# EDGAR Filing Document

**Accession Number:** 0002066899
**File Stem:** 0001213900-25-075265
**Filing Date:** 2025-8
**Character Count:** 1475859
**Document Hash:** c03357f5b434178b06d8197ed19924a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-075265.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001213900-25-075265

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 115

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Club Versante Group Ltd
- **CENTRAL INDEX KEY:** 0002066899
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** 2J
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288678
- **FILM NUMBER:** 251208964

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1205 - 8400 WEST ROAD
- **CITY:** RICHMOND
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6X 0S7
- **BUSINESS PHONE:** 604-284-5366

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** SUITE 1205 - 8400 WEST ROAD
- **CITY:** RICHMOND
- **NON US STATE TERRITORY:** BRITISH COLUMBIA
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6X 0S7

#### As filed with the U.S. Securities and Exchange Commission on August 13 , 2025.

#### Registration Statement No. 333-288678

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

#### ____________________________

#### Amendment No 1

#### to

#### Form F-1<br>REGISTRATION STATEMENT<br> UNDER<br>THE SECURITIES ACT OF 1933

#### ____________________________

#### Club Versante Group Limited
(Exact name of registrant as specified in its charter)

#### ____________________________

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| | | |
|:---|:---|:---|
|  **Cayman Islands** | **5812** | **Not Applicable** |
|  (State or other jurisdiction of <br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (IRS Employer <br>Identification Number) |

---

**Suite 1205**

**8400 West Road<br>Richmond BC V6X 0S7<br>Canada<br>604**-284-5366****<br> (Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

#### Cogency Global Inc.

#### 122 East 42 <sup>nd</sup> Street, 18 <sup>th</sup> Floor

#### New York, NY 10168

#### Tel: (212) 947-7200

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

#### ____________________________

#### Copies to:

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| | |
|:---|:---|
|  **Kyle Leung, Esq.<br>Qin Li, Esq.<br>Concord & Sage PC <br>1360 Valley Vista Dr Suite 140 <br>Diamond Bar <br>California 91765 <br>929**-989-7572 | **Ross D. Carmel, Esq.** <br> **Shane Wu, Esq.**<br> **Sichenzia Ross Ference Carmel LLP** <br> **1185 Avenue of the Americas, 31**<sup>st</sup> **Floor** <br> **New York, NY 10036** <br> **212 930**-9700 |

---

#### ____________________________
**Approximate date of commencement of proposed sale to public:** As soon as practicable after this registration statement becomes effective.

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

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

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

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

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

If an emerging growth company that prepares its financial statements in accordance with accounting principles generally accepted in the United States ("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<sup>†</sup> provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

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

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

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

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| | |
|:---|:---|
|  **PRELIMINARY PROSPECTUS** | **SUBJECT TO COMPLETION, DATED AUGUST 13, 2025** |

---

#### Ordinary Shares

#### Club Versante Group Limited

#### 2,000,000 Ordinary Shares
This is the initial public offering of the ordinary shares, par value US$0.0001 per share ("Ordinary Shares" or "Shares"), of Club Versante Group Limited ("**CVGL**"), an exempted company with limited liabilities incorporated under the laws of the Cayman Island. We are offering 2,000,000 Ordinary Shares of CVGL, representing 11.34% of the total issued and outstanding Ordinary Shares following completion of the offering of CVGL, assuming the underwriters do not exercise the over-allotment option.

Prior to this offering, there has been no public market for our Ordinary Shares. The offering price of our Ordinary Shares in this offering is expected to be between US$4.00 and US$5.00 per share. We intend to apply to list our Ordinary Shares on the Nasdaq Capital Market under the symbol "CADV". This offering is contingent upon the final approval from Nasdaq for the listing of our Ordinary Shares on Nasdaq Capital Market. There is no guarantee or assurance that our Ordinary Shares will be approved for listing on the Nasdaq Capital Market, and if our application is not approved, we will not proceed to consummate this offering.

**Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Canada by its Operating Subsidiary.**

CVGL is a holding company incorporated in the Cayman Islands with limited liability and with no material operations of its own, and we conduct our operations primarily in Canada through our key Operating Subsidiary Club Versante Canada. References to the "Company," "we," "us," and "our" in the prospectus are to CVGL, the Cayman Islands entity that will issue the Ordinary Shares being offered. References to "Club Versante Canada" are to the entity operating the business. References to "Operating Subsidiary" refer to Club Versante Canada. This is an offering of the Ordinary Shares of CVGL, the holding company in the Cayman Islands, instead of the shares of the Operating Subsidiary. Investors in this offering may never directly hold any equity interests in the Operating Subsidiary.

