposed on the basis that it is important to retain staff whose contributions are essential to the well-being and prosperity of the Group. The purpose of the Scheme is to provide an opportunity for Directors and employees of the Group to participate in the equity of the Company so as to motivate them to greater dedication, loyalty and higher standards of performance, and to give recognition to those who have contributed to the success of the Company and the Group.

The MetaOptics ESOS will allow Participants an opportunity to participate in the equity of the Company with a view to achieving the following objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to align the interests of the Participants with those of the Shareholders so as to motivate the Participants
to contribute towards the future growth and profitability of the Group, and hence increase Shareholders' value in the longer term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to attract potential employees with relevant skills to contribute to the Group and to create value for
our Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to retain key employees of our Group whose contributions are essential to the long-term growth and profitability
of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to promote greater dedication, long-term commitment, loyalty and a sense of identification with the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to motivate and incentivise Participants to achieve performance targets, and to aspire towards higher
standards of performance and efficiency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to promote cohesiveness and team spirit through common ownership of equity in the Company.

4. **ELIGIBILITY OF PARTICIPANTS** 

4.1 The following persons are eligible to participate in the Scheme at the absolute discretion of the Committee,
provided that each such person has attained the age of twenty-one (21) years and is not an undischarged bankrupt and has not entered into
a composition with his/her creditors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Group Employees (including Group Executive Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Group Non-Executive Directors (including Independent Directors); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Controlling Shareholders and their Associates,

who, in the opinion of the Committee, have contributed or will contribute to the success of the Group.

4.2 Persons who are Controlling Shareholders and their Associates
who satisfy the criteria set out in Rule 4.1 above shall be eligible to participate in the Scheme, at the absolute discretion of the
Committee, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) written justification has been provided to Shareholders for
such person's participation at the introduction of the Scheme or prior to the first Grant of Options to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the participation by each such person, and (ii) the actual
number and terms of any Options to be granted to each such person have been specifically approved by Shareholders of the Company who
are not beneficiaries of the grant in a general meeting in separate resolutions for each such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all conditions for their participation in the Scheme as may
be required by the Catalist Rules and any other regulations or requirements of the SGX-ST from time to time are satisfied,

provided always that it shall not be necessary to obtain the approval of the independent shareholders of the Company for the participation in the Scheme of a Controlling Shareholder or his Associate who is, at the relevant time, already a Participant. There shall be no restriction on the eligibility of any Participant to participate in any other share option or share incentive schemes implemented by any of the other companies within the Group.

4.3 Subject to the Cayman Islands Companies Act, the Singapore
Companies Act and any requirements of the SGX-ST, the terms of eligibility for participation in the Scheme may be amended from time to
time at the absolute discretion of the Committee.

5. **GRANT OF AND ACCEPTANCE OF OPTIONS** 

5.1 Subject to Rule 4, Rule 11 and Rule 12, the Committee may
grant Options at any time during the period when the Scheme is in force, provided that (i) no Option shall be granted during the period
commencing one month before the announcement of the Company's half year and full year financial statements (or such relevant period
as prescribed under the Catalist Rules) and (ii) in the event that an announcement on any matter of an exceptional nature involving unpublished
price sensitive information is made, Options may only be granted on or after the second Market Day from the date on which such announcement
is released.

5.2 The Letter of Offer to grant the Option shall be in, or substantially
in, the form set out in Schedule A-1, subject to such modification as the Committee may from time to time determine.

5.3 The grant of an Option under this Rule 5 shall be accepted
by the Grantee within thirty (30) days from the Date of Grant of that Option and, in any event, not later than 5.00 p.m. on the 30<sup>th</sup>
day from such Date of Grant by completing, signing and returning the Acceptance Form in, or substantially in, the form set out in Schedule
B-1, subject to such modification as the Committee may from time to time determine, accompanied by payment of S$1.00 as consideration.
The Option is deemed not accepted until actual receipt by the Company of the Acceptance Form.

5.4 The Company shall be entitled at its absolute discretion
to reject any purported acceptance of the grant of an Option made pursuant to this Rule 5 which does not strictly comply with the terms
and conditions of the Rules.

5.5 Unless the Committee determines otherwise, the grant of an
Option shall automatically lapse and become null, void and of no effect and shall not be capable of acceptance if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is not accepted in the manner as provided in Rule 5.3 within
thirty (30) days from the Date of Grant of such Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Participant dies prior to his acceptance of such Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Participant is adjudicated a bankrupt or enters into composition with his creditors prior to his acceptance
of the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Participant ceases to be in the employment of the Group or ceases to be a Director of the Group (as
the case may be), in each case, for any reason whatsoever, prior to his acceptance of the Option; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Company is liquidated or wound up prior to the Participant's acceptance of the Option.

5.6 An option shall be personal to the Participant to whom it
is granted and shall not be sold, mortgaged, transferred (other than to a Participant's personal representative on the death of
that Participant), charged, assigned, pledged or otherwise disposed of or encumbered, in whole or in part, unless with the prior written
approval of the Committee.

5.7 Subject to Rules 4 and 12, the aggregate number of Shares
in respect of which Options may be granted to a Participant pursuant to the Scheme shall be determined by the Committee in its absolute
discretion, which may take into account (where applicable) criteria such as the designation, responsibilities, past performance, number
of years of service, contributions to the Group and potential for future development of such Participant.

5.8 In the event that the grant of an Option results in a contravention
of any applicable law, subsidiary legislation or other regulation, such grant shall be null, void and of no effect and the relevant Participant
shall have no claim whatsoever against the Company.

6. **EXERCISE PRICE** 

6.1 Subject to any adjustment pursuant to Rule 12, the Exercise
Price for each Share in respect of which an Option is exercisable shall be determined by the Committee, in its absolute discretion, on
the Date of Grant, at:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a price equal to the Market Price; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a price which is set at a discount to the Market Price, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the maximum discount shall not exceed twenty per cent. (20%) of the Market Price (or such other percentage
or amount as may be determined by the Committee and permitted by the SGX-ST); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the prior approval of the Shareholders of the Company in general meeting shall have been obtained for
the making of offers and grants of Options under the Scheme at a discount not exceeding the maximum discount as aforesaid in a separate
resolution.

6.2 In making any determination under Rule 6.1 on whether to give a discount and the quantum of such discount,
the Committee shall take into consideration such criteria as the Committee may, at its absolute discretion, deem appropriate, including
but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the performance of the Company and/or the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the years of service and individual performance (including the meeting of performance targets) of the
eligible Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the contribution of the eligible Participant to the success and development of the Company and/or the
Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the prevailing market conditions.

6.3 The Exercise Price shall in no event be less than the nominal value of a Share. When the Exercise Price
as determined above is less than the nominal value of a Share, the Exercise Price shall be the nominal value.

7. **EXERCISE OF OPTIONS** 

7.1 Subject to Rule 8 and Rule 9 and any other conditions as may be introduced by the Committee from time
to time, each Option shall be exercisable, in whole or in part, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Market Price Option, during the period commencing after the first anniversary of the
Date of Grant and expiring on the tenth anniversary of such Date of Grant (or such other shorter period if so determined by the Committee);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an Incentive Option, during the period commencing after the second anniversary of the Date
of Grant and expiring on the tenth anniversary of such Date of Grant (or such other shorter period if so determined by the Committee).

7.2 In the event of an Option being exercised in part only, the balance of the Option not thereby exercised
shall continue to be exercisable in accordance with the Scheme until such time as it shall lapse in accordance with the Scheme.

8. **EVENTS PRIOR TO EXERCISE OF OPTIONS** 

8.1 Unless otherwise decided by the Committee at its absolute
discretion, an Option shall, to the extent unexercised, immediately lapse without any claim whatsoever against the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Rules 8.2 and 8.3, upon the Participant ceasing to be a Group Employee due to any reason whatsoever
other than the reasons covered in Rule 8.2, or in the case of a Participant who is a Group Non-Executive Director, ceasing to be a Director
of the Group, for any reason whatsoever other than due to the reasons covered in Rule 8.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the bankruptcy of the Participant or the happening of any other event which results in his being
deprived of the legal or beneficial ownership of such Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of any misconduct on the part of the Participant as determined by the Committee in its sole
and absolute discretion or any breach of any regulation of the Group, such breach being regarded as serious by the Committee in its absolute
discretion; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon the company by which the Participant is employed or to which he is seconded (as the case may be)
ceasing to be a company within the Group, or the undertaking or part of the undertaking of such company being transferred otherwise than
to another company within the Group.

For the purpose of Rule 8.1(a), the Participant shall be deemed to have ceased to be so employed as of the date on which the notice of termination of employment is tendered by or is given to him (as the case may be), unless such notice shall be withdrawn prior to its effective date.

8.2 If a Participant ceases to be employed by the Group by reason
of his:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ill health, injury, death or disability (in each case, evidenced to the satisfaction of the Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) redundancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) retirement at or after the legal retirement age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) retirement before the legal retirement age with the consent of the Committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) completion of the term of his service contract,

or any other reason approved in writing by the Committee, he may exercise any unexercised Option within the relevant Option Period and such unexercised Option shall continue to be exercisable by the Participant in the manner provided in the Scheme (unless otherwise decided by the Committee at its absolute discretion), and upon the expiry of such period, the Option shall immediately lapse and become null and void.

8.3 If a Participant dies and at the date of his death holds any unexercised Option, such Option may be exercised
by the duly appointed legal personal representatives of the Participant within the relevant Option Period and such unexercised Option
shall continue to be exercisable by the Participant in the manner provided in the Scheme (unless otherwise decided by the Committee at
its absolute discretion), and upon the expiry of such period, the Option shall immediately lapse and become null and void.

9. **TAKE-OVER AND WINDING UP OF THE COMPANY** 

9.1 Notwithstanding Rule 8 but subject to Rule 9.5, in the event of a take-over being made for the Shares,
a Participant shall be entitled to exercise any Option held by him and as yet unexercised, in respect of such number of Shares comprised
in that Option as may be determined by the Committee in its absolute discretion, in the period commencing on the date on which such offer
is made or, if such offer is conditional, the date on which such offer becomes or is declared unconditional, as the case may be, and ending
on the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expiry of six (6) months thereafter, unless prior to the expiry of such six-month period, at the recommendation
of the offeror and with the approvals of the Committee and the SGX-ST, such expiry date is extended to a later date (in either case, being
a date falling not later than the expiry of the Exercise Period relating thereto); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date of expiry of the Exercise Period relating thereto,

whereupon the Option then remaining unexercised shall lapse and become null and void.

Provided that if during such period, the offeror becomes entitled or bound to exercise rights of compulsory acquisition under the provisions of the Act and, being entitled to do so, gives notice to the Participants that it intends to exercise such rights on a specified date, the Option shall remain exercisable by the Participant until the expiry of such specified date or the expiry of the Exercise Period relating thereto, whichever is earlier. Any Option not so exercised shall lapse provided that the rights of acquisition or obligations to acquire shall have been exercised or performed, as the case may be. If such rights or obligations have not been exercised or performed, the Option shall, notwithstanding Rule 8, remain exercisable until the expiry of the Exercise Period relating thereto.

9.2 If: (a) under any applicable laws, the court sanctions a
compromise or arrangement proposed for the purposes of, or in connection with, a scheme for the reconstruction of the Company or its
amalgamation with another company or companies, or (b) there is a change of Control of the Company, each Participant shall be entitled
(notwithstanding Rule 8 but subject to Rule 9.5), to exercise any Option then held by him, in respect of such number of Shares comprised
in that Option, during the period: (i) in the case of scenario (a) above, commencing on the date upon which the compromise or arrangement
is sanctioned by the court and ending either on the expiry of sixty (60) days thereafter or the date upon which the compromise or arrangement
becomes effective, whichever is later, or (ii) in the case of scenario (b) above, commencing on the date upon which the change of Control
becomes effective and ending on the expiry of sixty (60) days thereafter (but in either case, not after the expiry of the Exercise Period
relating thereto), whereupon the Option shall lapse and become null and void.

9.3 If an order is made for the winding-up of the Company on
the basis of its insolvency, all Options, to the extent unexercised, shall lapse and become null and void.

9.4 In the event that a notice is given by the Company to its
members to convene a general meeting for the purposes of considering and, if thought fit, approving a resolution to voluntarily wind-up
the Company, the Company shall on the same date soon after it dispatches such notice to each member of the Company give notice thereof
to all Participants (together with a notice of the existence of the provision of this Rule 9.4) and thereupon, each Participant (or his
legal personal representative) shall be entitled to exercise all or any of his Options at any time not later than two (2) business days
prior to the proposed general meeting of the Company by giving notice in writing to the Company, accompanied by a remittance for the
full amount of the Aggregate Subscription Cost for the Shares in respect of which notice is given whereupon the Company shall as soon
as possible and, in any event, no later than the business day immediately prior to the date of the proposed general meeting referred
to above, allot the relevant Shares to the Participant credited as fully paid.

9.5 If in connection with the making of a general offer referred
to in Rule 9.1 or an event referred to in Rule 9.2 or the winding-up referred to in Rule 9.4, arrangements are made (which are confirmed
in writing by the financial advisor(s) of the Company (to be appointed at the suitable time), acting only as experts and not as arbitrators,
to be fair and reasonable) for the compensation of Participants, whether by the continuation of their Options or the payment of cash
or the grant of other options or otherwise, a Participant holding an Option, as yet not exercised, may not, at the discretion of the
Committee, be permitted to exercise that Option as provided for in this Rule 9.

9.6 To the extent that an Option is not exercised within the
periods referred to in this Rule 9, it shall lapse and become null and void.

10. **EXERCISE OF OPTIONS, ALLOTMENT AND LISTING OF SHARES** 

10.1 Subject to Rule 7.1, an Option may be exercised, in whole
or in part, by a Participant giving notice in writing to the Company in, or substantially in, the form set out in Schedule C-1 and Schedule
C-2, subject to such modification as the Committee may from time to time determine. Such notice must be accompanied by payment in cash
for the full amount of the Aggregate Subscription Cost in respect of the Shares for which that Option is exercised and any other documentation
the Committee may require. An Option shall be deemed to be exercised upon receipt by the Company of the said notice, duly completed,
and the full amount of such Aggregate Subscription Cost.

10.2 All payments made shall be made by cheque, cashiers'
order, banker's draft or postal order made out in favour of the Company or such other mode of payment as may be acceptable to the
Committee.

10.3 (a) Subject to the Catalist Rules and prevailing legislation, the Company shall have the flexibility to deliver Shares to Participants
upon exercise of their Options by way of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) allotment of new Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfer of existing Shares, including (subject to applicable laws) any Shares acquired by the Company
pursuant to a share purchase mandate and/or held by the Company as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to issue new Shares or to deliver existing Shares to Participants upon the exercise
of their Options, the Company will take into account factors such as (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the prevailing Market Price of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial performance of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cash position of the Group and the projected capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dilution impact (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the cost to the Company of either issuing new Shares or purchasing existing Shares to hold as treasury
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the liquidity of the Shares based on the average daily trading volume of the Shares, and in particular
whether the repurchase by the Company of existing Shares to deliver to Participants upon exercise of their Options would materially impact
the Market Price of the Shares.

10.4 Subject to such consents or other required action of any
competent authority under any regulations or enactments for the time being in force as may be necessary and subject to compliance with
the terms of the Scheme and the Constitution of the Company, the Company shall, within ten (10) Market Days after the exercise of an
Option, allot, transfer or procure the transfer (as the case may be) of the relevant Shares in respect of which such Option has been
exercised by the Participant and within five (5) Market Days from the date of such allotment, despatch to CDP the relevant share certificates
by ordinary post or such other mode as the Committee may deem fit.

10.5 Where new Shares are allotted upon the exercise of an Option,
the Company shall, as soon as practicable after such allotment, apply to the SGX-ST (and any other stock exchange on which the Shares
are quoted or listed) for permission to deal in and for quotation of such Shares, which may be issued upon exercise of the Option and
the Shares (if any) which may be issued to the Participant pursuant to any adjustments in accordance with Rule 12.

10.6 Shares which are allotted or transferred on the exercise of
an Option by a Participant shall be issued or registered (as the case may be), as the Participant may elect by notice in writing to the
Company, in the name of CDP to the credit of the Securities Account of that Participant maintained with CDP or the securities sub-account
of that Participant maintained with a Depository Agent.

10.7 Shares acquired by a Participant upon the exercise of an
Option by such Participant shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be subject to all the provisions of the Act and the Constitution
of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall rank in full for all entitlements, including dividends,
rights, allotments or other distributions declared or recommended in respect of the then existing Shares, the Record Date for which falls
on or after the relevant exercise date of the Option, and shall in all other respects rank *pari passu* with other existing Shares
then in issue.

11. **LIMITATIONS ON THE SIZE OF THE SCHEME** 

11.1 The aggregate number of Shares over which Options may be
granted under the Scheme on any date, when added to the aggregate number of Shares in respect of all options or awards granted under
the Scheme and any other share-based incentive schemes of the Company, shall not exceed fifteen per cent. (15%) of the total number of
all issued Shares (excluding treasury shares and subsidiary holdings) on the day preceding the Date of Grant of an Option.

11.2 The aggregate number of Shares which may be issued or transferred
pursuant to Options granted under the Scheme to all Participants who are Controlling Shareholders and their Associates shall not exceed
twenty five per cent. (25%) of the Shares available under the Scheme and such other share-based incentive schemes of the Company.

11.3 The aggregate number of Shares which may be issued or transferred
pursuant to Options granted under the Scheme to each Participant who is a Controlling Shareholder or his Associate shall not exceed ten
per cent. (10%) of the Shares available under the Scheme and such other share-based incentive schemes of the Company.

11.4 Shares which are the subject of Options which have lapsed
for any reason whatsoever may be the subject of further Options granted by the Committee under the Scheme.

12. **ADJUSTMENT EVENTS** 

12.1 If a variation in the issued ordinary share capital of the
Company (whether by way of rights issue, capitalisation of profits or reserves, reduction of capital, subdivision, consolidation or distribution
of Shares or otherwise) shall take place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Exercise Price of the Shares, the class and/or number
of Shares comprised in an Option to the extent unexercised; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class and/or number of Shares over which additional Options
may be granted under the Scheme,

shall be adjusted in such manner as the Committee may deem appropriate to give such Participant the same proportion of the equity capital of the Company as that to which he was previously entitled, subject to the Rules.

12.2 Unless the Committee considers an adjustment to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the issue of securities as consideration for an acquisition
or a private placement of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the cancellation of issued Shares purchased or acquired by
the Company by way of a market purchase of such Shares undertaken by the Company on the SGX-ST during the period when a share purchase
mandate granted by Shareholders (including any renewal of such mandate) is in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the issue of Shares or other securities convertible into or
with rights to acquire or subscribe for Shares to its employees pursuant to any share option scheme or share plan approved by Shareholders
in general meeting; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any issue of Shares arising from the exercise of any warrants
or the conversion of any convertible securities issued by the Company,

shall not normally be regarded as a circumstance requiring adjustment.

12.3 Notwithstanding the provisions of Rule 12.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any adjustment (except in relation to a capitalisation issue)
must be confirmed in writing by the financial advisor(s) of the Company (to be appointed at the suitable time) (acting only as experts
and not as arbitrators) to be in their opinion, fair and reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no adjustment shall be made in such a way that any Participant receives a benefit that a Shareholder does
not receive.

12.4 Upon any adjustment required to be made pursuant to this
Rule 12, the Company shall notify the Participant (or his duly appointed personal representatives where applicable) in writing and deliver
to him (or his duly appointed personal representatives where applicable) a statement setting forth the Exercise Price thereafter in effect
and class and/or number of Shares thereafter to be issued or transferred on the exercise of the Option. Any adjustment shall take effect
upon such written notification being given.

13. **ADMINISTRATION OF THE SCHEME** 

13.1 The Scheme shall be administered by the Committee in its
absolute discretion with such powers and duties as are conferred on it by the Board, provided that no member of the Committee shall participate
in any deliberation or decision in respect of Options to be granted to him or held by him.

13.2 The Committee shall have the power, from time to time, to
make and vary such arrangements, guidelines and/or regulations (not being inconsistent with the Scheme) for the implementation and administration
of the Scheme, to give effect to the provisions of the Scheme and/or to enhance the benefit of the Options and the Shares to the Participants,
as the Committee may, in its absolute discretion, think fit. Any matter pertaining or pursuant to the Scheme and any dispute and uncertainty
as to the interpretation of the Scheme, any rule, regulation or procedure thereunder or any rights under the Scheme shall be determined
by the Committee.

13.3 Neither the Scheme nor the grant of Options under the Scheme
shall impose on the Company or the Committee any liability whatsoever in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the lapsing or early expiry of any Options pursuant to any provision of the Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the failure or refusal by the Committee to exercise, or the exercise by the Committee of, any discretion
under the Scheme; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any decision or determination of the Committee made pursuant to any provision of the Scheme.

13.4 Any decision or determination of the Committee made pursuant
to any provision of the Scheme (other than a matter to be certified or confirmed by the financial advisor(s) of the Company (to be appointed
at the suitable time), acting as experts and not as arbitrators) shall be final, binding and conclusive (including for the avoidance
of doubt, any decisions pertaining to quantum of discount applicable to an Option, disputes as to the interpretation of the Scheme or
any rule, regulation or procedure hereunder or as to any rights under the Scheme). The Committee shall not be required to furnish any
reasons for any decision or determination made by it.

13.5 The Committee shall ensure that the rules of the Scheme are
in compliance with the Act and the applicable laws and regulations in Singapore, including but not limited to, the Catalist Rules. Any
Option granted by the Company under the Scheme shall also be made in accordance with, and in the manner prescribed by, the Act, the Catalist
Rules, the Constitution, the Rules and such other laws and regulations as may for the time being be applicable.

**14.** **NOTICES** 

14.1 Any notice required to be given by a Participant to the Company
shall be sent or made to the registered office of the Company or such other addresses (including electronic mail addresses) or facsimile
number, and marked for the attention of the Committee, as may be notified by the Company to him in writing.

14.2 Any notices or documents required to be given to a Participant
or any correspondence to be made between the Company and the Participant shall be given or made by the Committee (or such person(s) as
it may from time to time direct) on behalf of the Company and shall be delivered to him by hand or sent to him at his home address, electronic
mail address or facsimile number according to the records of the Company or the last known address, electronic mail address or facsimile
number of the Participant.

14.3 Any notice or other communication from a Participant to the
Company shall be irrevocable, and shall not be effective until received by the Company. Any other notice or communication from the Company
to a Participant shall be deemed to be received by that Participant, when left at the address specified in Rule 14.2 or, if sent by post,
on the day following the date of posting or, if sent by electronic mail or facsimile transmission, on the day of despatch.

15. **MODIFICATIONS TO THE SCHEME** 

15.1 Any or all the provisions of the Scheme may be modified and/or
altered at any time and from time to time by resolution of the Committee, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no modification or alteration shall alter adversely the rights
attaching to any Option granted prior to such modification or alteration except when the consent in writing of such number of Participants
who, if they exercised their Options in full, would thereby become entitled to not less than three-quarters in number of all the Shares
which would fall to be allotted upon exercise in full of all outstanding Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any modification or alteration which would be to the advantage of Participants under the Scheme shall
be subject to the prior approval of the Shareholders in general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no modification or alteration shall be made without the prior approval of the SGX-ST and such other regulatory
authorities as may be necessary, and any modification or alteration shall comply with the listing rules of SGX-ST.

For the purposes of Rule 15.1(a), the opinion of the Committee as to whether any modification or alteration would adversely affect the rights attached to any Option shall be final, binding and conclusive.

For the avoidance of doubt, nothing in this Rule 15.1 shall affect the right of the Committee under any provision of the Scheme to amend or adjust any Option and without due compliance with the Listing Rules and such other laws and regulations as may be applicable.

15.2 Notwithstanding anything to the contrary contained in Rule
15.1, the Committee may at any time by resolution (and without other formality, save for the prior approval of the SGX-ST if required)
amend or alter the Scheme in any way to the extent necessary or desirable, in the opinion of the Committee, to cause the Scheme to comply
with any statutory provision (or any amendment or modification thereto, including amendment of or modification to the Act) or the provision
or the regulations of any regulatory or other relevant authority or body (including the SGX-ST).

15.3 Written notice of any modification or alteration made in
accordance with this Rule 15 shall be given to all Participants, but accidental omission to give notice to any Participant(s) shall not
invalidate any such modifications or alterations.

**16.** **TERMS OF EMPLOYMENT UNAFFECTED** 

The terms of employment of a Participant shall not be affected by his participation in the Scheme, which shall neither form part of such terms nor entitle him to take into account such participation in calculating any compensation or damages on the termination of his employment for any reason.

**17.** **DURATION OF THE SCHEME** 

17.1 The Scheme shall continue to be in force at the discretion
of the Committee, subject to a maximum period of ten (10) years commencing on the Adoption Date, provided always that the Scheme may
continue beyond the above stipulated period with the approval of the Shareholders by ordinary resolution in general meeting and of any
relevant authorities which may then be required.

17.2 The Scheme may be terminated at any time by the Committee,
at the discretion of the Committee, or by resolution of the Company in general meeting, subject to all relevant approvals which may be
required and if the Scheme is so terminated, no further Options shall be offered by the Company hereunder.

17.3 The termination, discontinuance or expiry of the Scheme shall
not affect Options which have been granted prior to such expiry or termination, whether such Options have been exercised (whether fully
or partially) or not.

**18.** **TAXES** 

All taxes (including income tax) arising from the grant or exercise of any Option granted to any Participant under the Scheme shall be borne by that Participant.

**19.** **COSTS AND EXPENSES** 

19.1 Each Participant shall be responsible for all fees of CDP
relating to or in connection with the issue and allotment or transfer of any Shares pursuant to the exercise of any Option in CDP's
name, the deposit of share certificate(s) with CDP, the Participant's Securities Account with CDP, or the Participant's securities
sub-account with a Depository Agent.

19.2 Save for the taxes referred to in Rule 18 and such other
costs and expenses expressly provided in the Scheme to be payable by the Participants, all fees, costs and expenses incurred by the Company
in relation to the Scheme including but not limited to the fees, costs and expenses relating to the allotment and issue of Shares pursuant
to the exercise of any Option shall be borne by the Company.

20. **DISCLAIMER OF LIABILITY** 

Notwithstanding any provisions herein contained, the Board, the Committee and the Company shall not under any circumstances be held liable for any costs, losses, expenses and damages whatsoever and howsoever arising in any event, including but not limited to the Company's delay in issuing the Shares or procuring the transfer of or applying for or procuring the listing of new Shares on the SGX-ST in accordance with Rule 10.5 (and any other stock exchange on which the Shares are quoted or listed).

**21.** **DISCLOSURE IN ANNUAL REPORT** 

The Company shall disclose the following (as applicable) in its annual report for so long as the Scheme continues in operation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names of the members of the Committee administering the
Scheme;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information required in the table below for the following Participants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participants who are Controlling Shareholders and their Associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Participants (other than those in (i) and (ii) above) who receive 5% or more of the total number of Shares
comprised in Options available under the Scheme.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Participant** | **Options granted during financial year under review (including terms)** | **Aggregate Options granted since commencement of Scheme to end of financial year under review** | **Aggregate Options exercised since commencement of Scheme to end of financial year under review** | **Aggregate Options outstanding as at end of financial year under review** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In respect of options granted to Directors and employees
of the Company or the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the names of and number and terms of Options granted to each
director or employee of the Company or the Group who receives 5% or more of the total number of Options available to all Directors and
employees of the Company and the Group under the Scheme during the financial year under review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate number of Options granted to the Directors and employees of the Company and the Group for
the financial year under review, and since the commencement of the Scheme to the end of the financial year under review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The number and proportion of Options granted at a discount
during the financial year under review in respect of every 10% discount range, up to the maximum quantum of discount granted.

If any of the above requirements is not applicable, an appropriate negative statement shall be included therein.

22. **ABSTENTION FROM VOTING** 

Shareholders who are eligible to participate in the Scheme must abstain from voting on any resolution relating to the Scheme, including any Shareholders' resolution relating to the implementation of the Scheme, or the making of offers and grants of options under the Scheme at a discount not exceeding the maximum discount, or the participation by, and options granted to, Controlling Shareholders and/or their Associates and should not accept nominations as proxy or otherwise for voting unless specific instructions have been given in the Proxy Form on how the vote is to be cast.

**23.** **DISPUTES** 

Any disputes or differences of any nature arising hereunder shall be referred to the Committee and its decision shall be final and binding in all respects.

**24.** **CONDITION OF OPTIONS** 

Every Option shall be subject to the condition that no Shares shall be issued pursuant to the exercise of an Option if such issue would be contrary to any law or enactment, or any rules or regulations of any legislative or non-legislative governing body for the time being in force in Singapore or any other relevant country having jurisdiction.

**25.** **GOVERNING LAW** 

The Scheme shall be governed by, and construed in accordance with, the laws of the Republic of Singapore. The Participants, by accepting Options in accordance with the Scheme, and the Company submit to the exclusive jurisdiction of the courts of the Republic of Singapore.

**26.** **CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001** 

No person other than the Company or a Participant shall have any right to enforce any provision of the Scheme or any Option by the virtue of the Contracts (Rights of Third Parties) Act 2001 of Singapore.

**Schedule A-1**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**LETTER OF OFFER (MARKET PRICE OPTION)**

Serial No:_______________

Date:

---

| | |
|:---|:---|
| To: | [Name] |

---

[Designation]

[Address]

**Private and Confidential**

Dear Sir/Madam,

1. We have the pleasure of informing you that you have been nominated to participate in the MetaOptics Employee
Share Option Scheme 2026 (the "**Scheme**") by the Committee (the "**Committee**") appointed by the Board
of Directors of MetaOptics Ltd (the "**Company**") to administer the Scheme. The offer contained herein shall be subject
to the terms and conditions of the Scheme. Terms as defined in the Scheme shall have the same meaning when used in this letter.

2. Accordingly, in consideration of the payment of a sum of S$1.00, an offer is hereby made to grant you
a Market Price Option (the "**Option**") to subscribe for and be allotted _____________ Shares at the price of S$_____________
for each Share.

3. The Option shall be exercisable after _____________. The right of exercise will terminate on _____________,
being the tenth anniversary of the date of grant of the Option.

4. The Option is personal to you and shall not be sold, mortgaged, transferred, charged, pledged, assigned
or otherwise disposed of or encumbered by you, in whole or in part, except with the prior approval of the Committee duly authorised and
appointed to administer the Scheme.

5. The Option shall be subject to the terms and conditions of this Letter of Offer and the Scheme (as the
same may be amended from time to time pursuant to the terms and conditions of the Scheme), a copy of which is available for inspection
at the registered office address of the Company.

6. If you wish to accept the offer, please sign and return the enclosed Acceptance Form with a sum of S$1.00
not later than 5.00 p.m. on _____________, failing which this offer will forthwith lapse.

Yours faithfully,

For and on behalf of

**METAOPTICS LTD**

_____________________

Name:

Designation:

**Schedule A-2**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**LETTER OF OFFER (INCENTIVE OPTION)**

Serial No:______________

Date:

---

| | |
|:---|:---|
| To: | [Name] |

---

[Designation]

[Address]

**Private and Confidential**

Dear Sir/Madam,

1. We have the pleasure of informing you that you have been nominated to participate in the MetaOptics Employee
Share Option Scheme 2026 (the "**Scheme**") by the Committee (the "**Committee**") appointed by the Board
of Directors of MetaOptics Ltd (the "**Company**") to administer the Scheme. The offer contained herein shall be subject
to the terms and conditions of the Scheme. Terms as defined in the Scheme shall have the same meaning when used in this letter.

2. Accordingly, in consideration of the payment of a sum of S$1.00, an offer is hereby made to grant you
an Incentive Option (the "**Option**") to subscribe for and be allotted _____________ Shares at the discounted price of
S$_____________ for each Share (being the subscription price of S$_____________ less a discount of _____%).

3. The Option shall be exercisable after _____________. The right of exercise will terminate on _____________,
being the tenth anniversary of the date of grant of the Option.

4. The Option is personal to you and shall not be sold, mortgaged, transferred, charged, pledged, assigned
or otherwise disposed of or encumbered by you, in whole or in part, except with the prior approval of the Committee duly authorised and
appointed to administer the Scheme.

5. The Option shall be subject to the terms and conditions of this Letter of Offer and the Scheme (as the
same may be amended from time to time pursuant to the terms and conditions of the Scheme), a copy of which is available for inspection
at the registered office address of the Company.

6. If you wish to accept the offer, please sign and return the enclosed Acceptance Form with a sum of S$1.00
not later than 5.00 p.m. on _____________, failing which this offer will forthwith lapse.

Yours faithfully,

For and on behalf of

**METAOPTICS LTD**

_____________

Name:

Designation:

**Schedule B-1**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**ACCEPTANCE FORM (MARKET PRICE OPTION)**

Serial No: _____________

Date:

To: The Committee,

MetaOptics Employee Share Option Scheme 2026

Closing Date for Acceptance of Offer :

Number of Shares Offered :

Exercise Price for each Share : S$

Total Amount Payable : S$

(exclusive of the relevant CDP charges)

I have read your Letter of Offer dated _____________ and agree to be bound by the terms of the Letter of Offer and the Scheme referred to therein. Terms defined in your Letter of Offer shall have the same meanings when used in this Acceptance Form.

I hereby accept the Option to subscribe for _____________ Shares at S$_____________ for each Share and enclose cash for S$1.00 in payment for the purchase of the Option.

I understand that I am not obliged to exercise the Option.

I also understand that I shall be responsible for all the fees of CDP (if applicable) relating to or in connection with the issue and allotment and/or transfer of any Shares in CDP's name, the deposit of share certificate(s) with CDP, my securities account with CDP, or my securities sub-account with a CDP Depository Agent (as the case may be) (collectively, the "**CDP charges**").

I confirm that my acceptance of the Option will not result in the contravention of any applicable law or regulation in relation to the ownership of Shares or options to subscribe for such Shares.

I agree to keep all information pertaining to the grant of the Option to me strictly confidential.

I further acknowledge that you have not made any representation to induce me to accept the offer and that the terms of the Letter of Offer and this Acceptance Form constitute the entire agreement between us relating to the offer.

**PLEASE PRINT IN BLOCK LETTERS**

---

| | |
|:---|:---|
| Name in full | : |
| Designation | : |
| Address | : |
| Nationality | : |
| \*NRIC/Passport No. | : |
| Signature | : |
| Date | : |

---

*\*Delete accordingly*

**Notes:**

1. Options must be accepted in full or in multiples of 100 Shares.

2. This Acceptance Form must be addressed to The Committee, MetaOptics Employee Share Option Scheme 2026
in a sealed envelope marked 'Private and Confidential'.

3. The Participant shall be informed by the Company of the relevant CDP charges payable at the time of the
exercise of an Option.

**Schedule B-2**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**ACCEPTANCE FORM (INCENTIVE OPTION)**

Serial No: _____________

Date:

To: The Committee,

MetaOptics Employee Share Option Scheme 2026

Closing Date for Acceptance of Offer :

Number of Shares Offered :

Exercise Price for each Share : S$

Total Amount Payable : S$

(exclusive of the relevant CDP charges)

I have read your Letter of Offer dated _____________ and agree to be bound by the terms of the Letter of Offer and the Scheme referred to therein. Terms defined in your Letter of Offer shall have the same meanings when used in this Acceptance Form.

I hereby accept the Option to subscribe for _____________Shares at a discounted price of S$ _____________ for each Share and enclose cash for S$1.00 in payment for the purchase of the Option.

I understand that I am not obliged to exercise the Option.

I also understand that I shall be responsible for all the fees of CDP (if applicable) relating to or in connection with the issue and allotment and/or transfer of any Shares in CDP's name, the deposit of share certificate(s) with CDP, my securities account with CDP, or my securities sub-account with a CDP Depository Agent (as the case may be) (collectively, the "**CDP charges**").

I confirm that my acceptance of the Option will not result in the contravention of any applicable law or regulation in relation to the ownership of Shares or options to subscribe for such Shares.

I agree to keep all information pertaining to the grant of the Option to me strictly confidential.

I further acknowledge that you have not made any representation to induce me to accept the offer and that the terms of the Letter of Offer and this Acceptance Form constitute the entire agreement between us relating to the offer.

**PLEASE PRINT IN BLOCK LETTERS**

---

| | |
|:---|:---|
| Name in full | : |
| Designation | : |
| Address | : |
| Nationality | : |
| \*NRIC/Passport No. | : |
| Signature | : |
| Date | : |

---

*\*Delete accordingly*

**Notes:**

1. Options must be accepted in full or in multiples of 100 Shares.

2. This Acceptance Form must be addressed to The Committee, MetaOptics Employee Share Option Scheme 2026
in a sealed envelope marked 'Private and Confidential'.

3. The Participant shall be informed by the Company of the relevant CDP charges payable at the time of the
exercise of an Option.

**Schedule C-1**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**FORM OF EXERCISE OF OPTION (MARKET PRICE OPTION)**

Serial No: _____________

Date:

To: The Committee,

MetaOptics Employee Share Option Scheme 2026

---

| |
|:---|
| Total number of ordinary shares (the "**Shares**") offered at S$_______ for each Share (the "**Exercise Price**") under the Scheme on __________ (Date of Grant) |
| Number of Shares previously allotted thereunder |
| Outstanding balance of Shares to be allotted thereunder |
| Number of Shares now to be subscribed |

---

1. Pursuant to your Letter of Offer dated <u>____________</u> and my acceptance thereof, I hereby exercise
the Option to subscribe for <u>____________</u> Shares in MetaOptics Ltd (the "**Company**") at S$ <u>____________</u> for
each Share.

2. I request the Company to allot and issue the said Shares in the name of The Central Depository (Pte) Limited
(" **CDP**") to the credit of my \*Securities Account with CDP/Sub-Account with the Depository Agent specified below and
to deliver the share certificate(s) relating thereto to CDP at my own risk. I further agree to bear such fees or other charges as may
be imposed by CDP and any stamp duty payable in respect thereof:

\*(i) Direct Securities Account No. :

\*(ii) Securities Sub-Account No. :

Name of Depository Agent :

3. I enclose a \*cheque/cashier's order/banker's draft/postal order no. <u>____________</u> for
S$ <u>____________</u> in payment for the subscription for the total number of the said Shares.

4. I agree to subscribe for the said Shares subject to the terms of the Letter of Offer, the MetaOptics Employee
Share Option Scheme 2026 (as the same may be amended pursuant to the terms thereof from time to time) and the Constitution of the Company.

5. I declare that I am subscribing for the said Shares for myself and not as a nominee for any other person.

**PLEASE PRINT IN BLOCK LETTERS**

---

| | |
|:---|:---|
| Name in full | : |
| Designation | : |
| Address | : |
| Nationality | : |
| \*NRIC/Passport No. | : |
| Signature | : |
| Date | : |

---

*\* Delete accordingly*

**Notes**:

1. An Option may be exercised in whole or in part provided that an Option may be exercised in part only in
respect of 100 Shares or any multiple thereof.

2. This Acceptance Form must be addressed to The Committee, MetaOptics Employee Share Option Scheme 2026
in a sealed envelope marked 'Private and Confidential'.

**Schedule C-2**

**METAOPTICS EMPLOYEE SHARE OPTION SCHEME 2026**

**FORM OF EXERCISE OF OPTION (INCENTIVE OPTION)**

Serial No: <u>____________</u>

Date:

To: The Committee,

MetaOptics Employee Share Option Scheme 2026

---

| |
|:---|
| Total number of ordinary shares (the "**Shares**") offered at S$_______ for each Share (the "**Exercise Price**") under the Scheme on __________ (Date of Grant) |
| Number of Shares previously allotted thereunder |
| Outstanding balance of Shares to be allotted thereunder |
| Number of Shares now to be subscribed |

---

1. Pursuant to your Letter of Offer dated ____________
and my acceptance thereof, I hereby exercise the Option to subscribe for____________ Shares in MetaOptics Ltd (the "**Company** ")
at the discounted price of S$____________ for each Share.

2. I request the Company to allot and issue the said Shares
in the name of The Central Depository (Pte) Limited ()"**CDP**") to the credit of my \*Securities Account with CDP/Sub-Account
with the Depository Agent specified below and to deliver the share certificate(s) relating thereto to CDP at my own risk. I further agree
to bear such fees or other charges as may be imposed by CDP and any stamp duty payable in respect thereof:

\*(i) Direct Securities Account No. :

\*(ii) Securities Sub-Account No. :

Name of Depository Agent :

3. I enclose a \*cheque/cashier's order/banker's
draft/postal order no. ____________ for S$____________ in payment for the subscription for the total number of the said Shares.

4. I agree to subscribe for the said Shares subject to the terms
of the Letter of Offer, the MetaOptics Employee Share Option Scheme 2026 (as the same may be amended pursuant to the terms thereof from
time to time) and the Constitution of the Company.

5. I declare that I am subscribing for the said Shares for myself
and not as a nominee for any other person.

**PLEASE PRINT IN BLOCK LETTERS**

---

| | |
|:---|:---|
| Name in full | : |
| Designation | : |
| Address | : |
| Nationality | : |
| \*NRIC/Passport No. | : |
| Signature | : |
| Date | : |

---

*\* Delete accordingly*

**Notes**:

1. An Option may be exercised in whole or in part provided that an Option may be exercised in part only in
respect of 100 Shares or any multiple thereof.

2. This Acceptance Form must be addressed to The Committee, MetaOptics Employee Share Option Scheme 2026
in a sealed envelope marked 'Private and Confidential'.

## Exhibit 10.4

**Exhibit 10.4**

**RULES OF THE METAOPTICS PERFORMANCE SHARE PLAN 2026**

**1.** **NAME OF THE PERFORMANCE SHARE PLAN** 

This Performance Share Plan shall be called the "**MetaOptics Performance Share Plan 2026**" **("MetaOptics PSP")**.