**Investing in our Ordinary Shares is highly speculative and involves a high degree of risk. Before buying any shares, you should carefully read the discussion of material risks of investing in our Ordinary Shares in "Risk Factors" beginning on page 14 of this prospectus.**

Our operations are primarily located in British Columbia of Canada that has its own distinct rules and regulations. Canada's federal and provincial governments have regulatory authority over various aspects of business operations, such as employment standards, environmental compliance, taxation, and trade policies. Regulatory changes or enforcement actions may occur unexpectedly and could affect our ability to distribute earnings, pay dividends, or reinvest in our business within Canada or abroad.

New policies or regulations, as well as inquiries or investigations, may:

– Increase our compliance costs or operational expenses;

– Require additional management resources and attention;

– Delay or impede our business plans and development initiatives;

– Lead to administrative penalties, fines, or reputational risks.

Our management monitors the cash position of our Operating Subsidiary regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfill its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our chief financial officer and subject to approval by our board of directors.

For CVGL to transfer cash to its subsidiaries, CVGL is permitted under the laws of the Cayman Islands and its Amended and Restated Memorandum and Articles of Association to provide funding to our subsidiaries incorporated in the BVI and Canada through loans or capital contributions. CVGL's subsidiary formed under the laws of the BVI

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is permitted under the laws of the BVI to provide funding to our Operating Subsidiary, Club Versante Canada, subject to certain restrictions laid down in the BVI Business Companies Act, Revised Edition 2020 (as amended) and memorandum and articles of association of the relevant CVGL's subsidiary incorporated under the laws of the BVI. As a holding company, CVGL may rely on dividends and other distributions on equity paid by its subsidiaries for its cash and financing requirements. According to the BVI Business Companies Act, Revised Edition 2020 (as amended), a BVI company may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due. Pursuant to the British Columbia Business Corporations Act (the "**BCBCA**"), a Canadian company may declare or pay a dividend only if the company remains solvent both before and after the distribution. If any of CVGL's subsidiaries incur debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to CVGL. If any of CVGL's subsidiaries incur debt on its own behalf in the future, the instruments governing such debt may restrict their ability to pay dividends to CVGL.

During the years ended December 31, 2024 and 2023, Club Versante Canada had not declared any cash dividends to the shareholder. During the years ended December 31, 2024 and 2023 and as of the date of this prospectus, CVGL did not declare or pay any dividends and there was no transfer of assets among CVGL and its subsidiaries. We do not have any current intentions to distribute further earnings. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Operating Subsidiary, Club Versante Canada, by way of dividend payments. See "Dividend Policy," and "Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm" for further details.

**We are an "Emerging Growth Company" and a "Foreign Private Issuer" as defined under the federal securities laws and, as such, will be subject to reduced public company reporting requirements. See "Prospectus Summary — Implications of Being an Emerging Growth Company and a Foreign Private Issuer" beginning on page 10 of this prospectus for additional information.**

Upon the completion of this offering, the outstanding shares of CVGL will consist of 17,633,000 Ordinary Shares, assuming the underwriters do not exercise their over-allotment option to purchase additional Ordinary Shares, or 17,933,000 Ordinary Shares, assuming the over-allotment option is exercised in full. CVGL will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholder (as defined below), director and chief executive officer, Ms. Chung Lin Ching, through her 80% of the equity interests in Club Versante Investment Limited, will have a control of 76.56% of the total issued and outstanding Ordinary Shares, representing 76.56% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 75.28% of the total issued and outstanding Ordinary Shares, representing 75.28% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through her controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(2)</sup>** |
|  IPO price<sup>(3)</sup> | $4.50 | $9000000 |
|  Underwriting discounts and commissions<sup>(1)</sup> | $0.315 | $630000 |
|  Proceeds, before expenses, to us | $4.185 | $8370000 |

---

____________

(1) Represents underwriting discounts equal to 7% per Ordinary Share, (or $0.315 per Ordinary Share), of gross proceeds of this offering. This table does not include expense allowance to be paid to Joseph Stone Capital, LLC. Underwriters will receive compensation, in addition to the underwriting discounts and non-accountable expense allowance, as set forth in the section entitled "Underwriting." For a description of the other compensation to be received by the underwriter, see "Underwriting" beginning on page 105.