**2.** **DEFINITIONS** 

In the MetaOptics PSP, unless the context otherwise requires, the following words and expressions shall have the following meanings:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Singapore Companies Act**" | &nbsp;&nbsp;The Companies Act 1967 of Singapore, as amended, modified or supplemented from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Adoption Date**" | &nbsp;&nbsp;The date on which the MetaOptics PSP is adopted by the Shareholders of the Company at a general meeting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Associate**" | &nbsp;&nbsp;Shall have the meaning ascribed to it in the Catalist Rules |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Auditors**" | &nbsp;&nbsp;The auditors of the Company for the time being |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Award**" | &nbsp;&nbsp;A contingent award of Shares granted under the MetaOptics PSP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Award Date**" | &nbsp;&nbsp;In relation to an Award, the date on which the Award is granted pursuant to Rule 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Award Letter**" | &nbsp;&nbsp;A letter in such form as the Committee shall approve confirming an Award granted to a Participant by the Committee |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Board**" | &nbsp;&nbsp;The board of directors of the Company for the time being |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Catalist"** | &nbsp;&nbsp;The sponsor-supervised listing platform of the SGX-ST |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**"Catalist Rules"** | &nbsp;&nbsp;The Listing Manual Section B: Rules of Catalist of the SGX-ST, as amended, modified or supplemented from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**CDP**" | &nbsp;&nbsp;The Central Depository (Pte) Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Committee**" | &nbsp;&nbsp;The Remuneration Committee of the Company for the time being, duly authorised and appointed by the Board to administer the MetaOptics PSP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Company**" | &nbsp;&nbsp;MetaOptics Ltd |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Control**" | &nbsp;&nbsp;The capacity to dominate decision-making, directly or indirectly, in relation to the financial and operating policies of the Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Controlling Shareholder**" | &nbsp;&nbsp;A person who (a) has an interest in the voting shares of the Company of an aggregate of not less than 15% of the total votes attached to all voting shares in the Company; or (b) in fact exercises Control over the Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Director**" | &nbsp;&nbsp;A person holding office as a director of the Company for the time being |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group**" | &nbsp;&nbsp;The Company and its subsidiaries |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Employee**" | &nbsp;&nbsp;A full-time employee of a Group Company (including any Group Executive Director who meets the relevant criteria and who shall be regarded as a Group Employee for the purposes of the MetaOptics PSP) selected by the Committee to participate in the MetaOptics PSP in accordance with the MetaOptics PSP. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Executive Director**" | &nbsp;&nbsp;A director of the Company and/or any of its subsidiaries, as the case may be, who performs an executive function |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Group Non-Executive Director**" | &nbsp;&nbsp;A director of the Company and/or any of its subsidiaries, as the case may be, other than one who performs an executive function |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**M&AA"** | &nbsp;&nbsp;The amended and restated memorandum and articles of association of the Company, as amended from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**MetaOptics PSP**" | &nbsp;&nbsp;The MetaOptics Performance Share Plan 2026, as the same may be modified or altered from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Participant**" | &nbsp;&nbsp;The holder of an Award (including, where applicable, the executor or personal representative of such holder) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Performance Condition**" | &nbsp;&nbsp;In relation to an Award, the performance condition prescribed by the Committee to be fulfilled or satisfied by the Participant as specified on the Award Date in relation to that Award |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Performance Period**" | &nbsp;&nbsp;A period, the duration of which is to be determined by the Committee at its discretion on the Award Date, during which the Performance Condition is to be fulfilled or satisfied |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Record Date**" | &nbsp;&nbsp;The date as at the close of business (or such other time as may have been prescribed by the Company) on which Shareholders must be registered in order to participate in the dividends, rights, allotments or other distributions (as the case may be) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Release**" | &nbsp;&nbsp;In relation to an Award, the release at the end of the Performance Period relating to that Award of all or some of the Shares to which that Award relates in accordance with Rule 7 and, to the extent that any Shares which are the subject of the Award are not released pursuant to Rule 7, the Award in relation to those Shares shall lapse accordingly and "**Released**" shall be construed accordingly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Release Schedule**" | &nbsp;&nbsp;In relation to an Award, a schedule in such form as the Committee shall approve, setting out the extent to which Shares which are the subject of that Award shall be Released on the Performance Condition being satisfied (whether fully or partially) or exceeded or not being satisfied, as the case may be, at the end of the Performance Period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Released Award**" | &nbsp;&nbsp;An Award which has been released in accordance with Rule 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Retention Period**" | &nbsp;&nbsp;Such retention period as may be determined by the Committee and notified to the Participant at the grant of the relevant Award to that Participant |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Rules**" | : | &nbsp;&nbsp;Rules of the MetaOptics PSP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Securities Account**" | : | &nbsp;&nbsp;The securities account maintained by a Depositor with CDP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**SFA**" | : | &nbsp;&nbsp;The Securities and Futures Act 2001 of Singapore, as amended, supplemented or modified from time to time |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**SGX-ST**" | : | &nbsp;&nbsp;The Singapore Exchange Securities Trading Limited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Shareholders**" | : | &nbsp;&nbsp;The registered holders for the time being of the Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Shares**" | : | &nbsp;&nbsp;Ordinary shares in the capital of the Company |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Trading Day**" | : | &nbsp;&nbsp;A day on which the Shares are traded on the SGX-ST |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Vesting**" | : | &nbsp;&nbsp;In relation to Shares which are the subject of a Released Award, the absolute entitlement to all or some of the Shares which are the subject of a Released Award and "Vest" and "Vested" shall be construed accordingly |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"**Vesting Date**" | : | &nbsp;&nbsp;In relation to Shares which are the subject of a Released Award, the date as determined by the Committee and notified to the relevant Participant on which those Shares have Vested pursuant to Rule 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Currencies, Units and Others</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Currencies, Units and Others</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Currencies, Units and Others</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"S$" or "$" and "cents" | : | &nbsp;&nbsp;Singapore dollar and cents respectively |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"%" or "per cent." | : | &nbsp;&nbsp;Per centum or percentage |

---

The terms "**Depositor**", "**Depository Agent**" and "**Depository Register**" shall have the meanings ascribed to them respectively in the SFA, the Cayman Islands Companies Act and/or the Singapore Companies Act, and/or the Catalist Rules, as the case may be.

The term "**subsidiary**" shall have the same meaning ascribed to it in Section 5 of the Act.

Any reference in the MetaOptics PSP to any enactment is a reference to that enactment as for the time being amended or re-enacted. Any word defined under the Act or any statutory modification thereof and used in the MetaOptics PSP shall have the meaning assigned to it under the Act or any statutory modification thereof, as the case may be.

Words importing the singular number shall, where applicable, include the plural number and vice versa. Words importing the masculine gender shall, where applicable, include the feminine and neuter genders and *vice versa*. References to persons shall include corporations.

Any reference to a time of day shall be a reference to Singapore time.

**3.** **OBJECTIVES OF THE METAOPTICS PSP** 

3.1 The MetaOptics PSP is a performance incentive scheme which
will form an integral part of the Group's incentive compensation program.

3.2 The objectives of the MetaOptics PSP are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide an opportunity for Participants to participate in
the equity of the Company, thereby inculcating a stronger sense of identification with the long-term prosperity of the Group and promoting
organisational commitment, dedication and loyalty of Participants towards the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) foster an ownership culture within the Group which aligns
the interests of Participants with the interests of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) motivate Participants to strive towards performance excellence
and to maintain a high level of contribution to the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) give recognition to contributions made or to be made by Participants
by introducing a variable component into their remuneration package; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) make employee remuneration sufficiently competitive to recruit
and retain staff whose contributions are important to the long-term growth and profitability of the Group.

**4.** **ELIGIBILITY OF PARTICIPANTS** 

4.1 The following persons shall be eligible to participate in
the MetaOptics PSP at the absolute discretion of the Committee, provided that, as at the Award Date, such person has attained the age
of twenty-one (21) years and is not an undischarged bankrupt and has not entered into a composition with his/her creditors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Group Employees (including Group Executive Directors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Group Non-Executive Directors (including Independent Directors);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Controlling Shareholders and their Associates,

who, in the opinion of the Committee, have contributed or will contribute to the success of the Group.

4.2 Persons who are Controlling Shareholders and their Associates
who satisfy the criteria set out in Rule 4.1 above shall be eligible to participate in the MetaOptics PSP, at the absolute discretion
of the Committee, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) written justification has been provided to Shareholders for
such person's participation at the introduction of the MetaOptics PSP or prior to the first Grant of Options to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the participation by each such person, and (ii) the actual
or maximum number of Shares and terms of any Awards to be granted to each such person have been specifically approved by Shareholders
of the Company who are not beneficiaries of the grant in a general meeting in separate resolutions for each such person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all conditions for their participation in the MetaOptics PSP
as may be required by the Catalist Rules and any other regulations or requirements of the SGX-ST from time to time are satisfied,

provided always that it shall not be necessary to obtain the approval of the independent shareholders of the Company for the participation in the MetaOptics PSP of a Controlling Shareholder or his Associate who is, at the relevant time, already a Participant.

4.3 There shall be no restriction on the eligibility of any Participant
to participate in any other share option or share incentive schemes implemented by any of the other companies within the Group.

4.4 Subject to the Cayman Islands Companies Act, the Singapore
Companies Act and any requirements of the SGX-ST, the terms of eligibility for participation in the Scheme may be amended from time to
time at the absolute discretion of the Committee.

**5.** **GRANT OF AWARDS** 

5.1 Subject to the Rules, the Committee may grant Awards to eligible
Group Employees (including Executive Directors), Group Non-Executive Directors (including independent Directors), Controlling Shareholders
and their Associates, and in each case, as the Committee may select in its absolute discretion, at any time during the period when the
MetaOptics PSP is in force, provided that (i) no Award shall be granted during the period commencing one month before the announcement
of the Company's half year and full year financial statements (or such relevant period as prescribed under the Catalist Rules)
and (ii) in the event that an announcement on any matter involving unpublished price sensitive information is made, Awards may only be
granted on or after the second Market Day from the date on which the aforesaid announcement is made.

5.2 The Committee shall decide, in its absolute discretion, in
relation to each Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Award Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number of Shares which are the subject of the Award (subject
to Rule 4.2 and Rule 8);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Performance Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Release Schedule; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other condition which the Committee may determine in relation
to that Award, provided that the requirements under the Catalist Rules and any other regulations or requirements of the SGX-ST from time
to time are complied with.

The Performance Condition in relation to each Award shall be determined by the Committee in its absolute discretion, taking into account the objective of setting incremental performance targets or benchmarks which are in line with the objectives of the Company and the Group, as well as criteria such as the past and current performance, number of years of service, market conditions, scope of work and responsibilities of such Participant and any other qualitative factors.

5.3 The Committee may amend or waive the Performance Period,
the Performance Condition and/or the Release Schedule in respect of any Award and shall notify the Participants of such change or waiver:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event of a general offer (whether conditional or unconditional) being made for all or any part
of the Shares or if under any applicable laws, a court sanctions a compromise or arrangement proposed for the purposes of, or in connection
with, a scheme for the reconstruction of the Company or its amalgamation with another company or companies or in the event of a proposal
to liquidate or sell all or substantially all of the assets of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if anything happens which causes the Committee to conclude that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a changed Performance Condition and/or Release Schedule would be a fairer measure of the performance of
a Participant, and would be no less difficult to satisfy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Performance Condition and/or Release Schedule should be waived, as the Participant has achieved a
level of performance that the Committee considers satisfactory notwithstanding that the Performance Condition may not have been fulfiled
or for any other reason,

and shall notify the Participants of such change or waiver (but accidental omission to give notice to any Participant(s) shall not invalidate any such change or waiver).

5.4 As soon as reasonably practicable after making an Award the Committee shall send to the relevant Participant
an Award Letter confirming the Award and specifying in relation to the Award:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Award Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Shares which are the subject of the Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Performance Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Performance Condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Release Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Vesting Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other condition which the Committee may determine in relation to that Award.

5.5 Participants are not required to pay for the grant of Awards.

5.6 An Award or Released Award shall be personal to the Participant
to whom it is granted and, prior to the allotment and/or transfer to the Participant of the Shares to which the Released Award relates,
shall not be transferred (other than to a Participant's personal representative on the death of that Participant), charged, assigned,
pledged, mortgaged, encumbered or otherwise disposed of, in whole or in part, except with the prior approval of the Committee and if
a Participant shall do, suffer or permit any such act or thing as a result of which he would or might be deprived of any rights under
an Award or Released Award without the prior approval of the Committee, that Award or Released Award shall immediately lapse.

5.7 The grant of an Award to a Participant shall be accepted by
the Participant within 15 days from the Award Date by completing, signing and returning to the Company an acceptance form in such form
as the Committee shall approve, provided that the Participant remains eligible to participate in this MetaOptics PSP in accordance with
the Rules on the date which the Committee receives such acceptance form. The Participant may accept or refuse the whole but not part
of the Award offered. The Committee shall within 15 days of receipt of the acceptance form, acknowledge the receipt thereof.

5.8 If the grant of an Award is not accepted by the Participant
in the manner as provided in Rule 5.7, the Award offered shall, upon the expiry of the 15-day period referred in Rule 5.7, automatically
lapse and shall forthwith become void and cease to have effect.

**6.** **EVENTS PRIOR TO THE VESTING DATE** 

6.1 An Award shall, to the extent not yet Released, immediately
lapse and become void and cease to have effect on the occurrence of any of the following events (and in such an event, the Participant
shall have no claim whatsoever against the Company, its Directors or employees):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the event of misconduct on the part of the Participant as determined by the Committee in its discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subject to Rule 6.2(b), upon the Participant ceasing to be in the employment of or being a Director of
the Group, for any reason whatsoever; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event of an order being made or a resolution passed for the winding-up of the Company on the basis,
or by reason, of its insolvency.

For the purpose of Rule 6.1(b), the Participant shall be deemed to have ceased to be so employed as of the date the notice of termination of employment is tendered by or is given to him, unless such notice shall be withdrawn prior to its effective date.

6.2 In any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the bankruptcy of the Participant or the happening of any other event which results in his being deprived
of the legal or beneficial ownership of or interest in an Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Participant ceases to be in the employment of the Group, by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ill health, injury or disability (in each case, evidenced to the satisfaction of the Committee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) redundancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) retirement at or after the legal retirement age;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) retirement before the legal retirement age with the consent of the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the company by which he is employed or to which he is seconded, as the case may be, ceasing to be a company
within the Group, or the undertaking or part of the undertaking of such company being transferred otherwise than to another company within
the Group, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) (where applicable) his transfer of employment between companies within the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) his transfer to any government ministry, governmental or statutory body or corporation at the direction
of any company within the Group; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other event approved by the Committee at its absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the death of the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other event approved by the Committee at its absolute discretion,

the Committee may, in its absolute discretion, preserve all or any part of any Award and decide as soon as reasonably practicable following such event either to Vest some or all of the Shares which are the subject of any Award or to preserve all or part of any Award until the end of the Performance Period and subject to the provisions of the Plan. In exercising its discretion, the Committee will have regard to all circumstances on a case-by-case basis, including (but not limited to) the contributions made by that Participant and the extent to which the Performance Condition has been satisfied.

6.3 Without prejudice to the provisions of Rule 5.4 and to the
extent of an Award yet to be Released, if before the Vesting Date, any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a general offer (whether conditional or unconditional) being made for all or any part of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a compromise or arrangement proposed for the purposes of, or in connection with, a scheme for the reconstruction
of the Company or its amalgamation with another company or companies being approved by shareholders of the Company and/or sanctioned by
the court under any applicable laws;;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an order for the compulsory winding-up of the Company is made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a resolution for a voluntary winding-up (other than for amalgamation or reconstruction) of the Company
being made,

the Committee will consider, at its discretion, whether or not to Release any Award, and will take into account all circumstances on a case-by-case basis, including (but not limited to) the contributions made by that Participant. If the Committee decides to Release any Award, then in determining the number of Shares to be Vested in respect of such Award, the Committee will have regard to the proportion of the Performance Period which has elapsed and the extent to which the Performance Condition has been satisfied. Where such Award is Released, the Committee will, as soon as practicable after such Release, procure the allotment or transfer to each Participant of the number of Shares so determined, such allotment or transfer to be made in accordance with Rule 7.

**7.** **RELEASE OF AWARDS** 

7.1 **Review of Performance Condition** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In relation to each Performance-related Award, as soon as reasonably practicable after the end of each
relevant Performance Period, the Committee shall review the Performance Condition specified in respect of each Award and determine at
its discretion whether it has been satisfied and, if so, the extent to which it has been satisfied, and provided that the relevant Participant
has continued to be an eligible person under Rule 4.1 from the Award Date up to the end of the Performance Period, shall Release to that
Participant all or part (as determined by the Committee at its discretion in the case where the Committee has determined that there has
been partial satisfaction of the Performance Condition) of the Shares to which his Award relates in accordance with the Release Schedule
specified in respect of his Award on the Vesting Date. If not, the Awards shall lapse and be of no value.

If the Committee determines in its sole discretion that the Performance Condition has not been satisfied or (subject to Rule 6) or if the relevant Participant has not continued to be an eligible person under Rule 4.1 from the Award Date up to the end of the relevant Performance Period, that Award shall lapse and be of no value and the provisions of Rule 7 (save for this Rule 7.1(a)) shall be of no effect.

The Committee shall have the discretion to determine whether the Performance Condition has been satisfied (whether fully or partially) or exceeded and in making any such determination, the Committee shall have the right to make computational adjustments to the audited results of the Company or the Group, to take into account such factors as the Committee may determine to be relevant, including changes in accounting methods, taxes and extraordinary events, and further the right to amend the Performance Condition if the Committee decides that a changed performance target would be a fairer measure of performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares which are the subject of a Released Award shall be Vested to a Participant on the Vesting Date,
which shall be a Trading Day falling as soon as practicable after the review by the Committee referred to in Rule 7.1(a) and, on the Vesting
Date, the Committee will procure the allotment or transfer to each Participant of the number of Shares so determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where new Shares are allotted upon the Vesting of any Award, the Company shall, as soon as practicable
after such allotment, apply to the SGX-ST for the listing of and quotation for such Shares on the Catalist of the SGX-ST.

7.2 **Release of Award** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the prevailing legislation, the Catalist Rules and the constitution of the Company, the Company
will have the flexibility to deliver Shares to Participants upon Release of their Awards by way of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an allotment and issue of new Shares; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transfer of existing Shares to the Participant, whether such existing Shares are purchased or acquired
pursuant to a share buy back mandate granted by Shareholders (including any renewal of such mandate) or (to the extent permitted by law)
held as treasury shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to issue new Shares or to deliver existing Shares to Participants on Release of
their Awards, the Company will take into account factors such as (but not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the prevailing market price of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial performance of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cash position of the Group and the projected capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the dilution impact (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the cost to the Company of either issuing new Shares or purchasing existing Shares to hold as treasury
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the liquidity of the Shares based on the average daily trading volume of the Shares, and in particular
whether the repurchase by the Company of existing Shares to deliver to Participants upon Release of their Awards would materially impact
the market price of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to such consents or other required action of any competent authority under any regulations or
enactments for the time being in force as may be necessary and subject to compliance with the terms of the MetaOptics PSP and the Constitution
of the Company, the Company shall, within ten (10) Market Days after the Release of an Award, allot and issue the relevant Shares or transfer
the treasury shares (as the case may be), and do such acts or things which are necessary for the transfer to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares which are allotted (as an issue of new Shares) or transferred (as a transfer of Shares then held
by the Company as treasury Shares) on the Release of an Award to a Participant shall be issued in the name of, or transferred to, CDP
to the credit of the securities account of that Participant maintained with CDP or the securities sub-account of that Participant maintained
with a Depository Agent, in each case, as designated in writing by that Participant.

7.3 **Shares** 

New Shares allotted and issued, and existing Shares procured by the Company for transfer, to a Participant on the Release of an Award shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) be subject to all the provisions of the Constitution of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) rank for any dividend, right, allotment or other distribution on the Record Date of which is on or after
the relevant Vesting Date and (subject as aforesaid) will rank *pari passu* in all respects with the Shares then existing.

7.4 **Moratorium** 

Shares which are allotted and issued or transferred to a Participant pursuant to the Release of an Award shall not be transferred, charged, assigned, pledged or otherwise disposed of or encumbered, in whole or in part, during the Retention Period, except to the extent set out in the Award Letter or with the prior approval of the Committee. The Company may take steps that it considers necessary or appropriate to enforce or give effect to this disposal restriction including specifying in the Award Letter the conditions which are to be attached to an Award for the purpose of enforcing this disposal restriction.

**8.** **LIMITATION ON THE SIZE OF THE METAOPTICS PSP** 

8.1 The aggregate number of Shares which may be issued or transferred
pursuant to Awards granted under the MetaOptics PSP on any date, when added to the aggregate number of Shares issued and issuable and/or
transferred and transferrable in respect of (a) all Awards granted under the MetaOptics PSP, and (b) all options granted under any other
share option, share incentive, performance share or restricted share plan implemented by the Company and for the time being in force,
shall not exceed fifteen per cent. (15%) of the total number of issued Shares excluding treasury shares and subsidiary holdings on the
day preceding that date.

8.2 The aggregate number of Shares which may be issued or transferred
pursuant to Awards under the MetaOptics PSP to Participants who are Controlling Shareholders and their Associates shall not exceed twenty
five per cent. (25%) of the Shares available under the MetaOptics PSP and such other share-based incentive schemes of the Company.

8.3 The number of Shares which may be issued or transferred pursuant
to Awards under the MetaOptics PSP to each Participant who is a Controlling Shareholder or his Associate shall not exceed ten per cent.
(10%) of the Shares available under the MetaOptics PSP and such other share-based incentive schemes of the Company.

8.4 The number of Shares in respect of which Awards may be offered
to any Participant for subscription in accordance with the MetaOptics PSP shall be determined at the absolute discretion of the Committee,
which may take into account (where applicable) criteria such as designation, responsibilities, past performance, number of years of service,
contributions to the Group and potential for future development of such person.

8.5 Shares which are the subject of Awards which have lapsed
for any reason whatsoever may be the subject of further Awards granted by the Committee under the MetaOptics PSP.

**9.** **ADJUSTMENT EVENTS** 

9.1 If a variation in the issued ordinary share capital of the
Company (whether by way of a capitalisation of profits or reserves, rights issue, reduction of capital, subdivision, consolidation, distribution
or otherwise) shall take place, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the class and/or number of Shares which are the subject of an Award to the extent not yet Vested and the
rights attached thereto; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the class and/or number of Shares in respect of which future Awards may be granted under the MetaOptics
PSP,

may, at the option of the Committee, be adjusted in such manner as the Committee may determine to be appropriate, provided that no adjustment shall be made if as a result, the Participant receives a benefit that a shareholder of the Company does not receive.

9.2 Unless the Committee considers an adjustment to be appropriate,
(a) the issue of securities as consideration for an acquisition or a private placement of securities, or (b) the cancellation of issued
Shares purchased or acquired by the Company by way of a market purchase of such Shares undertaken by the Company on the SGX-ST during
the period when a share purchase mandate granted by Shareholders (including any renewal of such mandate) is in force, shall not normally
be regarded as a circumstance requiring adjustment.

9.3 Notwithstanding the provisions of Rule 9.1, any adjustment
(except in relation to a capitalisation issue) must be confirmed in writing by the financial advisor(s) of the Company (to be appointed
at the suitable time) (acting only as experts and not as arbitrators) to be in their opinion, fair and reasonable.

9.4 Upon any adjustment required to be made pursuant to this
Rule 9, the Company shall notify the Participant (or his duly appointed personal representatives where applicable) in writing and deliver
to him (or his duly appointed personal representatives where applicable) a statement setting forth the class and/or number of Shares
thereafter to be issued or transferred on the Vesting of an Award. Any adjustment shall take effect upon such written notification being
given.

9.5 Notwithstanding the provisions of Rule 9.1 or that no adjustment
is required under the provisions of the MetaOptics PSP, the Committee may, in any circumstances where it considers that no adjustment
should be made or that it should take effect on a different date or that an adjustment should be made to any of the matters referred
to in Rule 9.1 notwithstanding that no adjustment is required under the said provisions (as the case may be), request the financial advisor(s)
of the Company (to be appointed at the suitable time) to consider whether for any reasons whatsoever the adjustment or the absence of
an adjustment is appropriate or inappropriate as the case may be, and, after such consideration, no adjustment shall take place or the
adjustment shall be modified or nullified or an adjustment made (instead of no adjustment made) in such manner and on such date as shall
be considered by such financial advisor(s) of the Company (to be appointed at the suitable time) (acting only as experts and not as arbitrators)
to be in their opinion, fair and reasonable.

**10.** **ADMINISTRATION OF THE METAOPTICS PSP** 

10.1 The MetaOptics PSP shall be administered by the Committee
in its absolute discretion with such powers and duties as are conferred on it by the Board, provided that no member of the Committee
shall participate in any deliberation or decision in respect of Awards to be granted to him or held by him.

10.2 The Committee shall have the power, from time to time, to
make and vary such arrangements, guidelines and/or regulations (not being inconsistent with the MetaOptics PSP) for the implementation
and administration of the MetaOptics PSP, to give effect to the provisions of the MetaOptics PSP and/or to enhance the benefit of the
Awards and the Released Awards to the Participants, as it may, in its absolute discretion, think fit. Any matter pertaining or pursuant
to the MetaOptics PSP and any dispute and uncertainty as to the interpretation of the MetaOptics PSP or any rule, regulation or procedure
thereunder or any rights under the MetaOptics PSP shall be determined by the Committee in its absolute discretion.

10.3 Neither the MetaOptics PSP nor the grant of Awards under
the MetaOptics PSP shall impose on the Company or the Committee or any of its members any liability whatsoever in connection with: (a)
the lapsing of any Awards pursuant to any provision of the MetaOptics PSP; (b) the failure or refusal by the Committee to exercise, or
the exercise by the Committee of, any discretion under the MetaOptics PSP; and/or (c) any decision or determination of the Committee
made pursuant to any provision of the MetaOptics PSP.

10.4 Any decision or determination of the Committee made pursuant
to any provision of the MetaOptics PSP (other than a matter to be certified by the financial advisor(s) of the Company (to be appointed
at the suitable time)) shall be final, binding and conclusive (including for the avoidance of doubt, any decisions pertaining to disputes
as to the interpretation of the MetaOptics PSP or any rule, regulation or procedure hereunder or as to any rights under the MetaOptics
PSP). The Committee shall not be required to furnish any reasons for any decision or determination made by it.

**11.** **NOTICES AND COMMUNICATIONS** 

11.1 Any notice required to be given by a Participant to the Company
shall be sent or made to the registered office of the Company or such other addresses (including electronic mail addresses) or facsimile
number, and marked for the attention of the Committee, as may be notified by the Company to him in writing.

11.2 Any notices or documents required to be given to a Participant
or any correspondence to be made between the Company and the Participant shall be given or made by the Committee (or such person(s) as
it may from time to time direct) on behalf of the Company and shall be delivered to him by hand or sent to him at his home address, electronic
mail address or facsimile number according to the records of the Company or the last known address, electronic mail address or facsimile
number of the Participant.

11.3 Any notice or other communication from a Participant to the
Company shall be irrevocable, and shall not be effective until received by the Company. Any other notice or communication from the Company
to a Participant shall be deemed to be received by that Participant, when left at the address specified in Rule 11.2 or, if sent by post,
on the day following the date of posting or, if sent by electronic mail or facsimile transmission, on the day of despatch.

**12.** **MODIFICATIONS TO THE METAOPTICS PSP** 

12.1 Any or all the provisions of the MetaOptics PSP may be modified
and/or altered at any time and from time to time by a resolution of the Board, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no modification or alteration shall be made which would adversely affect the rights attached to any Award
granted prior to such modification or alteration except with the prior consent in writing of such number of Participants who, if their
Awards were Released to them upon the Performance Conditions for their Awards being satisfied in full, would become entitled to not less
than 75% of the aggregate number of the Shares which would fall to be Vested upon Release of all outstanding Awards upon the Performance
Conditions for all outstanding Awards being satisfied in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any modifications or alterations which would be to the advantage of Participants under the MetaOptics
PSP shall be subject to the prior approval of the Shareholders in general meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no modification or alteration shall be made without the prior approval of the SGX-ST and such other regulatory
authorities as may be necessary.

12.2 Notwithstanding anything to the contrary contained in Rule
12.1, the Board may at any time by resolution (and without other formality, save for the prior approval of SGX-ST) amend or alter the
MetaOptics PSP in any way to the extent necessary or desirable, in the opinion of the Committee, to cause the MetaOptics PSP to comply
with, or take into account, any statutory provision (or any amendment or modification thereto, including amendment of or modification
to the Act) or the provision or the regulations of any regulatory or other relevant authority or body (including the SGX-ST).

12.3 Written notice of any modification or alteration made in
accordance with this Rule 12 shall be given to all Participants, but accidental omission to give notice to any Participant(s) shall not
invalidate any such modifications or alterations.

**13.** **TERMS OF EMPLOYMENT UNAFFECTED** 

Notwithstanding the provisions of any other Rule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the MetaOptics PSP or any Award shall not form part of any contract of employment between the Company
and/or any Subsidiary and/or any Employee and the rights and obligations of any individual under the terms of the office or employment
with any such company shall not be affected by his participation in the MetaOptics PSP or any right which he may have to participate in
it or any Award which he may be granted and the MetaOptics PSP or any Award shall afford such an individual no additional rights to compensation
or damages in consequence of the termination of such office or employment for any reason whatsoever (whether lawful or not); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the MetaOptics PSP shall not confer on any person any legal or equitable rights (other than those constituting
the Awards themselves) against the Company and/or any Subsidiary directly or indirectly or give rise to any cause of action at law or
in equity against any such company, its Directors or employees.

**14.** **DURATION OF THE METAOPTICS PSP** 

14.1 The MetaOptics PSP shall continue to be in force at the discretion
of the Committee, subject to a maximum period of ten (10) years commencing on the Adoption Date, provided always that the MetaOptics
PSP may, subject to applicable laws and regulations, continue beyond the above stipulated period with the approval of the Shareholders
by ordinary resolution in general meeting and of any relevant authorities which may then be required.

14.2 The MetaOptics PSP may be terminated at any time at the discretion
of the Committee, or by an ordinary resolution of the Company in general meeting, subject to all other relevant approvals which may be
required and if the MetaOptics PSP is so terminated, no further Awards shall be granted by the Committee hereunder.

14.3 The expiry or termination of the MetaOptics PSP shall not
affect Awards which have been granted prior to such expiry or termination, whether such Awards have been Released (whether fully or partially)
or not.

**15.** **TAXES** 

All taxes (including income tax) arising from the grant or Release or Vesting of any Award granted to any Participant under the MetaOptics PSP shall be borne by that Participant.

**16.** **COSTS AND EXPENSES OF THE METAOPTICS PSP** 

16.1 Notwithstanding anything herein, each Participant shall be
responsible for all fees of CDP relating to or in connection with the issue and allotment or transfer of any Shares pursuant to the Release
of any Award in CDP's name, the deposit of share certificate(s) with CDP, the Participant's securities account with CDP,
or the Participant's securities sub-account with a Depository Agent.

16.2 Each Participant shall be responsible for obtaining any governmental
or other official consent that may be required by any country or jurisdiction in order to permit the grant or Vesting of the relevant
Award to such Participant. The Company shall not be responsible for any failure by any Participant to obtain any such consent or for
any tax or other liability to which such Participant may become subject as a result of his participation in the MetaOptics PSP.

16.3 Save for the taxes referred to in Rule 15 and such other
costs and expenses expressly provided in the MetaOptics PSP to be payable by the Participants, all fees, costs and expenses incurred
by the Company in relation to the MetaOptics PSP including but not limited to the fees, costs and expenses relating to the allotment
and issue, or transfer, of Shares pursuant to the Release of any Award shall be borne by the Company.

**17.** **DISCLAIMER OF LIABILITY** 

Notwithstanding any provisions herein contained, the Company, its Directors or employees or the Committee shall not under any circumstances be held liable for any costs, losses, expenses, liabilities or damages whatsoever and howsoever arising in any matter under or in connection with the MetaOptics PSP, including but not limited to any delay or failure to issue, or procure the transfer of, the Shares or to apply for or procure the listing of new Shares on the SGX-ST in accordance with Rule 7.1(c) (and any other stock exchange on which the Shares are quoted or listed).

**18.** **ANNUAL REPORT DISCLOSURE** 

18.1 The Company shall make the following disclosures (as applicable)
in its annual report to Shareholders for the duration of the MetaOptics PSP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the names of the members of the Committee administering the
MetaOptics PSP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information required in the table below for the following Participants of the MetaOptics PSP:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Participants who are Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participants who are Controlling Shareholders and their Associates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Participants (other than those in paragraphs (i) and (ii) above) who receive Shares pursuant to the Release
of Awards granted under the MetaOptics PSP which, in aggregate, represent 5% or more of the aggregate of the total number of Shares available
under the MetaOptics PSP; and

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Participant**<br>| **Aggregate number of Shares comprised in Awards granted during the financial year under review (including terms)**<br>| **Aggregate number of Shares comprised in Awards granted since commencement of the MetaOptics PSP to the end of the financial year under review**<br>| **Aggregate number of Shares comprised in Awards released since commencement of the MetaOptics PSP to the end of the financial year under review**<br>| **Aggregate number of Shares comprised in Awards not yet Released as at the end of the financial year under review**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such other information as may be required by the Catalist Rules, the Companies Act and all other applicable
laws and requirements,

If any of the above requirements are not applicable, an appropriate negative statement should be included therein.

18.2 The Company shall also make the necessary disclosures in
the form of announcements to Shareholders, in accordance with Rule 704(32) of the Catalist Rules.

**19.** **DISPUTES** 

Any disputes or differences of any nature arising hereunder (other than matters to be confirmed by the financial advisor(s) (to be appointed at the suitable time) in accordance with the MetaOptics PSP) shall be referred to the Committee and its decision shall be final and binding in all respects (including any decisions pertaining to disputes as to interpretation of the MetaOptics PSP or any Rule, regulation, procedure thereunder or as to any rights under the MetaOptics PSP).

**20.** **CONDITION OF AWARDS** 

Every Award shall be subject to the condition that no Shares would be issued or transferred pursuant to the vesting of any Award if such issue or transfer would be contrary to any law or enactment, or any rules or regulations of any legislative or non-legislative governing body for the time being in force in Singapore or any other relevant country having jurisdiction in relation to the issue or transfer of Shares hereto.

**21.** **ABSTENTION FROM VOTING** 

Shareholders who are eligible to participate in the MetaOptics PSP must abstain from voting on any Shareholders' resolution relating to the MetaOptics PSP, including any Shareholders' resolution relating to the implementation of the MetaOptics PSP, or the participation by and Awards granted to, Controlling Shareholders and/or their Associates, and should not accept nominations as proxy or otherwise for voting unless specific instructions have been given in the Proxy Form on how the vote is to be cast.

**22. GOVERNING LAW**

The MetaOptics PSP shall be governed by, and construed in accordance with, the laws of the Republic of Singapore. The Participants, by accepting grants of Awards in accordance with the MetaOptics PSP, and the Company submit to the exclusive jurisdiction of the courts of the Republic of Singapore.

**23. CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 2001**

No person other than the Company or a Participant shall have any right to enforce any provision of the MetaOptics PSP or any Award by virtue of the Contracts (Rights of Third Parties) Act 2001 of Singapore.

## Exhibit 10.5

**Exhibit 10.5**

To:

**MetaOptics Technologies Pte. Ltd.**

**Attention: Board of Directors**

Date: 30 July 2025

I refer to the amount of S$2,880,000 (the "**Amount**") due to Metasurface Technologies Pte. Ltd. ("**MST SingCo**") from MetaOptics Technologies Pte. Ltd. (the "**Company**") and the non-demand letter dated 31 December 2024 from MST SingCo to the Company (the "**MST SingCo Non-Demand Letter**") and the repayment letter dated 12 March 2025 from the Company to MST SingCo (the "**MOT to MST SingCo Acknowledgement Letter**", and together with the "**MST SingCo Non-Demand Letter**", referred to as the "**Letters**").

In consideration of the sum of S$1.00 (the sufficiency, adequacy and receipt of is hereby acknowledged and confirmed), and for so long as all laws, regulations and rules (including the rules of any securities exchanges) applicable to me, MST SingCo and the Company are complied with, I hereby irrevocably undertake to the Company that I shall use my best efforts to procure that MST SingCo shall abide by, comply with and act in accordance with the intentions and understandings of the parties reflected in the Letters, and not take any action that will be against the intention and the spirit of the intentions and the understandings of the parties reflected in the Letters.

This deed shall be governed by the laws of the Republic of Singapore.

---

| | | |
|:---|:---|:---|
| **SIGNED, SEALED,** AND **DELIVERED** <br> by **CHUA CHWEE LEE (CAI SHUILI)** <br> in the presence of: |)) ) | /s/ Chua Chwee Lee |

---

---

| | |
|:---|:---|
| /s/ Lee Inn Tai | /s/ Lee Inn Tai |
| Witness' signature | Witness' signature |
| Name: | Lee Inn Tai |

---

## Exhibit 10.6

**Exhibit 10.6**

To:

**MetaOptics Technologies Pte. Ltd.**

**Attention: Board of Directors**

Date: 30 July 2025

I refer to the amount of S$2,880,000 (the "**Amount**") due to Metasurface Technologies Pte. Ltd. ("**MST SingCo**") from MetaOptics Technologies Pte. Ltd. (the "**Company**") and the non-demand letter dated 31 December 2024 from MST SingCo to the Company (the "**MST SingCo Non-Demand Letter**") and the repayment letter dated 12 March 2025 from the Company to MST SingCo (the "**MOT to MST SingCo Acknowledgement Letter**", and together with the "**MST SingCo Non-Demand Letter**", referred to as the "**Letters**").

In consideration of the sum of S$1.00 (the sufficiency, adequacy and receipt of is hereby acknowledged and confirmed), and for so long as all laws, regulations and rules (including the rules of any securities exchanges) applicable to me, MST SingCo and the Company are complied with, I hereby irrevocably undertake to the Company that I shall use my best efforts to procure that MST SingCo shall abide by, comply with and act in accordance with the intentions and understandings of the parties reflected in the Letters, and not take any action that will be against the intention and the spirit of the intentions and the understandings of the parties reflected in the Letters.

This deed shall be governed by the laws of the Republic of Singapore.

---

| | | |
|:---|:---|:---|
| **SIGNED, SEALED,** AND **DELIVERED<br> by JEE WEE JENE**<br> in the presence of: |))) | /s/ Jee Wee Jene |

---

---

| | |
|:---|:---|
| /s/ Lee Inn Tai | /s/ Lee Inn Tai |
| Witness' signature | Witness' signature |
| Name: | Lee Inn Tai |

---

## Exhibit 10.7

**Exhibit 10.7**

**THE SYMBOL "[ ]" DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED IN RELIANCE UPON ITEM 601 OF REGULATION S-K AS THE REGISTRANT HAS DETERMINED THAT THE OMITTED INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**LICENCE AGREEMENT**

This Agreement is made the 10th day of DECEMBER 2021 between

**ACCELERATE TECHNOLOGIES PTE LTD** (Co. Reg. No. 199503187D), a company incorporated in Singapore and having its place of business at 1 Fusionopolis Way, #19-10 Connexis North, Singapore 138632 (hereinafter referred to as "**A\*CCELERATE**") of the first part; and

**LICENSEES**, full details of which are set out in Schedule 1, of the second part.

**RECITAL**

A. A\*CCELERATE
has the right to license the Technology and is entitled to grant the rights under this Agreement.

B. LICENSEES
wishes to acquire rights to license and use the Technology, in the Field subject to the terms and conditions herein.

NOW THEREFORE, in consideration of the mutual covenants and conditions set forth herein, A\*CCELERATE and LICENSEES hereby agree as follows:-

**1.** **DEFINITIONS** 

"**A\*CCELERATE's Affiliates**" means the Agency for Science, Technology and Research ("A\*STAR") and all the research institutes and centres managed and funded by A\*STAR.

"**Confidential lnformation**" means all information of A\*CCELERATE or A\*CCELERATE's Affiliates, including prototypes and samples, which may be disclosed to LICENSEES at any time and from time to time during the Term of this Agreement, which may be identified or designated by A\*CCELERATE as proprietary, confidential or secret and includes information which by its nature should be proprietary, confidential or secret. The specific terms and conditions of this Agreement shall, unless required under any applicable laws, rules and regulations or by any competent court, authority or regulatory body or stock exchange, be deemed to be Confidential Information. Confidential Information shall not include any information or material that is: (i) already in the possession of LICENSEES without prior restriction; (ii) independently developed by LICENSEES; (iii) publicly disclosed by A\*CCELERATE; (iv) rightfully received by LICENSEES from a third party; (v) approved for release by written agreement with A\*CCELERATE or (vi) made available by A\*CCELERATE to others without restriction.

"**Documentation**" means any user guides, instruction manuals and other documents whether in written or machine-readable form relating to the Technology.

"**Effective Date**" means the effective date of this Agreement as set out in Schedule 1 of this Agreement.

"**Enhancements**" means all new versions of, modifications, additions, alterations, improvements, upgrades and development to the Technology developed by LICENSEES.

"**Field**" means the field of use as described in Schedule 1 of this Agreement.

"**Intellectual Property**" means know-how and intellectual property rights (including without limitation patents, copyrights, designs, trade secrets, and rights in Confidential Information) worldwide arising under statutory or common law, and whether or not perfected, and any applications of the foregoing.

"**Licensed Products**" means the products as described in Schedule 1 of this Agreement.

"**Royalties**" means the amounts payable by LICENSEES to A\*CCELERATE as set out in Schedule 1.

"**Sales Report**" means the sales report as set out in Schedule 2 to be submitted by LICENSEES to A\*CCELERATE pursuant to this Agreement.

"**Technology**" means the technology as described in Schedule 1 of this Agreement.

"**Term**" means the period of time as set out in Schedule 1 of this Agreement.

"**Territory"** means the countries as set out in Schedule 1 of this Agreement.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**2.** **GRANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 A\*CCELERATE
 hereby grants to LICENSEES:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 a
non-exclusive, non-transferable, revocable for cause licence to use the Technology within the Field for the Term and in the Territory
to develop Enhancements and use, make, have made, manufacture, distribute, market, import, export, sell and have sold Licensed Products;
and

---

| | |
|:---|:---|
| 2.1.2 | upon the prior written consent of A\*CCELERATE which shall not be unreasonably withheld, the right to, sublicense the Technology to its subsidiaries or related corporations (as defined under the Singapore Companies Act (CAP 50), which for the avoidance of doubt shall include Holdco (defined below) and its subsidiaries, which sublicence shall include the following terms: |
|  | (i) any sublicence granted by the LICENSEES shall be on a non-exclusive basis only; (ii) any sublicence granted by the LICENSEES shall be expressed to terminate automatically upon the written notice issued by A\*CCELERATE pursuant to the termination of the licence rights granted to the LICENSEES in accordance with this Agreement, and shall not permit further sub-licensing; (iii) the LICENSEES shall ensure that there are included in the terms of any sublicence the like obligations and undertakings on the part of the sub-licensees as are contained in this Agreement (except the further right to sublicense), and shall further ensure that all sub-licensees duly observe and perform the same; (iv) the LICENSEES shall at all times indemnify and keep A\*CCELERATE indemnified against all or any costs, claims, damages or expenses incurred by A\*CCELERATE or its Affîliates or for which A\*CCELERATE or its Affiliates may become liable as a result of the default or negligence of any sub-licensee; and (v) upon the termination of this Agreement for any reason whatsoever, A\*CCELERATE shall have the right and option to requîre an assignment to it or its nominee of each sub-license between the LICENSEES and each sub-licensee. All sublicenses granted hereunder shall contain an express term permitting the assignment of the sublicense to A\*CCELERATE under the circumstances specified in this Clause 2.1.2. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Nothing
 in this Agreement shall prejudice A\*CCELERATE's right to use and to allow A\*CCELERATE
 and A\*CCELERATE's Affiliates to use, further develop, license or otherwise commercialise
 the Technology as they deem fit.

23 A\*CCELERATE shall not be obliged to render any technical assistance, maintenance or support services to LICENSEE in respect of the Technology or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Except
 as expressly provided in this Agreement or with the prior written consent of A\*CCELERATE,
 LICENSEES shall not modify, adapt, translate, alter, copy, reproduce, deal in, reverse engineer,
 decompile, disassemble or create any derivative works based on the whole or any part of the
 Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 In
 order to maintain the licence granted hereunder in force, LICENSEES shall use its best
 efforts and diligence to implement the Technology into commercially viable Lîcensed
 Products, as promptly as is reasonably and commercially feasible, and thereafter to produce
 and sell reasonable quantities of Licensed Products. Specifically, LICENSEES shall comply
 with the Commercialisation Obligations as listed in Schedule 1.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

3. FINANCIAL
 TERMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In
 consideration of the rights granted pursuant to Clause 2 above, LICENSEES shall pay to A\*CCELERATE:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the
licence fee stated in Schedule 1 ("Licence Fee"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Royalties
in accordance with the royalty scheme set out in Schedule 1 together with the Sales Reports, in the manner set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Time
 of payment shall be of the essence. If LICENSEES fail to make any payment due to A\*CCELERATE,
 A\*CCELERATE shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 suspend
or terminate the Licence hereby granted to LICENSEES; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 charge
LICENSEES, in respect of any and all overdue payments, interest at the rate of three percent (3%) per annum above the annual prime lending
rate of the Development Bank of Singapore from such date until said amount is paid in full to A\*CCELERATE.

4. ACCOUNTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 LICENSEES
shall keep true and accurate accounts and records in sufficient detail to enable the amount of all Royalties or other sums payable under
this Agreement to be determined. A\*CCELERATE has the right to request for LICENSEES to submit details of its accounts and records to
only to the extent required to support the information provided in the Sales Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 LICENSEES
shall preserve and maintain all such accounts and records required for audit for a period of at least 5 years after the year to which
such accounts and records apply. Subject to all applicable laws, rules, and regulations or as required by any competent authority, regulator
and/or stock exchange, A\*CCELERATE may, annually and at its own cost, appoint an independent auditor to examine LICENSEES'
books and records only to the extent required to verify LICENSEES' fulfilment of its obligations under this Agreement. Notwithstanding
the foregoing, the cost of such audit conducted shall be borne in full by LICENSEES if any discrepancy exceeding five percent (5%) is
found in the Royalties stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Subject
to all applicable laws, rules, and regulations or as required by any competent authority, regulator and/or stock exchange, the provisions
of this Clause 4 shall remain in full force and effect after the termination of this Agreement for any reasons until the settlement of
all subsisting claims of A\*CCELERATE under this Agreement. Nothing in this Clause 4 shall allow A\*CCELERATE to have access to any
information rights not enjoyed by public investors upon the Initial Public Offering of either and / or both of the LICENSEES, and / or
their related entities.

5. RIGHTS
IN INTELLECTUAL PROPERTY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 LICENSEES
 acknowledge that the Technology may contain Confidential Information of A\*CCELERATE or A\*CCELERATE's
 Affiliates and LICENSEES shall treat in confidence any such Confidential Information relating
 to the Technology, save for information that is in the public domain through no fault of
 its obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 LICENSEES
shall take all reasonable steps, including, but not limited to, those steps taken to protect its own information, data or other tangible
or intangible property that it regards as proprietary or confidential, to ensure that the Confidential information is not disclosed or
duplicated for the use of any third party, and shall take all reasonable steps to prevent its officers and employees, or any other persons
having access to the Confidential Information, from disclosing or making unauthorised use of any Confidential Information, or from committing
any acts of omissions that may result in a violation of this Agreement.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 LICENSEES
shall not do anything which might bring into question A\*CCELERATE or A\*CCELERATE's Affiliates' ownership of the Technology
licensed by A\*CCELERATE to LICENSEES under this Agreement or their validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 All
modifications, additions, alterations, enhancements, improvements, upgrades or new versions of the Technology developed during the Term
will belong solely to the LICENSEES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 LICENSEES
shall notify A\*CCELERATE in writing as soon as practicable after it becomes aware of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1 any
actual, threatened or suspected infringement of any Intellectual Property of A\*CCELERATE in respect of the Technology or any breach
of confidence relating to any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2 any claim brought against
 LICENSEES or any other person alleging that its use of the Technology infringes any intellectual Property or other rights belonging
 to or alleged to belong to the claimant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 A\*CCELERATE
or its Affiliates shall have the right but not the obligation, at its option and expense, to defend any and all infringements of the
Technology provided that all damages, costs or other benefits obtained as a result belongs to A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 A\*CCELERATE
will use reasonable efforts, at its discretion and its own costs, to continue managing, prosecuting, and / or maintaining the patents
for the Technology filed in US and Singapore only. If A\*CCELERATE has an intention to amend or abandon any such patents for the Technology,
it will inform the Licensees at least thirty (30) calendar days before it ceases to take any action to manage, prosecute, and / or maintain
the Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 LICENSEES
shall promptly record all licences granted to it under this Agreement with the relevant registries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 The
parties shall execute such formal licences as may be necessary or appropriate for registration with patent offices, trade mark offices,
and other relevant authorities. In the event of any conflict in meaning between any such licence and the provisions of this Agreement,
the provisions of this Agreement shall prevail wherever possible. Prior to the execution of the formal licence(s) (if any) referred to
in this clause, the parties shall so far as possible have the same rights and obligations towards one another as if such licence(s) had
been granted.

6. WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 LICENSEES
warrant that it has full right to enter into this Agreement; that the Technology and Documentation shall be used solely by LICENSEES
and no other third party and only for the purposes contemplated by Clause 2 of this Agreement; and that it shall observe all applicable
laws and regulations and obtain all necessary licences, consents and permissions required in respect of the use of the Technology and
the manufacture, importation, storage, marketing and sale of the Licensed Products (including the sub-licensing of the Licensed Products)
in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 SAVE THAT
 A\*CCELERATE WARRANTS THAT IT HAS FULL RIGHT AND POWER TO ENTER INTO THIS AGREEMENT, A\*CCELERATE MAKES NO OTHER WARRANTIES
CONCERNING THE TECHNOLOGY, INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR SATISFACTORY QUALITY,
FITNESS FOR A PARTICULR PURPOSE OR AS TO RELIABILITY, ACCURACY, VALIDITY OR OTHERWISE OF THE TECHNOLOGY. THE TECHNOLOGY IS PROVIDED "AS
IS" AND A\*CCELERATE MAKES NO WARRANTY OR REPRESENTATION AS TO THE VALIDITY OR SCOPE OF THE TECHNOLOGY, OR THAT THE TECHNOLOGY WILL
BE FREE FROM INFRINGEMENT OF PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY
INFRINGING THE TECHNOLOGY COVERED BY THIS AGREEMENT."

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

7. LIABILITY,
LEGAL RESPONSIBILITY

LICENSEES shall bear full responsibility for any and all liability, losses, damages, costs and expenses arising out of (i) any claims (including third party infringement claims) relating to the LICENSEES' use of the Technology, Documentation and/or Enhancements; or (ii) breach, negligent performance and/or failure of performance by LICENSEES of the terms of this Agreement, except to the extent when caused by the wilful misconduct of A\*CCELERATE. For avoidance of doubt, in no event shall A\*CCELERATE be liable for any incidental, consequential or special damages arising out of or related to this Agreement, including, but not limited to, loss of business opportunity, lost profits or pure economic loss. Notwithstanding anything to the contrary, A\*CCELERATE's total and cumulative liability under this Agreement, however arising, shall not exceed any amount that LICENSEES has actually paid to A\*CCELERATE pursuant to this Agreement.

8. USE
 OF NAME AND DISCLOSURE OF BUSINESS RELATIONSHIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Unless
 required under any applicable laws, rules, and regulations or by any competent authority,
 regulator and/or stock exchange, including for the purpose of an Initial Public Offering
 related to the LICENSEES or a related entity, the parties shall not use the name, trademark
 or logo of any of the other parties (including A\*CCELERATE's Affiliates) in any publicity,
 promotion, news release or disclosure relating to this Agreement, its subject matter or the
 sale of the Licensed Products, without the prior written permission of that other party.
 For the avoidance of doubt, A\*CCELERATE shall consent to the disclosure of its name, business
 dealings and duration of its business relationship with the LICENSEES, description of its
 business, transaction amount with the LICENSEES and salient terms of this Agreement, in any
 document for the purpose of the Initial Public Offering as required under the Rules Governing
 the Listing of Securities on GEM of The Stock Exchange of Hong Kong Limited and guidance
 materials, or as requested by The Stock Exchange of Hong Kong Limited and the Securities
 and Futures Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Where
any aspect of this Agreement or the business relationship between the LICENSEES and A\*CCELERATE is concerned, the Parties undertake to
fully cooperate with each other such that each Party is able to fulfil its obligations under any applicable laws, rules, and regulations
or as required by any competent authority, regulator and/or stock exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Parties
shall use their best efforts to acknowledge the participation and contributions of the other party in all news releases, promotional,
advertising and marketing material, a copy of which shall be provided to the other party for prior written approval, which shall not
be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Where
 any public announcement, communication or circular ("Announcement") concerning
 the existence, subject matter or terms of this Agreement, the wider transactions contemplated
 by it, or the relationship between the parties, is required by law or any governmental or
 regulatory authority (including, without limitation, any relevant securities exchange), or
 by any court or other authority of competent jurisdiction, the party required to make the
 Announcement shall promptly notify the other party. The party concerned shall make all reasonable
 attempts to agree with the other party on the contents of the Announcement before making
 it. Save as expressly set out herein, any other use of a Party's name, logo, or representation,
 shall be subject to that Party's prior written consent, which shall not be unreasonably
 withheld.

9. TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 After
eight (8) years from the Effective Date, LICENSEES may request to terminate this Agreement by giving no less than thirty (30) days written
notice to A\*CCELERATE. A\*CCELERATE may agree to such termination if LICENSEE is not able to achieve any sale of the Licensed Products
and is able to furnish to A\*CCELERATE's satisfaction, evidence, documentary or otherwise, of best efforts undertaken to achieve
such sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Either
party shall be entitled to terminate this Agreement forthwith by giving written notice to the other party if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 the
other party commits any breach of this Agreement and if the breach is capable of remedy, fails to remedy it within thirty (30) days after
being given a written notice containing full particulars of the breach and requiring the remedy of the breach; or

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 An
encumbrance takes possession, or a receiver is appointed, of any of the property or assets of the other party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 the
other party makes any voluntary arrangement with its creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4 the
other party goes into liquidation (except for the purpose of amalgamation or reconstruction and so that the resulting LICENSEE effectively
agrees to be bound by or assume the obligations imposed on the LICENSEE under this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.5 the
other party ceases, or threatens to cease, to carry on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Termination
of this Agreement howsoever caused shall be without prejudice to any other right or remedy a party may be entitled to hereunder or at
law and shall not affect any accrued rights or liabilities of either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Upon
the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1 LICENSEES
shall forthwith cease to market or use, either directly or indirectly, the Licensed Products or the Technology or to use any of the Intellectual
Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2 LICENSEES
shall destroy or return to A\*CCELERATE all copies of the Documentation in its possession or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.3 LICENSEES
shall promptly pay all amounts due under this Agreement to A\*CCELERATE immediately upon its receipt of the same and shall submit
to A\*CCELERATE written confirmation signed by a duly authorised officer that it has complied with such payment Obligations,
along with a copy of all materials reasonably necessary to support such statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Clauses
4, 5, 6, 8, 9.5 and 10 shall survive the termination of this Agreement.

10. ARBITRATION
 AND GOVERNING LAW

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any
 dispute among the parties arising out of or in connection with this Agreement or in the performance
 ()"**Dispute**") thereof shall in the first instance be referred to the authorised
 representatives of the parties for resolution. If parties are unable to resolve the Dispute
 within 30 days from the time the Dispute was referred to the authorised representatives of
 the parties for resolution, either party may refer the Dispute to binding arbitration in
 Singapore in accordance with the Arbitration Rules of the Singapore International Arbitration
 Center in force at such time which rules shall be deemed to be incorporated by reference
 into this Agreement. The Tribunal shall consist of one (1) arbitrator chosen by the Singapore
 International Arbitration Center under its rules if the parties cannot otherwise agree upon
 an arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This
Agreement shall be governed by the laws of the Republic of Singapore, and subject to Clause 10.1 above and for the purposes of interim
applications only, each Party agrees to submit to the non-exclusive jurisdiction of the Singapore courts.

11. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Assignment.</u> This Agreement may not be assigned by LICENSEES to any person without the prior written consent of A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Entire Agreement.</u> This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter herein. There
shall be no amendments or modifications to this Agreement, except by a written document signed by both parties.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Waiver.</u> Any delay in enforcing a party's rights under this Agreement or any waiver as to a particular default or other matter shall not
constitute a waiver of that party's rights to the future enforcement of its rights under this Agreement, unless there is an express
written and signed waiver for a particular matter for a particular period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Severance.</u> If any provision of this Agreement is held by any court or other competent authority to be invalid or unenforceable, in whole or in part,
the other provisions of this Agreement and the remainder of the affected provision shall continue to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>lnjunctive relief</u>. LICENSEES acknowledges that any breach of this Agreement may cause irreparable
 damage to A\*CCELERATE or A\*CCELERATE's Affiliates and LICENSEES agrees that A\*CCELERATE
 or its Affiliates shall be entitled to injunctive relief in addition to any award by the court
 in favour of A\*CCELERATE or A\*CCELERATE's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Notices.</u> Any notices required by this Agreement shall be in writing, shall specifically refer to this Agreement and shall be sent by registered
or certified mail and shall be forwarded to the respective addresses set forth below unless subsequently changed by written notice to
the other party.

To A\*CCELERATE: 1 Fusionopolis Way, #19-10 Connexis <br> North, Singapore 138632 <br> Attn: Commercialisation Head <br> Fax: 64632675 <br> To LICENSEES: Refer to Schedule 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Contracts (Rights of Third Parties) Act.</u> Save to give effect to the rights accruing to A\*CCELERATE's Affiliates under this Agreement,
a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act Cap. 53B or otherwise to
enforce any terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Novation.</u> If at any time after the Effective Date the functions and operations of A\*CCELERATE are assigned,
 merged, transferred into or otherwise forms part of another organisation ("the New Entity")
 such that the New Entity takes over the whole or substantially the whole of A\*CCELERATE's
 operations, then it is agreed that this Agreement may, at the option of A\*CCELERATE
 and upon written consent of the LICENSEES, be novated to the New Entity which will then assume
 all of A\*CCELERATE's rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Liability.</u> The LICENSEES shall be jointly liable for all warranties (including Clause 6.1), representations, undertakings, covenants and obligations
given or entered into by any of the LICENSEES in this Agreement. For the avoidance of doubt, in the event that any LICENSEE is unable
to perform any of its undertakings, covenants or obligations contained in this Agreement, the other LICENSEE shall forthwith perform
or ensure the performance of such undertakings, covenants and obligations.

12. USE
 OF TECHNOLOGY

LICENSEES shall ensure that it complies with all applicable laws, rules and regulations governing the use, export and disposal of the Technology and the Licensed Products.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**IN WITNESS HEREOF,** the parties have executed this Agreement by their duly authorised representatives as of the date set forth above.

---

| | |
|:---|:---|
| SIGNED by DENNIS LING) |  |
| GROUP DIRECTOR] for and on behalf of) |  |
| ACCELERATE TECHNOLOGIES) | /s/ Dennis Ling |
| PTE LTD In the presence of) |  |
| /s/ Ivan Lee |  |
| Name of Witness: IVAN LEE |  |
| Designation of Witness: ACTING DEPUTY DIRECTOR, CME |  |

---

---

| | |
|:---|:---|
| SIGNED by CHUA CHWEE LEE) |  |
| MANAGING DIRECTOR for and on behalf of) |  |
| METASURFACE TECHNOLOGIES) | /s/ Chua Chwee Lee |
| PTE. LTD.) |  |
| In the presence of) |  |
| /s/ THNG CHONG KIM |  |
| Name of Witness: THNG CHONG KIM |  |
| Designation of Witness: DIRECTOR |  |

---

---

| | |
|:---|:---|
| SIGNED by CHUA CHWEE LEE) |  |
| MANAGING DIRECTOR for and on behalf of) |  |
| METAOPTICS TECHNOLOGIES) | /s/ Chua Chwee Lee |
| PTE. LTD.) |  |
| In the presence of) |  |
| /s/ THNG CHONG KIM |  |
| Name of Witness: THNG CHONG KIM |  |
| Designation of Witness: DIRECTOR |  |

---

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**<u>SCHEDULE 1</u>**

---

| | |
|:---|:---|
| **1.** | **LICENSEES** |
|  | Name: METASURFACE TECHNOLOGIES PTE. LTD. (f.k.a. Q'son Precision Engineering Pte Ltd) ("METASURFACE")<br> Address: 43 Tuas View Circuit, Singapore 637360<br> Company Registration No.: 200000161Z<br> Addressee for communications: Mr Chua Chwee Lee<br> Email Address: chua@metatechnologies.com.sg<br> Telephone No.: +65 8719 1991<br> Fax No.: |

---

Name: METAOPTICS TECHNOLOGIES PTE. LTD. (f.k.a. Q'son Advanced Optics Pte Ltd) ("METAOPTICS") Address: 43 Tuas View Circuit, Singapore 637360 Company Registration No.: 202120933K Addressee for communications: Mark Thng Email Address: mark.thng@metatechnologies.com.sg Telephone No.: +65 9738 1388 Fax No.:

**2.** **Field of use** 

Optics

**3.** **Technology** 

**<u>Know How</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Know
 how in the processes for High Resolution Direct Laser Writing Enabled by 2D Lens

This invention describes a new type of 2D FZP lens that can operate in the UV and DUV range. The new lens can be used in a direct laser writing (DLW) system, a maskless lithography system used in the semiconductor industry for mask fabrication and in many laboratories for nanofabrication. Due to the fundamental diffraction limit in conventional objective lenses, the currently available DLW systems have resolutions in the 250nm range. A DLW system with a resolution in the 100nm range will enable many types of nano-patterning work that could have only been accomplished by ebeam or focused ion-beam writings, at a greater efficiency and lower cost. The new lens can break the diffraction limit in DLW systems and produce resolutions of up to 100nm using a low cost solid state laser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Know
 how in the processes for Flat Optics Design and Manufacturing

This invention covers the process of flat optics design and manufacturing. Traditional optical elements rely on small, cumulative changes induced by propagation, whereas flat optical elements rely on large, abrupt changes induced by nanoantennae. The design and manufacturing of flat optics brings the manufacturing of optical components to semiconductor standards, provides the ability to manufacturing optical components into nanometers and involves (i) wafer-scale fabrication, which reduces the costs of manufacturing; and (ii) monolithic integration, which improves manufacturing yield.

Flat optics allow for advanced functionalities, which are enabled by simultaneous phase, polarization and amplitude control. The potential applications fields of flat optics include cameras and imaging, laboratory and technical tools and complex light generation.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Flat
 lens resist formulation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Large
 Area Layer Controlled Growth of Transition-Metal Dichalcogenides

The above know how incorporates know how in the integration of the DLW lens architecture as covered in the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Atomically
 thin 2D platform for optical applications, IMR/Z/10977, TD 2018055

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Large
 Area Layer Controlled Growth of Transition-Metal Dichalcogenides, IMR/P/08544/03, TD 201406

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
novel sputtering system with central electrode and hollow sputtering cathode for 2D film deposition, IMR/P/10133, TD 2016069

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Zone
 plate **A\*STAR/NUS,** IMR/P/07751,TD 2012053, NUS ID Ref: 2018-119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Super
Oscillation lens for high resolution lithography (IMR/Z/12778, TD: 2021047)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Diffractive
optical element and method of forming thereof, DSI/P/09714

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. A
Method Of Reducing The Dimension Of An imprint Structure On A Substrate, IMR/P/05613/03/US,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Nanoimprintable
 High Refractive Index Acrylic Nanocomposite for Advanced Optics, IMR/Z/12565, **NUS ID** Ref: 2021-242, IMRE 2021003

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Flat
 optical element for wide field of view multispectral imaging (To be filed)

**<u>Patent (Applications / Granted)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A
 Method Of Reducing The Dimension Of An Imprint Structure On A Substrate, IMR/P/05613

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. US
 9,904,165 (Granted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. SG
168513 (Granted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. JP
5349419 (Granted)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Optical
 Device and Method Of Forming The Same, IMR/P/10977

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. PCT/SG2020/050356
 (Pending)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A
 novel sputtering system with central electrode and hollow sputtering cathode for 2D film
 deposition, IMR/P/10133

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. SG
 11202002076Q (Pending)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. US
 16/645,512 (Pending)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Zone
 plate **A\*STAR/NUS,** IMR/P/07751

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. SG11201509205X

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Super
 Oscillation lens for high resolution lithography, IMR/Z/12778

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 preparation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Diffractive
 optical element and method of forming thereof, DSI/P/09714

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. SG10201912371U (Pending)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. US
 16/333,539 (Pending)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Flat
 optical element for wide field of view multispectral imaging (To be filed)

LICENSEE hereby confirms that A\*CCELERATE has effected full delivery of the Technology and Documentation and all information relating thereto in sufficient detail to enable LICENSEE to use the Technology as contemplated under Clause 2.1. Nothing in this Agreement shall be construed as requiring A\*CCELERATE to prepare or deliver to LICENSEE any further information, documents or data relating thereto or engage in any technical studies or research or development or other obligation with regards to the use and operation of any part of the Technology.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**4.** **Licensed Products** 

Diffractive optical lenses, flat lenses and nanoimprint masters for use within the Field only which incorporates the Technology (or part thereof) or which cannot be developed, manufactured, used, sold, performed or provided without infringing A\*CCELERATE's rights in the Technology. For the avoidance of doubt, a Licensed Product includes a complete system, which may include hardware, software, accessories, implementation manuals and the like, or a sub-system of a complete system, incorporating the Technology (or part thereof).

5. Effective
 Date

13 DECEMBER 2021

**6.** **Term** 

10 years from the date of execution of this Agreement

**7.** **Territory** 

For Know-How, all countries worldwide.

For Patents, all countries in which patent applications are filed at any time during the Term.

**8.** **Licence Fee** 

METASURFACES TECHNOLOGIES PTE LTD shall pay the following Licence Fee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Licence Fee (payable within thirty days from the Effective Date):** 

<u>Upfront Fee</u>

The upfront fee is to be satisfied by the issuance and allotment of fully paid-up ordinary shares of METASURFACE (which, for illustrative purpose in this Agreement, represents approximately [ ] of the enlarged issued and paid-up share capital of METASURFACE (based on an indicative pre-money valuation of METASURFACE at approximately S$57.65 million confirmed through a third party valuer) on a fully diluted basis upon such issuance ("**A\*CCELERATE's Shares**").

METASURFACE shall notify A\*CCELERATE of its plans to submit for listing application at least 90 clear days before the date of submission of the listing application. A\*CCELERATE shall subscribe for the aforesaid shares at least 28 clear days before the date of the submission of METASURFACE's listing application form. If the listing application is not submitted within 24 months of the Effective Date, A\*CCELERATE has full discretion of when to subscribe for the aforesaid shares.

<u>Non – dilution Rights</u>

A\*CCELERATE's shareholding interest in METASURFACE represented by A\*CCELERATE's Shares shall be non dilutable, until the date on which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) METASURFACE
 has an implied equity valuation based on an indicative fair market valuation of S$57.56 million
 or a number to be confirmed by a third party valuer by the time definitive Licensing agreements
 are entered into; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) METASURFACE
achieves at least S$7 million of paid up equity through equity financing,

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

provided always that such non-dilution rights shall be exercised before and/or terminated upon the submission of an application for listing of METASURFACE or a related corporation of the Licensees on an internationally recognised stock exchange (including The Stock Exchange of Hong Kong Limited ("**SEHK**") ("**IPO**") and Accelerate undertakes to execute any such agreements and/or give any such corporate authorisations to effectuate such termination, and such non-dilution rights shall not prohibit METASURFACE from issuing new shares to third parties at any time.

For the purposes of a contemplated IPO, METASURFACE intends to restructure into a holding company ("**Holdco**"). The parties' intention is for A\*CCELERATE to hold approximately [ ] of the enlarged issued and paid-up share capital of Holdco immediately prior to the submission of an application for the contemplated IPO and Accelerate undertakes to execute all such agreements and/or give all such corporate authorisations to effectuate such restructuring.

<u>Shareholder's Call Option</u>

The remaining shareholders as at the date of issue of A\*CCELERATE's Shares shall have the option but not the obligation ("**Call Option**") from the Effective Date of the Licence Agreement to purchase at least 50% of A\*CCELERATE's Shares ("**Call Option Shares**") at an exercise price for each of A\*CCELERATE's Shares calculated based on the higher of (i) an implied valuation of METASURFACE of [ ] or (ii) market valuation of METASURFACE based on the most recent investment round (which shall not exceed 12 months before the date of exercise of the Call Option). The call option period is within 3 years from the Effective Date of the Licensing Agreement provided always that shall automatically terminate upon the submission of an application for the IPO.

The Call Option may be exercised by notice in writing by the other shareholders ("**Call Option Party**") to A\*CCELERATE. Upon exercise of the Call Option by the Call Option Party, A\*CCELERATE shall be obliged to sell the Call Option Shares to the Call Option Party. A\*CCELERATE and the Call Option Party shall engage each other in good faith and shall use all reasonable endeavours to complete the sale of the Call Option Shares within ten (10) business days.

<u>A\*CCELERATE's Put Option</u>

Upon occurrence of a Change in Control (as defined below), A\*CCELERATE shall have the option but not the obligation to sell its shares in METASURFACE to the other shareholders at an exercise price of each of A\*CCELERATE's Shares at a valuation of METASURFACE of the higher of [ ] and the implied market valuation based on fair market valuation, whichever is higher.

Each of the Call Option and the Put Option shall automatically terminate upon the submission of an application for the IPO and Accelerate undertakes to execute any such agreements and/or give any such corporate authorisations to effectuate such termination.

For the purposes of this paragraph, a "**Change in Control**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 sale of all or substantially all of the assets of the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 transaction in which shares of the Company carrying more than 30% of all the voting rights
 exercisable at general meetings of the Company at the time of the transaction are transferred
 to any number of persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 reorganisation, reconstruction, merger or amalgamation which results in a change in the holders
 of the voting rights of more than 50% of all the voting rights exercisable at general meetings
 of the Company at the time.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

If the submission of an application for an IPO does not take place within 5 years from the Effective Date, A\*CCELERATE shall have the option but not the obligation to sell all its remaining A\*CCELERATE's Shares to the other shareholders of METASURFACE at a price equivalent to 8% of the gross revenue of METASURFACE in the year of exit.

<u>Exit</u>

A\*CCELERATE will be able to achieve an exit upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 completion of the IPO, save that A\*CCELERATE shall be prohibited from selling, assigning
 or transferring its shares to a third party in the 12 month period following the IPO or such
 other longer period as may be required by the IPO sponsor of the Company or the regulators/listing rules of the relevant stock exchange; and A\*CCELERATE agrees execute any such agreements
 or undertakings or deeds to effectuate this clause 11(1);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 3<sup>rd</sup>
 party investments at market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 buyout of METASURFACE by a third party.

All terms under the headers "Non-dilution Rights", "Shareholder's Call Option", "A\*CCELERATE's Put Option" and "Exit" are subject to a definitive Share Subscription Agreement, which will be on such terms as agreed between the parties. In the event of any conflict, the terms and conditions set out in the definitive agreements shall take precedence. Notwithstanding the foregoing, it is understood and agreed that the aforementioned terms shall remain substantively the same as stated herein, and shall remain enforceable in the event a definitive Share Subscription Agreement is not entered into.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Royalties:</u>** 

METAOPTICS TECHNOLOGIES PTE. LTD. shall pay the following royalties:

Where no sublicensing takes place, [ ] of Gross Revenue attributable to the Licensed Products during the Term, subject to the annual minimum payment (as stated in (c) below), and

Where sublicensing takes place, an additional [ ] of Gross Revenue attributable to the Licensed Products during the Term derived from the sublicensing only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Annual Minimum Payment:** 

---

| | |
|:---|:---|
| Period | Annual Minimum Royalties (SGD) |
| Year 1 | [ ] |
| Year 2 | [ ] |
| Year 3 | [ ] |
| Year 4 | [ ] |
| Year 5 | [ ] |
| Year 6 | [ ] |
| Year 7 | [ ] |
| Year 8 | [ ] |
| Year 9 | [ ] |
| Year 10 | [ ] |

---

For the purposes of this Agreement, "Year 1" shall refer to the calendar year commencing 1 January 2022 to 31 December 2022 and succeeding references to "Year" shall be construed with reference to subsequent calendar years accordingly.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

"**Gross Revenue**" means any and all consideration received and receivable by METAOPTICS, including but not limited to all revenue received by METAOPTICS in respect of any sale, distribution, use or other disposition of Licensed Product. if any Licensed Product is distributed in a transaction that is not at arms-length for a discounted price that is substantially lower than the customary price charged by LICENSEE, or distributed for a non-cash consideration (whether or not for a discount), Gross Revenue shall be calculated based on the non-discounted price amount of the Licensed Product charged to an independent party during the same reporting period or in the absence of such sales, on the fair market value of the Licensed Product. For the purposes of this definition, Gross Revenue shall be computed before deducting income tax or any other taxes, refund, discount, credit or other offset.

<u>Payment Terms</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. All
 Royalties or other sums payable under this Agreement shall be paid in Singapore Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Royalties are payable to A\*CCELERATE yearly, within thirty (30) days of anniversary
 of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All
 payments made to A\*CCELERATE hereunder shall exclude any goods and services tax, sale
 and use tax or any similar tariff, impost, duty, fees or assessments (including the amount
 of interest and penalties in connection therewith) or governmental charge. Payment shall
 be made in cleared funds to such bank account or in such other manner as A\*CCELERATE may
 specify from time to time to METAOPTICS, without any set-off, deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 parties hereby agree that A\*CCELERATE's acceptance of any purported payment of
 Royalties from METAOPTICS shall not be deemed to be A\*CCELERATE's acceptance of the
 validity and accuracy of any record, statement and document in support thereof. Far the avoidance
 of doubt, A\*CCELERATE reserves the right to reject any such record, statement or document
 as valid or accurate subsequent to its acceptance of any purported payment of Royalties and
 in such event, A\*CCELERATE shall have the right to recover the balance of any sums
 thereby found due and unpaid.

**9.** **COMMERCIALISATION OBLIGATIONS** 

The Licensees agree to the following commercialisation obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Raise
funds or create new business units in METAOPTICS to commercialise the Technology, Patents and any Enhancements for the Licensed Products.
METAOPTICS shall use reasonable endeavours to raise capital in the amount of approximately [ ] on or before 31 December 2023
in one or more tranches. It is currently anticipated that METAOPTICS intends to raise an estimated [ ] on or before 31 December
2022 and a further estimated amount of [ ] on or before 31 December 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 pilot or mass production line ready by [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 pilot or mass production line ready by [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Able
to generate new partnerships from [ ]

If the Licensees are unable to show sufficient evidence and effort to commercialise the Technology, Patents and any Enhancements in accordance with commercialization obligations (b) to (d), A\*CCELERATE reserves the right to terminate this Agreement with 3 months' notice in writing.

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**<u>SCHEDULE 2</u>**

**<u>SALES REPORT</u>**

**Name of LICENSEE:**

**Reporting period:**

**Licence Agreement reference no:**

**Technology:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/No** | **Invoice Date** | **Invoice Number** | **Customer name** | **Description** | **Invoice amount (S$) \* <br> without GST <br> (a)** |
| 1 |  |  |  |  |  |
| 2 |  |  |  |  |  |
| 3 |  |  |  |  |  |
| 4 |  |  |  |  |  |
| 5 |  |  |  |  |  |
| 6 |  |  |  |  |  |
| 7 |  |  |  |  |  |
| 8 |  |  |  |  |  |
| 9 |  |  |  |  |  |
| 10 |  |  |  |  |  |
| Total |  |  |  |  | 0 |

---

Note: Please insert more rows if necessary

\* For sales invoice in foreign currency, please indicate the exchange rate used to convert to S$

We hereby certify that the above information is correct.

---

| |
|:---|
| Name: |
| Designation: Chief Financial Officer/Director |
| Date: |

---

A\*CCELERATE-METASURFACE-METAOPTICS – 07 Dec 2021

**ADDENDUM TO LICENCE AGREEMENT**

**THIS ADDENDUM TO LICENCE AGREEMENT** is made on 29<sup>th</sup> April 2025 and deemed to take effect from 29<sup>th</sup> April 2025 ("Effective Date")

Between

**ACCELERATE TECHNOLOGIES PTE LTD** (Co. Reg. No. 199503178D), a company incorporated in Singapore and having its place of business at 2 Fusionopolis Way, #08-08, Innovis, Singapore 138634 ("A\*CCELERATE"),

**METASURFACE TECHNOLOGIES PTE LTD** (Co Reg. No 200000161Z), incorporated in Singapore and having its place of business at 43 Tuas View Circuit, Singapore 637360 ("MST")

And

**METAOPTICS TECHNOLOGIES PTE LTD** (Co. Reg. No. 202120933K), incorporated in Singapore and having its place of business at 81 Ayer rajah crescent, #01-45, Singapore 139967 ("MOT")

(MST and MOT shall collectively be known as LICENSEES)

(A\*CCELERATE and the LICENSEES shall hereinafter be referred to as "the Parties" and singularly as a "Party".)

**WHEREAS:**

A. A\*CCELERATE and the LICENSEES entered into a Licence Agreement
dated 10<sup>th</sup> December 2021 ("Original Agreement").

B. The Parties wish to amend the Original Agreement by executing
this Addendum.

**NOW, THEREFORE,** in consideration of the foregoing and the mutual promises and covenants contained in this Addendum, it is hereby agreed as follows:

1. This Addendum is supplemental to the Original Agreement.
Terms defined in the Original Agreement shall have the same meanings in this Addendum save as provided otherwise.

2. In this Addendum, references to clauses, schedules and paragraphs
shall be to clauses, schedules and paragraphs of this Addendum unless specified otherwise.

3. In the event, and to the extent of, any inconsistency between
the provisions of the Original Agreement and the provisions of this Addendum, the provisions of this Addendum shall prevail.

4. Subject to clause 3 above (and other than as expressly set
out in this Addendum), the provisions of the Original Agreement shall apply mutatis mutandis to this Addendum. Save as expressly set
out in this Addendum, all the provisions of the Original Agreement shall remain in full force and effect.

5. The following variation to the terms and conditions of the
Original Agreement shall take effect from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 9 ("Commercialisation Obligations") of Schedule 1 of the Original Agreement shall be deleted in its entirety and replaced with the following:

*The Licensees agree to the following commercialisation obligations:*

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *A pilot or mass production line ready by [ ] or earlier, producing flat lens in Singapore and* 

 

*If the Licensees are unable to show sufficient evidence and effort to commercialise the Technology, Patents and any Enhancements in accordance with commercialization obligations, A\*CCELERATE reserves the right to terminate this Agreement with 3 months' notice in writing.*

 

*Signature page follows*

 

A\*cc-Metasurface and Metaoptics Technologies Pte Ltd – Add to TLA – 24 Apr 2025 Page 1 of 2

 

 

**IN WITNESS WHEREOF** the Parties hereto have caused this Agreement to be duly executed by their duly authorised representatives.

---

| | |
|:---|:---|
| SIGNED by) | Name: Lim Li-Wei<br> Date:2025-04-29 20:25:06 +08:00 |
| Mr Lim Li-Wei, Executive Director) | Name: Lim Li-Wei<br> Date:2025-04-29 20:25:06 +08:00 |
| for and on behalf of) | Name: Lim Li-Wei<br> Date:2025-04-29 20:25:06 +08:00 |
| **ACCELERATE TECHNOLOGIES PTE LTD**) | /s/ Lim Li-Wei |
| in the presence of:) |  |
| Name: Ivan Lee |  |
| Date: 2025-04-29 14:06:13 +08:00 |  |
| /s/ Ivan Lee |  |
| Name of witness: Mr Ivan Lee |  |
| Designation: Deputy Director |  |

---

---

| | |
|:---|:---|
| SIGNED by) |  |
| Mr Chua Chwee Lee, Managing Director) |  |
| for and on behalf of) | /s/ Chua Chwee Lee |
| **Metasurface Technologies Pte Ltd.**) |  |
| in the presence of:-) |  |

---

---

| |
|:---|
| /s/ JEE WEE JENE |
| Name of witness: JEE WEE JENE |
| Designation: DIRECTOR |

---

---

| | |
|:---|:---|
| SIGNED by) |  |
| Mr Mark Thng Chong Kim, Director) |  |
| for and on behalf of) | /s/ Mark Thng Chong Kim |
| **Metaoptics Technologies Pte Ltd.**) |  |
| in the presence of:-) |  |

---

---

| |
|:---|
| /s/ Aloysius Chua Hao Peng |
| Name of witness: Mr Aloysius Chua Hao Peng |
| Designation: Deputy CEO |

---

A\*cc-Metasurface and Metaoptics Technologies Pte Ltd – Add to TLA – 24 Apr 2025 Page 2 of 2

## Exhibit 10.8

**Exhibit 10.8**

**THE SYMBOL "[ ]" DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED IN RELIANCE UPON ITEM 601 OF REGULATION S-K AS THE REGISTRANT HAS DETERMINED THAT THE OMITTED INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**LICENCE AGREEMENT**

This Agreement is made the 1st day of August 2023 between

**ACCELERATE TECHNOLOGIES PTE. LTD.** (Co. Reg. No. 199503187D), a company incorporated in Singapore and having its place of business at 1 Fusionopolis Way, #19-10 Connexis North, Singapore 138632 (hereinafter referred to as "**A\*CCELERATE**") of the first part; and

**LICENSEE**, full details of which are set out in Schedule 1, of the second part.

**RECITAL**

A. A\*CCELERATE has the right to license the Technology and
is entitled to grant the rights under this Agreement.

B. LICENSEE wishes to acquire rights to license and use the Technology,
in the Field subject to the terms and conditions herein.

NOW THEREFORE, in consideration of the mutual covenants and conditions set forth herein, A\*CCELERATE and LICENSEE hereby agree as follows:-

**1.** **DEFINITIONS** 

**"A\*CCELERATE's Affiliates"** means the Agency for Science, Technology and Research ("A\*STAR") and all the research institutes and centres managed and funded by A\*STAR.

**"Confidential Information"** means all information of A\*CCELERATE or A\*CCELERATE's Affiliates, including prototypes and samples, which may be disclosed to LICENSEE at any time and from time to time during the Term of this Agreement, which may be identified or designated by A\*CCELERATE as proprietary, confidential or secret and includes information which by its nature should be proprietary, confidential or secret. The specific terms and conditions of this Agreement shall be deemed to be Confidential Information. Confidential Information shall not include any information or material that is: (i) already in the possession of LICENSEE without prior restriction; (ii) independently developed by LICENSEE; (iii) publicly disclosed by A\*CCELERATE; (iv) rightfully received by LICENSEE from a third party; (v) approved for release by written agreement with A\*CCELERATE or (vi) made available by A\*CCELERATE to others without restriction.

**"Documentation"** means any user guides, instruction manuals and other documents whether in written or machine-readable form relating to the Technology.

**"Effective** **Date"** means the effective date of this licence as set out in Schedule 1 of this Agreement.

**"Enhancements"** means all new versions of, modifications, additions, improvements, upgrades and development to the Technology developed by LICENSEE.