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

(3) Initial public offering price per Ordinary Share is assumed to be US$4.50 (being the mid-point of the offer price range).

We expect our total cash expenses for this offering (including cash expenses payable to our underwriters for their out-of-pocket expenses) to be approximately US$1,301,594 exclusive of the above discounts. In addition, we will pay additional items of value in connection with this offering that are viewed by the Financial Industry Regulatory Authority ("FINRA"), as underwriting compensation. These payments will further reduce proceeds available to us before expenses. See "Underwriting."

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

This offering is being conducted on a firm commitment basis. The underwriters are obligated to take and pay for all of the shares if any such shares are taken. We have granted the underwriters an option for a period of forty-five (45) days after the closing of this offering to purchase up to 300,000 additional Ordinary Shares (or fifteen percent (15%) of the total number of Ordinary Shares offered in the Offering) from us at the IPO price, less underwriting discounts to cover over-allotments, if any. If the underwriters exercise the option in full, assuming the public offering price per Ordinary Share is US$4.50, the total underwriting discounts payable will be US$724,500 and the total proceeds to us, before expenses, will be US$9,625,500.

We expect our total cash expenses for this offering to be approximately US$1,301,594, including cash expenses payable to the underwriters for their reasonable out-of-pocket expenses, exclusive of the above discounts.

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

The underwriters expect to deliver the Ordinary Shares against payment as set forth under "Underwriting" on or about [—], 2025.

#### Joseph Stone Capital, LLC

#### Sole Book-Running Manager

#### The date of this prospectus is August 13 , 2025.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [Prospectus Summary](#T992001) | 1 |
|  [Risk Factors](#T21) | 14 |
|  [Special Note Regarding Forward-Looking Statements](#T99501) | 33 |
|  [Industry Overview](#T20) | 34 |
|  [Use of Proceeds](#T19) | 41 |
|  [Dividend Policy](#T18) | 42 |
|  [Capitalization](#T17) | 43 |
|  [Dilution](#T16) | 45 |
|  [Exchange Rate Information](#T15) | 47 |
|  [Corporate History and Structure](#T14) | 48 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#T99301) | 51 |
|  [Business](#T13) | 64 |
|  [Regulations](#T12) | 76 |
|  [Management](#T11) | 78 |
|  [Related Party Transactions](#T992003) | 83 |
|  [Principal Shareholders](#T881) | 84 |
|  [Description of Share Capital](#T882) | 85 |
|  [Shares Eligible for Future Sale](#T992004) | 96 |
|  [Material Income Tax Considerations](#T99302) | 99 |
|  [Underwriting](#T6) | 105 |
|  [Expenses Related to this Offering](#T5) | 111 |
|  [Legal Matters](#T4) | 112 |
|  [Experts](#T3) | 112 |
|  [Enforceability of Civil Liabilities](#T2) | 113 |
|  [Where You Can Find Additional Information](#T1) | 115 |
|  [Index to Consolidated Financial Statements](#T434) | F-1 |

---

**We are responsible for the information contained in this prospectus and any free writing prospectus we prepare or authorize. We have not, and the underwriters have not, authorized anyone to provide you with different information, and we and the underwriters take no responsibility for any other information others may give you. We are not, and the underwriters are not, making an offer to sell our Ordinary Shares in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in this prospectus is accurate as of any date other than the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus or the sale of any Ordinary Shares.**

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

CVGL is incorporated under the laws of the Cayman Islands as an exempted company with limited liability and a majority of our outstanding securities are owned by non-U.S. residents. Under the rules of the SEC, we currently qualify for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Exchange Act.