**"Field"** means the field of use as described in Schedule 1 of this Agreement.

**"Intellectual Property"** means know-how and intellectual property rights (including without limitation patents, copyrights, designs, trade secrets, and rights in Confidential Information) worldwide arising under statutory or common law, and whether or not perfected, and any applications of the foregoing.

**"Licensed Products"** means the products as described in Schedule 1 of this Agreement.

**"Royalties"** means the amounts payable by LICENSEE to A\*CCELERATE as set out in Schedule 1.

**"Sales Report"** means the sales report as set out in Schedule 2 to be submitted by LICENSEE to A\*CCELERATE pursuant to this Agreement.

A\*CCELERATE - METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

"**Technology"** means the technology as described in Schedule 1 of this Agreement.

**"Term"** means the period of time as set out in Schedule 1 of this Agreement.

**"Territory"** means the countries as set out in Schedule 1 of this Agreement.

**2.** **GRANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 A\*CCELERATE hereby grants to LICENSEE a non-exclusive, non sublicensable,
non-transferable, revocable for cause licence to use the Technology within the Field for the Term and in the Territory to develop
Enhancements and use, make, have made, manufacture, distribute, market, import, export, sell and have sold Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Nothing in this Agreement shall prejudice A\*CCELERATE's right to use
and to allow A\*CCELERATE and A\*CCELERATE's Affiliates to use, further develop, license or otherwise commercialise
the Technology as they deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 A\*CCELERATE shall not be obliged to
 render any technical assistance, maintenance or support services to LICENSEE in respect of the Technology or
 otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Except as expressly provided in
 this Agreement or with the prior written consent of A\*CCELERATE, LICENSEE shall not modify, adapt, translate, alter, copy,
 reproduce, deal in, reverse engineer, decompile, disassemble or create any derivative works based on the whole or any part
 of the Technology. [Specifically, LICENSEE shall comply with the Commercial Obligations listed in Schedule 1.]

**3.** **FINANCIAL TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In consideration of the rights granted pursuant to Clause 2 above, LICENSEE
shall pay to A\*CCELERATE:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the licence fee stated in Schedule 1 ("Licence Fee"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 Royalties in accordance with the royalty scheme set out in Schedule 1 together
with the Sales Reports, in the manner set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Time of payment shall be of the
 essence. If LICENSEE fails to make any payment due to A\*CCELERATE, A\*CCELERATE shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 forthwith suspend or terminate the Licence hereby granted to LICENSEE; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 charge LICENSEE, in respect of any and all overdue payments, interest at the rate
of three percent (3%) per annum above the annual prime lending rate of the Development Bank of Singapore from such date until said amount
is paid in full to A\*CCELERATE.

**4.** **ACCOUNTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 LICENSEE shall keep true and
 accurate accounts and records in sufficient detail to enable the amount of all Royalties or other sums payable under this Agreement
 to be determined. A\*CCELERATE has the right to request for LICENSEE to submit details of its
accounts and records to support the information provided in the Sales Report.

A\*CCELERATE - METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 A\*CCELERATE may, annually and
 at its own cost, appoint an independent auditor to examine LICENSEE's books and records to verify LICENSEE's fulfilment of its
 obligations under this Agreement. Notwithstanding the foregoing, the cost of such audit conducted shall be borne in full by
 LICENSEE if any discrepancy exceeding five percent (5%) is found in the Royalties stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The provisions of this Clause 4
 shall remain in full force and effect after the termination of this Agreement for any reasons until the settlement of all
 subsisting claims of A\*CCELERATE under this Agreement.

**5.** **RIGHTS IN INTELLECTUAL PROPERTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 LICENSEE acknowledges that the Technology may contain Confidential Information
of A\*CCELERATE or A\*CCELERATE's Affiliates and LICENSEE shall treat in confidence any information relating to the Technology,
save for information that is in the public domain through no fault of its obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 LICENSEE shall take all reasonable
 steps, including, but not limited to, those steps taken to protect its own information, data or other tangible or intangible property
 that it regards as proprietary or confidential, to ensure that the Confidential Information is not disclosed or duplicated for the use
 of any third party, and shall take all reasonable steps to prevent its officers and employees, or any other persons having access to
 the Confidential Information, from disclosing or making unauthorised use of any Confidential Information, or from committing any acts of
 omissions that may result in a violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 LICENSEE
 shall not do anything which might bring into question A\*CCELERATE or A\*CCELERATE's
 Affiliates' ownership of the Technology licensed by A\*CCELERATE to LICENSEE under this
 Agreement or their validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 LICENSEE shall notify A\*CCELERATE in
 writing as soon as practicable after it becomes aware of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 any actual, threatened or suspected
 infringement of any Intellectual Property of A\*CCELERATE in respect of the Technology or any breach of confidence relating to
 any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.2 any claim brought against LICENSEE
 or any other person alleging that its use of the Technology infringes any Intellectual Property or other
 rights belonging to or alleged to belong to the claimant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 A\*CCELERATE or its Affiliates shall have the right but not the obligation, at its
 option ańd expense, to prosecute and defend any and all infringements of the Technology provided that all damages,
 costs or other benefits obtained as a result belongs to A\*CCELERATE.

**6.** **WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 LICENSEE warrants that it has full right to enter into this
Agreement; that the Technology and Documentation shall be used solely by LICENSEE and no other third party and only for the purposes
contemplated by Clause 2 of this Agreement; and that it shall observe all applicable laws and regulations and obtain all necessary licences,
consents and permissions required in respect of the use of the Technology and the manufacture, importation, storage, marketing and sale
of the Licensed Products (including the sub-licensing of the Licensed Products) in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 SAVE THAT A\*CCELERATE WARRANTS THAT IT HAS FULL RIGHT AND POWER
TO ENTER INTO THIS AGREEMENT, A\*CCELERATE MAKES NO OTHER WARRANTIES CONCERNING THE TECHNOLOGY, INCLUDING WITHOUT LIMITATION, ANY EXPRESS
OR IMPLIED WARRANTY OF MERCHANTABILITY OR SATISFACTORY QUALITY, FITNESS FOR A PARTICULR PURPOSE OR AS TO RELIABILITY, ACCURACY, VALIDITY
OR OTHERWISE OF THE TECHNOLOGY. THE TECHNOLOGY IS PROVIDED "AS IS" AND A\*CCELERATE MAKES NO WARRANTY OR REPRESENTATION AS
TO THE VALIDITY OR SCOPE OF THE TECHNOLOGY, OR THAT THE TECHNOLOGY WILL BE FREE FROM INFRINGEMENT OF PATENTS OR OTHER INTELLECTUAL PROPERTY
RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING THE TECHNOLOGY COVERED BY THIS AGREEMENT.

A\*CCELERATE - METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**7.** **LIABILITY AND LEGAL RESPONSIBILITY** 

LICENSEE assumes all responsibility and liability for any loss, damages, costs, expenses or other claim for compensation which arises out of or in connection with this Agreement, or which in any way relates to the Technology, or its use by LICENSEE except to the extent when caused by the wilful misconduct of A\*CCELERATE. For avoidance of doubt, in no event shall A\*CCELERATE be liable for any incidental, consequential or special damages arising out of or related to this Agreement, including, but not limited to, loss of business opportunity, lost profits or pure economic loss. Notwithstanding anything to the contrary, A\*CCELERATE's total and cumulative liability under this Agreement, however arising, shall not exceed any amount that LICENSEE has actually paid to A\*CCELERATE pursuant to this Agreement.

**8.** **USE OF NAME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 LICENSEE shall not use the name, trademark or logo of A\*CCELERATE or A\*CCELERATE's Affiliates in any publicity, promotion, news release
or disclosure relating to this Agreement, its subject matter or the sale of the Licensed Products, without the prior written permission
of A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 LICENSEE shall use its best
 efforts to acknowledge the participation and contributions of A\*CCELERATE and A\*CCELERATE's Affiliates in all news releases,
 promotional, advertising and marketing material, a copy of which shall be provided to A\*CCELERATE for prior written approval, which
 shall not be unreasonably withheld.

**9.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 LICENSEE shall be entitled to terminate this Agreement at any time by giving no less than thirty (30) days written notice to A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 A\*CCELERATE shall be entitled to terminate this Agreement forthwith by giving written notice to LICENSEE if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 LICENSEE commits any breach of this Agreement and if the breach is capable of remedy, fails to remedy it within thirty (30) days after
being given a written notice containing full particulars of the breach and requiring the remedy of the breach; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 An encumbrances takes possession, or a receiver is
 appointed, of any of the property or assets of LICENSEE; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 LICENSEE makes any voluntary arrangement with its creditors;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4 LICENSEE goes into liquidation (except for the
 purpose of amalgamation or reconstruction and so that the resulting LICENSEE effectively agrees to be bound by or assume the
 obligations imposed on the LICENSEE under this Agreement); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.5 LICENSEE ceases, or threatens to cease, to carry on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Termination of this Agreement howsoever caused shall be without
prejudice to any other right or remedy a Party may be entitled to hereunder or at law and shall not affect any accrued rights or liabilities
of either Party.

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Upon the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1 LICENSEE shall forthwith cease to market or use, either directly
or indirectly, the Licensed Products or the Technology or to use any of the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2 LICENSEE shall destroy or return to A\*CCELERATE all copies of
the Documentation in its possession or control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.3 LICENSEE shall promptly pay all amounts due under this Agreement
to A\*CCELERATE immediately upon its receipt of the same and shall submit to A\*CCELERATE written confirmation signed by a duly authorised
officer that it has complied with such payment obligations, along with a copy of all materials reasonably necessary to support such statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Clause 4, 5, 6, 8, 9.5 and 10 shall survive the termination
of this Agreement.

**10.** **ARBITRATION AND GOVERNING LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any dispute among the parties arising out of or in connection
with this Agreement or in the performance thereof shall in the first instance be referred to the authorised representatives of the parties
for resolution. If such efforts fail, then the dispute shall be referred to binding arbitration in Singapore in accordance with the Arbitration
Rules of the Singapore International Arbitration Center in force at such time which rules shall be deemed to be incorporated by reference
into this Agreement. The Tribunal shall consist of one (1) arbitrator chosen by the Singapore International Arbitration Center under
its rules if the parties cannot otherwise agree upon an arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement shall be governed by the laws of the Republic
of Singapore and each Party agrees to submit to the non-exclusive jurisdiction of the Singapore courts.

**11.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Assignment</u>.
 This Agreement may not be assigned by the LICENSEE to any person without the prior written
 consent of A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Entire Agreement</u>. This Agreement sets forth the entire agreement and understanding between the
 parties as to the subject matter herein. There shall be no amendments or modifications to
 this Agreement, except by a written document signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Waiver</u>.
 Any delay in enforcing a party's rights under this Agreement or any waiver as to a
 particular default or other matter shall not constitute a waiver of that party's rights
 to the future enforcement of its rights under this Agreement, unless there is an express written
 and signed waiver for a particular matter for a particular period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Severance</u>.
 If any provision of this Agreement is held by any court or other competent authority to be
 invalid or unenforceable, in whole or in part, the other provisions of this Agreement and
 the remainder of the affected provision shall continue to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Injunctive relief</u>. LICENSEE acknowledges that any breach of this Agreement may cause irreparable
 damage to A\*CCELERATE or A\*CCELERATE's Affiliates and LICENSEE agrees that A\*CCELERATE
 or its Affiliates shall be entitled to injunctive relief in addition to any award by the court
 in favour of A\*CCELERATE or A\*CCELERATE's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Notices</u>.
 Any notices required by this Agreement shall be in writing, shall specifically refer to this
 Agreement and shall be sent by registered or certified mail and shall be forwarded to the
 respective addresses set forth below unless subsequently changed by written notice to the
 other party.

A\*CCELERATE – METAOPTICS TECHNOLOGIES PTE LTD

To A\*CCELERATE: 1 Fusionopolis Way, #19-10 Connexis North, Singapore 138632

Attn: Enterprise Industry Group Director AND Enterprise Quality Systems and Project Management Director

Fax: 64632675

To LICENSEE: Refer to Schedule 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Contracts (Rights of Third Parties) Act</u>. Save to give effect to the rights accruing to A\*CCELERATE's
 Affiliates under this Agreement, a person who is not a party to this Agreement has no right
 under the Contracts (Rights of Third Parties) Act Cap. 53B or otherwise to enforce any
 terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Novation</u>.
 If at any time after the Effective Date the functions and operations of A\*CCELERATE are assigned,
 merged, transferred into or otherwise forms part of another organisation ("the New Entity")
 such that the New Entity takes over the whole or substantially the whole of A\*CCELERATE's
 operations, then it is agreed that this Agreement may, at the option of A\*CCELERATE, be novated
 to the New Entity which will then assume all of A\*CCELERATE's rights and obligations hereunder.

**12.** **USE OF TECHNOLOGY** 

The Technology shall be used for commercial and/or civilian purposes only. LICENSEE shall ensure that it complies with all applicable laws, rules and regulations governing the use, export and disposal of the Technology and the Licensed Products.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**IN WITNESS HEREOF**, the parties have executed this Agreement by their duly authorised representatives as of the date set forth above.

---

| | |
|:---|:---|
| SIGNED by Ms Radiana Soh, Director) |  |
| Chemicals, Materials & Sustainability) |  |
| Cluster, I&E Group, A\*STAR) |  |
| and on behalf of) | /s/ Radiana Soh |
| ACCELERATE TECHNOLOGIES) |  |
| PTE. LTD.) |  |
| In the presence of) |  |

---

/s/ Ivan Lee

Name of Witness: Mr Ivan Lee

Designation of Witness: Deputy Director, Chemicals, Materials & Sustainability Cluster, I&E Group, A\*STAR

---

| | |
|:---|:---|
| SIGNED by Mr Mark Thng) |  |
| Director for and on behalf) | /s/ Mark Thng |
| of Metaoptics Technologies Pte Ltd) |  |
| In the presence of) |  |

---

/s/ Aloysius Chua Hao Peng

Name of Witness: Aloysius Chua Hao Peng

Designation of Witness: Projects Director

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**<u>SCHEDULE 1</u>**

**1.** **LICENSEE** 

Name: Metaoptics Technologies Pte Ltd

Address: 43, TUAS VIEW CIRCUIT, SINGAPORE 637360

Company Registration No.: 202120933K

Addressee for communications: Mr Mark Thng

Email Address: mark.thng@metaoptics.com.sg

Telephone No.: +65 9738 1388

Fax No.: N.A

LICENSEE warrants that it is an SME with at least 30% of its shareholding owned by Singapore citizens or permanent residents and annual sales turnover of not more than S$100 million/an employment size of not more than 200 workers

**2.** **Field of use** 

Mold Fabrication for R&D purposes

**3.** **Technology** 

<u>Technology/Know-How</u>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**No** | &nbsp;&nbsp;**Know-How** | &nbsp;&nbsp;**ETPL Ref No** | **TD No.** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Positioning System and Method of Forming the Same | &nbsp;&nbsp;IMR/P/13693/00/PCT | 2022120 |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Patterning Software for Positioning System | &nbsp;&nbsp;IMR/Z/14300 | 2023043 |

---

*AND*

 

<u>Patents Applications</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **No** | &nbsp;&nbsp;**Patent Title** | **Patent Application No.** | &nbsp;&nbsp;**ETPL Ref No** | &nbsp;&nbsp;**TD No.** |
| 1 | &nbsp;&nbsp;Positioning System and Method of Forming the Same | PCT/SG2023/050152 | &nbsp;&nbsp;IMR/P/13693/00/PCT | &nbsp;&nbsp;2022120 |

---

**4.** **Licensed Products** 

Deep Ultraviolet (UV) Direct Laser Writing (DLW) machine and software for use within the Field of Use only which incorporates the Technology (or part thereof) or which cannot be developed, manufactured, used, sold, performed or provided without infringing A\*CCELERATE's rights in the Technology. For the avoidance of doubt, a Licensed Product includes a complete system, which may include hardware, software, accessories, implementation manuals and the like, or a sub-system of a complete system, incorporating the Technology (or part thereof).

**5.** **Effective Date** 

1 August 2023

**6.** **Term** 

5 years

A\*CCELERATE – METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**7.** **Territory** 

Know-how: World-wide

Patents: In territories where it is filed and/or granted

**8.** **Licence Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Licence Fee** (payable within thirty days from the Effective Date): [ ]

---

| | |
|:---|:---|
| **(b)** | **Royalty Payment:** |
| **LICENSEE will have to pay royalty as indicated in the table below:** | **LICENSEE will have to pay royalty as indicated in the table below:** |

---

---

| | | |
|:---|:---|:---|
| **Royalty Period** | **Payment and Sales Report Due Date** | **Royalty Payable** |
| Year 1 | [ ] + effective date | <br> [ ] of Gross Revenue, plus prevailing GST |
| Year 2 | [ ] + effective date | <br> [ ] of Gross Revenue, plus prevailing GST |
| Year 3 | [ ] + effective date | <br> [ ] of Gross Revenue, plus prevailing GST |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Year 4 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 5 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 6 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 7 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 8 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 9 | &nbsp;&nbsp;[ ] + effective date |
| &nbsp;&nbsp;Year 10 | &nbsp;&nbsp;[ ] + effective date |

---

Subject to the annual minimum payment (as stated in (c) below), royalties per schedule above of all Gross Revenue derived during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Annual Minimum Payment:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Royalty Period** | &nbsp;&nbsp;**Royalty Payable** |
| &nbsp;&nbsp;Year 1 | &nbsp;&nbsp;[ ] plus prevailing GST |
| &nbsp;&nbsp;Year 2 | &nbsp;&nbsp;[ ] plus prevailing GST |
| &nbsp;&nbsp;Year 3 | &nbsp;&nbsp;[ ] plus prevailing GST |
| &nbsp;&nbsp;Year 4 | &nbsp;&nbsp;[ ] plus prevailing GST |
| &nbsp;&nbsp;Year 5 | &nbsp;&nbsp;[ ] plus prevailing GST |

---

"**Gross Revenue**" means any and all consideration received and receivable by LICENSEE, including but not limited to all revenue received by LICENSEE in respect of any sale, distribution, use or other disposition of Licensed Product. If any Licensed Product is distributed in a transaction that is not at arms-length for a discounted price that is substantially lower than the customary price charged by LICENSEE, or distributed for a non-cash consideration (whether or not for a discount), Gross Revenue shall be calculated based on the non-discounted price amount of the Licensed Product charged to an independent party during the same reporting period or in the absence of such sales, on the fair market value of the Licensed Product. For the purposes of this definition, Gross Revenue shall be computed before deducting prevailing income tax or any other prevailing taxes, refund, discount, credit or other offset.

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**<u>PAYMENT TERMS</u>**

1. From and after the date falling twelve (12) months from the date of this Agreement, in order to maintain the licence granted hereunder
in force, LICENSEE shall pay to A\*CCELERATE the minimum annual royalty as set out in Section 8(c) above. Any percentage royalties earned
and paid to A\*CCELERATE pursuant to Clause 3.1.2 of this Agreement for any twelve (12) month period shall be credited against the minimum
royalty payable for such period, and the payment of any shortfall between actual royalties paid and the minimum annual royalty applicable
to such twelve (12) month period shall be payable to A\*CCELERATE in accordance with Section 8(c).

2. All Royalties or other sums payable under this Agreement shall be paid
 in Singapore Dollars.

3. All payments made to A\*CCELERATE hereunder shall exclude any
goods and services tax, sale and use tax or any similar tariff, impost, duty, fees or assessments (including the amount of interest and
penalties in connection therewith) or governmental charge and all such prevailing taxes shall be borne by LICENSEE. Payment shall be
made in cleared funds to such bank account or in such other manner as A\*CCELERATE may specify from time to time to LICENSEE, without any
set-off, deduction or withholding.

4. The Parties hereby agree that A\*CCELERATE's acceptance
of any purported payment of Royalties from LICENSEE shall not be deemed to be A\*CCELERATE's acceptance of the validity and accuracy
of any record, statement and document in support thereof. For the avoidance of doubt, A\*CCELERATE reserves the right to reject any such
record, statement or document as valid or accurate subsequent to its acceptance of any purported payment of Royalties and in such event,
A\*CCELERATE shall have the right to recover the balance of any sums thereby found due and unpaid.

**9.** **COMMERCIALISATION OBLIGATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sales of at least [ ] of licensed product within Year 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Gross revenue of at least [ ] by end of Year 5

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

A\*CCELERATE - METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**<u>SCHEDULE 2</u>**

**<u>SALES REPORT</u>**

**Name of LICENSEE:**

**Reporting period:** 

**Licence Agreement reference no:**

**Technology:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/No** | **Invoice Date** | **Invoice Number** | **Customer name** | **Description** | **Invoice amount (S$) \***<br> **without GST<br> (a)** |
| 1 |  |  |  |  |  |
| 2 |  |  |  |  |  |
| 3 |  |  |  |  |  |
| 4 |  |  |  |  |  |
| 5 |  |  |  |  |  |
| 6 |  |  |  |  |  |
| 7 |  |  |  |  |  |
| 8 |  |  |  |  |  |
| 9 |  |  |  |  |  |
| 10 |  |  |  |  |  |
| Total |  |  |  |  | 0 |

---

Note: Please insert more rows if necessary

\* For sales invoice in foreign currency, please indicate the exchange rate used to convert to S$

We hereby certify that the above information is correct.

---

| |
|:---|
| Name: |
| Designation: Chief Financial Officer/Director |
| Date: |

---

A\*CCELERATE - METAOPTICS TECHNOLOGIES PTE LTD

**ADDENDUM TO LICENCE AGREEMENT**

**THIS ADDENDUM TO LICENCE AGREEMENT** is made 8th December 2025 and deemed to take on effect from 8th December 2025 ("Effective Date")

Between

**ACCELERATE TECHNOLOGIES PTE LTD** (Co. Reg. No. 199503187D), a company incorporated in Singapore and having its place of business at 2 Fusionopolis Way, #08-08, Innovis, Singapore 138634 ("A\*CCELERATE"),

And

**METAOPTICS TECHNOLOGIES PTE LTD** (Co. Reg. No. 202120933K), incorporated in Singapore and having its place of business at 81 Ayer Rajah Crescent, #01-45, Singapore 139967 ("MOT")

(MOT shall be known as LICENSEE)

(A\*CCELERATE and the LICENSEE shall hereinafter be referred to as "the Parties" and singularly as a "Party".)

**WHEREAS:**

A. A\*CCELERATE and the LICENSEE entered into a Licence Agreement
dated 01<sup>st</sup> August 2023 ("Original Agreement").

B. The Parties wish to amend the Original Agreement by executing
this Addendum.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual promises and covenants contained in this Addendum, it is hereby agreed as follows:

1. This Addendum is supplemental to the Original Agreement.
Terms defined in the Original Agreement shall have the same meanings in this Addendum save as provided otherwise.

2. In this Addendum, references to clauses, schedules and paragraphs
shall be to clauses, schedules and paragraphs of this Addendum unless specified otherwise.

3. In the event, and to the extent of, any inconsistency between
the provisions of the Original Agreement and the provisions of this Addendum, the provisions of this Addendum shall prevail.

4. Subject to clause 3 above (and other than as expressly set
out in this Addendum), the provisions of the Original Agreement shall apply mutatis mutandis to this Addendum. Save as expressly set
out in this Addendum, all the provisions of the Original Agreement shall remain in full force and effect.

5. The following variation to the terms and conditions of the
Original Agreement shall take effect from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 9 ("Commercialisation Obligations") of Schedule 1 of the Original Agreement shall be deleted in its entirety and replaced with the following:

*The Licensee agrees to the following commercialization obligation:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Sales of at least [ ] of licensed product by Year 4* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Gross revenue of at least [ ] by end of Year 5* 

 

*If the Licensee is unable to show sufficient evidence and effort to commercialise the Technology, Patents and any Enhancements in accordance with commercialization obligations, A\*CCELERATE reserves the right to terminate this Agreement with 3 months' notice in writing.*

 

*Signature page follows*

A\*cc-Metaoptics Technologies Pte Ltd - Add to TLA – Execution Copy Page 1 of 2

**IN WITNESS WHEREOF** the Parties hereto have caused this Agreement to be duly executed by their duly authorised representatives.

---

| | |
|:---|:---|
| SIGNED by) |  |
| Ms Radiana Soh, Director, Innovation & Enterprise) | &nbsp;&nbsp; <br>/s/ Radiana Soh |
| Division) | &nbsp;&nbsp; <br>/s/ Radiana Soh |
| for and on behalf of) | &nbsp;&nbsp; <br>/s/ Radiana Soh |
| **ACCELERATE TECHNOLOGIES PTE LTD**) | &nbsp;&nbsp; <br>/s/ Radiana Soh |
| in the presence of:) |  |
| Name: Ivan Lee<br> Date: 2025-12-08 15:19:14 +08:00 |  |
| /s/ Ivan Lee |  |
| Name of witness: Mr Ivan Lee |  |
| Designation: Deputy Director, Innovation & Enterprise Division |  |

---

---

| | |
|:---|:---|
| SIGNED by) | &nbsp;&nbsp;<br>/s/ Mark Thng Chong Kim |
| Mr Mark Thng Chong Kim, CEO) | &nbsp;&nbsp;<br>/s/ Mark Thng Chong Kim |
| for and on behalf of) | &nbsp;&nbsp;<br>/s/ Mark Thng Chong Kim |
| **Metaoptics Technologies Pte Ltd.**) | &nbsp;&nbsp;<br>/s/ Mark Thng Chong Kim |
| in the presence of:-) | &nbsp;&nbsp;<br>/s/ Mark Thng Chong Kim |
| /s/ Chu Wee Liat |  |
| Name of witness: Mr Chu Wee Liat |  |
| Designation: CFO, **Metaoptics Technologies Pte Ltd.** |  |

---

A\*cc-Metaoptics Technologies Pte Ltd - Add to TLA – Execution Copy Page 2 of 2

## Exhibit 10.9

**Exhibit 10.9**

**THE SYMBOL "[ ]" DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED IN RELIANCE UPON ITEM 601 OF REGULATION S-K AS THE REGISTRANT HAS DETERMINED THAT THE OMITTED INFORMATION (I) IS NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL.**

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**LICENCE AGREEMENT**

This Agreement is made the 20th day of December 2023 between

**ACCELERATE TECHNOLOGIES PTE. LTD.** (Co. Reg. No. 1995031B7D), a company incorporated in Singapore and having its place of business at 1 Fusionopolis Way, #19-10 Connexis North, Singapore 138632 (hereinafter referred to as **"A\*CCELERATE")** of the first part; and

**LICENSEE,** full details of which are set out in Schedule 1, of the second part.

**RECITAL**

&nbsp;&nbsp;&nbsp;&nbsp;A. "A\*CCELERATE's has the right to license the Technology and is entitled to grant the rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;B. LICENSEE wishes to acquire rights to license and use the Technology, in the Field subject to the terms and conditions herein.

NOW THEREFORE, in consideration of the mutual covenants and conditions set forth herein, A\*CCELERATE and LICENSEE hereby agree as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **DEFINITIONS** 

**A\*CCELERATE Affiliates**" means the Agency for Science, Technology and Research ("A\*STAR") and all the research institutes and centres managed and funded by A\*STAR.

"**Confidential Information**" means all information of "A\*CCELERATE or "A\*CCELERATE's Affiliates, including prototypes and samples, which may be disclosed to LICENSEE at any time and from time to time during the Term of this Agreement, which may be identified or designated by A\*CCELERATE as proprietary, confidential or secret and includes information which by its nature should be proprietary, confidential or secret. The specific terms and conditions of this Agreement shall be deemed to be Confidential Information. Confidential Information shall not include any information or material that is: (i) already in the possession of LICENSEE without prior restriction; (ii) independently developed by LICENSEE; (iii) publicly disclosed by A\*CCELERATE; (iv) rightfully received by LICENSEE from a third party; (v) approved for release by written agreement with A\*CCELERATE or (vi) made available by A\*CCELERATE to others without restriction.

"**Documentation**" means any user guides, instruction manuals and other documents whether in written or machine-readable form relating to the Technology.

"**Effective Date**" means the effective date of this licence as set out in Schedule 1 of this Agreement.

"**Enhancements**" means all new versions of, modifications, additions, improvements, upgrades and development to the Technology developed by LICENSEE.

"**Field**" means the field of use as described in Schedule 1 of this Agreement.

"**Intellectual Property**" means know-how and intellectual property rights (including without limitation patents, copyrights, designs, trade secrets, and rights in Confidential Information) worldwide arising under statutory or common law, and whether or not perfected, and any applications of the foregoing.

"**Licensed Products**" means the products as described in Schedule 1 of this Agreement.

"**Royalties**" means the amounts payable by LICENSEE to A\*CCELERATE as set out in Schedule 1.

"**Sales Report**" means the sales report as set out in Schedule 2 to be submitted by LICENSEE to A\*CCELERATE pursuant to this Agreement.

"**Technology**" means the technology as described in Schedule 1 of this Agreement.

"**Term**" means the period of time as set out in Schedule 1 of this Agreement.

"**Territory**" means the countries as set out in Schedule 1 of this Agreement.

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**2.** **GRANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 A\*CCELERATE hereby grants to LICENSEE a
 non-exclusive, non sublicensable, non-transferable, revocable for cause licence to use the Technology within the Field for the
 Term and in the Territory to develop Enhancements and use, make, have made, manufacture, distribute, market, import, export, sell
 and have sold Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Nothing in this Agreement shall prejudice A\*CCELERATE's right to use and to allow A\*CCELERATE and A\*CCELERATE's Affiliates to use, further develop, license or otherwise commercialise the Technology as they deem fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 A\*CCELERATE shall not be obliged to render any technical assistance, maintenance or support services to LICENSEE in respect of the Technology or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Except as expressly provided in this Agreement or with the prior written consent of A\*CCELERATE, LICENSEE shall not modify, adapt, translate, alter, copy, reproduce, deal in, reverse engineer, decompile, disassemble or create any derivative works based on the whole or any part of the Technology. Specifically, LICENSEE shall comply with the Commercial Obligations listed in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **FINANCIAL TERMS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In consideration of the rights granted pursuant to Clause 2 above, LICENSEE shall pay to A\*CCELERATE:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 the licence fee stated in Schedule 1 ("Licence Fee"); 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;3.1.2 Royalties in accordance with the royalty scheme set out in Schedule 1 together with the Sales Reports, in the manner set out in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Time of payment shall be of the essence. If LICENSEE fails to make any payment due to A\*CCELERATE, A\*CCELERATE shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 forthwith suspend or terminate the Licence hereby granted to LICENSEE; 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;3.2.2 charge LICENSEE, in respect of any and all overdue payments, interest at the rate of three percent (3%) per annum above the annual prime lending rate of the Development Bank of Singapore from such date until said amount is paid in full to A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **ACCOUNTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 LICENSEE shall keep true and accurate accounts and records in sufficient detail to enable the amount of all Royalties or other sums payable under this Agreement to be determined. A\*CCELERATE has the right to request for LICENSEE to submit details of its accounts and records to support the information provided in the Sales Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 A\*CCELERATE may, annually and at its own cost, appoint an independent auditor to examine LICENSEE's books and records to verify LICENSEE's fulfilment of its obligations under this Agreement. Notwithstanding the foregoing, the cost of such audit conducted shall be borne in full by LICENSEE if any discrepancy exceeding five percent (5%) is found in the Royalties stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 The provisions of this Clause 4 shall remain in full force and effect after the termination of this Agreement for any reasons until the settlement of all subsisting claims of A\*CCELERATE under this Agreement.

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**5.** **RIGHTS IN INTELLECTUAL PROPERTY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 LICENSEE acknowledges that the Technology may contain Confidential-Information of A\*CCELERATE or A\*CCELERATE's Affiliates and LICENSEE shall treat in confidence any information relating to the Technology, save for information that is in the public domain through no fault of its obligations herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 LICENSEE shall take all reasonable steps, including, but not limited to, those steps taken to protect its own information, data or other tangible or intangible property that it regards as proprietary or confidential, to ensure that the Confidential Information is not disclosed or duplicated for the use of any third party, and shall take all reasonable steps to prevent its officers and employees, or any other persons having access to the Confidential Information, from disclosing or making unauthorised use of any Confidential Information, or from committing any acts of omissions that may result in a violation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 LICENSEE shall not do anything which might bring into question A\*CCELERATE or A\*CCELERATE's Affiliates' ownership of the Technology licensed by A\*CCELERATE to LICENSEE under this Agreement or their validity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 LICENSEE shall notify A\*CCELERATE in writing as soon as practicable after it becomes aware of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.1 any actual, threatened or suspected infringement of any Intellectual Property of A\*CCELERATE in respect of the Technology or any breach of confidence relating to any of the foregoing; 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;5.4.2 any claim brought against LICENSEE or any other person alleging that its use of the Technology infringes any Intellectual Property or other rights belonging to or alleged to belong to the claimant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 A\*CCELERATE or its Affiliates shall have the right but not the obligation, at its option and expense, to prosecute and defend any and all infringements of the Technology provided that all damages, costs or other benefits obtained as a result belongs to A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **NO WARRANTIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 LICENSEE warrants that it has full right to enter into this Agreement; that the Technology and Documentation shall be used solely by LICENSEE and no other third party and only for the purposes contemplated by Clause 2 of this Agreement; and that it shall observe all applicable laws and regulations and obtain all necessary licences, consents and permissions required in respect of the use of the Technology and the manufacture, importation, storage, marketing and sale of the Licensed Products (including the sub-licensing of the Licensed Products) in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 SAVE THAT A\*CCELERATE WARRANTS THAT IT HAS FULL RIGHT AND POWER TO ENTER INTO THIS AGREEMENT, A\*CCELERATE MAKES NO OTHER WARRANTIES CONCERNING THE TECHNOLOGY, INCLUDING WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTY OF MERCHANTABILITY OR SATISFACTORY QUALITY, FITNESS FOR A PARTICULR PURPOSE OR AS TO RELIABILITY, ACCURACY, VALIDITY OR OTHERWISE OF THE TECHNOLOGY. THE TECHNOLOGY IS PROVIDED "AS IS" AND A\*CCELERATE MAKES NO WARRANTY OR REPRESENTATION AS TO THE VALIDITY OR SCOPE OF THE TECHNOLOGY, OR THAT THE TECHNOLOGY WILL BE FREE FROM INFRINGEMENT OF PATENTS OR OTHER INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR THAT NO THIRD PARTIES ARE IN ANY WAY INFRINGING THE TECHNOLOGY COVERED BY THIS AGREEMENT.

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**7.** **LICENSEE'S RESPONSIBILITY** 

LICENSEE assumes all responsibility and liability for any loss, damages, costs, expenses or other claim for compensation which arises out of or in connection with this Agreement, or which in any way relates to the Technology, or its use by LICENSEE except to the extent when caused by the wilful misconduct of A\*CCELERATE. For avoidance of doubt, in no event shall A\*CCELERATE be liable for any incidental, consequential or special damages arising out of or related to this Agreement, including, but not limited to, loss of business opportunity, lost profits or pure economic loss. Notwithstanding anything to the contrary, A\*CCELERATE's total and cumulative liability under this Agreement, however arising, shall not exceed any amount that LICENSEE has actually paid to A\*CCELERATE pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **USE OF NAME** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 LICENSEE shall not use the name, trademark or logo of A\*CCELERATE or A\*CCELERATE's Affiliates in any publicity, promotion, news release or disclosure relating to this Agreement, its subject matter or the sale of the Licensed Products, without the prior written permission of A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 LICENSEE shall use its best efforts to acknowledge the participation and contributions of A\*CCELERATE and A\*CCELERATE's Affiliates in all news releases, promotional, advertising and marketing material, a copy of which shall be provided to A\*CCELERATE for prior written approval, which shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **TERMINATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 LICENSEE shall be entitled to terminate this Agreement at any time by giving no less than thirty (30) days written notice to A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 A\*CCELERATE shall be entitled to terminate this Agreement forthwith by giving written notice to LICENSEE if:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 LICENSEE commits any breach of this Agreement and if the breach is capable of remedy, fails to remedy it within thirty (30) days after being given a written notice containing full particulars of the breach and requiring the remedy of the breach; 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;9.2.2 An encumbrances takes possession, or a receiver is appointed, of any of the property or assets of LICENSEE; 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;9.2.3 LICENSEE makes any voluntary arrangement with its creditors; 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;9.2.4 LICENSEE goes into liquidation (except for the purpose of amalgamation or reconstruction and so that the resulting LICENSEE effectively agrees to be bound by or assume the obligations imposed on the LICENSEE under this Agreement); 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;9.2.5 LICENSEE ceases, or threatens to cease, to carry on business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Termination of this Agreement howsoever caused shall be without prejudice to any other right or remedy a Party may be entitled to hereunder or at law and shall not affect any accrued rights or liabilities of either Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Upon the termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.1 LICENSEE shall forthwith cease to market or use, either directly or indirectly, the Licensed Products or the Technology or to use any of the Intellectual Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.2 LICENSEE shall destroy or return to A\*CCELERATE all copies of the Documentation in its possession or control; and

---

| | |
|:---|:---|
| 9.43 | LICENSEE shall promptly pay all amounts due under this Agreement to A\*CCELERATE immediately upon its receipt of the same and shall submit to A\*CCELERATE written confirmation signed by a duly authorised officer that it has complied with such payment obligations, along with a copy of all materials reasonably necessary to support such statement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Clause 4, 5, 6, 8, 9.5 and 10 shall survive the termination of this Agreement.

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**10.** **ARBITRATION AND GOVERNING LAW** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Any dispute among the parties arising out of or in connection with this Agreement or in the performance thereof shall in the first instance be referred to the authorised representatives of the parties for resolution. If such efforts fail, then the dispute shall be referred to binding arbitration in Singapore in accordance with the Arbitration Rules of the Singapore \|international Arbitration Center in force at such time which rules shall be deemed to be incorporated by reference into this Agreement. The Tribunal shall consist of one (1) arbitrator chosen by the Singapore International Arbitration Center under its rules if the parties cannot otherwise agree upon an arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 This Agreement shall be governed by the laws of the Republic of Singapore and each Party agrees to submit to the non-exclusive jurisdiction of the Singapore courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Assignment.</u> This Agreement may not be assigned by the LICENSEE to any person without the prior written consent of A\*CCELERATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Entire Agreement.</u> This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter herein. There shall be no amendments or modifications to this Agreement, except by a written document signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Waiver.</u> Any delay in enforcing a party's rights under this Agreement or any waiver as to a particular default or other matter shall not constitute a waiver of that party's rights to the future enforcement of its rights under this Agreement, unless there is an express written and signed waiver for a particular matter for a particular period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Severance.</u> If any provision of this Agreement is held by any court or other competent authority to be invalid or unenforceable, in whole or in part, the other provisions of this Agreement and the remainder of the affected provision shall continue to be valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Injunctive relief.</u> LICENSEE acknowledges that any breach of this Agreement may cause irreparable damage to A\*CCELERATE or A\*CCELERATE's Affiliates and LICENSEE agrees that A\*CCELERATE or its Affiliates shall be entitled to injunctive relief in addition to any award by the court in favour of A\*CCELERATE or A\*CCELERATE's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Notices.</u> Any notices required by this Agreement shall be in writing, shall specifically refer to this Agreement and shall be sent by registered or certified mail and shall be forwarded to the respective addresses set forth below unless subsequently changed by written notice to the other party.

To A\*CCELERATE: 1 Fusionopolis Way, #19-10 Connexis <br> North, Singapore 138632 Attn: Enterprise Industry GroupDirector AND Enterprise Quality Systems and Project Management Director Fax: 64632675 <br> To LICENSEE: Refer to Schedule 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Contracts (Rights of Third Parties) Act.</u> Save to give effect to the rights accruing to A\*CCELERATE's Affiliates under this Agreement, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act Cap. 53B or otherwise to enforce any terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Novation.</u> If at any time after the Effective Date the functions and operations of A\*CCELERATE are assigned, merged, transferred into or otherwise forms part of another organisation ("the New Entity") such that the New Entity takes over the whole or substantially the whole of A\*CCELERATE's operations, then it is agreed that this Agreement may, at the option of A\*CCELERATE, be novated to the New Entity which will then assume all of A\*CCELERATE's rights and obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **USE OF TECHNOLOGY** 

The Technology shall be used for commercial and/or civilian purposes only. LICENSEE shall ensure that it complies with all applicable laws, rules and regulations governing the use, export and disposal of the Technology and the Licensed Products.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**IN WITNESS HEREOF,** the parties have executed this Agreement by their duly authorised representatives as of the date set forth above.