**Until and including [—], 2025 (25 days after the date of this prospectus), all dealers that buy, sell or trade our Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement 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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#### CONVENTIONS THAT APPLY TO THIS PROSPECTUS
Unless otherwise indicated or the context otherwise requires, all references in this prospectus to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Amended and Restated Memorandum and Articles of Association" means the amended and restated memorandum and articles of association of our Company to be adopted by our Company conditional and effect immediately prior to the completion of the initial public offering of the Company's Ordinary Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BVI" refers to the British Virgin Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CA$" or "CAD" refers to Canadian dollar(s), the lawful currency of Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Club Versante BVI" refers to Club Versante Business Limited, a BVI business company limited by shares incorporated in the BVI, a direct wholly owned subsidiary of CVGL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Club Versante Canada" or "Operating Subsidiary" refers to Club Versante Management Limited, a company incorporated in the Province of British Columbia, Canada with limited liability, an indirect wholly owned subsidiary of CVGL and our key Operating Subsidiary in Canada;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Company," "we," "us,", "CVGL" and "Club Versante" refers to Club Versante Group Limited, an exempted Company incorporated in the Cayman Islands with limited liability on April 9, 2025, that will issue the Ordinary Shares being offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Controlling Shareholder" refers to the ultimate beneficial owner of the Company, who is Ms. Chung Lin Ching. See "Management" and "Principal Shareholders" for more information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "COVID-19" refers to the Coronavirus Disease 2019;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchange Act" refers to the U.S. Securities Exchange Act of 1934, as amended;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "IPO" refers to an initial public offering of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Nasdaq" refers to Nasdaq Stock Market LLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Ordinary Shares" or "Shares" refer to our ordinary shares, par value US$1.00 per ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PCAOB" refers to Public Company Accounting Oversight Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" or "Securities and Exchange Commission" means the United States Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Securities Act" refers to the U.S. Securities Act of 1933, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "U.S. dollars" or "$" or "USD" or "US$" or "dollars" refers to United States dollar(s), the lawful currency of the United States.

We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Unless the context indicates otherwise, all information in this prospectus assumes no exercise by the underwriters of their over-allotment option.

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CVGL is a holding company with operations conducted in British Columbia of Canada through its key Operating Subsidiary in British Columbia, Club Versante Canada. Club Versante Canada's reporting currency is Canadian dollars. This prospectus contains translations of Canadian dollars into U.S. dollars solely for the convenience of the reader. The results of operations and the consolidated statements of cash flows, denominated in the functional currency, are translated to US$ at the average rate of exchange during the reporting period. Assets and liabilities denominated in the functional currency at the balance sheet dates are translated to US$ at the applicable rates of exchange in effect at those dates. The equity, denominated in the functional currency, is translated to US$ at the historical rate of exchange at the time of the transaction. No representation is made that the CAD amount represents or could have been, or could be converted, realized or settled into US$ at that rate, or at any other rate.

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#### PROSPECTUS SUMMARY
*The following summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in our Ordinary Shares. You should read the entire prospectus carefully, including "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and our consolidated financial statements and the related notes thereto, in each case included in this prospectus. You should carefully consider, among other things, the matters discussed in the section of this prospectus titled "Business" before making an investment decision. Unless the context otherwise requires, all references to "CVGL," "we," "us," "our," the "Company," and similar designations refer to Club Versante Group Limited, an exempted Cayman Islands company and its wholly owned subsidiaries.*

#### Overview
We are a Canada based restaurant group operating 4 restaurants and bars, namely a full-service restaurant, a takeaway restaurant, a Whisky bar and a lounge offering a variety of cuisines and liquors under a portfolio of brands. All the restaurants are located within International Trade Centre, Richmond, British Columbia, Canada. Our mission is to offer an exclusive dining experience under one roof.

We opened our first restaurant "Bruno" and our first bar "Cask" in 2021. We expanded our catering services to "Alaïa", a lounge, in 2022. In order to diversify our product offerings, we further expanded and opened the takeaway restaurant "Yakiniku Don" in May 2024. Each of them showcases exceptional ingredients, refined craftsmanship, and immersive dining experiences. With a commitment to quality, modern design, and personalized service, we believe we continue to set new benchmarks in dining while strategically expanding our presence in new markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bruno is a fine dining restaurant focused on sustainability and locally sourced ingredients from British Columbia. It offers an intimate yet spacious 6,000 square foot setting, featuring a communal table, private dining options, and a lively bar that seats 30 guests, creating a welcoming atmosphere for both dining and social gatherings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cask is a Japanese Lzakaya style bar offering an extensive selection of single malts, bourbons, and blended whiskies alongside handcrafted cocktails, wines, and local craft beers. Guests can enjoy Japanese-style snacks and Western cuisine in a casual dining setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alaïa is a stylish lounge designed for private and corporate events, blending food, art, music, and fashion. With a sky-high ceiling, monochromatic décor, and a wraparound balcony showcasing panoramic views, it provides an elegant setting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Yakiniku Don offers Japanese rice bowls, covering beef, pork, chicken and eel. Yakiniku Don does not offer dine in service and is available exclusively for pick-up and delivery. Yakiniku Don is supported and served by kitchen of Cask.

Apart from the 4 restaurants for offering catering services mentioned above, we generate rental income from letting our "Cask" and Alaïa for venue and event as well as rental income from subletting a premise to a restaurant under the brand "*Yandoux Patisser*ie" specializing in French pastries and afternoon tea sets. "*Yandoux Patisserie*" is operated by an independent third party and we do not involve in its operation.

Our revenue was US$3,954,810 and US$3,989,037 for the years ended December 31, 2024 and 2023, respectively. We recorded net income of US$794,258 for the year ended December 31, 2024 and net loss of US$284,013 for the year ended December 31, 2023. Our growth strategy focuses on strengthening our market share in existing markets, expanding our market presence and brand awareness, diversifying our product offerings with innovative dishes and alcoholic beverages, opening new restaurants and bars, and exploring opportunities to develop additional revenue streams.

#### Competitive Strengths
We believe our success to date is primarily attributable to the following key competitive strengths:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our strategic locations to maximize customer reach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have strong commitment to food quality and culinary excellence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Established and reliable supplier relationships; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Experienced and visionary leadership team.

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#### Our Strategies
We focus on strategic expansion and continuous innovation to drive long-term growth. Our growth strategy is anchored in market expansion, operational excellence, and menu innovation, ensuring we continue delivering exceptional dining experiences. We plan to extend our restaurant footprint beyond Richmond, British Columbia, into other major Canadian cities, including Vancouver and Toronto and meanwhile we will remain committed to refining our fine dining concept by sourcing fresh, locally available ingredients and expanding our rare liquor collection.

#### Corporate History and Structure
CVGL is a holding company engaged in catering services through its wholly-owned operating subsidiary, Club Versante Canada. Established in December 2013 under the laws of the Province of British Columbia, Canada, Club Versante Canada was originally known as The China Club General Partner Ltd. before rebranding as Club Versante Canada in April 2017. As of the date of this prospectus, our Controlling Shareholder currently owns 69.09% of our issued share capital.

To support corporate structuring and future expansion, CVGL was incorporated in April 2025 under the laws of the Cayman Islands as the ultimate holding company overseeing its subsidiaries. Following this, Club Versante BVI was incorporated in April 2025 under the laws of the British Virgin Islands as an intermediate holding entity.

As part of the corporate reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 25, 2025, CVGL acquired all shares of the Operating Subsidiary from Bygenteel Capital Inc. through Club Versante BVI, making CVGL its ultimate parent entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 6, 2025, Ms. Chung Lin Ching sold 200 shares of Club Versante Investment Limited to Lee Jet Thong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 8, 2025, CVGL issued 158 new ordinary shares to three investors, including Kon Teck Tien, Leong Kah Yee, and Yang Shenguang.

In July 2025, a 1-for-10,000 share split/share subdivision effected by CVGL. On July 16, 2025, CVGL sub-divided its authorized shares so that the par value of each share changed from US$1.00 to US$0.0001 each and the number of authorized shares changed to 500,000,000 shares of par value US$0.0001 each. On the same date, CVGL implemented a share split/share subdivision, converting each existing share with a par value of $1.00 into 10,000 new Ordinary Shares with a par value of $0.0001 per share. As a result, each existing shareholder received 10,000 Ordinary Shares in exchange for every one share previously held, leading to a total issuance of 11,580,000 Ordinary Shares to all shareholders at that time. In addition, in order to increase its total number of outstanding shares following the share split/share subdivision and prior to this offering, CVGL issued to all then existing shareholders, on a pro-rata basis, additional Ordinary Shares. CVGL issued 3,500,000 Ordinary Shares, 182,000 Ordinary Shares, 175,000 Ordinary Shares and 196,000 Ordinary Shares to Club Versante Investment Limited, Kon Teck Tien, Leong Kah Yee and Yang Shenguang, respectively. Immediately following such issuance, the Company had a total of 15,633,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001, of which 13,500,000 Ordinary Shares were issued and held by Club Versante Investment Limited, and an aggregate of 2,133,000 Ordinary Shares held by the other existing shareholders.