---

| | |
|:---|:---|
| SIGNED by Mr Dennis Ling,) |  |
| Executive Director, I&E Group, A\*STAR) |  |
| and on behalf of) |  |
| ACCELERATE TECHNOLOGIES) | /s/ Dennis Ling |
| PTE LTD.) |  |
| In the presence of) |  |
| /s/ Mr Ivan Lee |  |
| Name of Witness: Mr Ivan Lee |  |
| Designation of Witness: Deputy Director, Chemicals, Materials &<br> Sustainability Cluster, I&E Group, A\*STAR | Designation of Witness: Deputy Director, Chemicals, Materials &<br> Sustainability Cluster, I&E Group, A\*STAR |

---

---

| | |
|:---|:---|
| SIGNED by Mr Mark Thng) |  |
| Director for and on behalf of) |  |
| Metaoptics Technologies Pte Ltd) | /s/ Mark Thng |
| In the presence of) |  |
| /s/ Aloysius Chua Hao Peng |  |
| Name of Witness: Aloysius Chua Hao Peng |  |
| Designation of Witness: Projects Director |  |

---

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**<u>SCHEDULE 1</u>**

**1.** **LICENSEE** 

Name: Metaoptics Technologies Pte Ltd

Address: 43, TUAS VIEW CIRCUIT, SINGAPORE 637360

Company Registration No.: 202120933K

Addressee for communications: Mr Mark Thng

Email Address: mark.thng@metaoptics.com.sg

Telephone No.: +65 9738 1388

Fax No.: N.A

LICENSEE warrants that it is an SME with at least 30% of its shareholding owned by Singapore citizens or permanent residents and annual sales turnover of not more than S$100 million/an employment size of not more than 200 workers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Field of use** 

Optics- Industrial and consumer products

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Technology** 

Know-how

<u>Portfolio A: Technology (Know-how)</u>

---

| | | | |
|:---|:---|:---|:---|
| **S/N** | **Title of Invention** | **RI Ref** | &nbsp;&nbsp;**Accelerate Ref No** |
| 1. | Visible wavelengths metalenses on silicon substrate and fabrication the same | PAT18-005/AOP-<br> 001 | Z2018-139 |
| 2. | Single-step Fabrication of Flat Optics via Nanoimprint Lithography | 2022087 | Z2022-384 |
| 3. | Large Area Fabrication of Flat Optics via Top-down Approach | 2022086 | Z2022-383 |
| 4. | Metalens layout generation with file size compression using scripted cell instance method | PAT18-084/AOP-<br> 014 | Z2018-395 |
| 5. | Manufacturable wafer level Hybrid Metalens and method of fabrication | PAT18-107/AOP-<br> 018 | Z2019-029 |
| 6. | High-aspect-ratio Si pillar etching for Flat Optics | PAT19-025/FAB-<br> 002 | Z2019-378 |
| 7. | A Method of Lithography Patterning on Glass Wafer | PAT19-074/FAB-<br> 005 | Z2019-541 |
| 8. | OPC Rules for Flat Optics | PAT19-075/FAB-<br> 006 | Z2019-543 |
| 9. | Method to protect nanostructures in metal hard mask wet removal | TD23-030/P&S-<br> 009 | Z2023-536 |

---

<u>Portfolio B: Patents (granted)/ Patent Applications</u>

---

| | | | |
|:---|:---|:---|:---|
| **S/N** | **Title of Invention** | **RI Ref** | **Accelerate Ref No** |
| 1. | Meta-Lens Structure and Method of Fabricating the<br> - US (PCT National Phase) 17/292,124<br> - SG (PCT National Phase) 11202104949W | PAT18-005/AOP-001 | IP2018-139-04<br> IP2018-139-03 |
| 2. | Single-step Fabrication of Flat Optics via Nanoimprint Lithography<br> - SG (Provisional) 10202300848W | 2022087 | IP2022-384-01 |
| 3. | Large Area Fabrication of Flat Optics via Top-down Approach<br> - SG (Provisional) 10202300709U | 2022086 | P2022-383-01 |

---

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**4.** **Licensed Products** 

Metalens/Flat optics for imaging products (via semiconductor process) for use within the Field of Use only which incorporates the Technology (or part thereof) or which cannot be developed, manufactured, used, sold, performed or provided without infringing A\*CCELERATE's rights in the Technology. For the avoidance of doubt, a Licensed Product includes a complete system, which may include hardware, software, accessories, implementation manuals and the like, or a sub-system of a complete system, incorporating the Technology (or part thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Effective Date** 

25 December 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Term** 

7 years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Territory** 

In respect of Patents, countries where patents are filed.

In respect of Know-how, worldwide

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Licence Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Licence Fee:**

LICENSEE shall issue to LICENSOR (or its respective nominees) such number of shares ("Licensee Shares") in the LICENS EE credited as fully paid up on issue such that the total shareholding of LICENSOR (or its respective nominees) in the LICENSEE as a percentage of the total share capital of LICENSEE shall be [ ] to be issued to LICENSORS within sixty (60) days of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Royalty Payment:**

**LICENSEE will have to pay royalty as indicated in the table below:**

---

| | | |
|:---|:---|:---|
| **Royalty Period** | **Payment and Sales Report Due Date** | **Royalty Payable** |
| Year 1 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 2 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 3 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 4 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 5 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 6 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |
| Year 7 | Effective day + [ ] | &nbsp;&nbsp;[ ] of Gross Revenue attributable to the Licensed Products, plus prevailing GST |

---

Subject to the annual minimum payment (as stated in (c) below), royalties per schedule above of all Gross Revenue derived during the Term.

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Annual Minimum Payment:**

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| | |
|:---|:---|
| **Royalty Period** | **Royalty Payable** |
| Year 1 | [ ] plus prevailing GST |
| Year 2 | [ ] plus prevailing GST |
| Year 3 | [ ] plus prevailing GST |
| Year 4 | [ ] plus prevailing GST |
| Year 5 | [ ] plus prevailing GST |
| Year 6 | [ ] plus prevailing GST |
| Year 7 | [ ] plus prevailing GST |

---

**"Gross Revenue"** means any and all consideration received and receivable by LICENSEE, including but not limited to all revenue received by LICENSEE in respect of any sale, distribution, use or other disposition of Licensed Product. If any Licensed Product is distributed in a transaction that is not at arms-length for a discounted price that is substantially lower than the customary price charged by LICENSEE, or distributed for a non-cash consideration (whether or not for a discount), Gross Revenue shall be calculated based on the non-discounted price amount of the Licensed Product charged to an independent party during the same reporting period or in the absence of such sales, on the fair market value of the Licensed Product. For the purposes of this definition, Gross Revenue shall be computed before deducting prevailing income tax or any other prevailing taxes, refund, discount, credit or other offset.

**<u>PAYMENT TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. From and after the date falling twelve (12) months from the date of this Agreement, in order to maintain the licence granted hereunder in force, LICENSEE shall pay to A\*CCELERATE the minimum annual royalty as set out in Section 8(c) above. Any percentage royalties earned and paid to A\*CCELERATE pursuant to Clause 3.1.2 of this Agreement for any twelve (12) month period shall be credited against the minimum royalty payable for such period, and the payment of any shortfall between actual royalties paid and the minimum annual royalty applicable to such twelve (12) month period shall be payable to A\*CCELERATE in accordance with Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All Royalties or other sums payable under this Agreement shall be paid in Singapore Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All payments made to A\*CCELERATE hereunder shall exclude any goods and services tax, sale and use tax or any similar tariff, impost, duty, fees or assessments (including the amount of interest and penalties in connection therewith) or governmental charge and all such prevailing taxes shall be borne by LICENSEE. Payment shall be made in cleared funds to such bank account or in such other manner as A\*CCELERATE may specify from time to time to LICENSEE, without any set-off, deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Parties hereby agree that A\*CCELERATE's acceptance of any purported payment of Royalties from LICENSEE shall not be deemed to be A\*CCELERATE's acceptance of the validity and accuracy of any record, statement and document in support thereof. For the avoidance of doubt, A\*CCELERATE reserves the right to reject any such record, statement or document as valid or accurate subsequent to its acceptance of any purported payment of Royalties and in such event, A\*CCELERATE shall have the right to recover the balance of any sums thereby found due and unpaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **COMMERCIALISATION OBLIGATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) To raise at least [ ] investment in Year 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Set
 up a facility to manufacture the licensed products in Singapore [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Gross Revenue of at least [ ] by Year 5

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ARES-METAOPTICS TECHNOLOGIES PTE LTD CONFIDENTIAL**

**<u>SCHEDULE 2</u>**

**<u>SALES REPORT</u>**

**Name of LICENSEE:**

**Reporting period:**

**Licence Agreement reference no:**

**Technology:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **S/No** | **Invoice Date** | **Invoice Number** | **Customer name** | **Description** | **Invoice amount (S$) \***<br> **without GST (a)** |
| 1 |  |  |  |  |  |
| 2 |  |  |  |  |  |
| 3 |  |  |  |  |  |
| 4 |  |  |  |  |  |
| 5 |  |  |  |  |  |
| 6 |  |  |  |  |  |
| 7 |  |  |  |  |  |
| 8 |  |  |  |  |  |
| 9 |  |  |  |  |  |
| 10 |  |  |  |  |  |
| Total |  |  |  |  | 0 |

---

Note: Please insert more rows if necessary

\* For sales invoice in foreign currency, please indicate the exchange rate used to convert to S$

We hereby certify that the above information is correct.

---

| |
|:---|
| Name: |
| Designation: Chief Financial Officer/ Director |
| Date: |

---

A\*CCELERATE — METAOPTICS TECHNOLOGIES PTE LTD

**ADDENDUM TO LICENCE AGREEMENT**

**THIS ADDENDUM TO LICENCE AGREEMENT** is made on 8th December 2025 and deemed to take effect from 8th December 2025 ("Effective Date")

Between

**ACCELERATE TECHNOLOGIES PTE LTD** (Co. Reg. No. 199503187D), a company incorporated in Singapore and having its place of business at 2 Fusionopolis Way, #08-08, Innovis, Singapore 138634 ("A\*CCELERATE"),

And

**METAOPTICS TECHNOLOGIES PTE LTD** (Co. Reg. No. 202120933K), incorporated in Singapore and having its place of business at 81 Ayer Rajah Crescent, #01-45, Singapore 139967 ("MOT")

(MOT shall be known as LICENSEE)

(A\*CCELERATE and the LICENSEE shall hereinafter be referred to as "the Parties" and singularly as a "Party".)

**WHEREAS:**

A. A\*CCELERATE and the LICENSEE entered into a Licence Agreement dated 25<sup>th</sup>
December 2023 ("Original Agreement").

B. The Parties wish to amend the Original Agreement by executing this Addendum.

**NOW, THEREFORE**, in consideration of the foregoing and the mutual promises and covenants contained in this Addendum, it is hereby agreed as follows:

1. This Addendum is supplemental to the Original Agreement. Terms defined in the Original
Agreement shall have the same meanings in this Addendum save as provided otherwise.

2. In this Addendum, references to clauses, schedules and paragraphs shall be to clauses,
schedules and paragraphs of this Addendum unless specified otherwise.

3. In the event, and to the extent of, any inconsistency between the provisions of
the Original Agreement and the provisions of this Addendum, the provisions of this Addendum shall prevail.

4. Subject to clause 3 above (and other than as expressly set out in this Addendum),
the provisions of the Original Agreement shall apply mutatis mutandis to this Addendum. Save as expressly set out in this Addendum, all
the provisions of the Original Agreement shall remain in full force and effect.

5. The following variation to the terms and conditions of the Original Agreement shall
take effect from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 9 ("Commercialisation Obligations") of
Schedule 1 of the Original Agreement shall be deleted in its entirety and replaced with the following:

*The Licensee agrees to the following commercialization obligation:*

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *To raise at least [ ] investment in Year 1* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *To establish a meta lens design office in Singapore by Year 2 which includes:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*i.* *Setting up meta lens design capabilities* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ii.* *Expansion of R&D team* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*iii.* *Establishment of partnerships with foundries for mass production* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Gross revenue of at least [ ] by Year 5* 

 

*If the Licensees are unable to show sufficient evidence and effort to commercialise the Technology, Patents and any Enhancements in accordance with commercialization obligations, A\*CCELERATE reserves the right to terminate this Agreement with 3 months' notice in writing.*

 

*Signature page follows*

 

A\*cc-Metaoptics Technologies Pte Ltd – Add to TLA – Execution Copy Page 1 of 2

**IN WITNESS WHEREOF** the Parties hereto have caused this Agreement to be duly executed by their duly authorised representatives.

---

| | |
|:---|:---|
| SIGNED by) | <br>/s/ Lim Li-Wei |
| Mr Lim Li-Wei, Executive Director) | <br>/s/ Lim Li-Wei |
| for and on behalf of) | <br>/s/ Lim Li-Wei |
| **ACCELERATE TECHNOLOGIES PTE LTD**) | <br>/s/ Lim Li-Wei |
| in the presence of:) |  |
| /s/ Ivan Lee |  |
| Name of witness: Mr Ivan Lee |  |
| Designation: Deputy Director |  |

---

---

| | |
|:---|:---|
| SIGNED by) | <br>/s/ Mark Thng Chong Kim |
| Mr Mark Thng Chong Kim, CEO) | <br>/s/ Mark Thng Chong Kim |
| for and on behalf of) | <br>/s/ Mark Thng Chong Kim |
| **Metaoptics Technologies Pte Ltd.**) | <br>/s/ Mark Thng Chong Kim |
| in the presence of:-) | <br>/s/ Mark Thng Chong Kim |
| /s/ Chu Wee Liat |  |
| Name of witness: Mr Chu Wee Liat |  |
| Designation: CFO, **Metaoptics Technologies Pte Ltd.** |  |

---

A\*cc-Metaoptics Technologies Pte Ltd – Add to TLA – Execution Copy Page 2 of 2

## Exhibit 10.10

**Exhibit 10.10**

---

| | | | |
|:---|:---|:---|:---|
| ![](ea027035409_ex10-10img1.jpg) | **JTC Corporation** | **Hotline** | 1800 568 7000 |
| ![](ea027035409_ex10-10img1.jpg) | The JTC Summit | **Main Line** | (65) 6560 0056 |
| ![](ea027035409_ex10-10img1.jpg) | 8 Jurong Town Hall Road | **Facsimile** | (65) 6565 5301 |
| ![](ea027035409_ex10-10img1.jpg) | Singapore 609434 |  |  |

---

Our Ref: JTC-MLM-CMA-00000000-00000653 <br> Allocation No: 7017647 Offered Tenancy Period: <br> Case No: 754094 <u>09 November 2023</u> to <u>08 November 2026</u>

07 November 2023 Action Required By: <br> 28 November 2023

METAOPTICS TECHNOLOGIES PTE. LTD.

43 TUAS VIEW CIRCUIT

SINGAPORE 637360

Dear Sirs

**OFFER FOR TENANCY OF JTC PREMISES AT 81 AYER RAJAH CRESCENT #01-45 SINGAPORE 139967 ("<u>PREMISES</u>")**

1. Thank you for your interest in renting the Premises. This letter, together with the Attachment, comprises
our offer to rent the Premises to you (" <u>Offer</u> ") for the period from 09 November 2023 to 08 November 2026 (" <u>Term</u> ").

2. The terms of your Tenancy are in the <u>Attachment</u>.

3. To accept our Offer, please do the following by 28 November 2023, or such other date as may be extended by us in writing:

 **Action Required for Acceptance**

(a) **Complete and sign using Singpass, the Letter of Acceptance** which is available in the link emailed to you.

(b) **Make full payment** of the required sums (see payment breakdown and method in the *<u>Attachment (Part 1</u>*<u>)</u>).

(c) Indicate your GIRO arrangement in the Letter of Acceptance

*We recognise our partners play an important role in maintaining the trust of our customers, stakeholders and communities. Likewise, parties dealing with us are expected to share the same principles and standards, and comply with JTC 's Partners Code of Conduct. Please visit our website for more information.*

 

Address: The JTC Summit, 8 Jurong Town Hall Road, Singapore 609434 \| Tel: 1800 568 7000 \| Web: www.jtc.gov.sg

4. There will be no Tenancy between us if we do not receive by 28 November 2023, or such other date as may be extended by us in writing
-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) your Letter of Acceptance signed through our secure electronic
signature platform; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) full payment.

In such event, all payments (except for the application deposit, which will be forfeited) will be refunded to you (without interest).

5. Please login to JTC's Customer Service Portal with Singpass to access your future monthly e- statements.

6. If you have any queries, you may contact Ashley Leow Shin Yee at 68855230 or Ashley_LEOW@jtc.gov.sg.

Yours faithfully

---

| |
|:---|
| **/s/ ASHLEY LEOW SHIN YEE** |
| **07 NOV 2023 10: 48:00 AM SGT** |

---

(Signed)

**Ashley Leow Shin Yee**

**Asst Manager**

**Start-Up Dept**

**Info-Comm Media & Start-Up Cluster**

---

| | | |
|:---|:---|:---|
| ***<u>Attachment</u>****:* | *<u>Part 1</u>:* | *Details* |
|  | *<u>Part 2</u>:* | *Key Terms* |
|  | *<u>Part 3</u>:* | *Special Terms* |
| | *<u>Part 4</u>:* | *Standard Terms* |
| ***<u>Enclosed</u>****:* | *<u>\*SES Format of Letter of Acceptance – Acceptance is on JTC's secured electronic signing platform</u>* | *<u>\*SES Format of Letter of Acceptance – Acceptance is on JTC's secured electronic signing platform</u>* |

---

***<u>Attachments (Part 1): Details</u>***

<u>**PART 1 (Details)**</u>

---

| | |
|:---|:---|
| Premises | **81 AYER RAJAH CRESCENT #01-45 SINGAPORE 139967** |
| Term | **09 November 2023 to 08 November 2026** |
| Tenancy Commencement Date | **09 November 2023** |
| Possession Date<br>*(date the Premises will be handed to you)* | **09 November 2023** |
| Rent per month | **$767.66** |
| Service Charge per month | **$412.08** |
| Usage Charge per month | **N/A** |
| Other Charges per month | **N/A** |
| Security Deposit Amount<br>*equivalent to* **1** *months' fixed recurring charges)* | **$1179.74** |
| Reinstatement Deposit Amount | **N/A** |
| Authorised Use | **Design Centre for Meta Lens and Demonstrations Laboratory of Meta Lens** |
| Estimated Area ("<u>Area</u>") | **41.54 m<sup>2</sup>** |
| \*Maximum Floor Loading <br>*\*(Note: You must not exceed the Maximum Floor Loading and must ensure that the permitted load is evenly distributed.)* | **3.5 kN/m<sup>2</sup>** |
| Plan of Premises | **As attached** |
| Other Terms and Conditions | **See remaining Attachment** |

---

Page 1 of 2 [Details] (Oct 2023)

***<u>Attachments (Part 1): Details</u>***

---

| | | |
|:---|:---|:---|
| **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** |
| | **Amount ($)** | **GST at prevailing rate ($)** |
| Rent for one month | **$767.66** | **$61.41** |
| Service Charge for one month | **$412.08** | **$32.97** |
| Security Deposit | **$1179.74** |  |
| Reinstatement Deposit | **N/A** |  |
| Stamp Duty | **$169.00** |  |
| Sub-Total Payable (inclusive of GST at prevailing rate) | **$2622.86** | **$2622.86** |
| <u>Less</u> Application Deposit (if paid) | **N/A** |  |
| Total Amount Payable (inclusive of GST at prevailing rate) | **$2622.86** | **$2622.86** |
| The Total Amount Payable must be paid by bank transfer to our designated bank account, or any other method as indicated on our website at http://www.jtc.gov.sg, details of which are as follows:- | The Total Amount Payable must be paid by bank transfer to our designated bank account, or any other method as indicated on our website at http://www.jtc.gov.sg, details of which are as follows:- | The Total Amount Payable must be paid by bank transfer to our designated bank account, or any other method as indicated on our website at http://www.jtc.gov.sg, details of which are as follows:- |
| Account Name | JTC Corporation | JTC Corporation |
| Bank Name | Oversea-Chinese Banking Corporation Limited | Oversea-Chinese Banking Corporation Limited |
| Bank Account Number | [ ] | [ ] |
| SWIFT code | OCBCSGSG | OCBCSGSG |
| Please quote the reference number A754094 in your payment and provide us with a copy of the payment advice for our verification. The amount payable should be in Singapore Dollars, exclusive of any bank charges and/or administrative fees which shall be paid by you. | Please quote the reference number A754094 in your payment and provide us with a copy of the payment advice for our verification. The amount payable should be in Singapore Dollars, exclusive of any bank charges and/or administrative fees which shall be paid by you. | Please quote the reference number A754094 in your payment and provide us with a copy of the payment advice for our verification. The amount payable should be in Singapore Dollars, exclusive of any bank charges and/or administrative fees which shall be paid by you. |

---

Page 2 of 2 [Details] (Oct 2023)

***<u>Attachment (Part 2): Key Terms</u>***

<u>**PART 2 (Key Terms)**</u>

*(The definitions in the Standard Terms apply to these Key Terms. The Standard Terms are at <u>Attachment (Part 4)</u> of the letter ("<u>Letter</u>") attaching these Key Terms. If there is any inconsistency, the conditions in <u>Attachment (Part 1)</u> attached to the Letter take precedence over these Key Terms, and these Key Terms take precedence over the Special Terms (at <u>Attachment (Part 3)</u>) of the Letter.)*

 

1.  **<u>"As is" basis</u>** 

The Premises are rented to you on an "as is" basis. You must not exceed the Maximum Floor Loading and must ensure that the permitted load is distributed so as not to cause damage to the floor and structural support.

2.  **<u>Operations Commencement Date</u>** 

You must commence business by the operations commencement date indicated below:

On Tenancy Commencement Date.

3.  **<u>Authorised Use</u>** 

You must comply with the Authorised Use.

4.  **<u>Approvals</u>** 

You must obtain all necessary approvals required for your business operations at the Premises and keep them in force throughout the Tenancy.

5.  **<u>Option to Renew</u>** 

There is no Option to Renew.

6.  **<u>Rent, Service Charge and other payments</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Rent, Service Charge and all other charges (if any) payable
by you are set out in *<u>Attachment (Part 1) (Details)</u>* of
the letter attaching these Key Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 The Rent and Service Charge should be paid in advance without demand or deduction on the first day of
each month of the Term. We are entitled, at any time and from time to time, to increase the Service Charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3  **<u>Mode of Payment</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You must pay to us the Rent, Service Charge, Usage Charge
(if any), any other charges (if any) and GST, by GIRO from your designated bank account. The Rent, Service Charge, Usage Charge (if any)
and any other charges (if any) exclude GST. GST is payable by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) you do not have any GIRO arrangement for payment of the amounts due to us; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b2) at any time during the Tenancy, the GIRO payment is not effected, or the GIRO arrangement is discontinued for whatever reason (including in the event your designated bank account has any GIRO limit, or there are insufficient funds in your designated bank account), you must immediately pay to us –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b3) the amounts due to us by other electronic methods as indicated in our website at http://www.jtc.gov.sg; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b4) an administrative fee based on our then prevailing policies. Please refer to our website at http://www.jtc.gov.sg for the applicable fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 [Not Used.]

7.  **<u>Fitting Out</u>** 

You may, as a licensee (on the same terms and conditions in the Tenancy), commence fitting out works ("**<u>Fitting Out Works</u>**") after the Possession Date. You must obtain our, and the Authorities', prior written consent before commencing any Fitting Out Works, and carry out and complete the Fitting Out Works in accordance with our requirements. The Tenancy Commencement Date remains unchanged even if the Fitting Out Works are completed after the Tenancy Commencement Date.

Page 1 of 2 [Key Terms] (Dec 2022)

***<u>Attachment (Part 2): Key Terms</u>***

8.  **<u>Security Deposit</u>** 

The Security Deposit payable by you is set out in *<u>Attachment (Part 1) (Details)</u>*, and must be maintained throughout the Term.

9.  **<u>Reinstatement Deposit</u>** 

You must seek our consent if you wish to carry out any addition or alteration works at the Premises. A reinstatement deposit will be required for our consent which will be on such terms and conditions as we may impose.

10.  **<u>Early Termination by Written Notice</u>** 

Either party may terminate the Tenancy by giving the other party not less than 3 months' prior written notice, or paying the other party 3 months' rent-in-lieu, without affecting any accrued rights or remedies of either party.

11.  **<u>Green Building Obligations</u>** 

The Premises are located within a building which has been issued (or is to be issued) with ***Green Mark Gold Plus Certification*** by the Building and Construction Authority. You must comply with the clause titled "Green Building Obligations" in the *<u>Attachment (Part 3) (Special Terms)</u>*.

12. [Not Used.]

13. [Not Used.]

14. [Not Used.]

15. [Not Used.]

16. [Not Used.]

17.  **<u>Guidelines</u>** 

The following guidelines (which are subject to change from time to time) are applicable to you and can be found at http://www.jtc.gov.sg:

☐ Schedule of Statutory Controls for Flatted, Ramp-up and Stack-up Factory Customers

☐ Schedule of Statutory Controls for Land, Standard Factory and Workshop

☐ Guidelines on Environmental Baseline Study (where applicable)

☐ Tenant's Guide Book (at your respective Estate's homepage) (where applicable)

Page 2 of 2 [Key Terms] (Dec 2022)

<u>**Special Terms and Conditions**</u>

*(The definitions in the Standard Terms apply to these Special Terms.)*

 

1 <u>Loading / Foundation</u>

1.1 You must not exceed the maximum loading capacity of the goods lifts in the Building. You are responsible for all loss and damage to
the goods lift if caused, directly or indirectly, by you or any of Your Authorised Person.

1.2 You must, after obtaining our prior written consent, provide suitable foundation for all machinery, equipment and installation at
the Premises.

---

| | |
|:---|:---|
| 2 | **<u>Additional Conditions</u>** |

---

2.1 <u>Additional Charges for Air-conditioning</u> 

You must pay air-conditioning charges at the rate of **$0.01** per square metre per hour, for usage exceeding 55 hours per week, without demand or deduction on the same date as the Rent. We are entitled, at any time and from time to time, to increase such rate.

2.2 <u>Additional Charges for Power Supply</u> 

You must pay the charges for the additional single phase power supply according to the prevailing electricity tariff set by SP Services, for any usage exceeding 55 hours per week (where such 55 hours is calculated on the usage of 30W per sqm of your Area), without demand or deduction on the same date as the Rent. The rate for such charges for additional power supply shall generally be based on the prevailing electricity tariff set by SP Services, save that we shall be entitled, at any time and from time to time, to increase such rate.

2.3 Meeting rooms, reception/waiting area, pantries, multi-purpose hall and courts (" <u>Shared Facilities</u> ")
have been provided at the common property for common and shared use by the tenants. The use of any meeting room, multi-purpose hall and
courts is subject to their availability and your payment of a fee to be determined by us.

2.4 You are responsible for all losses and damages to the Shared Facilities if caused, directly or indirectly,
by you or any of Your Authorised Person.

2.5 The following belonging to us have been installed in the Premises, and you must maintain and keep them in good, tenantable and working
order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) split air-condition unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) light fittings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) fibre termination points;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) power points;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) telephone points; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) partition.

2.6 You must submit the data of your company in the prescribed format (e.g Business Model Canvas) on a
 half- yearly basis (i.e. by the last day of February and August in every year of the Term), as well as within 3 days of your
 receipt of our written notice; such data to include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) company financials, e.g. start-up capital, annual revenue and projected revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) manpower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) milestones achieved, e.g. funding raised, product development process and local and overseas expansion
plans.

In this connection, the data shall be collected for annual reporting purposes and kept confidential by us, Provided That we may use or disclose such data to the Authorities for any purpose whatsoever and the publication of such data shall be anonymous and communicated at an aggregate level.

2.7 [Not Used]

3 <u>Green Building Obligations</u>

3.1 You must co-operate with us to ensure that the Green Mark Certification
 (i.e. "  ***Green Mark Gold Plus*** ")
 issued (or to be issued) by the Building and Construction Authority for the Building ("  **<u>Green Mark Certification</u>**") is not affected or hindered in any way by your action or inactions
 during the Term. This includes ensuring that all of the following (collectively, the "  **<u>Green Building Obligations</u>**") are complied with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All water fittings used within the Premises shall be labeled 3-ticks under the mandatory Water Efficiency Labelling Scheme issued
by the Public Utilities Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only low volatile organic compounds (VOC) paints certified under the Singapore Green Label Scheme (" <u>SGLS</u> ") by the
Singapore Environment Council, or an equivalent body, are used within the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only environmental friendly adhesives certified under the SGLS by the Singapore Environment Council, or an equivalent body, only are
used within the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Energy Efficiency</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d1) <u>Unitary Air Conditioning System [For Premises without the provision of Water-Cooled Chilled- Water Plant]</u> 

Page 1 of 2 [LaunchPad @ one-north Blk 75,77 & 81 (Feb 2018)]

For unitary air conditioning system, the minimum design system efficiency of 0.62kW/RT for cooling load of less than 500 RT shall be installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d2) <u>Air Distribution System (For Mechanical Ventilation)</u> 

The overall efficiency of the air distribution system (with reference to Fan System Input Power) for the Premises shall not exceed the following minimum efficiency requirements:

(d2.1) 0.06 W/CMH for fan motor greater than or equal to 4kW (Constant Volume type); (d3) <u>Artificial Lighting</u>

(d3.1) The design for the lighting system shall have an improvement of lighting efficiency, the lighting power budget for the different occupied spaces shall not exceed 7.1W/m² for office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Daylighting Control</u> 

Day lighting control for perimeter lighting with on-off switches and/or dimmable ballast is adopted within all parts of the Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (f1) Each unit within the Premises is provided with sub–meter that shall be linked to our Building
Management System (BMS) for energy consumption monitoring, and that they are grouped to allow for tracking of energy based on the following;

(f1.1) Lighting consumption;

(f1.2) ACMV consumption;

(f1.3) Receptacles consumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All recyclable wastes within the Premises shall be segregated from non-recyclable wastes and disposed of in the designated bins provided
in the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All non-recyclable waste must be disposed of in the manner as prescribed by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such other requirements, or good industry practices, as we may notify you from time to time.

3.2 If, at any time and from time to time, any works are to be carried out within the Premises (including
fitting-out works, addition or alteration works), then you must within 7 days after completion of such works, submit a declaration (in
the format prescribed by us) confirming that such works have been completed in accordance with the relevant plans approved by us.

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|:---|:---|
| 4 | **<u>Control Requirement</u>** |

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4.1 The Control Requirement must be complied with throughout the Tenancy, failing which it will be deemed
to be a breach of Your Obligations. Our prior consent is required for any change to the Control Requirement.

4.2 For the purpose of this clause 5, "  **<u>Control Requirement</u>** "
 means that the shareholders listed in the Accounting and Corporate Regulatory Authority (ACRA) business
 profile dated 9 June 2023, whether individually or in any combination, must directly own more than 50%
 of your issued shares. A copy of the aforementioned ACRA business profile dated 9 June 2023 is attached
 to this Special Terms.

**<u>ATTACHMENT</u>**

☐ **The ACRA business profile** (see paragraph 4.2 above)

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***<u>Attachments (Part 4): Standard Terms</u>***

**<u>Standard Terms and Conditions</u>**<br> **(Space)**

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|:---|:---|
| **1** | **<u>Definitions and Interpretation</u>** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In the Tenancy, the words and phrases below have the following meanings, unless the context requires otherwise:

"<u>Authorities</u>" - All relevant government and statutory authorities;

"<u>Building</u>" - The building (including all common areas, other premises and our fixtures and fittings) in which the Premises are located, and includes any part thereof;

"<u>Car-Park</u>" - All parking lots, roads, ramps and loading bays within the Estate, including any electronic or other parking systems;

"<u>Estate</u>" - The estate in which the Building is located, (including the Car-Park, all structures and all Utility Facilities whether located above or below ground) and any part of it;

"<u>Event of Insolvency</u>" - Includes your inability to pay debts, the presentation of a bankruptcy application against you, your entry into liquidation whether compulsory or voluntary (except for the purpose of reconstruction or amalgamation with our prior consent), the making of a proposal by you to creditors for composition in satisfaction of debts or a scheme of arrangement, or the appointment of a receiver, trustee or liquidator in respect of your property;

"<u>Law</u>" - All laws, statutes, legislation, by-laws, rules, orders, regulations, directions, orders, notices and requirements of the Authorities currently in force or which may be in force in future;

"<u>Loss</u>" - All actions, claims, summonses, judgements, orders, charges, demands, losses, damages, injuries, death, liabilities, penalties, proceedings, costs, expenses and inconvenience, of any kind and howsoever caused. For clarity, "Loss" includes loss of rent and service charge during the period required by us to carry out and complete the works to make good your default, including your default in reinstating the Premises to the standard required under the Tenancy;

"<u>Maximum Electricity Load</u>" - The maximum electricity load permitted by the Authorities or us;

"<u>Offer</u>" - our offer for the Tenancy of the Premises, which includes the attachments referred to in our offer;

"<u>Our Authorised Person</u>"- Each of our employees and authorised representatives;

"<u>Premises</u>" - As defined in the Tenancy, and includes any part of it. If there is more than one unit comprised in the "Premises", then the term "Premises" refers to each of the units comprised in the Building, including any part of each such unit. "Premises" also includes all our fixtures and fittings therein;

"<u>Refurbishment Works</u>" - As defined in Clause 3.2(d) of these Standard Terms;

"<u>Security Deposit</u>" - As defined in the Tenancy. If there are 2 or more Security Deposit amounts stated in the Offer, the term "Security Deposit" shall refer to the total of such amounts;

"<u>Security Deposit Amount</u>" - As defined in Clause 4.3(f) of these Standard Terms;

"<u>Service Charge</u>" - As defined in the Tenancy, and includes the Service Charge as revised by us; "<u>Special Terms</u>" - The Special Terms and Conditions attached to the Offer;

"<u>Standard Terms</u>" - These Standard Terms and Conditions;

"<u>Take-Over Item</u>" - As defined in Clause 4.10 of these Standard Terms;

"<u>Tenancy</u>" – Our Offer and your acceptance. For clarity, at the end of the Tenancy, the Term also ends and vice versa;

"<u>Usage Charge</u>" - As defined in the Tenancy, and includes all charges for additional services and facilities referred to in Clause 4.5(a) of these Standard Terms and Usage Charges as revised by us;

"<u>Utility Facilities</u>" - The term includes sewers, drains, pipes, channels, wires, cables, ducts and other conduits above and below ground level, and the term "fittings" includes Utility Facilities;

"<u>We</u>", "<u>our</u>" or "<u>us</u>" - Jurong Town Corporation (also known as "JTC Corporation") incorporated under the Jurong Town Corporation Act 1968, its successors-in-title, and assigns;

"<u>Works"</u> - works as stipulated by us in the Offer.

"<u>You</u>" or "<u>your</u>" - The person to whom the Offer is issued, and includes his personal representatives, successors-in-title, and permitted assigns (if any);

"<u>Your Authorised Person</u>" - Each of your employees, agents, independent contractors, occupiers, visitors and all others under your control;

"<u>Your Items</u>" - Each of your machinery, fixtures, fittings, structures, installations, chattels, things and goods under your control including each Take-Over Item; and

"<u>Your Obligations</u>" - The terms, conditions, obligations and undertakings to be complied with by you under the Tenancy, including all conditions imposed by us in any consent or approval.

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***<u>Attachments (Part 4): Standard Terms</u>***

1.2 Other capitalized terms are defined in these Standard Terms, the Special Terms or the Offer (including,
for clarity, the other attachments referred to in the Offer).

1.3 Words importing the singular include the plural and vice versa. Words importing the masculine, feminine
or neuter genders are used interchangeably. Words denoting natural persons include corporations and firms and vice versa. Headings are
for ease of reference only.

1.4 When our consent or approval is required, the consent or approval may or may not be given. If it is given,
it must be in writing and on such terms and conditions as may be imposed by us, including payment of monies, and the restrictions in Section
17 of the Conveyancing and Law of Property Act 1886 will not apply.

1.5 Reference to a specific statute includes all its rules and regulations and all changes made to it from
time to time.

1.6 Reference to "include" or "including" is to be construed as "include (without
limitation)" or "including (without limitation)".

1.7 All Your Obligations are binding on all of you jointly and severally. You must comply with all Your Obligations
at your own cost and expense, and to our satisfaction. If you are required to comply with any provision of the Tenancy, then you must
ensure and procure that Your Authorised Person complies with such provision.

1.8 No exercise of any one right or remedy under the Tenancy, at Law or in equity, (unless otherwise provided
in the Tenancy, at Law or in equity) will prevent the exercise of any other right or remedy. When we exercise our rights to enter or inspect
the Premises, we and Our Authorised Person are entitled to bring workmen and equipment onto the Premises.

1.9 If there is any inconsistency between the Special Terms and these Standard Terms, the Special Terms take
precedence over these Standard Terms.

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|:---|:---|
| **2** | **<u>Our Obligations</u>** |

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2.1 If you comply with all Your Obligations, you may have quiet enjoyment of the Premises during the Term
without any interruption from us, except as provided in the Tenancy.

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|:---|:---|
| **3** | **<u>Easements and Reservations</u>** |

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3.1 During the Tenancy, you are entitled to the following if you comply with all Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right to use the common corridors, toilets, stairs and lifts in the Building and the Estate in common with all persons authorised
by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) right to use the Utility Facilities located within the Building and the Estate for running of water, electricity, gas and telecommunications
facilities to and from the Premises.

3.2 We and persons authorised by us also enjoy the rights listed in Clause 3.1 and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right to use the Utility Facilities located within the Premises, Building and the Estate for running of
water, electricity, gas and telecommunication and to lay, install, make connections with, maintain, repair, renew, restore, alter or remove
them for the purpose of or in connection with these rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all other easements and ancillary rights as set out or implied in the Land Titles Act 1993;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) right of support and protection for the benefit of all other parts of the Building and the Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) right to redevelop, refurbish, alter,
 repair, maintain or in any way deal with, use or let the Building or the Estate, as we require,
 even if your right of access to light or air to the Premises or any other easements, may
 be affected, whether temporarily or otherwise ("  **<u>Refurbishment Works</u>** ").

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|:---|:---|
| 4 | **<u>Your Obligations</u>**<br> **<u>Condition of Premises</u>** |

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4.1 You agree to accept the Premises on an "as is" basis, including all defects (latent, inherent
or otherwise), and be deemed to have full notice and knowledge of the state and condition of the Premises.

**<u>Payments</u>**

4.2 (a) You agree to pay to us, the Rent, Service Charge, Usage Charge,
 Goods and Services Tax ("  **<u>GST</u>**") at the prevailing rate, and all other
 sums due, in full and without any demand or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled by notice, at any time, to revise the Service
Charge, Usage Charge and other charges (if any). Such revisions will apply to you with effect from the date stated in the notice. If
the Service Charge is increased, you will immediately top-up the Security Deposit held by us, such that the Security Deposit is maintained
at the revised Security Deposit Amount throughout the Term.

4.3 (a) You agree to pay to us, a Security Deposit for the Security Deposit Amount, and maintain it at the
Security Deposit Amount throughout the Term, as security for the performance of Your Obligations, and against any damage caused to any
of our property by you or Your Authorised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled (but not obliged) to deduct from the Security
Deposit, or (if the Security Deposit is in the form of a guarantee acceptable to us) make claims on such guarantee, for payment of unpaid
sums or making good any Loss sustained by us in relation to any breach of Your Obligations.
If the Security Deposit is insufficient, we are entitled to claim the difference from you.

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***Attachments (Part 4): Standard Terms***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You agree to pay to us on demand, a sum equal to the amount deducted, or claimed, by us under sub-Clause (b) above, such that the
Security Deposit is maintained at the Security Deposit Amount throughout the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Security Deposit (less deductions authorised under the Tenancy or Law) will be refunded to you (without interest) after the end
of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Not Used.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the Tenancy, the term "  **<u>Security Deposit Amount</u>**" refers to an amount equivalent to the total of 6 months'
 fixed recurring charges, unless we agree to a lower amount.

4.4 (a) You agree to pay to us a Reinstatement Deposit in accordance with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled (but not obliged) to utilise and deduct the Reinstatement Deposit (or part thereof), or
(if the Reinstatement Deposit is in the form of a guarantee acceptable to us) make claims on such guarantee, for payment of such sums
deemed necessary by us to reinstate the Premises in accordance with Your Obligations on reinstatement. If the Reinstatement Deposit is
insufficient, we are entitled to claim the difference from you (including making a deduction from the Security Deposit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Reinstatement Deposit (less authorised deductions under the Tenancy or Law) will be returned to you
(without interest) after the end of the Term.

4.5 You agree to pay to us the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) charges for all additional services and facilities provided by us including air-conditioning at the Premises
outside the hours, or exceeding the number of hours stipulated by us, emergency power supply and connection charges and additional power
supply in excess of the stipulated usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) interest at the rate of 8.5% per annum, or such other rate determined by us, for all unpaid sums from
the due date until payment in full is received by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if you withdraw from the Tenancy before the Tenancy Commencement Date, a sum equal to the prevailing market
rent payable from the Possession Date up to the date the obligations under Clause 7 are satisfied, without affecting our rights and remedies
under the Tenancy or at Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Tenancy is for 3 years or less, any increase in property tax imposed by the Authorities due to
any increase in the annual value or the applicable rate of property tax, in the proportion attributable to the Premises as determined
by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) legal fees, stamp duty and disbursements incurred in preparation of the Tenancy documents, and the legal fees relating to enforcement
of Your Obligations on a full indemnity basis.

4.6 Where the Term is for more than 3 years, you will pay to the Authorities the property tax imposed by the Authorities in respect of
the Premises.

**<u>Maintenance and Occupation</u>**

4.7 You agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain and keep the Premises, and all items serving the Premises as stipulated by us from time to time,
in good and tenantable repair and condition (fair wear and tear excepted);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) remove, within or outside your Premises, all such items, and cease all such activities, which may pose
a danger, cause obstruction or other disturbances, or to enable us to exercise our rights under the Tenancy, as required by us or the
Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) contain and dispose of all waste, including pollutants and contaminants in accordance with our requirements.

4.8 You agree not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sublet, grant a licence, encumber or otherwise part with or share possession or occupation of the Premises or any part of it, or transfer,
assign, charge, create a trust or agency over the Tenancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) do anything within the Premises or the Estate which in our view may be or may become a nuisance, annoyance or cause damage or inconvenience
to the business or quiet enjoyment of any neighbouring premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exceed the Maximum Floor Loading and ensure that the permitted load is evenly distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) do anything which affects the structure or safety of the Building or which may delay or prevent the issuance
of the Certificate of Statutory Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exceed the Maximum Electricity Load or interfere in any manner with the existing electrical design load,
wirings, apparatus, fixtures or fittings in the Premises, Building or Estate;

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***<u>Attachments (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) install or use any item that may cause heavy power surge, high frequency voltage or current, noise, vibration
or any electrical or mechanical interference or disturbance which may disrupt any communication, electronic or similar system or any operations
within the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) use the Car-Park (if any) within the Premises to store goods, equipment or containers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) place anything beyond the boundaries of the Premises, or obstruct any common areas of the Building or
Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) keep any animal at the Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) tap or use any utilities from any source/supply that is not arranged and paid by you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) permit any person to sleep or reside in the Premises, temporarily or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) use the name of the Building or the Estate, as part of your trade or business name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) use or occupy the Premises for any purpose other than for the Authorised Use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) use the Premises for any illegal or immoral purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) without our prior consent –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o1) carry out any additions or alterations works of whatever nature,
or remove or install any fixtures or fittings at the Premises, including the internal partitioning, the external appearance of the Premises,
doors, windows, grilles and walls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o2) display any sign on the exterior of the Premises except for
your name in such place and manner approved by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o3) bring into the Premises, Building or Estate, any bio-hazardous,
corrosive, radioactive, flammable or other dangerous items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o4) make any application for conversion under Part IV of the Limited
Liability Partnerships Act 2005; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o5) do any act (including pass resolutions) which may result in
the issue of a notice of amalgamation under Part VII of the Companies Act 1967 which may cause the Premises, or Tenancy, to be transferred
to or vested in any amalgamated entity.

4.9 You agree to immediately inform us if there is any damage to the Premises, Building or Estate caused (directly
or indirectly) by you or Your Authorised Person, and to restore the damage to our satisfaction, within the time stipulated by us.

4.10 If you took over the fixtures, fittings, additions and alterations installed by another person (each a
" <u>Take-Over Item</u> "), you must comply with our requirements and obtain the Authorities' approvals for each Take-Over
Item. If the Authorities' approval is not obtained for such Take-Over Item, you must remove the Take-Over Item, within the time
stipulated by us.

4.11 You agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insure all Your Items (including all Take-Over Items) and (at your discretion) take such other insurance (including public liability
insurance) against all Loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not do anything that will affect any insurance effected in respect of the Premises, Building or Estate, or cause such insurance to
become void or voidable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) produce to us on demand the insurance policy and receipts of premium payment.

4.12 (a) If the Premises are damaged/destroyed by fire, act of God or other cause beyond both parties'
control so as to render the Premises unfit for occupation or use, the Rent, Service Charge and Usage Charge or a fair and just proportion
of these sums shall be suspended until the Premises are rendered fit for occupation and use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Premises continue to be unfit for occupation or use for more than 90 days after the first day of damage/destruction, then either
party may, after the 90-day period, give to the other party a written notice to terminate the Tenancy within 1 month from the date of
such notice, without affecting any accrued rights or remedies of either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For clarity, this Clause does not apply to you if the damage/destruction is caused, directly or indirectly, by you or Your Authorised
Person.

5 <u>Compliance with Law and Regulations</u>

5.1 You agree to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Law relating to Your Obligations and anything done at the Premises or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all requirements of the Authorities (including fire safety, exit lighting, exit sign, emergency lightings
and ancillary use of floor space i.e. URA's "60/40 Rule"). Some of these requirements are in the Schedule of Statutory
Controls referred to in the Offer; and

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***<u>Attachments (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all our parking and other rules and regulations, made and amended from time to time, relating to the Building
and the Estate.

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|:---|:---|
| **6** | **<u>Access to Premises</u>** |

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6.1 You agree to permit us and Our Authorised Person to enter the Premises at reasonable times (and at any
time during emergencies) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inspect the state of the Premises and the Building, and take inventory of Your Items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) carry out Refurbishment Works, maintenance, repairs or other works to or in connection with the Premises
or Building, as we consider fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) verify compliance with Your Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise any other rights granted to us under the Tenancy.

Further, in the event we and our Authorised Person, by written notice, request to enter the Premises for the purposes of investigating unauthorised subletting or any other unlawful activities, you must permit us entry immediately or upon such date and time requested by us.

6.2 You agree to permit our prospective tenants to enter and view the Premises, by prior appointment and at
reasonable times, during the last 6 months of the Tenancy.

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|:---|:---|
| **7** | **<u>Expiry of Term and Reinstatement</u>** |

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7.1 At the end of the Term, by expiry or otherwise (including withdrawal from the Tenancy (under Clause 4.5(c)
of these Standard Terms) and termination (under Clause 4.12 of these Standard Terms)), you agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver up the Premises to us in good and tenantable repair and condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless otherwise required by us in writing, to remove all fixtures, fittings, additions and alterations
installed by you, each Take-Over Item, make good all damage due to such removal, and reinstate the Premises to our requirements (including
completing the Works (if any) stipulated in the Offer); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if required by us, to carry out decontamination works, and to paint the Premises.

7.2 (a) If you leave behind any item or any rubbish or discarded articles, and do not remove them within 14
days after our written request, we may sell, deal with or dispose the item as we think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is deemed that the item belongs to you absolutely, and you must indemnify us against all claims made
by a third party whose item has been sold or disposed of by us in good faith (which is presumed unless the contrary is proven).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The proceeds will be used to offset all Loss incurred by us (including loss of rent and service charge)
for the period during which the item is not removed from the Premises. Any balance proceeds will be returned to you upon our receipt of
your written request.

7.3 (a) If you fail to deliver vacant possession of the Premises at the end of the Term, you will be deemed
to be holding over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without affecting any of our rights or remedies, you must then pay to us, for the period of holding over,
double the amount of Rent or double the prevailing market rent (whichever is higher), Service Charge and Usage Charge. There will be no
renewal of the Tenancy by operation of law or pursuant to the provisions of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the holding over period, all other terms of the Tenancy remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Clause will not be construed as our consent for you to hold over for whatever reason.

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|:---|:---|
| **8** | **<u>Breaches and Re-entry</u>** |

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8.1 (a) In the event of a breach of any of Your Obligations, you must immediately make good your default at your own cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If you fail to do so, without affecting any of our other rights or remedies, we are entitled (but not obliged) to carry out any works
we consider necessary to make good your default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must pay to us, on demand, the cost of such works.

The enforcement of our rights under this Clause will not affect or diminish our rights elsewhere in the Tenancy.

8.2 We are entitled to re-enter the Premises (or any part of the Premises in the name of the whole) at any time (even if we had previously
waived a right of re-entry) and to repossess the Premises, and the Tenancy will immediately determine, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Rent, Service Charge, Usage Charge, or any other sum payable under the Tenancy remains unpaid in full or in part for 14 days after
the due date (whether formally demanded or not);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) you are in breach of any other of Your Obligations and if such breach is capable of remedy, you have failed to remedy the breach within
the period stipulated by us;

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***<u>Attachments (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any distress or execution is levied on Your Items at the Premises; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Event of Insolvency occurs.

8.3 Re-entry under Clause 8.2 does not affect our rights or remedies in respect of any prior breach of Your Obligations (including the
breach in respect of which the re-entry is made).

8.4 The following does not prejudice nor waive our rights or remedies in respect of any breach of Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any indulgence or extension of time granted by us or any forbearance of any breach of Your Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any consent or approval given by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure or omission by us to exercise any of our rights under the Tenancy or the Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any receipt or acceptance by us of any payment or part payment of Rent, Service Charge, Usage Charge or other sums payable under the
Tenancy; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any waiver, express or implied, by us of any other breach of the same or any other obligation.

8.5 This Clause will not oblige us to enforce or impose any provision against you or any other person occupying any premises in the Estate.

---

| | |
|:---|:---|
| **9** | **<u>Indemnity and Exclusions</u>** |

---

9.1 You are required to indemnify us from all Loss (excluding wilful misconduct and gross negligence by us or Our Authorised Person) which
we may suffer or incur in relation to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the use of the Premises or any other area of the Building or the Estate, by you or Your Authorised Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any occurrence within the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any default of any of Your Obligations.

9.2 We are not liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any act, omission, default (excluding wilful misconduct and gross negligence) by us or Our Authorised Person relating to the performance
of any service provided by us, or the exercise of any of our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Loss that may be suffered by you or Your Authorised Person
relating to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) any interruption (for whatever cause) in the services provided
by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b2) any event beyond our control (including acts of terrorism);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b3) any exercise of any of our rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b4) any subsidence or cracking of the apron/ground/production floor slabs of the Premises, or any other areas of the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b5) any defect, latent or inherent or otherwise, in the Premises
or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b6) any occurrence within the Premises or the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b7) use of the Car-Park; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any loss of quiet enjoyment of the Premises in relation to any of the events mentioned in this Clause.

---

| | |
|:---|:---|
| **10** | **<u>Other Conditions</u>** |

---

10.1 (a) We are entitled to assign or novate all our rights and interest and transfer our obligations under
the Tenancy (including transfer of the Security Deposit and Reinstatement Deposit (if any)) to another person (" <u>In-coming Landlord</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If we do so, you are deemed to have consented to such assignment or novation and will accept the In-coming
Landlord as your new landlord and release us from all our obligations under the Tenancy, including our obligation to refund the Security
Deposit, the Reinstatement Deposit (if any) and all other sums pursuant to the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You must execute such document as required by us relating to the assignment or novation.

10.2 (a) You must perform and observe the express and implied obligations
 imposed on us in the State/Foreshore Lease entered, or to be entered, into between us and the President
 of the Republic of Singapore in respect of the Estate ("  **<u>Head Lease</u>** "),
 unless varied by the provisions of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Building or Estate is acquired by the State/Government,
or the Head Lease is terminated, for whatever reason, the Tenancy shall also terminate immediately and for clarity, no compensation is
payable by us. Neither party will then have any claim against the other, except for any accrued rights or remedies which will remain
enforceable.

10.3 If there is a public emergency, we are entitled to deny/restrict access to the Premises, the Building
and the Estate for so long as we deem necessary.

Page 6 of 7 [Standard Terms – Space] (Oct 2023)

***<u>Attachments (Part 4): Standard Terms</u>***

10.4 Any written notice is sufficiently served on you by leaving it at your registered business address, even
if it is returned undelivered. Any written notice to us is sufficiently served by leaving it at our registered address and duly acknowledged
by Our Authorised Person. You agree that we can serve legal process on you by electronic mail to your email address last known to us.

10.5 For purpose of the Distress Act 1934, all unpaid Service Charge, Usage Charge, interest, GST and all other
sums will be deemed to be rent in arrears and recoverable in the manner provided in the said Act.

10.6 A person who is not a party to the Tenancy has no right under the Contract (Rights of Third Parties) Act
2001 to enforce any of the provisions of the Tenancy.

10.7 If any provision of the Tenancy, at any time, is or becomes illegal, invalid or unenforceable in any respect,
the remaining provisions of the Tenancy (insofar as they are severable from such illegal, invalid or unenforceable provisions) will in
no way be affected or impaired.

10.8 The Tenancy constitutes the entire agreement between the parties and no variation of the Tenancy will
be enforceable unless agreed in writing between us.

10.9 We, and you, agree to consider mediation at the Singapore Mediation
 Centre ("  **<u>SMC</u>**") as one of the dispute resolution options for any dispute under
 the Tenancy. For clarity, there is no default by either party if the dispute is not referred for mediation
 at SMC before the start of court proceedings.

10.10 The Tenancy is governed by Singapore laws. You irrevocably submit to the exclusive jurisdiction of the
Singapore courts.

Page 7 of 7 [Standard Terms – Space] (Oct 2023)

**Letter of Acceptance**

Date: 07/11/2023

Jurong Town Corporation<br> Start-Up Dept

Info-Comm Media & Start-Up Cluster<br> The JTC Summit

8 Jurong Town Hall Road<br> Singapore 609434

---

| | |
|:---|:---|
| **Attention:** | Ashley Leow |

---

Dear Sirs,

**ACCEPTANCE OF OFFER FOR TENANCY OF JTC PREMISES AT 81 AYER RAJAH CRESCENT #01-45 SINGAPORE 139967 ("<u>PREMISES</u>")**

**1.** We refer to your letter of offer dated 7 November 2023 (" <u>**Letter**</u> "),
together with the Attachment, (collectively, the " <u>**Offer**</u> ")
for the tenancy of the Premises and hereby confirm our acceptance of all the terms and conditions of the Offer.

**2.** We understand and agree that we will only be able to access, print and download our monthly e-statements
through JTC's Customer Service Portal. We will refer to your Customer Service Portal guidelines available at http://www.jtc.gov.sg
for more information.

**3.** As required, we will forward our duly completed GIRO authorization form to you before we collect the keys
to the Premises.

**4.** We confirm that we have made full payment of the required sums set out in *Attachment (Part 1)* of the Offer.

**5.** There is a binding Tenancy between us upon our due acceptance of the Offer in accordance with the Letter.

Yours faithfully

---

| | |
|:---|:---|
| For and on behalf of: | METAOPTICS TECHNOLOGIES PTE. LTD. |
| Sign via Singpass by authorized signatory: | **/s/ THNG CHONG KIM<br> 07 NOV 2023 05:16:40 PM SGT** |
| Designation: | Director |

---

## Exhibit 10.11

**Exhibit 10.11**

![](ea027035409_ex10-11img1.jpg)

Our Ref: JTC-MLM-CMA-00000000-00006533

Allocation No: 7022540 Offered Tenancy Period: <br> Case ID: 816743 <u><u>1 Oct 2025</u> to <u>8 Nov 2026</u></u>

25 September 2025

Action Required By: <br> METAOPTICS TECHNOLOGIES PTE. LTD. <u>15 Oct 2025</u>

81 AYER RAJAH CRESCENT

#01-45

SINGAPORE 139967

Dear Sirs

**OFFER FOR TENANCY OF JTC PREMISES AT 81 AYER RAJAH CRESCENT #01-51 NA SINGAPORE 139967 ("<u>PREMISES</u>")**

1. Thank
 you for your interest in renting the Premises. This letter, together with the Attachment,
 comprises our offer to rent the Premises to you (" <u>Offer</u> ") for the period
 from **1 Oct 2025 to 8 Nov 2026** (" <u>Term</u> ").

2. The
 terms of your Tenancy are in the <u>Attachment</u>.

3. To
 accept our Offer, please do the following by **15 Oct 2025**, or such other date as may
 be extended by us in writing:

---

| | |
|:---|:---|
| [ | **Action Required for Acceptance** |
| (a) | **Complete and sign using Singpass, the Letter of Acceptance** which is available in the link emailed to you. |
| (b) | **Make full payment** of the required sums (see payment breakdown and method in the *<u>Attachment (Part 1)</u>*). |
| (c) | Indicate your GIRO arrangement in the Letter of Acceptance |

---

4. There
 will be no Tenancy between us if we do not receive by **15 Oct 2025,** or such other date
 as may be extended by us in writing -

---

| | |
|:---|:---|
| (a) | your Letter of Acceptance signed through our secure electronic signature platform; and |
| (b) | full payment. |
| In such event, all payments (except for the application deposit, which will be forfeited) will be refunded to you (without interest). | In such event, all payments (except for the application deposit, which will be forfeited) will be refunded to you (without interest). |

---

5. Please
 login to JTC's Customer Service Portal with Singpass to access your future monthly e- statements.

6. If you have any queries, you may contact Shaun Whitmarsh at or
 Shaun_WHITMARSH@jtc.gov.sg.

---

| |
|:---|
| Yours faithfully |
| /s/ Shaun Whitmarsh |
| 25 Sep 2025 08:58:22 AM SGT |

---

(Signed)

**Shaun Whitmarsh**

**Manager**

**Start-Up Dept**

**Info-Comm Media & Start-Up Cluster**

---

| | |
|:---|:---|
| ***<u>Attachment</u>:*** | *<u>Part 1</u>: Details* |
|  | *<u>Part 2</u>: Key Terms* |
|  | *<u>Part 3</u>: Special Terms* |
|  | *<u>Part 4</u>: Standard Terms* |

---

---

| | |
|:---|:---|
| **<u>Enclosed</u>:** |  |
|  | *<u>\*SES Format of Letter of Acceptance – Acceptance is on JTC's secured electronic signing platform</u>* |

---

***<u>Attachments (Part 1): Details</u>***

**<u>PART 1 (Details)</u>**

---

| | |
|:---|:---|
| Premises | **81 AYER RAJAH CRESCENT #01-51 NA SINGAPORE**<br> **139967** |
| Term | **1 Oct 2025 to 8 Nov 2026** |
| Tenancy Commencement Date | **1 Oct 2025** |
| Possession Date<br>*(date the Premises will be handed to you)* | **1 Oct 2025** |
| Rent per month<br>*(For clarity, the amounts in these rows exclude GST. GST is payable by you.)* | **$730.43** |
| Service Charge per month<br>*(For clarity, the amount in this row excludes GST. GST is payable by you.)* | **$400.77** |
| Security Deposit Amount<br>*(equivalent to* **1** *months' fixed recurring charges)* | **$1131.20** |
| Authorised Use | **Software development** |
| Estimated Area ("<u>Area</u>") | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40.4 m<sup>2</sup>**<br>|
| \*Maximum Floor Loading<br>*\*(Note: You must not exceed the Maximum Floor Loading and must ensure that the permitted load is evenly distributed.)*<br>| **3.5 kN/m<sup>2</sup>** |
| Plan of Premises | **As attached** |
| Other Terms and Conditions | **See remaining Attachment** |

---

Page 1 of 2 [Details] (May 2025)

***<u>Attachments (Part 1): Details</u>***

---

| | | |
|:---|:---|:---|
| **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** | **Payment required for acceptance of Offer** |
| | **Amount ($)** | **GST at prevailing rate ($)** |
| Rent for one month | **$730.43** | **$65.74** |
| Service Charge for one month | **$400.77** | **$36.07** |
| Security Deposit Amount | **$1131.20** |  |
| Stamp Duty | **$60.00** |  |
| Sub-Total Payable (inclusive of GST at prevailing rate) | **$2424.21** | **$2424.21** |
| <u>(blkLess</u> Application Deposit (if paid) | **N/A** |  |
| Total Amount Payable (inclusive of GST at prevailing rate) | **$2424.21** | **$2424.21** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;The Total Amount Payable must be paid by bank transfer to our designated bank account, or any other method as indicated on our website at http://www.jtc.gov.sg, details of which are as follows:- | &nbsp;&nbsp;The Total Amount Payable must be paid by bank transfer to our designated bank account, or any other method as indicated on our website at http://www.jtc.gov.sg, details of which are as follows:- |
| &nbsp;&nbsp;Account Name | &nbsp;&nbsp;JTC Corporation |
| &nbsp;&nbsp;Bank Name | &nbsp;&nbsp;Oversea-Chinese Banking Corporation Limited |
| &nbsp;&nbsp;Bank Account Number | &nbsp;&nbsp;[ ] |
| &nbsp;&nbsp;SWIFT code | &nbsp;&nbsp;OCBCSGSG |
| &nbsp;&nbsp;Please quote the reference number A7022540 in your payment and provide us with a copy of the payment advice for our verification. The amount payable should be in Singapore Dollars, exclusive of any bank charges and/or administrative fees which shall be paid by you. | &nbsp;&nbsp;Please quote the reference number A7022540 in your payment and provide us with a copy of the payment advice for our verification. The amount payable should be in Singapore Dollars, exclusive of any bank charges and/or administrative fees which shall be paid by you. |

---

Page 2 of 2 [Details] (May 2025)

***<u>Attachment (Part 2): Key Terms</u>***

**<u>PART 2 (Key Terms)</u>**

*(The definitions in the Standard Terms apply to these Key Terms. The Standard Terms are at <u>Attachment (Part 4)</u> of the letter ("<u>Letter</u>") attaching these Key Terms. If there is any inconsistency, the conditions in <u>Attachment (Part 1)</u> attached to the Letter take precedence over these Key Terms, and these Key Terms take precedence over the Special Terms (at <u>Attachment (Part 3)</u>) of the Letter.)*

1. <u>"As is" basis</u> 

The Premises are rented to you on an "as is" basis. You must not exceed the Maximum Floor Loading and must ensure that the permitted load is distributed so as not to cause damage to the floor and structural support.

2. <u>Operations Commencement Date</u> 

You must commence business by the operations commencement date indicated below:

On Tenancy Commencement Date.

3. <u>Authorised Use</u> 

You must comply with the Authorised Use.

4. <u>Approvals</u> 

You must obtain all necessary approvals required for your business operations at the Premises and keep them in force throughout the Tenancy.

5. <u>Option to Renew</u> 

There is no Option to Renew.

6. <u>Rent, Service Charge and other payments</u> 

---

| | |
|:---|:---|
| 6.1 | The Rent, Service Charge and all other charges (if any) payable by you are set out in *<u>Attachment (Part 1) (Details)</u>* of the letter attaching these Key Terms. |
| 6.2 (a) | The Rent and Service Charge should be paid in advance without demand or deduction on the first day of each month of the Term. We are entitled, at any time and from time to time, to increase the Service Charge. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You
 must pay the Usage Charge on the same date as the Rent. We are entitled, at any time and
 from time to time, to increase the Usage Charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Mode of Payment</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You
 must pay to us the Rent, Service Charge, Usage Charge (if any), any other charges (if any)
 and GST, by GIRO from your designated bank account. The Rent, Service Charge, Usage Charge
 (if any) and any other charges (if any) exclude GST. GST is payable by you.

(b) If
 –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) you do not have any GIRO arrangement for payment of the amounts
due to us; 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;(b2) at any time during the Tenancy, the GIRO payment is not effected,
or the GIRO arrangement is discontinued for whatever reason (including in the event your designated bank account has any GIRO limit,
or there are insufficient funds in your designated bank account),

you must immediately pay to us –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b3) the amounts due to us by other electronic methods as indicated
in our website at http://www.jtc.gov.sg; and

(b4) an administrative fee based on our then prevailing policies.
Please refer to our website at http://www.jtc.gov.sg for the applicable fee.

Page 1 of 2 [Key Terms] (Jan 2024)

***<u>Attachment (Part 2): Key Terms</u>***

7. <u>Fitting Out</u> 

You may, as a licensee (on the same terms and conditions in the Tenancy), commence fitting out works ("**<u>Fitting Out Works</u>**") after the Possession Date. You must obtain our, and the Authorities', prior written consent before commencing any Fitting Out Works, and carry out and complete the Fitting Out Works in accordance with our requirements. The Tenancy Commencement Date remains unchanged even if the Fitting Out Works are completed after the Tenancy Commencement Date.

8. <u>Security Deposit</u> 

The Security Deposit payable by you is set out in *<u>Attachment (Part 1) (Details)</u>*, and must be maintained throughout the Term.

9. <u>Reinstatement Deposit</u> 

You must seek our consent if you wish to carry out any addition or alteration works at the Premises. A reinstatement deposit will be required for our consent which will be on such terms and conditions as we may impose.

10. <u>Early Termination by Written Notice</u> 

Either party may terminate the Tenancy by giving the other party not less than 3 months' prior written notice, or paying the other party 3 months' rent-in-lieu, without affecting any accrued rights or remedies of either party.

11. <u>Green Building Obligations</u> 

The Premises are located within a building which has been issued (or is to be issued) with a Green Mark rating by the Building and Construction Authority. You must comply with the clause titled "Green Building Obligations" in the *<u>Attachment (Part 3) (Special Terms)</u>*.

12. [Not
 Used.]

13. [Not
 Used.]

14. [Not
 Used.]

15. [Not
 Used]

16. [Not
 Used.]

17. <u>Guidelines</u> 

The following guidelines (which are subject to change from time to time) are applicable to you and can be found at http://www.jtc.gov.sg:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Schedule of Statutory Controls for Flatted, Ramp-up and Stack-up
Factory Customers

☒ Tenant's Guide Book (at your respective Estate's
homepage) (where applicable)

Page 2 of 2 [Key Terms] (Jan 2024)

**<u>PART 3</u>**

**<u>Special Terms and Conditions</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

---

| | |
|:---|:---|
| 1 | [Not Used.] |
| 2 | **<u>Control Requirement</u>** |
| 2.1 | The Control Requirement must be complied with throughout the Tenancy, failing which it will be deemed to be a breach of Your Obligations. Our prior consent is required for any change to the Control Requirement. |
| 2.2 | For the purpose of this clause 2, "**<u>Control Requirement</u>**" means that the shareholders listed in the Accounting and Corporate Regulatory Authority (ACRA) business profile dated **30 April 2025**, whether individually or in any combination, must directly own more than 50% of your issued shares. A copy of the aforementioned ACRA business profile dated **30 April 2025** is attached to this Special Terms. |
| 3 | **<u>Green Building Obligations</u>** |

---

You must comply with the requirements in the <u>attached</u> **Green Building Obligations Annex.**

---

| | |
|:---|:---|
| 4 | **<u>Technical and Other Requirements</u>** |

---

You must comply with the requirements in the <u>attached</u> **Technical and Other Requirements Annex.**

**<u>ATTACHMENTS</u>**

☒ **The ACRA business profile** (see clause 2.2 above)

☒ **Green Building Obligations Annex** (see clause 3 above)

☒ **Technical and Other Requirements Annex** (see clause 4
above)

☒ **Specific Reinstatement Works** (see clause 2.6 of Technical
and Other Requirements Annex)

**<u>Special Terms and Conditions</u>**

**<u>Green Building Obligations Annex</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

1 <u>Green Building Obligations</u>

1.1 You
 must co-operate with us to ensure that the Green Mark Certification (i.e. "  ***Green Mark Gold Plus***") issued (or to be issued) by the Building and Construction
 Authority for the Building ("  **<u>Green Mark Certification</u>**") is not
 affected or hindered in any way by your action or inactions during the Term. This includes
 ensuring that all of the following (collectively, the "  **<u>Green Building Obligations</u>** ")
 are complied with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 water fittings used within the Premises shall be labeled 3-ticks under the mandatory Water
 Efficiency Labelling Scheme issued by the Public Utilities Board.

(b) Only
 low volatile organic compounds (VOC) paints certified under the Singapore Green Label Scheme
 (" <u>SGLS</u> ") by the Singapore Environment Council, or an equivalent body,
 are used within the Premises.

(c) Only
 environmental friendly adhesives certified under the SGLS by the Singapore Environment Council,
 or an equivalent body, only are used within the Premises.

(d) <u>Energy Efficiency</u> 

---

| | |
|:---|:---|
| (d1) | <u>Unitary Air Conditioning System [For Premises without the provision of Water-Cooled Chilled-Water Plant]</u> |
|  | For unitary air conditioning system, the minimum design system efficiency of 0.62kW/RT for cooling load of less than 500 RT shall be installed. |
| (d2) | <u>Air Distribution System (For Mechanical Ventilation)</u> |
|  | The overall efficiency of the air distribution system (with reference to Fan System Input Power) for the Premises shall not exceed the following minimum efficiency requirements: |

---

(d2.1) 0.06 W/CMH for fan motor greater than or equal to 4kW (Constant Volume type).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d3) <u>Artificial Lighting</u> 

(d3.1) The design for the lighting system shall have an improvement of lighting efficiency, the lighting power budget for the different occupied spaces shall not exceed 7.1W/m² for office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Daylighting Control</u> 

Day lighting control for perimeter lighting with on-off switches and/or dimmable ballast is adopted within all parts of the Premises

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each
 unit within the Premises is provided with sub–meter that shall be linked to our Building
 Management System (BMS) for energy consumption monitoring, and that they are grouped to allow
 for tracking of energy based on the following;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f1) Lighting consumption;

(f2) ACMV consumption;

(f3) Receptacles consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All
 recyclable wastes within the Premises shall be segregated from non-recyclable wastes and
 disposed of in the designated bins provided in the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All non-recyclable waste must be disposed of in the manner
as prescribed by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such
 other requirements, or good industry practices, as we may notify you from time to time.

1.2 If,
 at any time and from time to time, any works are to be carried out within the Premises (including
 fitting-out works, addition or alteration works), then you must within 7 days after completion
 of such works, submit a declaration (in the format prescribed by us) confirming that such
 works have been completed in accordance with the relevant plans approved by us.

**<u>Special Terms and Conditions</u>**

**<u>Technical and Other Requirements Annex</u>**

*(The definitions in the Standard Terms apply to these Special Terms.)*

1 <u>Loading / Foundation</u>

1.1 You
 must not exceed the maximum loading capacity of the goods lifts in the Building. You are
 responsible for all loss and damage to the goods lift if caused, directly or indirectly,
 by you or any of Your Authorised Person.

1.2 You
 must, after obtaining our prior written consent, provide suitable foundation for all machinery,
 equipment and installation at the Premises.

2 <u>Additional Conditions</u>

2.1 <u>Additional Charges for Air-conditioning</u> 

You must pay air-conditioning charges as prescribed by us, for usage exceeding 55 hours per week, without demand or deduction on the same date as the Rent. We are entitled, at any time and from time to time, to increase such rate.

2.2 <u>Additional Charges for Power Supply</u> 

You must pay the charges for the additional single phase power supply according to the prevailing electricity tariff set by SP Services, for any usage exceeding 55 hours per week (where such 55 hours is calculated on the usage of 30W per sqm of your Area), without demand or deduction on the same date as the Rent. The rate for such charges for additional power supply shall generally be based on the prevailing electricity tariff set by SP Services, save that we shall be entitled, at any time and from time to time, to increase such rate.

2.3 Meeting
 rooms, reception/waiting area, pantries, multi-purpose hall and courts (" <u>Shared Facilities</u> ") have been provided at the common property for common and shared use
 by the tenants. The use of any meeting room, multi-purpose hall and courts is subject to
 their availability and your payment of a fee to be determined by us.

2.4 You
 are responsible for all losses and damages to the Shared Facilities if caused, directly or
 indirectly, by you or any of Your Authorised Person.

2.5 You
 must ensure that a qualified person is engaged to prepare and submit electrical single-line
 diagrams and electrical layout plans, such diagrams and plans to be approved by us prior
 to your application to the Authorities for the opening of an electricity connection account.

2.6 Without
 affecting the Standard Terms, you must also comply with the attached  **<u>Specific Reinstatement Works</u>** regarding the reinstatement works.

2.7 [Not
 Used.]

***<u>Attachment (Part 4): Standard Terms</u>***

**<u>PART 4</u>**

**<u>Standard Terms and Conditions</u>**

**(Space)**

---

| | |
|:---|:---|
| **1** | **<u>Definitions and Interpretation</u>** |

---

1.1 In
the Tenancy, the words and phrases below have the following meanings, unless the context requires otherwise:

"<u>Authorities</u>" - All relevant government and statutory authorities;

"<u>Building</u>" - The building (including all common areas, other premises and our fixtures and fittings) in which the Premises are located, and includes any part thereof;

"<u>Car-Park</u>" - All parking lots, roads, ramps and loading bays within the Estate, including any electronic or other parking systems;

"<u>Estate</u>" - The estate in which the Building is located, (including the Car-Park, all structures and all Utility Facilities whether located above or below ground) and any part of it;

"<u>Event of Insolvency</u>" - Includes your inability to pay debts, the presentation of a bankruptcy application against you, your entry into liquidation whether compulsory or voluntary (except for the purpose of reconstruction or amalgamation with our prior consent), the making of a proposal by you to creditors for composition in satisfaction of debts or a scheme of arrangement, or the appointment of a receiver, trustee or liquidator in respect of your property;

"<u>Law</u>" - All laws, statutes, legislation, by-laws, rules, orders, regulations, directions, orders, notices and requirements of the Authorities currently in force or which may be in force in future;

"<u>Loss</u>" - All actions, claims, summonses, judgements, orders, charges, demands, losses, damages, injuries, death, liabilities, penalties, proceedings, costs, expenses and inconvenience, of any kind and howsoever caused. For clarity, "Loss" includes loss of rent and service charge during the period required by us to carry out and complete the works to make good your default, including your default in reinstating the Premises to the standard required under the Tenancy;

"<u>Maximum Electricity Load</u>" - The maximum electricity load permitted by the Authorities or us;

"<u>Offer</u>" - our offer for the Tenancy of the Premises, which includes the attachments referred to in our offer;

"<u>Our Authorised Person</u>"- Each of our employees and authorised representatives;

"<u>Premises</u>" - As defined in the Tenancy, and includes any part of it. If there is more than one unit comprised in the "Premises", then the term "Premises" refers to each of the units comprised in the Building, including any part of each such unit. "Premises" also includes all our fixtures and fittings therein;

"<u>Refurbishment Works</u>" - As defined in Clause 3.2(d) of these Standard Terms;

"<u>Security Deposit</u>" - As defined in the Tenancy. If there are 2 or more Security Deposit amounts stated in the Offer, the term "Security Deposit" shall refer to the total of such amounts;

"<u>Security Deposit Amount</u>" - As defined in Clause 4.3(f) of these Standard Terms;

"<u>Service Charge</u>" - As defined in the Tenancy, and includes the Service Charge as revised by us;

"<u>Special Terms</u>" - The Special Terms and Conditions attached to the Offer;

"<u>Standard Terms</u>" - These Standard Terms and Conditions;

"<u>Take-Over Item</u>" - As defined in Clause 4.10 of these Standard Terms;

Page 1 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

"<u>Tenancy</u>" – Our Offer and your acceptance. For clarity, at the end of the Tenancy, the Term also ends and vice versa;

"<u>Usage Charge</u>" - As defined in the Tenancy, and includes all charges for additional services and facilities referred to in Clause 4.5(a) of these Standard Terms and Usage Charges as revised by us;

"<u>Utility Facilities</u>" - The term includes sewers, drains, pipes, channels, wires, cables, ducts and other conduits above and below ground level, and the term "fittings" includes Utility Facilities;

"<u>We</u>", "<u>our</u>" or "<u>us</u>" - Jurong Town Corporation (also known as "JTC Corporation") incorporated under the Jurong Town Corporation Act 1968, its successors-in-title, and assigns;

"<u>Works"</u> - works as stipulated by us in the Offer.

"<u>You</u>" or "<u>your</u>" - The person to whom the Offer is issued, and includes his personal representatives, successors-in-title, and permitted assigns (if any);

"<u>Your Authorised Person</u>" - Each of your employees, agents, independent contractors, occupiers, visitors and all others under your control;

"<u>Your Items</u>" - Each of your machinery, fixtures, fittings, structures, installations, chattels, things and goods under your control including each Take-Over Item; and

"<u>Your Obligations</u>" - The terms, conditions, obligations and undertakings to be complied with by you under the Tenancy, including all conditions imposed by us in any consent or approval.

1.2 Other
 capitalized terms are defined in these Standard Terms, the Special Terms or the Offer (including,
 for clarity, the other attachments referred to in the Offer).

1.3 Words
 importing the singular include the plural and vice versa. Words importing the masculine,
 feminine or neuter genders are used interchangeably. Words denoting natural persons include
 corporations and firms and vice versa. Headings are for ease of reference only.

1.4 When
 our consent or approval is required, the consent or approval may or may not be given. If
 it is given, it must be in writing and on such terms and conditions as may be imposed by
 us, including payment of monies, and the restrictions in Section 17 of the Conveyancing and
 Law of Property Act 1886 will not apply.

1.5 Reference
 to a specific statute includes all its rules and regulations and all changes made to it from
 time to time.

1.6 Reference
 to "include" or "including" is to be construed as "include
 (without limitation)" or "including (without limitation)".

1.7 All
 Your Obligations are binding on all of you jointly and severally. You must comply with all
 Your Obligations at your own cost and expense, and to our satisfaction. If you are required
 to comply with any provision of the Tenancy, then you must ensure and procure that Your Authorised
 Person complies with such provision.

1.8 No
 exercise of any one right or remedy under the Tenancy, at Law or in equity, (unless otherwise
 provided in the Tenancy, at Law or in equity) will prevent the exercise of any other right
 or remedy. When we exercise our rights to enter or inspect the Premises, we and Our Authorised
 Person are entitled to bring workmen and equipment onto the Premises.

1.9 If
 there is any inconsistency between the Special Terms and these Standard Terms, the Special
 Terms take precedence over these Standard Terms.

2 <u>Our Obligations</u>

2.1 If
 you comply with all Your Obligations, you may have quiet enjoyment of the Premises during
 the Term without any interruption from us, except as provided in the Tenancy.

Page 2 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

3 <u>Easements and Reservations</u>

3.1 During
 the Tenancy, you are entitled to the following if you comply with all Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right
 to use the common corridors, toilets, stairs and lifts in the Building and the Estate in
 common with all persons authorised by us; and

(b) right
 to use the Utility Facilities located within the Building and the Estate for running of water,
 electricity, gas and telecommunications facilities to and from the Premises.

3.2 We
 and persons authorised by us also enjoy the rights listed in Clause 3.1 and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) right
 to use the Utility Facilities located within the Premises, Building and the Estate for running
 of water, electricity, gas and telecommunication and to lay, install, make connections with,
 maintain, repair, renew, restore, alter or remove them for the purpose of or in connection
 with these rights;

(b) all
 other easements and ancillary rights as set out or implied in the Land Titles Act 1993;

(c) right
 of support and protection for the benefit of all other parts of the Building and the Estate;
 and

(d) right
 to redevelop, refurbish, alter, repair, maintain or in any way deal with, use or let the
 Building or the Estate, as we require, even if your right of access to light or air to the
 Premises or any other easements, may be affected, whether temporarily or otherwise ("  **<u>Refurbishment Works</u>** ").

4 <u>Your Obligations</u> <u>Condition of Premises</u>

4.1 You
 agree to accept the Premises on an "as is" basis, including all defects (latent,
 inherent or otherwise), and be deemed to have full notice and knowledge of the state and
 condition of the Premises.

**<u>Payments</u>**

4.2 (a) You agree to pay to us, the Rent, Service Charge, Usage Charge,
Goods and Services Tax ("  **<u>GST</u>**") at the prevailing rate, and all other sums due, in full and without any demand
or deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We are entitled by notice, at any time, to revise the Service
Charge, Usage Charge and other charges (if any). Such revisions will apply to you with effect from the date stated in the notice. If
the Service Charge is increased, you will immediately top-up the Security Deposit held by us, such that the Security Deposit is maintained
at the revised Security Deposit Amount throughout the Term.

4.3 (a) You agree to pay to us, a Security Deposit for the Security
Deposit Amount, and maintain it at the Security Deposit Amount throughout the Term, as security for the performance of Your Obligations,
and against any damage caused to any of our property by you or Your Authorised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We
 are entitled (but not obliged) to deduct from the Security Deposit, or (if the Security Deposit
 is in the form of a guarantee acceptable to us) make claims on such guarantee, for payment
 of unpaid sums or making good any Loss sustained by us in relation to any breach of Your
 Obligations. If the Security Deposit is insufficient, we are entitled to claim the difference
 from you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You
 agree to pay to us on demand, a sum equal to the amount deducted, or claimed, by us under
 sub-Clause (b) above, such that the Security Deposit is maintained at the Security Deposit
 Amount throughout the Term.

(d) The
 Security Deposit (less deductions authorised under the Tenancy or Law) will be refunded to
 you (without interest) after the end of the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Not
 Used.]

(f) In
 the Tenancy, the term "  **<u>Security Deposit Amount</u>**" refers to an amount
 equivalent to the total of 6 months' fixed recurring charges, unless we agree to a
 lower amount.

Page 3 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

4.4 (a) You agree to pay to us a Reinstatement Deposit in accordance
with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We
 are entitled (but not obliged) to utilise and deduct the Reinstatement Deposit (or part thereof),
 or (if the Reinstatement Deposit is in the form of a guarantee acceptable to us) make claims
 on such guarantee, for payment of such sums deemed necessary by us to reinstate the Premises
 in accordance with Your Obligations on reinstatement. If the Reinstatement Deposit is insufficient,
 we are entitled to claim the difference from you (including making a deduction from the Security
 Deposit).

(c) The
 Reinstatement Deposit (less authorised deductions under the Tenancy or Law) will be returned
 to you (without interest) after the end of the Term.

4.5 You
 agree to pay to us the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) charges
 for all additional services and facilities provided by us including air-conditioning at the
 Premises outside the hours, or exceeding the number of hours stipulated by us, emergency
 power supply and connection charges and additional power supply in excess of the stipulated
 usage;

(b) interest
 at the rate of 8.5% per annum, or such other rate determined by us, for all unpaid sums from
 the due date until payment in full is received by us;

(c) if
 you withdraw from the Tenancy before the Tenancy Commencement Date, a sum equal to the prevailing
 market rent payable from the Possession Date up to the date the obligations under Clause
 7 are satisfied, without affecting our rights and remedies under the Tenancy or at Law;

(d) if
 the Tenancy is for 3 years or less, any increase in property tax imposed by the Authorities
 due to any increase in the annual value or the applicable rate of property tax, in the proportion
 attributable to the Premises as determined by us; and

(e) legal
 fees, stamp duty and disbursements incurred in preparation of the Tenancy documents, and
 the legal fees relating to enforcement of Your Obligations on a full indemnity basis.

4.6 Where
 the Term is for more than 3 years, you will pay to the Authorities the property tax imposed
 by the Authorities in respect of the Premises.

**<u>Maintenance and Occupation</u>**

4.7 You
 agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain
 and keep the Premises, and all items serving the Premises as stipulated by us from time to
 time, in good and tenantable repair and condition (fair wear and tear excepted);

(b) remove,
 within or outside your Premises, all such items, and cease all such activities, which may
 pose a danger, cause obstruction or other disturbances, or to enable us to exercise our rights
 under the Tenancy, as required by us or the Authorities;

(c) contain
 and dispose of all waste, including pollutants and contaminants in accordance with our requirements.

4.8 You
 agree not to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) sublet,
 grant a licence, encumber or otherwise part with or share possession or occupation of the
 Premises or any part of it, or transfer, assign, charge, create a trust or agency over the
 Tenancy;

(b) do
 anything within the Premises or the Estate which in our view may be or may become a nuisance,
 annoyance or cause damage or inconvenience to the business or quiet enjoyment of any neighbouring
 premises;

Page 4 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exceed
 the Maximum Floor Loading and ensure that the permitted load is evenly distributed;

(d) do
 anything which affects the structure or safety of the Building or which may delay or prevent
 the issuance of the Certificate of Statutory Completion;

(e) exceed
 the Maximum Electricity Load or interfere in any manner with the existing electrical design
 load, wirings, apparatus, fixtures or fittings in the Premises, Building or Estate;

(f) install
 or use any item that may cause heavy power surge, high frequency voltage or current, noise,
 vibration or any electrical or mechanical interference or disturbance which may disrupt any
 communication, electronic or similar system or any operations within the Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) use
 the Car-Park (if any) within the Premises to store goods, equipment or containers;

(h) place
 anything beyond the boundaries of the Premises, or obstruct any common areas of the Building
 or Estate;

(i) keep
 any animal at the Premises;

(j) tap
 or use any utilities from any source/supply that is not arranged and paid by you;

(k) permit
 any person to sleep or reside in the Premises, temporarily or otherwise;

(l) use
 the name of the Building or the Estate, as part of your trade or business name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) use
 or occupy the Premises for any purpose other than for the Authorised Use;

(n) use
 the Premises for any illegal or immoral purpose;

(o) without
 our prior consent –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o1) carry out any additions or alterations works of whatever nature,
or remove or install any fixtures or fittings at the Premises, including the internal partitioning, the external appearance of the Premises,
doors, windows, grilles and walls;

(o2) display any sign on the exterior of the Premises except for
your name in such place and manner approved by us;

(o3) bring into the Premises, Building or Estate, any bio-hazardous,
corrosive, radioactive, flammable or other dangerous items;

(o4) make any application for conversion under Part IV of the Limited
Liability Partnerships Act 2005; and

(o5) do any act (including pass resolutions) which may result in
the issue of a notice of amalgamation under Part VII of the Companies Act 1967 which may cause the Premises, or Tenancy, to be transferred
to or vested in any amalgamated entity.

4.9 You
 agree to immediately inform us if there is any damage to the Premises, Building or Estate
 caused (directly or indirectly) by you or Your Authorised Person, and to restore the damage
 to our satisfaction, within the time stipulated by us.

4.10 If
 you took over the fixtures, fittings, additions and alterations installed by another person
 (each a "  **<u>Take-Over Item</u>** "), you must comply with our requirements
 and obtain the Authorities' approvals for each Take-Over Item. If the Authorities'
 approval is not obtained for such Take-Over Item, you must remove the Take-Over Item, within
 the time stipulated by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 You
 agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) insure
 all Your Items (including all Take-Over Items) and (at your discretion) take such other insurance
 (including public liability insurance) against all Loss;

(b) not
 do anything that will affect any insurance effected in respect of the Premises, Building
 or Estate, or cause such insurance to become void or voidable; and

(c) produce
 to us on demand the insurance policy and receipts of premium payment.

Page 5 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

4.12 (a) If the Premises are damaged/destroyed by fire, act of God or
other cause beyond both parties' control so as to render the Premises unfit for occupation or use, the Rent, Service Charge and
Usage Charge or a fair and just proportion of these sums shall be suspended until the Premises are rendered fit for occupation and use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Premises continue to be unfit for occupation or use for more than 90 days after the first
 day of damage/destruction, then either party may, after the 90-day period, give to the other
 party a written notice to terminate the Tenancy within 1 month from the date of such notice,
 without affecting any accrued rights or remedies of either party.

(c) For
 clarity, this Clause does not apply to you if the damage/destruction is caused, directly
 or indirectly, by you or Your Authorised Person.

5 <u>Compliance with Law and Regulations</u>

5.1 You
 agree to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Law relating to Your Obligations and anything done at the Premises or the Estate;

(b) all
 requirements of the Authorities (including fire safety, exit lighting, exit sign, emergency
 lightings and ancillary use of floor space i.e. URA's "60/40 Rule"). Some
 of these requirements are in the Schedule of Statutory Controls referred to in the Offer;
 and

(c) all
 our parking and other rules and regulations, made and amended from time to time, relating
 to the Building and the Estate.

6 <u>Access to Premises</u>

6.1 You
 agree to permit us and Our Authorised Person to enter the Premises at reasonable times (and
 at any time during emergencies) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inspect
 the state of the Premises and the Building, and take inventory of Your Items;

(b) carry
 out Refurbishment Works, maintenance, repairs or other works to or in connection with the
 Premises or Building, as we consider fit;

(c) verify
 compliance with Your Obligations; and

(d) exercise
 any other rights granted to us under the Tenancy.

Further, in the event we and our Authorised Person, by written notice, request to enter the Premises for the purposes of investigating unauthorised subletting or any other unlawful activities, you must permit us entry immediately or upon such date and time requested by us.

6.2 You
 agree to permit our prospective tenants to enter and view the Premises, by prior appointment
 and at reasonable times, during the last 6 months of the Tenancy.

7 <u>Expiry of Term and Reinstatement</u>

7.1 At
 the end of the Term, by expiry or otherwise (including withdrawal from the Tenancy (under
 Clause 4.5(c) of these Standard Terms) and termination (under Clause 4.12 of these Standard
 Terms)), you agree to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deliver
 up the Premises to us in good and tenantable repair and condition;

(b) unless
 otherwise required by us in writing, to remove all fixtures, fittings, additions and alterations
 installed by you, each Take-Over Item, make good all damage due to such removal, and reinstate
 the Premises to our requirements (including completing the Works (if any) stipulated in the
 Offer); and

(c) if
 required by us, to carry out decontamination works, and to paint the Premises.

Page 6 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

7.2 (a) If you leave behind any item or any rubbish or discarded articles,
and do not remove them within 14 days after our written request, we may sell, deal with or dispose the item as we think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is deemed that the item belongs to you absolutely, and you must indemnify us against all
 claims made by a third party whose item has been sold or disposed of by us in good faith
 (which is presumed unless the contrary is proven).

(c) The
 proceeds will be used to offset all Loss incurred by us (including loss of rent and service
 charge) for the period during which the item is not removed from the Premises. Any balance
 proceeds will be returned to you upon our receipt of your written request.

7.3 (a) If you fail to deliver vacant possession of the Premises at
the end of the Term, you will be deemed to be holding over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without
 affecting any of our rights or remedies, you must then pay to us, for the period of holding
 over, double the amount of Rent or double the prevailing market rent (whichever is higher),
 Service Charge and Usage Charge. There will be no renewal of the Tenancy by operation of
 law or pursuant to the provisions of the Tenancy.

(c) During
 the holding over period, all other terms of the Tenancy remain in effect.

(d) This
 Clause will not be construed as our consent for you to hold over for whatever reason.

8 <u>Breaches and Re-entry</u>

8.1 (a) In the event of a breach of any of Your Obligations, you must
immediately make good your default at your own cost and expense.

(b) If
 you fail to do so, without affecting any of our other rights or remedies, we are entitled
 (but not obliged) to carry out any works we consider necessary to make good your default.

(c) You
 must pay to us, on demand, the cost of such works.

The enforcement of our rights under this Clause will not affect or diminish our rights elsewhere in the Tenancy.

8.2 We
 are entitled to re-enter the Premises (or any part of the Premises in the name of the whole)
 at any time (even if we had previously waived a right of re-entry) and to repossess the Premises,
 and the Tenancy will immediately determine, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Rent, Service Charge, Usage Charge, or any other sum payable under the Tenancy remains unpaid
 in full or in part for 14 days after the due date (whether formally demanded or not);

(b) you
 are in breach of any other of Your Obligations and if such breach is capable of remedy, you
 have failed to remedy the breach within the period stipulated by us;

(c) any
 distress or execution is levied on Your Items at the Premises; or

(d) an
 Event of Insolvency occurs.

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***<u>Attachment (Part 4): Standard Terms</u>***

8.3 Re-entry
 under Clause 8.2 does not affect our rights or remedies in respect of any prior breach of
 Your Obligations (including the breach in respect of which the re-entry is made).

8.4 The
 following does not prejudice nor waive our rights or remedies in respect of any breach of
 Your Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 indulgence or extension of time granted by us or any forbearance of any breach of Your Obligations;

(b) any
 consent or approval given by us;

(c) any
 failure or omission by us to exercise any of our rights under the Tenancy or the Law;

(d) any
 receipt or acceptance by us of any payment or part payment of Rent, Service Charge, Usage
 Charge or other sums payable under the Tenancy; or

(e) any
 waiver, express or implied, by us of any other breach of the same or any other obligation.

8.5 This
 Clause will not oblige us to enforce or impose any provision against you or any other person
 occupying any premises in the Estate.

9 <u>Indemnity and Exclusions</u>

9.1 You
 are required to indemnify us from all Loss (excluding wilful misconduct and gross negligence
 by us or Our Authorised Person) which we may suffer or incur in relation to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 use of the Premises or any other area of the Building or the Estate, by you or Your Authorised
 Person;

(b) any
 occurrence within the Premises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 default of any of Your Obligations.

9.2 We
 are not liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 act, omission, default (excluding wilful misconduct and gross negligence) by us or Our Authorised
 Person relating to the performance of any service provided by us, or the exercise of any
 of our rights;

(b) any Loss that may be suffered by you or Your
Authorised Person relating to –

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b1) any interruption (for whatever cause) in the services provided by us;

(b2) any event beyond our control (including acts of terrorism);

(b3) any exercise of any of our rights;

(b4) any
 subsidence or cracking of the apron/ground/production floor slabs of the Premises, or any
 other areas of the Estate;

(b5) any defect, latent or inherent or otherwise, in the Premises
or the Estate;

(b6) any occurrence within the Premises or the Estate;

(b7) use of the Car-Park; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 loss of quiet enjoyment of the Premises in relation to any of the events mentioned in this
 Clause.

Page 8 of 9 [Standard Terms – Space] (May 2025)

***<u>Attachment (Part 4): Standard Terms</u>***

10 <u>Other Conditions</u>

10.1 (a) We are entitled to assign or novate all our rights and interest
and transfer our obligations under the Tenancy (including transfer of the Security Deposit and Reinstatement Deposit (if any)) to another
person ("  **<u>In-coming Landlord</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 we do so, you are deemed to have consented to such assignment or novation and will accept
 the In-coming Landlord as your new landlord and release us from all our obligations under
 the Tenancy, including our obligation to refund the Security Deposit, the Reinstatement Deposit
 (if any) and all other sums pursuant to the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You
 must execute such document as required by us relating to the assignment or novation.

10.2 (a) You must perform and observe the express and implied obligations
imposed on us in the State/Foreshore Lease entered, or to be entered, into between us and the President of the Republic of Singapore
in respect of the Estate ("  **<u>Head Lease</u>** "), unless varied by the provisions of the Tenancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Building or Estate is acquired by the State/Government,
or the Head Lease is terminated, for whatever reason, the Tenancy shall also terminate immediately and for clarity, no compensation is
payable by us. Neither party will then have any claim against the other, except for any accrued rights or remedies which will remain
enforceable.

10.3 If
 there is a public emergency, we are entitled to deny/restrict access to the Premises, the
 Building and the Estate for so long as we deem necessary.

10.4 Any
 written notice is sufficiently served on you by leaving it at your registered business address,
 even if it is returned undelivered. Any written notice to us is sufficiently served by leaving
 it at our registered address and duly acknowledged by Our Authorised Person. You agree that
 we can serve legal process on you by electronic mail to your email address last known to
 us.

10.5 For
 purpose of the Distress Act 1934, all unpaid Service Charge, Usage Charge, interest, GST
 and all other sums will be deemed to be rent in arrears and recoverable in the manner provided
 in the said Act.

10.6 A
 person who is not a party to the Tenancy has no right under the Contract (Rights of Third
 Parties) Act 2001 to enforce any of the provisions of the Tenancy.

10.7 If
 any provision of the Tenancy, at any time, is or becomes illegal, invalid or unenforceable
 in any respect, the remaining provisions of the Tenancy (insofar as they are severable from
 such illegal, invalid or unenforceable provisions) will in no way be affected or impaired.

10.8 The
 Tenancy constitutes the entire agreement between the parties and no variation of the Tenancy
 will be enforceable unless agreed in writing between us.

10.9 We,
 and you, agree to consider mediation at the Singapore Mediation Centre ("  **<u>SMC</u>** ")
 as one of the dispute resolution options for any dispute under the Tenancy. For clarity,
 there is no default by either party if the dispute is not referred for mediation at SMC before
 the start of court proceedings.

10.10 The
 Tenancy is governed by Singapore laws. You irrevocably submit to the exclusive jurisdiction
 of the Singapore courts.

Page 9 of 9 [Standard Terms – Space] (May 2025)

**<u>Reinstatement guidelines for Block 75/77/81 Ayer Rajah Crescent</u>**

**WALL/ CEILING & COLUMNS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Remove
 any ceiling boards, ceiling grids and partitions installed.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make
 good internal walls, ceilings and columns and ensuring that all cracks and holes are properly
 patched up.

&nbsp;&nbsp;&nbsp;&nbsp;3. Remove
 all bolts and nuts left on the wall and ceiling installed by tenant.

&nbsp;&nbsp;&nbsp;&nbsp;4. All
 internal walls, ceilings and columns should be dry, without seepage and stains.

&nbsp;&nbsp;&nbsp;&nbsp;5. Repaint
 walls, ceilings and columns to original color (Paint Code: NIPPON Vinilex 5000 –White
 Colour- Water based paint)

&nbsp;&nbsp;&nbsp;&nbsp;6. Reinstate
 any removed inter-unit partitions to the original conditions. (if applicable)

---

| | |
|:---|:---|
| ![](ea027035409_ex10-11img2.jpg) | ![](ea027035409_ex10-11img3.jpg) |

---

![](ea027035409_ex10-11img4.jpg)

**FLOORING**

&nbsp;&nbsp;&nbsp;&nbsp;1. Reinstate
 flooring back to tenatable and bare condition, including removal of epoxy coating, timber
 flooring, carpet tiles and vinyl or ceramic tiles, stains, etc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Patch
 all holes, cracks and making good of any rough surface of the flooring.

&nbsp;&nbsp;&nbsp;&nbsp;3. Floor
 must be screed smooth, powder/dust-free, and even toned finish. The flooring should be dry
 and cleaned up upon the key return date

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;![](ea027035409_ex10-11img5.jpg) | ![](ea027035409_ex10-11img6.jpg) |
| &nbsp;&nbsp;&nbsp;Patchy and powdery finish | Even tone and smooth finish |

---

**WINDOWS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Replace
 damaged window glass, window frames, broken levers and latches.

&nbsp;&nbsp;&nbsp;&nbsp;2. Remove
 any window films installed

&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure
 the windows (such as glass panels, frames, and window tracks internally and externally) are
 cleaned.

&nbsp;&nbsp;&nbsp;&nbsp;4. To
 carry out one-time servicing to windows to ensure smooth working condition

![](ea027035409_ex10-11img7.jpg)

**DOORS**

&nbsp;&nbsp;&nbsp;&nbsp;1. To
 reinstate the original fire rated wooden door (1 hour) upon the key return date

&nbsp;&nbsp;&nbsp;&nbsp;2. Make
 good of the walls and flooring surrounding the door frame

&nbsp;&nbsp;&nbsp;&nbsp;3. New
 fire rated door to be laminated (laminate Code: Laminated finish code 60T87 G Grey -laminated
finish / C213T Grigio Granito). (**Strictly no painting of doors**)

&nbsp;&nbsp;&nbsp;&nbsp;4. 3
 nos. of keys to be returned for each lockset of the existing door.

&nbsp;&nbsp;&nbsp;&nbsp;5. Door
 closer should be in working condition without any defects upon key return date

![](ea027035409_ex10-11img8.jpg)

**M&E INSTALLATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Air
 Conditioning Unit should be in working condition. Ensure the remote controller is in good
 condition and batteries are replaced.

&nbsp;&nbsp;&nbsp;&nbsp;2. To
 service fresh air fan and provide service report (if necessary)

&nbsp;&nbsp;&nbsp;&nbsp;3. Remove
 of any additional equipment (including related accessories) installed. To make good of any
 damages caused to common areas caused during the removal. This includes but not limited to
 re-painting of the common areas. Please request paint code from the Facilities Management
 Team.

&nbsp;&nbsp;&nbsp;&nbsp;4. Ensure
 all JTC's equipment & system (as stated in the Reinstatement Checklist for Termination)
 such as distribution board, multimedia box, motion & daylight sensor, lightings &
 fixtures, power points, digital sub meter etc to be in good condition and working properly.

&nbsp;&nbsp;&nbsp;&nbsp;5. All
 additional electrical installations by the tenants are to be removed e.g additional wiring,
 power points, lightings and accessories.

---

| | |
|:---|:---|
| ![](ea027035409_ex10-11img9.jpg) | ![](ea027035409_ex10-11img10.jpg) |

---

**FIRE FIGHTING EQUIPMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Ensure
 fire extinguisher must be in good and working condition.

&nbsp;&nbsp;&nbsp;&nbsp;2. Replace
 or recharge of defective and used fire extinguisher.

&nbsp;&nbsp;&nbsp;&nbsp;3. To
 carry out servicing of fire extinguisher and update service tag for the fire extinguisher
 with expiry at least 3 months from key return date.

![](ea027035409_ex10-11img11.jpg)

**SPRINKLER SYSTEM (Only for Block 81)**

&nbsp;&nbsp;&nbsp;&nbsp;1. Remove
 of all modified (second layer) sprinkler points

&nbsp;&nbsp;&nbsp;&nbsp;2. Repaint
 existing first layer sprinkler points.

&nbsp;&nbsp;&nbsp;&nbsp;3. If
 there is any modification to the sprinkler layout, tenant must reinstate to original layout.
 Tenant can obtained a copy of the original layout from FMC.

&nbsp;&nbsp;&nbsp;&nbsp;4. Tenant
 must submit an application for any sprinkler drainage works. Forms can be obtained from FMC.

&nbsp;&nbsp;&nbsp;&nbsp;5. Tenant
 must pay for the sprinkler discharge fee. The payment will be made directly to the landlord's
 approved fire protection term contractor.

![](ea027035409_ex10-11img12.jpg)

**Floortrap and Sink (75 #01-05 / #01-06/ #01-07)**

&nbsp;&nbsp;&nbsp;&nbsp;1. Flush
 clean all floor trap within unit

&nbsp;&nbsp;&nbsp;&nbsp;2. Replace
 all damaged floor trap covers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Repaint
 of all waste pipe (Paint Code: NIPPON Vinilex 5000 - White color -
Water based paint

![](ea027035409_ex10-11img13.jpg)

**OTHERS**

&nbsp;&nbsp;&nbsp;&nbsp;1. Remove
 all tenant installations in units.

&nbsp;&nbsp;&nbsp;&nbsp;2. Units
 returned must be bare and fully reinstated.

&nbsp;&nbsp;&nbsp;&nbsp;3. Thorough
 cleaning of premise to be carried out before handing over and all fittings & fixtures,
 furniture & debris must be removed.

&nbsp;&nbsp;&nbsp;&nbsp;4. Replace
 any damaged locks with lock sets similar to the existing. Return original keys (**3 nos.)** for locks in working condition.

&nbsp;&nbsp;&nbsp;&nbsp;5. Make
 good the door and return original keys (3 nos.) for locks in working condition.

&nbsp;&nbsp;&nbsp;&nbsp;6. Removal
 of all company signage, standees and posters etc. from the common area.

&nbsp;&nbsp;&nbsp;&nbsp;7. To
 ensure all fittings in the unit complies to the latest Building Practice Codes.

&nbsp;&nbsp;&nbsp;&nbsp;8. To
 carry out one-time pest control servicing and submit service report before return of keys
 (if necessary)

**HOUSE RULES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Remove
 all debris from premises and dispose offsite. A temporary skip tank can be placed at the
 designated car park lot, daily charge payable to car park Tenant or their contractor must
 maintain the cleanliness of the skip tank and its surrounding

&nbsp;&nbsp;&nbsp;&nbsp;2. Noisy
 works including but not limited to hammering, hacking and drilling
 works can only be carried out after office
 hours after 6pm on weekdays (until the following day 8am) and after 1pm on Saturdays.
 The maximum permitted noise levels for such activities shall be kept within the guidelines
 stipulated by the National Environment Agency. (Please refer to: https://www.nea.gov.sg/our-services/pollution-control/
 noise-pollution/overview

&nbsp;&nbsp;&nbsp;&nbsp;3. Tenant
 must ensure that the reinstatement works are kept within the unit and should not affect the
 cleanliness of the common areas.

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Management reserves the rights to stop any ongoing works should the tenant/contractor fails
 to comply with the above house rules.

&nbsp;&nbsp;&nbsp;&nbsp;5. Tenant
 must obtained JTC's consent for the reinstatement works and submit safety documents
 to C&W Services for approval prior to commencement of reinstatement works. The application
 can be made via the link; https://jtceptw.com/public/tenants

&nbsp;&nbsp;&nbsp;&nbsp;6. Tenant
 contractor must lay protection sheet from common corridor to lift lobby and inside the lift.

*Last revision of this document: 7 January 2025*

<sup>1</sup> All charges are subjected to changes without prior notice

***<u>SES Format of Letter of Acceptance</u>***

**<u>Letter of Acceptance</u>**

Date :

Jurong Town Corporation

Start-Up Department

Info-comm Media & Start-Up Cluster

The JTC Summit

8 Jurong Town Hall Road

Singapore 609434

**Attention:** Shaun Whitmarsh

Dear Sirs,

**ACCEPTANCE OF OFFER FOR TENANCY OF JTC PREMISES AT 81 AYER RAJAH CRESCENT #01-51 NA SINGAPORE 139967 ("<u>PREMISES</u>")**

**1.** We
 refer to your letter of offer dated 25 Sep 2025 ("  **<u>Letter</u>** "), together
 with the Attachment, (collectively, the "  **<u>Offer</u>**") for the tenancy
 of the Premises and hereby confirm our acceptance of all the terms and conditions of the
 Offer.

**2.** We
 understand and agree that we will only be able to access, print and download our monthly
 e-statements through JTC's Customer Service Portal. We will refer to your Customer
 Service Portal guidelines available at http://www.jtc.gov.sg for more information.

**3.** As
required (select only one checkbox, whichever is applicable) –

☐ we will forward our duly completed GIRO authorization form to you before we collect the keys to the Premises.

☐ we have applied to our bank to effect GIRO deduction for subsequent payments under the Tenancy (defined in the Offer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ we
confirm that all payments under the Tenancy are to be paid by GIRO from our existing GIRO account with you.

**4.** We
 confirm that we have made full payment of the required sums set out in *Attachment (Part 1)* of the Offer.

**5.** There
is a binding Tenancy between us upon our due acceptance of the Offer in accordance with the Letter.

Yours faithfully

Page 1 of 2 [SES Format of Letter of Acceptance] (Jan 2024)

***<u>SES Format of Letter of Acceptance</u>***

---

| | |
|:---|:---|
| For and on behalf of: | METAOPTICS TECHNOLOGIES PTE. LTD. |
| Sign via Singpass by authorized signatory: | **/s/** **THNG CHONG KIM <br> 26 SEP 2025 11:10:36 AM SGT** |
| Designation: | Chief Executive Officer |

---

Page 2 of 2 [SES Format of Letter of Acceptance] (Jan 2024)

## Exhibit 14.1

**Exhibit 14.1**

**METAOPTICS LTD**

**CLAWBACK POLICY**

The Board of Directors (the "<u>Board</u>") of MetaOptics Ltd, an exempted company incorporated under the laws of the Cayman Islands (the "<u>Company</u>") believes that it is appropriate for the Company to adopt this Clawback Policy (the "<u>Policy</u>") to be applied to the Executive Officers of the Company and adopts this Policy to be effective as of the Effective Date.

**1.** **Definitions** 

For purposes of this Policy, the following definitions shall apply:

a) "<u>Committee</u>" means the Remuneration Committee of the Board.

b) "<u>Company Group</u>" means the Company and each of its Subsidiaries, as applicable.

c) "<u>Covered Compensation</u>" means any Incentive-Based Compensation Received by a person (i) who served as an Executive Officer at any time during the performance period for that Incentive-Based Compensation, (ii) on or after the effective date of the applicable Nasdaq listing standard, (iii) after the person became an Executive Officer and (iv) at a time that the Company has a class of securities listed on a national securities exchange or a national securities association.

d) "<u>Effective Date</u>" means 1 March 2026.

e) "<u>Erroneously Awarded Compensation</u>" means the amount of Covered Compensation Received by a person that exceeds the amount of Covered Compensation that otherwise would have been Received by the person had such amount been determined based on the applicable Restatement, computed without regard to any taxes paid (i.e., on a pre-tax basis). For Covered Compensation based on stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in a Restatement, the Committee will determine the amount of such Covered Compensation that constitutes Erroneously Awarded Compensation, if any, based on a reasonable estimate of the effect of the Restatement on the stock price or total shareholder return upon which the Covered Compensation was Received and the Committee shall maintain documentation of such determination and provide such documentation to the Nasdaq.

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

g) "<u>Executive Officer</u>" means the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company. Executive officers of the Company's parent(s) or Subsidiaries are deemed executive officers of the Company if they perform such policy-making functions for the Company. "Policy-making function" does not include policy-making functions that are not significant. Both current and former Executive Officers are subject to the Policy in accordance with its terms.

h) "<u>Financial Reporting Measure</u>" means (i) any measure that is determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures derived wholly or in part from such measures and include IFRS/GAAP, non-IFRS/non-GAAP financial measures (as defined under Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Exchange Act) and other measures, metrics and ratios that are not non-IFRS/non-GAAP financial measures, (ii) stock price or (iii) total shareholder return. Financial Reporting Measures need not be presented within the Company's financial statements or included in a filing with the SEC.

i) "<u>Home Country</u>" means the Company's jurisdiction of incorporation.

j) "<u>Incentive-Based Compensation</u>" means any compensation that is granted, earned or vested based wholly or in part upon the attainment of a Financial Reporting Measure.

k) "<u>Lookback Period</u>" means the three completed fiscal years (plus any transition period of less than nine months that is within or immediately following the three completed fiscal years and that results from a change in the Company's fiscal year) immediately preceding the date on which the Company is required to prepare a Restatement for a given reporting period, with such date being the earlier of: (i) the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare a Restatement, or (ii) the date a court, regulator or other legally authorized body directs the Company to prepare a Restatement. Recovery of any Erroneously Awarded Compensation under the Policy is not dependent on if or when the Restatement is actually filed.

l) "<u>Nasdaq</u>" means the Nasdaq Stock Market.

m) "<u>Received</u>" Incentive-Based Compensation is deemed "Received" in the Company's fiscal period during which the Financial Reporting Measure specified in or otherwise relating to the Incentive-Based Compensation award is attained, even if the grant, vesting or payment of the Incentive-Based Compensation occurs after the end of that period.

n) "<u>Restatement</u>" means a required accounting restatement of any Company financial statement due to the material noncompliance of the Company with any financial reporting requirement under the securities laws, including (i) to correct an error in previously issued financial statements that is material to the previously issued financial statements (commonly referred to as a "Big R" restatement) or (ii) to correct an error in previously issued financial statements that is not material to the previously issued financial statements but that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period (commonly referred to as a "little r" restatement). Changes to the Company's financial statements that do not represent error corrections under the then-current relevant accounting standards will not constitute Restatements. Recovery of any Erroneously Awarded Compensation under the Policy is not dependent on fraud or misconduct by any person in connection with the Restatement.

o) "<u>SEC</u>" means the United States Securities and Exchange Commission.

p) "<u>Subsidiary</u>" means any domestic or foreign corporation, partnership, association, joint stock company, joint venture, trust or unincorporated organization "affiliated" with the Company, that is, directly or indirectly, through one or more intermediaries, "controlling", "controlled by" or "under common control with", the Company. "Control" for this purpose means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities, contract or otherwise.

**2.** **Recoupment of Erroneously Awarded Compensation** 

In the event of a Restatement, any Erroneously Awarded Compensation Received during the Lookback Period (a) that is then-outstanding but has not yet been paid shall be automatically and immediately forfeited and (b) that has been paid to any person shall be subject to reasonably prompt repayment to the Company Group in accordance with Section 3 of this Policy. The Committee must pursue (and shall not have the discretion to waive) the forfeiture and/or repayment of such Erroneously Awarded Compensation in accordance with Section 3 of this Policy, except as provided below.

Notwithstanding the foregoing, the Committee (or, if the Committee is not a committee of the Board responsible for the Company's executive compensation decisions and composed entirely of independent directors, a majority of the independent directors serving on the Board) may determine not to pursue the forfeiture and/or recovery of Erroneously Awarded Compensation from any person if the Committee determines that such forfeiture and/or recovery would be impracticable due to any of the following circumstances: (i) the direct expense paid to a third party (for example, reasonable legal expenses and consulting fees) to assist in enforcing the Policy would exceed the amount to be recovered, including the costs that could be incurred if pursuing such recovery would violate local laws other than the Company's Home Country laws (provided that the Company Group has made a reasonable attempt to recover such Erroneously Awarded Compensation, documented such attempt(s), and provided such documentation to the Nasdaq), (ii) pursuing such recovery would violate the Company's Home Country laws adopted prior to November 28, 2022 (provided that the Company has obtained an opinion of Home Country counsel acceptable to the Nasdaq that recovery would result in such a violation and has provided such opinion to the Nasdaq), or (iii) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of Company Group, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and regulations thereunder.

**3.** **Means of Repayment** 

In the event that the Committee determines that any person shall repay any Erroneously Awarded Compensation, the Committee shall provide written notice to such person by email or certified mail to the physical address on file with the Company Group for such person, and the person shall satisfy such repayment in a manner and on such terms as required by the Committee, and the Company Group shall be entitled to set off the repayment amount against any amount owed to the person by the Company Group, to require the forfeiture of any award granted by the Company Group to the person, or to take any and all necessary actions to reasonably promptly recoup the repayment amount from the person, in each case, to the fullest extent permitted under applicable law, including without limitation, Section 409A of the Internal Revenue Code and the regulations and guidance thereunder. If the Committee does not specify a repayment timing in the written notice described above, the applicable person shall be required to repay the Erroneously Awarded Compensation to the Company Group by wire, cash or cashier's check no later than thirty (30) days after receipt of such notice.

**4.** **No Indemnification** 

No person shall be indemnified, insured or reimbursed by the Company Group in respect of any loss of compensation by such person in accordance with this Policy, nor shall any person receive any advancement of expenses for disputes related to any loss of compensation by such person in accordance with this Policy, and no person shall be paid or reimbursed by the Company Group for any premiums paid by such person for any third-party insurance policy covering potential recovery obligations under this Policy. For this purpose, "indemnification" includes any modification to current compensation arrangements or other means that would amount to *de facto* indemnification (for example, providing the person a new cash award which would be cancelled to effect the recovery of any Erroneously Awarded Compensation). In no event shall the Company Group be required to award any person an additional payment if any Restatement would result in a higher incentive compensation payment.

**5.** **Miscellaneous** 

This Policy generally will be administered and interpreted by the Committee. Any determination by the Committee with respect to this Policy shall be final, conclusive and binding on all interested parties. Any discretionary determinations of the Committee under this Policy, if any, need not be uniform with respect to all persons, and may be made selectively amongst persons, whether or not such persons are similarly situated.

This Policy is intended to satisfy the requirements of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as it may be amended from time to time, and any related rules or regulations promulgated by the SEC or the Nasdaq, including any additional or new requirements that become effective after the Effective Date which upon effectiveness shall be deemed to automatically amend this Policy to the extent necessary to comply with such additional or new requirements.

The provisions in this Policy are intended to be applied to the fullest extent of the law. To the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to applicable law. The invalidity or unenforceability of any provision of this Policy shall not affect the validity or enforceability of any other provision of this Policy. Recoupment of Erroneously Awarded Compensation under this Policy is not dependent upon the Company Group satisfying any conditions in this Policy, including any requirements to provide applicable documentation to the Nasdaq.

The rights of the Company Group under this Policy to seek forfeiture or reimbursement are in addition to, and not in lieu of, any rights of recoupment, or remedies or rights other than recoupment, that may be available to the Company Group pursuant to the terms of any law, government regulation or stock exchange listing requirement or any other policy, code of conduct, employee handbook, employment agreement, equity award agreement, or other plan or agreement of the Company Group.

**6.** **Amendment and Termination** 

To the extent permitted by, and in a manner consistent with applicable law, including SEC and Nasdaq rules, the Committee may terminate, suspend or amend this Policy at any time in its discretion.

**7.** **Successors** 

This Policy shall be binding and enforceable against all persons and their respective beneficiaries, heirs, executors, administrators or other legal representatives with respect to any Covered Compensation Received or administered by such persons or entities.

**METAOPTICS LTD**

**CLAWBACK POLICY**

**<u>ACKNOWLEDGMENT, CONSENT AND AGREEMENT</u>**

I acknowledge that I have received and reviewed a copy of the MetaOptics Ltd Clawback Policy (as may be amended from time to time, the "<u>Policy</u>") and I have been given an opportunity to ask questions about the Policy and review it with my counsel. I knowingly, voluntarily and irrevocably consent to and agree to be bound by and subject to the Policy's terms and conditions, including that I will return any Erroneously Awarded Compensation that is required to be repaid in accordance with the Policy. I further acknowledge, understand and agree that (i) the compensation that I receive, have received or may become entitled to receive from the Company Group is subject to the Policy, and the Policy may affect such compensation and (ii) I have no right to indemnification, insurance payments or other reimbursement by or from the Company Group for any compensation that is subject to recoupment and / or forfeiture under the Policy. Capitalized terms not defined herein have the meanings set forth in the Policy.

---

| |
|:---|
| **Signed:** |
| **Print Name:** |
| **Date:** |

---

## Exhibit 21.1

**Exhibit 21.1**

**SUBSIDIARY OF MetaOptics Ltd**

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Place of<br> Incorporation** | **Incorporation Time** | **Percentage<br> Ownership** |
| MetaOptics Technologies Pte. Ltd. | Singapore | June 15, 2021 | 100% |
| MetaOptics Inc. (USA) | Nevada | October 27, 2025 | 100% |

---

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the use in this Registration Statement on Form F-1 of MetaOptics Ltd of our report dated March 12, 2026 relating to the financial statements of MetaOptics Ltd, which appears in this Registration Statement. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Singapore<br> May 4, 2026

## Exhibit 23.2

**Exhibit 23.2**

---

| | |
|:---|:---|
| ![](ea027035409_ex23-2img1.jpg) | ![](ea027035409_ex23-2img2.jpg) |

---

Date: May 4, 2026

**<u>Re: MetaOptics Ltd</u>**

Ladies and Gentlemen,

We, China Insights Industry Consultancy Limited, understand that the Company plans to file a registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended, in connection with the proposed initial public offering (the "Offering") of the Company's.

We hereby give, and confirm that we have not withdrawn, our written consent to the use of and references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "CIC Reports"), and any subsequent amendments to the CIC Reports, as well as the citation of our research reports and amendments thereto, (i) in the Registration Statement and any amendments thereto, (ii) in any written correspondence with the SEC, (iii) in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F, Form 6-K and other SEC filings (collectively, the "SEC Filings"), (iv) in institutional and retail roadshows and other activities in connection with the proposed Offering, (v) on the websites of the Company and its subsidiaries and affiliates, and (vi) in other publicity materials in connection with the proposed Offering.

We also consent to of the filing of this consent letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

![](ea027035409_ex23-2img3.jpg)

---

| | |
|:---|:---|
| ![](ea027035409_ex23-2img1.jpg) | ![](ea027035409_ex23-2img2.jpg) |

---

Yours faithfully,

For and on behalf of

**China Insights Industry Consultancy Limited**

---

| | |
|:---|:---|
| /s/ Julia Zhu | /s/ Julia Zhu |
| Name: Julia Zhu | Name: Julia Zhu |
| Title/Position: | Partner |

---

![](ea027035409_ex23-2img3.jpg)

## Exhibit 99.1

**Exhibit 99.1**

![](ea027035409_ex99-1img1.jpg)

**METAOPTICS LTD**

(Company Registration No.: 419911)

(Incorporated in the Cayman Islands on 21 March 2025)

(the "**Company**")

**AUDIT AND RISK MANAGEMENT COMMITTEE – TERMS OF REFERENCE**

**1.** **OBJECTIVES** 

The objectives of the Audit and Risk Management Committee ("**ARMC**") are, amongst others:

1.1 to review the significant financial reporting issues and judgements so as to ensure the integrity of the
financial statements of the Company and any announcements relating to the Company's financial performance;

1.2 to review the adequacy and effectiveness of the Company's internal controls and risk management
systems;

1.3 to review the adequacy, effectiveness, independence, scope and results of the external audit and the Company's
internal audit function;

1.4 to make recommendations to the Board of Directors (the "**Board**") regarding the appointment,
removal, remuneration and terms of engagement of the external auditors;

1.5 to establish and review, on an ongoing basis, the whistleblowing policies, processes and reporting procedures
of the Company;

1.6 to monitor the Company's compliance with legal, regulatory and company policies; and

1.7 to deal with matters relating to interested person transactions (if any) falling within the scope of Chapter
9 of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited ()"**Catalist Rules** "),
as well as related party transactions falling within the scope of The Nasdaq Stock Market LLC Rules ()"**Nasdaq Rules** ")
or otherwise.

**2.** **AUTHORITY** 

The Board authorises the ARMC to:

2.1 assist the Board to fulfill its roles and responsibilities in accordance with its Terms of Reference as
set out herein;

2.2 obtain any information it requires from the Company Secretary and any employee of the Company insofar
as legally permissible, without the presence of any executive Director if necessary;

2.3 investigate any matters within its scope of responsibilities as set out herein and to require the full
cooperation by the management of the Company ()"**Management**") in connection therewith;

2.4 have direct and unrestricted access to the representatives of the external auditor, internal auditor and
Management;

2.5 where the ARMC determines necessary to carry out its duties, appoint independent experts, consultants
or legal advisers to advise on matters being considered by the ARMC, at the Company's expense; and

2.6 do and execute or procure to be done and executed all such acts, things and documents as may be necessary
in connection with its performance of its roles and responsibilities in accordance with its Terms of Reference as set out herein.

**3.** **MEMBERSHIP** 

3.1 The ARMC shall be appointed by the Board from amongst its members and shall comprise not fewer than three
(3) members.

3.2 The members of the ARMC shall elect a chairman from among their number who is not an executive director
or employee of the Company or any related corporation ()"**Chairman** ").

3.3 All the members of the ARMC shall be non-executive directors (i.e. a director who is not an employee of,
and does not hold any other office of profit in, the Company or in any related corporation of the Company in conjunction with his/her
office of director and his/her membership in the ARMC), all of whom, including the Chairman, shall be independent (as determined with
reference to the Catalist Rules (as defined hereunder), the Code (as defined hereunder) and the Nasdaq Rules) and shall not be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) executive directors of the Company or any related corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a spouse, parent, brother, sister, son or adopted son or daughter or adopted daughter of an executive
director of the Company or of any related corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any person having a relationship which, in the opinion of the Board, would interfere with the exercise
of independent judgment in carrying out the functions of the ARMC.

3.4 Members shall be appropriately qualified to discharge their responsibilities. At least two (2) members, including the Chairman,
shall have recent and relevant accounting or related financial management expertise or experience, as the Board interprets such qualification
in its business judgement.

3.5 Every member of the ARMC shall complete a declaration as to his or her independence.

3.6 An independent member shall notify the Company Secretary immediately, of any change in circumstances that
may result in him/her not being able to meet the criteria for independence. The Board may, after considering the change in circumstances,
require the resignation of the member, in compliance with the provisions of the Catalist Rules, the Code of Corporate Governance ()"**Code** ")
and/or the Nasdaq Rules as may be amended, varied or supplemented from time to time.

3.7 A member who wishes to retire or resign from the ARMC shall notify the Board in writing, giving at least
one (1) month notice and such notice period may be waived at the discretion of the Board.

3.8 The office of a member shall become vacant upon the member's death, resignation, retirement, removal
or disqualification as a Director of the Company.

3.9 If a member of the ARMC resigns, dies or for any other reason ceases to be a member with the result that
the number of members is reduced below three (3), the Board shall, within two (2) months, and in any case not later than three (3) months,
of that event, appoint such number of new members as may be required to make up the minimum number of three (3) members.

3.10 The ARMC should not comprise former partners or directors of the Company's existing auditing firm
or auditing corporation (a) within a period of two (2) years commencing on the date of their ceasing to be a partner of the auditing firm
or director of the auditing corporation; and in any case, (b) for as long as they have any financial interest in the auditing firm or
auditing corporation.

4. ADMINISTRATION

4.1 Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The ARMC shall meet regularly two (2) times a year during the Company's reporting and audit cycle,
and otherwise as required, and as often as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ARMC shall at least annually meet with the external auditors and the internal auditors, in each case
without the presence of Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Notice and Agenda of ARMC meetings shall be circulated at least seven (7) days before the scheduled
meeting. Notwithstanding the foregoing, the members of the ARMC may allow for a shorter period of notice by unanimous consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Chairman shall preside at each ARMC meeting. If the Chairman is not present within 15 minutes after
the time appointed for holding the meeting, the members present may choose one (1) of their number to be chairman of the meeting so long
as the appointed chairman is an independent non-executive director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company Secretary, or in his or her absence, a suitable representative appointed by the ARMC, shall
be the secretary for all meetings of the ARMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the request of the internal or external auditor, the Chairman shall convene a meeting of the ARMC
to consider any matters the auditor believes should be brought to the attention of the Directors or shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The auditor has the right to appear and be heard at any meeting of the ARMC and shall appear before the
ARMC when required to do so by the ARMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The ARMC shall have full discretion to invite any Director or member of the Management or external consultant(s)
whom it believes can provide the information it needs for the purposes
of the meeting, to attend the meeting. For the avoidance of doubt, such invitees shall not count towards the quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each member of the ARMC is expected to attend every ARMC meeting. The members of the ARMC may participate
in a meeting via telephone conference or via such other similar communication equipment, which allows all persons participating in the
meeting to hear each other without a member being in the physical presence of the other members. Participation in a meeting pursuant to
this provision shall be taken into account in ascertaining the presence of a quorum at that meeting. The secretary shall minute the proceedings
and resolutions of all ARMC meetings, and the minutes of a ARMC meeting signed by the chairman of the meeting shall be conclusive of any
meeting conducted as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Minutes of all ARMC meetings shall be kept in the Minute Books of the Company.

4.2 Quorum

Unless otherwise determined, the quorum for a meeting of the ARMC shall be at least half of the members, with the majority of the quorum being independent directors.

4.3 Voting

A resolution shall be considered passed if there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a majority of votes passed in favour of that resolution during a meeting of the ARMC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the agreement in writing by a majority of members entitled to participate in the decision.

In the event of an equality of votes, the Chairman shall have a second or casting vote. Notwithstanding the foregoing, no decision should be made if it is not supported by at least two (2) non-executive Directors on the ARMC.

No member of the ARMC shall vote, make any recommendations and/or participate in any deliberations in respect of any matter or proposal whatsoever in which he or she has any interest, directly or indirectly. Where any member of the ARMC faces a conflict of interest (whether actual or potential) in respect of any matter or proposal tabled at an ARMC meeting, he or she should disclose this and recuse himself or herself from that portion of the meeting and the deliberations involving the said matter or proposal. A member shall not be counted towards the quorum at a meeting in respect of any resolution on which he or she is recused or debarred from voting.

5. DUTIES

5.1 The duties of the ARMC shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To assist the Board of Directors in discharging its statutory and fiduciary responsibilities in relation
to financial reporting, audit, risk management, internal controls, compliance and governance matters, and to act independently of Management
in exercising objective judgement on matters within its scope of authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To review significant financial reporting issues, accounting judgements, estimates and assumptions so
as to ensure the integrity of the Group's financial statements and any formal announcements relating to the Group's financial
performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To review the periodic consolidated financial statements and any formal announcements relating to the
Group's financial performance before submission to the Board for approval, with particular focus on:

&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) changes in accounting policies and practices;

&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) major risk areas and significant matters of judgement;

&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) significant adjustments arising from the audit

&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 appropriateness of the going concern assumption; 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;(v) compliance with applicable accounting standards, SGX-ST Catalist Rules and other statutory and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To review the assurances provided by the Executive Chairman and Chief Executive Officer and the Chief
Financial Officer (or equivalent) that proper accounting records have been maintained and that the financial statements give a true and
fair view of the Group's operations and finances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To review and assess the scope, audit plan, results and cost effectiveness of the external audit, and
to evaluate the independence, objectivity and performance of the external auditors, having regard to the nature and extent of audit and
non-audit services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To review and discuss with the external auditors key audit matters, audit findings, management letters
and Management's responses, and any matters which the external auditors may wish to raise, including discussions in the absence
of Management where necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To recommend to the Board the appointment, re-appointment or removal of the external auditors, and to
approve their remuneration and terms of engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To review with the external auditors any suspected fraud, irregularity or infringement of laws or regulations
which has, or may have, a material impact on the Group's financial position or operating results, together with Management's
response and remedial actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To review the scope, results and effectiveness of the internal audit function, and to review at least
annually the adequacy, independence and effectiveness of the internal audit function, whether performed in-house or outsourced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To review and approve the internal audit plan, ensuring that it is risk-based and aligned with the Group's
key risk areas, and to monitor Management's implementation of internal audit recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To approve the appointment, removal, evaluation and remuneration of the head of the internal audit function
or the outsourced internal audit service provider, and to ensure that the internal audit function:

&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) has unfettered access to all Group documents, records, properties and personnel;

&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) has appropriate standing within the Group; 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) has direct and unrestricted access to the Chairman of the Board and the Chairman of the ARMC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To review the Group's key financial, operational, compliance and information technology risk areas,
the risk management structure, and the processes established by Management to identify, assess, manage and monitor such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) To review at least annually the adequacy and effectiveness of the Group's risk management and internal
control systems, including financial, operational, compliance and information technology controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To review and concur with the statements to be included in the annual report concerning the adequacy and
effectiveness of the Group's risk management and internal control systems in accordance with the SGX-ST Catalist Rules and other
statutory and regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To review and approve any interested person transactions above S$100,000 and to monitor the procedures
established to regulate interested person transactions, including ensuring compliance with the Group's internal control system and
the relevant provisions of the Catalist Rules, as well as to review and oversee conflicts of interest to ensure that appropriate measures
to mitigate such conflicts have been put in place, in accordance with the guidelines and procedures referred to in the Company's
Offer Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To review the internal controls review report at least annually, to ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all interested person transactions are carried out on an arm's length basis and are not prejudicial to the interests of the Company and its minority shareholders, and in accordance with the guidelines and procedures as set out in the section entitled *"Interested Person Transactions – Guidelines and Review Procedures for Ongoing and Future Interested Person Transactions"* of the Company's Offer Document; 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;(b) all implementation measures proposed by the Group to address identified internal control weaknesses are adequately carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To review periodically the adequacy and effectiveness of the Group's guidelines, policies and procedures
governing interested person transactions and conflicts of interest, and to ensure that appropriate mitigation measures are in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To review and oversee whistleblowing policies and procedures by which employees and other stakeholders
may, in confidence, raise concerns about possible wrongdoing, and to ensure that appropriate arrangements are in place for independent
investigation and timely follow-up actions without fear of retaliation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) To review reports on whistleblowing incidents, suspected fraud, internal control failures or infringements
of laws or regulations which have, or may have, a material impact on the Group, and to satisfy itself that appropriate corrective and
preventive actions have been taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) To review the adequacy of the resources, expertise and capacity of the Group's finance function
in relation to financial reporting, budgeting and accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To review and approve hedging policies (if any) and to conduct periodic reviews of foreign exchange transactions
undertaken by the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To review transactions falling within the scope of Chapter 10 of the Catalist Rules, where applicable,
and, to the extent required under Chapter 10 of the Catalist Rules, to commission independent valuation(s) in connection with any relevant
proposed acquisitions and to review transactions falling within the relevant chapters of the SGX-ST Catalist Rules, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To undertake such reviews, investigations or projects as may be requested by the Board, with full access
to Management and information, and to report to the Board on matters reviewed, findings and recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To perform such other functions and duties as may be required by law, the SGX-ST Catalist, the Nasdaq
Stock Market LLC or as delegated by the Board from time to time.

Without limiting the generality of the duties set out above, the ARMC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ensure that arrangements are in place for employees to raise concerns, in confidence, about possible wrongdoing
in financial reporting or other matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commission and review the findings of internal investigations into such matters, including where there
is any suspected fraud or irregularity, failure of internal controls, or infringement of any law, rule or regulation which has, or is
likely to have, a material impact on the Group's operating results and financial position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that appropriate follow-up actions are taken in response to the findings of such investigations.

5.2 Further to clause 5.1(g) above, to make recommendations to the Board on (i) the proposals to the shareholders
on the appointment and removal of external auditors and (ii) the remuneration and terms of engagement of the external auditors. Specifically,
the ARMC shall, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consider and recommend to the Board on proposals to the shareholders on the appointment or re-appointment
of the external auditors and any registered public accounting firm engaged (including resolution of disagreements between management and
the auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or
attest services for the Company, the level of their remuneration and matters relating to the resignation or dismissal and terms of engagement
of the external auditors, and each such registered accounting firm must report
directly to the ARMC ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assess and evaluate the independence and objectivity of the external auditors, taking into consideration
the requirements under the Accountants Act (Chapter 2) of Singapore, including but not limited to, the aggregate and respective fees paid
for audit and non-audit services and the co-operation extended by Management to allow an effective audit, and obtaining a formal written
statement delineating all relationships between the external auditor and the Company, actively engaging in a dialogue with the external
auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the external auditor
and for taking, or recommending that the Board take, appropriate action to oversee the independence of the external auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluate the performance of the external auditors, taking into consideration the Audit Quality Indicators
(" **AQI**") Disclosure Framework published by the Accounting and Corporate Regulatory Authority of Singapore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review with the external auditors the audit plan, their evaluation of the system of internal controls,
their audit report, their management letter and the Management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) discuss key audit matters with the external auditors and ascertain if there are any follow-up actions
which should be taken in respect thereof, and monitor the progress of implementation of such follow-up actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ensure co-ordination between the external auditors and the Management, review the assistance given by
the Management to the auditors, and discuss problems and concerns, if any, arising from the interim and final audits, and any matters
which the auditors may wish to discuss (in the absence of the Management where necessary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) monitor and review the scope and results of external audit and its cost effectiveness and the independence
and objectivity of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review and discuss with the external auditors any suspected fraud or irregularity, or suspected infringement
of any relevant laws, rules or regulations, which has or is likely to have a material impact on the Group's operating results or
financial position, and the Management's response;

5.3 To establish a risk management framework for the Company and the Group. Specifically, the ARMC shall,
amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) oversee the design, implementation and monitoring of risk management and internal control systems. This
includes identifying, measuring and monitoring key and emerging risks and areas of weaknesses and recommending areas for improvement and
additional risk controls and risk mitigation measures where necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review and monitor the risk profile of the Company and Group on a regular basis to understand all principal
risks (including financial, operational, compliance and information technology risk categories) facing the Company and the Group and consider
how these are or can be managed or be mitigated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review and monitor the Management's responsiveness to the risk controls and risk mitigation measures
implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) advise the Board on current and future risks which the Company and the Group is or may be exposed to,
the possible implications arising from any action proposed to be taken by the Company and/or the Group in view of the Group's risk
profile and appetite, and taking independent external advice where appropriate and available; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review findings on any material breaches of risk limits and ensure that the same is reported to the Board
promptly;

5.4 To review the Group's compliance with such functions and duties as may be required under the relevant
statutes or regulatory requirements, the Catalist Rules, or the Nasdaq Rules, including such amendments made thereto from time to time.
Specifically, the ARMC shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review the effectiveness of the system implemented by the Company to monitor compliance with laws and regulations
and the results of Management's investigations, and ensure that any instances of non-compliance are promptly handled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) establish procedures and monitor the processes for receiving, retaining, treating and addressing complaints
on accounting, internal controls or auditing matters; and the confidential, anonymous submission by employees of the Company of concerns
regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintain open communication channels with the Management, the Company's legal and compliance function
(if any) and the Company's legal advisers (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be aware of anti-corruption laws in the various jurisdictions in which the Group operates, and ensure
that processes are in place to ensure compliance with these laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) investigate any matter within the scope of its duties, with full access to and co-operation by the Management,
including the full discretion to invite any director or executive officer to attend its meetings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) generally undertake such other functions and duties as may be required by statute, the Catalist Rules,
the Code and/or Nasdaq Rules as may be amended, varied or supplemented from time to time.

6. REPORTING PROCEDURE

6.1 The ARMC shall report regularly to the Board the outcome of its reviews and discussions with the external
auditors and/or the internal audit function and its findings on any suspected fraud and irregularity, or suspected infringement of any
Singapore law, rules or regulations, which has or is likely to have a material impact on the Group's operating results or financial
position, as well as identifying those matters which it considers will require action or improvement, and making recommendations as to
the steps to be taken.

6.2 The ARMC shall, after each ARMC meeting, send the Board a report on its findings and recommendations.

6.3 In addition, the ARMC shall also report to the Board on how it has discharged its responsibilities and
whether it was able to discharge its duties independently.

6.4 The ARMC shall also assist the Board to describe and disclose the following information in the Company's annual report, amongst
others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of the members of the ARMC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the ARMC's key Terms of Reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the ARMC's activities for the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the number of meetings held in the year, as well as the attendance of every member of the ARMC at these meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the aggregate amount of fees paid to the external auditor for that financial year and a breakdown of fees paid in total for audit
and non-audit services respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) existence of a whistleblowing policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) where material weaknesses have been identified by the Board or the ARMC, disclosure of these material
weaknesses as well as the steps which have been taken to address them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) information needed by stakeholders to make an informed assessment of the Company's risk management
and internal control systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a description of the principal risks (including financial, operational, compliance and information technology
risk categories) facing the Company and the Group and how they are being managed or mitigated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an explanation of the Company's approach towards identifying, measuring and monitoring its key and
emerging risks, and an elaboration of its approach towards the governance and management of these risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) an explanation of how the prospects of the Company and the Group were assessed, over what period the assessment
covers, and why it is appropriate to use that period of assessment.

7. GENERAL

7.1 The Company must provide for appropriate funding, as determined by the ARMC, for payment of (i) compensation
to the independent auditors and any registered public accounting firm engaged for the purpose of preparing or issuing an audit report
or performing other audit, review or attest services for the Company; (ii) compensation to any advisors employed by the ARMC; and (iii)
ordinary administrative expenses of the ARMC that are necessary or appropriate in carrying out its duties.

7.2 The Board will ensure that the ARMC has access to professional advice inside and/or outside the Company
in order for it to perform its duties.

7.3 The ARMC shall keep up to date with changes to relevant laws and legislations, developments in corporate
governance initiatives, and other commercial changes that may affect the Company and the industry in which it operates.

7.4 The ARMC shall review and reassess the adequacy of these Terms of Reference on an annual basis.

7.5 Amendments to these Terms of Reference shall be submitted to the ARMC for consideration and tabled at
a Board meeting for approval.

---

| | |
|:---|:---|
| **Title:** | MetaOptics Ltd Audit and Risk Management (ARMC) Terms of Reference |
| **Policy No.** | MOL1.0/2026 |
| **Document Type** | Terms of Reference |
| **Prepared by** | ZICO-InCorp Corporate/Co Sec |
| **Approved By** | ARMC / Board |
| **Approval Date** | 27 February 2026 |

---

Version <u>Date</u> <u>Approver</u> <br> <u> Management / Sponsor</u> <u>ARMC</u> <u>Board</u> <br> <u>1.0</u> <u>27 Feb 2026</u> <u>√</u> <u>√</u> <u>√</u>

## Exhibit 99.2

**Exhibit 99.2**

![](ea027035409_ex99-2img1.jpg)

**METAOPTICS LTD**

**(Company Registration No.: 419911)<br> (**Incorporated in the Cayman Islands on 21 March 2025)

(the "**Company**")

**<u>NOMINATING COMMITTEE – TERMS OF REFERENCE</u>**

**1.** **OBJECTIVES** 

The objectives of the Nominating Committee ("**NC**") are, amongst others:

1.1 to review the structure, size and composition of the Board of Directors (the "**Board**") and the Board committees.

1.2 to review the succession plans for the Chairman of the Board, the chief executive officer and key management personnel of the Company.

1.3 to propose and implement objective performance criteria to be used in the assessment of the performance of the Board, the Board committees
and each individual Director.

1.4 to review the training and professional development programmes for the Board.

1.5 to make recommendations to the Board on the appointment and re-appointment of all Directors (including alternate directors).

1.6 to review and assess the independence of each Director.

2. AUTHORITY

The Board authorises the NC to:

2.1 assist the Board to fulfill its roles and responsibilities in accordance with its Terms of Reference as set out herein.

2.2 obtain any information it requires from the Company Secretary and any employee of the Company insofar as legally permissible.

2.3 where necessary, appoint independent experts, consultants or legal advisers to advise on matters being
considered by the NC, at the Company's expense subject to the budgetary constraints imposed by the Board.

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

2.4 do and execute or procure to be done and executed all such acts, things and documents as may be necessary
in connection with its performance of its roles and responsibilities in accordance with its Terms of Reference as set out herein.

3. MEMBERSHIP

3.1 The NC shall be appointed by the Board from amongst its members and shall comprise not fewer than three
(3) members, a majority of whom, including the Chairman of the NC (the "**Chairman** "), should be independent (as determined
with reference to the Catalist Rules (as defined hereunder), the Code (as defined hereunder) and the Nasdaq Rules (as defined hereunder).
The lead independent director of the Company, if any, should be a member of the NC.

3.2 Every member of the NC shall complete a declaration as to his or her independence.

3.3 An independent member shall notify the Board and Company Secretary immediately of any change in circumstances
that may result in him/her not being able to meet the criteria for independence. The Board may, after considering the change in circumstances,
require the resignation of the member, in compliance with the provisions of the Listing Manual Section B: Rules of Catalist of the Singapore
Exchange Securities Trading Limited ()"**Catalist Rules** "), the Code of Corporate Governance 2018 ()"**Code** ")
and/or The Nasdaq Stock Market LLC Rules ()"**Nasdaq Rules**") as may be amended, varied or supplemented from time to time.

3.4 A member who wishes to retire or resign from the NC shall notify the Board in writing, giving at least
one (1) month notice and such notice may be waived at the discretion of the Board.

3.5 The office of a member shall become vacant upon the member's death, resignation, retirement, removal
or disqualification as a Director of the Company.

3.6 If a member of the NC resigns, dies or for any other reason ceases to be a member with the result that
the number of members is reduced below three (3), the Board shall, within three (3) months of that event, appoint such number of new member(s)
as may be required to make up the minimum number of three (3) members.

4. ADMINISTRATION

4.1 <u>Meetings</u> 

(a) The NC shall meet at least once (1) in a year at such time and place as it may decide.

(b) The Notice and Agenda of NC meetings shall be circulated at least seven (7) days before the scheduled
meeting. Notwithstanding the foregoing, the members of the NC may allow for a shorter period of notice by unanimous consent.

(c) The Chairman shall preside at each NC meeting. If the Chairman is not present within 15 minutes after
the time appointed for holding the meeting, the members present may choose one (1) of their number to be chairman of the meeting.

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

(d) The Company Secretary, or in his or her absence, a suitable representative appointed by the NC, shall
be the secretary for all meetings of the NC.

(e) A meeting may be called at any time, by the Chairman or any member of the NC.

(f) The NC shall have full discretion to invite any Director or any member of the management of the Company
(the "**Management**") or external consultant(s) whom it believes can provide the information it needs for the purposes
of the meeting, to attend the meetings. For the avoidance of doubt, such invitees shall not count towards the quorum.

(g) Each member of the NC is expected to attend every NC meeting. The members of the NC may participate in
a meeting via telephone conference or via such other similar communication equipment, which allows all persons participating in the meeting
to hear each other without a member being in the physical presence of the other members. Participation in a meeting pursuant to this provision
shall be taken into account in ascertaining the presence of a quorum at that meeting. The secretary shall minute the proceedings and resolutions
of all NC meetings, and the minutes of a NC meeting signed by the chairman of the meeting shall be conclusive of any meeting conducted
as aforesaid.

(h) Minutes of all NC meetings shall be kept in the Minute Books of the Company.

4.2 <u>Quorum</u> 

Unless otherwise determined, the quorum for a meeting of the NC shall be at least two (2) members, with the majority of the quorum being independent directors.

4.3 <u>Voting</u> 

A resolution shall be considered passed if there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a majority of votes passed in favour of the resolution during a meeting of the NC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the agreement in writing by a majority of members entitled to participate in the decision.

In the event of an equality of votes, the Chairman shall have a second or casting vote.

Any member of the NC shall not vote, make any recommendations and/or participate in any deliberations in respect of any matter or proposal whatsoever in which he or she has any interest, directly or indirectly, including without limitation any resolutions relating to the assessment of his or her performance or re-nomination as a Director. Where any member of the NC faces a conflict of interest (whether actual or potential) in respect of any matter or proposal tabled at a NC meeting, he or she should disclose this and recuse himself or herself from that portion of the meeting and the deliberations involving the said matter or proposal. A member shall not be counted towards the quorum at a meeting in respect of any resolution on which he or she is recused or debarred from voting.

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

5. DUTIES

The NC shall be responsible for:

5.1 making recommendations to our Board of Directors on relevant matters relating to: (i) the review of board
succession plans for directors, in particular, our Executive Chairman and CEO; (ii) the review of training and professional development
programs for our Board; and (iii) the appointment and re appointment
of our Directors (including alternate Directors, if applicable), having regard to each Director's contribution, performance and
ability to commit sufficient time, resources and attention to the affairs of our Group, and each Director's respective commitments
outside our Group including his principal occupation and board representations on other companies, if any;

5.2 ensuring that the Directors submit themselves for re-nomination and re-election at least once every three
(3) years;

5.3 reviewing and determining annually, and as and when circumstances require, if a Director is independent,
in accordance with the Code and any other salient factors;

5.4 reviewing and approving the employment of Related Employees and the proposed terms (other than remuneration)
of their employment;

5.5 developing a process for assessment of our Board's effectiveness as a whole and its committees,
and for assessing the contribution of each Director to the effectiveness of our Board;

5.6 reviewing the composition of our Board of Directors annually to ensure that our Board of Directors and
our Board committees comprise Directors who as a group provide an appropriate balance and diversity of skills, expertise, gender and knowledge
of our Company and provide core competencies such as accounting or fi nance, business or management experience, industry knowledge, strategic
planning experience and customer-based experience and knowledge;

5.7 determining guidelines on the maximum number of directorships and principal commitments for any Director,
and where a Director has multiple board representations, deciding whether the Director is able to and has been adequately carrying out
his duties as Director, taking into consideration the Director's number of listed company board representations and other principal
commitments; and

5.8 undertaking such other functions as may be required by law, the Catalist Rules or the Nasdaq Rules, and
by such amendments made thereto from time to time.

5.9 making recommendations to the Board on all board appointments (including alternate directors, if any),
including re-nominations, having regard, to the Director's competencies, commitment, contribution and performance (for example,
attendance, preparedness, participation and candour) including, if applicable, his or her performance as an Independent Director, as well
as any existing or expected future business interests of the candidate that may lead to a conflict of interest. For the avoidance of doubt,
alternate directors should only be appointed in exceptional circumstances and should not
be appointed independent directors in any circumstances;

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

5.10 making recommendations to the Board in respect of its review of Board succession plans for Directors (in
particular the appointment and/or replacement of the Chairman of the Board, the chief executive officer and any key management personnel),
training and professional development programmes for the Board and the process and criteria for evaluation of the performance of the Board,
its Board committees and Directors;

5.11 determining on an annual basis, and as and when the circumstances require, whether or not a Director is
independent (having regard to the factors set out in the Catalist Rules, the Code and the Nasdaq Rules), and providing its views to the
Board for the Board's consideration;

5.12 in respect of a Director who has multiple board representations on various listed companies and other
principal commitments<sup>1</sup>, deciding whether or not such Director is able to and/or has been adequately
carrying out his or her duties as Director, having regard to the competing time commitments that are faced when serving on multiple boards
or having other principal commitments;

5.13 in consultation with the Board, establishing guidelines on what a reasonable and maximum number of directorships
and principal commitments for each Director (or type of Director) should be;

5.14 reviewing and approving any new employment of persons related to any of the Company's Directors,
key management personnel and executive officers, controlling shareholders <sup>2</sup> and/or substantial shareholders<sup>3</sup>
and the proposed terms of their employment;

5.15 subject to the Board's approval, setting the Board diversity policy that addresses gender, skills
and experience, and any other relevant aspects of diversity, including qualitative and measurable quantitative objectives (where appropriate),
and reviewing the Company's progress towards achieving the identified objectives;

5.16 sending the newly-appointed Director a formal appointment letter which clearly sets out his or her roles,
duties, obligations and responsibilities as a director of the Company, and the Board's expectations in respect of his or her time
commitment as a director of the Company, following the Board's confirmation of the appointment and ensuring that a new Director
who has no prior experience as a director of a listed company on the SGX-ST (a "**First-time Director**") to undergo the
mandatory training in the roles and responsibilities of a director of a listed issuer as prescribed by the SGX-ST;

<sup>1</sup> Pursuant to the Code, "principal commitments" includes all commitments which involve significant time commitment such as full-time occupation, consultancy work, committee work, non-listed company board representations and directorships and involvement in non-profit organisations. Where a Director sits on the boards of non-active related corporations, those appointments would not normally be considered principal commitments.

<sup>2</sup> Pursuant to the Catalist Rules, a "controlling shareholder" is a person who holds directly or indirectly 15% or more of the total voting rights in the Company, or in fact exercises control over the Company.

<sup>3</sup> Pursuant to the Companies Act 1967 of Singapore, a "substantial shareholder" is a person who has an interest or interests in one or more voting shares in the Company and the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares in the Company.

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

5.17 subject to the Board's approval, deciding on how the Board's performance is to be evaluated
and proposing objective performance criteria for such assessment, such as how the Board has enhanced long-term shareholders' value;

5.18 assessing the performance and effectiveness of the Board as a whole, and of each Board committee separately,
as well as the contribution by the Chairman of the Board and each individual Director to the Board; and

5.19 generally undertake such other functions and duties as may be required by law (including but not limited
to the federal securities laws of the United States), the Catalist Rules, the Code and/or the Nasdaq Rules as may be amended, varied or
supplemented from time to time.

6. REPORTING PROCEDURE

6.1 The NC's recommendations should be made in consultation with the Chairman of the Board and submitted
for endorsement by the entire Board.

6.2 The NC shall assist the Board to describe and disclose the following information in the Company's
annual report, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) names of the NC members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the NC's key Terms of Reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a summary of the NC's activities for the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of meetings held in the year, as well as the attendance of every member of the NC at these
meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) process for the selection, appointment and re-appointment of directors to the Board, including the criteria
used to identify and evaluate potential new directors and channels used in searching for appropriate candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) key information on each Director, as well as details and information on Director(s) seeking shareholders'
approval on his or her appointment or re-appointment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the independent status of the Company's non-executive Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the induction, orientation and training provided to new and existing Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) where a Director holds a significant number of listed company directorships and principal commitments,
the reasons for assessing the ability of the said Director to diligently discharge his or her duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) describe the Company's board diversity policy including the targets and timelines and progress for
achieving the targets, if any; and

*MetaOptics Ltd <br> Nominating Committee Terms of Reference*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) how the assessments of the Board, the Board committees and each Director have been conducted, including
the identity of any external facilitator and its connection, if any, with the Company or any of the Directors.

7. GENERAL

7.1 The NC, in carrying out its tasks under these Terms of Reference may obtain at the Company's expense
such external or other independent professional advice as it considers necessary to carry out its duties.

7.2 The Board will ensure that NC has access to internal professional advice in order for it to perform its
duties.

7.3 The NC shall keep up to date with changes to relevant laws and legislations, developments in corporate
governance initiatives, and other commercial changes that may affect the Company and the industry in which it operates.

7.4 Amendments to these Terms of Reference shall be submitted to the NC for consideration and tabled at a
Board meeting for approval.

---

| | |
|:---|:---|
| **Title:** | MetaOptics Ltd Nominating Committee (NC) Terms of Reference |
| **Policy No.** | MOL1.0/2026 |
| **Document Type** | Terms of Reference |
| **Prepared by** | ZICO-InCorp Corporate/Co Sec |
| **Approved By** | NC / Board |
| **Approval Date** | 27 February 2026 |

---

Version <u>Date</u> <u>Approver</u> <br> <u>Management / Sponsor</u> <u>NC</u> <u>Board</u> <br> <u>1.0</u> <u>27 Feb 2026</u> <u>√</u> <u>√</u> <u>√</u>

## Exhibit 99.3

**Exhibit 99.3**

![](ea027035409_ex99-3img1.jpg)

**METAOPTICS LTD**

(Company Registration No.: 419911)<br> (Incorporated in the Cayman Islands on 21 March 2025

(the "**Company**")

**<u>REMUNERATION COMMITTEE – TERMS OF REFERENCE</u>**

**1.** **OBJECTIVES** 

The objectives of the Remuneration Committee ("**RC**") are, amongst others:

1.1 to review and make recommendations to the Board of Directors (the "**Board**") on a framework
of remuneration for the Board and key management personnel;

1.2 to review and make recommendations to the Board on the specific remuneration packages for each Director
as well as for the key management personnel; and

1.3 where applicable, implement and administer any share incentive scheme(s) adopted by the Company in accordance
with the rules of such scheme.

2. AUTHORITY

The Board authorises the RC to:

2.1 assist the Board to fulfill its roles and responsibilities in accordance with its Terms of Reference as
set out herein;

2.2 obtain any information it requires from the Company Secretary and any employee of the Company insofar
as legally permissible;

2.3 where necessary, appoint independent experts, consultants or legal advisers to advise on matters being
considered by the RC, at the Company's expense; and

2.4 do and execute or procure to be done and executed all such acts, things and documents as may be necessary
in connection with its performance of its roles and responsibilities in accordance with its Terms of Reference as set out herein.

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

3. MEMBERSHIP

3.1 The RC shall be appointed by the Board from amongst its members, and shall comprise not fewer than three
(3) members, comprising entirely of non-executive Directors, the majority of whom, including the Chairman of the RC (the "**Chairman** "),
should be independent (as determined with reference to the Catalist Rules (as defined hereunder), the Code (as defined hereunder) and
the Nasdaq Rules (as defined hereunder)).

3.2 Every member of the RC shall complete a declaration as to his or her independence.

3.3 An independent member shall notify the Company Secretary immediately of any change in circumstances that
may result in him/her not being able to meet the criteria for independence. The Board may, after considering the change in circumstances,
require the resignation of the member, in compliance with the provisions of the Listing Manual Section B: Rules of Catalist of the Singapore
Exchange Securities Trading Limited ()"**Catalist Rules** "), the Code of Corporate Governance 2018 ()"**Code** ")
and/or The Nasdaq Stock Market LLC Rules ()"**Nasdaq Rules**") as may be amended, varied or supplemented from time to time.

3.4 A member who wishes to retire or resign from the RC shall notify the Board in writing, giving at least
one (1) month notice and such notice period may be waived at the discretion of the Board.

3.5 The office of a member shall become vacant upon the member's death, resignation, retirement, removal or disqualification as a Director of
the Company.

3.6 If a member of the RC resigns, dies or for any other reason ceases to be a member with the result that
the number of members is reduced below three (3), the Board shall, within three (3) months of that event, appoint such number of new members
as may be required to make up the minimum number of three (3) members.

4. ADMINISTRATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Meetings</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The RC shall meet at least once (1) a year at such a time and place as it may decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notice and Agenda of RC meetings shall be circulated at least seven (7) days before the scheduled
meeting. Notwithstanding the foregoing, the members of the RC may allow for a shorter period of notice by unanimous consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Chairman shall preside at each RC meeting. If the Chairman is not present within 15 minutes after
the time appointed for holding the meeting, the members present may choose one (1) of their number to be chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company Secretary, or in his or her absence, a suitable representative appointed by the RC shall be
the secretary for all meetings of the RC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A meeting may be called at any time, by the Chairman or any member of the RC.

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The RC shall have full discretion to invite any Director or any member of the management of the Company
(the "**Management**") or external consultant(s) whom it believes can provide the information it needs for the purposes
of the meeting, to attend the meetings. For the avoidance of doubt, such invitees shall not count towards the quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each member of the RC is expected to attend every RC meeting. The members of the RC may participate in
a meeting via telephone conference or via such other similar communication equipment, which allows all persons participating in the meeting
to hear each other without a member being in the physical presence of the other members. Participation in a meeting pursuant to this provision
shall be taken into account in ascertaining the presence of a quorum at that meeting. The secretary shall minute the proceedings and resolutions
of all RC meetings, and the minutes of a RC meeting signed by the chairman of the meeting shall be conclusive of any meeting conducted
as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Minutes of all RC meetings shall be kept in the Minute Books of the Company.

4.2 <u>Quorum</u> 

Unless otherwise determined, the quorum for a meeting of the RC shall be at least half of the members, with the majority of the quorum being independent directors.

4.3 <u>Voting</u> 

A resolution shall be considered passed if there is:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a majority of votes passed in favour of that resolution during a meeting of the RC; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the agreement in writing by a majority of members entitled to participate in the decision.

In the event of an equality of votes, the Chairman shall have a second or casting vote.

Any member of the RC shall not vote, make any recommendations and/or participate in any deliberations in respect of any matter or proposal whatsoever in which he or she has any interest, directly or indirectly, including without limitation any resolutions in respect of his or her own remuneration package. Where any member of the RC faces a conflict of interest (whether actual or potential) in respect of any matter or proposal tabled at a RC meeting, he or she should disclose this and recuse himself or herself from that portion of the meeting and the deliberations involving the said matter or proposal. A member shall be counted towards the quorum at a meeting in respect of any resolution on which he or she is recused or debarred from voting.

5. DUTIES

The RC shall be responsible for:

5.1 reviewing and recommending to our Board of Directors, in consultation with our Executive Chairman, for
endorsement, a comprehensive remuneration policy framework and guidelines for remuneration of our Key Management Personnel;

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

5.2 reviewing and recommending to our Board of Directors, for endorsement, the specific remuneration packages
for each of our Directors and Key Management Personnel. The CEO may not be present during voting or deliberations on his or her compensation;

5.3 reviewing and approving the remuneration packages of Related Employees on an annual basis;

5.4 reviewing and approving the design of all share option plans, performance share plans and/or other equity-based
plans and benefits-in-kind;

5.5 in the case of service contracts and employment contracts, reviewing our Company's obligations arising
in the event of termination of our Key Management Personnel's contracts of service, to ensure that such contracts of service contain
fair and reasonable termination clauses which are not overly generous, with a view to being fair and avoiding the reward of poor performance;

5.6 approving performance targets for assessing the performance of each of our Key Management Personnel and
recommending such targets as well as employee-specific remuneration packages for each of such Key Management Personnel, for endorsement
by our Board of Directors; and

5.7 undertaking such other functions as may be required by law ,the Catalist Rules or the Nasdaq Rules, and
by such amendments made thereto from time to time.

5.8 recommending to the Board a framework of remuneration for the Directors and key management personnel of
the Company, and to determine specific remuneration packages for each Director, any chief executive officer (or executive of equivalent
rank), if a chief executive officer is not an Executive Director, and each key management personnel, such recommendations to be submitted
for endorsement by the entire Board and should cover all aspects of remuneration, including but not limited to director's fees,
salaries, allowances, bonuses, options, share-based incentives and awards, termination payments and benefits in kind. In doing so, it
should also take into account the risk policies of the Company and ensure that performance-related remuneration schemes are symmetric
with risk outcomes and are sensitive to the time horizon of risks. Further, the Board should recommend the proposed directors' fees
for non-executive Directors for shareholders' approval;

5.9 reviewing the ongoing appropriateness and relevance of the Company's remuneration policies;

5.10 where possible, obtaining reliable and updated information on the remuneration practices of other comparable
organisations and relevant market benchmarks, including appointing such external consultants as it deems fit to assist with the generation
and compilation of such information;

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

5.11 in the case of service contracts (if any) for any Director or key management personnel, to consider what
compensation commitments the Director's or key management personnel's contracts of service, if any, would entail in the event
of early termination with a view of being fair and avoid rewarding poor performance;

5.12 reviewing the incentive bonus entitlement contained in a Director's or key management personnel's
contracts of service, if any, on the day falling one (1) week from the Board's approval of the audited financial statements for
the immediate preceding financial year, or at such interval(s) as the Board and the RC consider appropriate;

5.13 reviewing the design of all long-term and short-term incentive plans for approval by the Board and shareholders
of the Company;

5.14 in respect of any incentive schemes including share schemes as may be implemented, to administer such
scheme in accordance with its terms (unless the rule of such scheme directs otherwise), including without limitation to consider whether
any Director should be eligible for benefits under such incentive schemes;

5.15 performing an annual review of the remuneration of employees related to the Directors and substantial
shareholders<sup>1</sup> of the Company to ensure that their remuneration packages are in line with the staff
remuneration guidelines and commensurate with their respective job scopes and level of responsibility, including reviewing any bonuses,
pay increases and/or promotions for these related employees;

5.16 reviewing the employment of employees related to the Directors and substantial shareholders of the Company
and the proposed terms of their employment with the Company and its subsidiaries (collectively, the "**Group** ");

5.17 reviewing the Company's obligations arising in the event of the termination of the contracts of
service of Executive Directors and key management personnel to ensure that such contracts of service contain fair and reasonable termination
clauses which are not overly generous;

5.18 determining performance targets for any performance-related remuneration schemes operated by the Company;

5.19 working and liaising, as necessary, with all other Board committees on any remuneration- related matters;
and

5.20 generally undertake such other functions and duties as may be required by statute, the Catalist Rules,
the Code and/or the Nasdaq Rules as may be amended, varied or supplemented from time to time.

<sup>1</sup> Pursuant to the Companies Act 1967 of Singapore, a "substantial shareholder" is a person who has an interest or interests in one or more voting shares in the Company and the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares in the Company.

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

6. REPORTING PROCEDURE

6.1 The RC's recommendations should be made in consultation with the Chairman of the Board and submitted for endorsement by the
entire Board.

6.2 The RC shall assist the Board to describe and disclose the following information in the Company's annual report, amongst others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) names of the members of the RC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the RC 's key Terms of Reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a summary of the RC's activities for the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of meetings held in the year, as well as the attendance of every member of the RC at these
meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the policy and criteria for setting remuneration, as well as names, amounts and breakdown of remuneration
of (a) each individual Director and the chief executive officer<sup>2</sup>; and (b) at least the top 5 key
management personnel (who are not Directors or the chief executive officer) in bands no wider than S$250,000 and in aggregate the total
remuneration paid to these key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the names and remuneration of employees who are substantial shareholders of the Company, or are immediate
family members of a Director, the chief executive officer or a substantial shareholder of the Company, and whose remuneration exceeds
S$100,000 during the year, in bands no wider than S$100,000; as well as the employee's relationship with the relevant Director or
chief executive officer or substantial shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all forms of remuneration and other payments and benefits paid by the Group to Directors and key management
personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) details of employee share schemes (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the link between remuneration, performance and value creation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) name of any remuneration consultant(s) engaged by the Company and whether it has any relationship with
the Company that could affect its independence and objectivity.

<sup>2</sup> For the financial years ending on or after 31 December 2024, Rule 1204(10D) of the Catalist Rules requires issuers to disclose in their annual reports, the names, exact amounts and breakdown of remuneration paid to each individual director and the CEO by the issuer and its subsidiaries. Such breakdown must include (in percentage terms) base or fixed salary, variable or performance-related income or bonuses, benefits in kind, stock options granted, share-based incentives and awards, and other long-term incentives.

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

7. GENERAL

7.1 The RC in carrying out its tasks under these Terms of Reference may obtain at the Company's expense
such external or other independent professional advice as it considers necessary to carry out its duties.

The RC shall set the compensation, and oversee the work, of any external experts, consultants or legal advisers retained by the RC. The Company shall provide for appropriate funding, as determined by the RC, for payment of reasonable compensation to any external experts, consultants or legal advisers.

The RC may select, or receive advice from, an external expert, consultant or legal adviser to the RC, other than in-house legal counsel, only after taking into consideration the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the provision of other services to the Company by the person that employs the external consultant, legal
counsel or other adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of fees received from the Company by the person that employs the external expert, consultant
or legal adviser, as a percentage of the total revenue of the person that employs the external expert, consultant or legal adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the policies and procedures of the person that employs the external expert, consultant or legal adviser
that are designed to prevent conflicts of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any business or personal relationship of the external expert, consultant or legal adviser with a member
of the RC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any stock of the Company owned by the external expert, consultant or legal adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any business or personal relationship of the external expert, consultant or legal adviser or the person
employing the adviser with an executive officer of the Company.

7.2 The Board will ensure that the RC has access to professional advice inside and/or outside the Company
in order for it to perform its duties.

7.3 The RC shall keep up to date with changes to relevant laws and legislations, developments in corporate
governance initiatives, and other commercial changes that may affect the Company and the industry in which it operates.

7.4 The RC shall review and reassess the adequacy of these Terms of Reference on an annual basis.

7.5 Amendments to these Terms of Reference shall be submitted to the RC for consideration and tabled at a
Board meeting for approval.

*MetaOptics Ltd<br> Remuneration Committee Terms of Reference*

---

| | |
|:---|:---|
| **Title:** | MetaOptics Ltd Remunerating Committee (RC) Terms of Reference |
| **Policy No.** | MOL1.0/2026 |
| **Document Type** | Terms of Reference |
| **Prepared by** | ZICO-InCorp Corporate/Co Sec |
| **Approved By** | RC / Board |
| **Approval Date** | 27 February 2026 |

---

Version <u>Date</u> <u>Approver</u> <br> <u>Management / Sponsor</u> <u>RC</u> <u>Board</u> <br> <u>1.0</u> <u>27 Feb 2026</u> <u>√</u> <u>√</u> <u>√</u>

## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**MetaOptics Ltd**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, par value S$0.00000025 per share | (1) | 457(o) |  | $| $23000000.00 | 0.0001381 | $3176.30 |
| Fees to be Paid | Other | Representatives' warrants | (2) | Other |  |  | 0.00 | 0.0001381 | 0.00 |
| Fees to be Paid | Equity | Ordinary shares, par value S$0.00000025 per share, underlying the American depositary shares issuable upon exercise of the representatives' warrants | (3) | 457(o) |  | $| $828000.00 | 0.0001381 | $114.35 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $23828000.00 |  | 3290.65 |
| 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: |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $3290.65 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) American depositary shares issuable upon deposit of ordinary shares registered hereby will be registered under a separate registration statement on Form F-6 (Registration No. 333- ______). Each American depositary share represents _____ ordinary shares. Includes ordinary shares that are issuable upon the exercise of the underwriters' over-allotment option. Also includes ordinary shares initially offered and sold outside the United States that may be resold from time to time in the United States either as part of their distribution or within 40 days after the later of the effective date of this registration statement and the date the shares are first bona fide offered to the public. These ordinary shares are not being registered for the purpose of sales outside the United States. Estimated solely for the purpose of determining the amount of registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In accordance with Rule 457(g) under the Securities Act, because the Registrant's ordinary shares represented by ADSs underlying the representative's warrants are registered hereby, no separate registration fee is required with respect to the representative's warrants registered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The representatives' warrants entitle the holders thereof to purchase a number of American depositary shares equal to 3.0% of the aggregate number of American depositary shares sold in this offering, including any American depositary shares issued pursuant to exercise of the underwriters' over-allotment option, at an exercise price equal to 120% of the initial public offering price of the American depositary shares. As estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(g) under the Securities Act, the proposed maximum aggregate offering price of such warrants is $828,000.