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The Shares offered in this offering are shares of CVGL, a Cayman Islands holding company and not shares of Club Versante Canada. Investors in this offering will not directly hold equity interests in any of the Club Versante Canada. The following chart summarizes our corporate structure upon completion of this offering (assuming the underwriters do not exercise the over-allotment option):

![](tflowchart_003.jpg)

#### Transfers of Cash To and From Our Subsidiaries
Our management monitors the cash position of our Operating Subsidiary regularly and prepares budgets on a monthly basis to ensure it has the necessary funds to fulfill its obligations for the foreseeable future and to ensure adequate liquidity. In the event that there is a need for cash or a potential liquidity issue, it will be reported to our Chief Financial Officer and subject to approval by our board of directors.

No regulatory approval is required for CVGL to transfer cash to its subsidiaries, provided that the following conditions are met: CVGL is permitted under the laws of the Cayman Islands and its Amended and Restated Memorandum and Articles of Association to provide funding to our subsidiaries incorporated in the BVI and Canada through loans or capital contributions. CVGL's subsidiary formed under the laws of the BVI is permitted under the laws of the BVI to provide funding to our Operating Subsidiary Club Versante Canada subject to certain restrictions laid down in the BVI Business Companies Act, Revised Edition 2020 (as amended) and memorandum and articles of association of the relevant CVGL's subsidiary incorporated under the laws of the BVI.

The ability of Club Versante BVI, the direct subsidiary of CVGL, to transfer cash to CVGL is subject to the following: according to the BVI Business Companies Act, Revised Edition 2020 (as amended), Club Versante BVI may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due.

The ability of Club Versante Canada to transfer cash to Club Versante BVI is subject to the following: pursuant to the BCBCA, Club Versante Canada may declare or pay a dividend only if the company remains solvent both before and after the distribution. Other than the above, we did not adopt or maintain any cash management policies and procedures as of the date of this prospectus.

During the years ended December 31, 2024 and 2023, Club Versante Canada had not declared any cash dividends to its shareholder, Club Versanta BVI. During the years ended December 31, 2024 and 2023 and as of the date of this prospectus, CVGL did not declare or pay any dividends and there was no transfer of assets among CVGL and its subsidiaries. We do not have any current intentions to distribute further earnings. If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our Operating Subsidiary, Club Versante Canada, by way of dividend payments. See "Dividend Policy," and "Consolidated Statements of Change in Shareholders' Equity in the Report of Independent Registered Public Accounting Firm" for further details.

If we determine to pay dividends on any of our Ordinary Shares in the future, as a holding company, we will be dependent on receipt of funds from our subsidiaries by way of dividend payments. CVGL is permitted under the laws of Cayman Islands and its Amended and Restated Memorandum and Articles of Association to provide funding to its subsidiaries through loans or capital contributions. Club Versante Canada is permitted under the laws of Canada to provide funding to CVGL through dividend distributions without restrictions on the amount of the funds distributed.

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We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business and do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our dividend policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects and other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

There are no statutory prohibitions in the Cayman Islands on the granting of financial assistance by a company to another person for the purchase of, or subscription for, its own, its holding company's or a subsidiary's shares. Therefore, a company may provide financial assistance provided the directors of the company, when proposing to grant such financial assistance, discharge their duties of care and act in good faith, for a proper purpose and in the interests of the company. Such assistance should be on an arm's-length basis. Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our Company in general meeting may declare dividends in any currency to be paid to the shareholders but no dividend shall be declared in excess of the amount recommended by our board of directors. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of the company's memorandum and articles of association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law that is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits. The Cayman Islands does not impose a withholding tax on payments of dividends to shareholders in the Cayman Islands.

Under Canadian law, dividends could only be paid out of distributable profits (that is, accumulated realized profits less accumulated realized losses) or other distributable reserves, as permitted under Canadian law. Dividends cannot be paid out of share capital. There are no restrictions or limitation under the laws of Canada imposed on the conversion of Canadian dollar into foreign currencies and the remittance of currencies out of Canada, nor there is any restriction on foreign exchange to transfer cash between CVGL and its subsidiaries, across borders and to U.S. investors, nor there is any restrictions and limitations to distribute earnings from our business and subsidiaries, to CVGL and U.S. investors and amounts owed. Under the current practice of the Canada, no tax is payable in Canada in respect to dividends paid by us.

See "Dividend Policy", "Material Income Tax Consideration", and "Risk Factors — We rely on dividends and other distributions on equity paid by our subsidiaries to fund any cash and financing requirements we may have, and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business," and Consolidated Statements of Change in Shareholders' Equity in the audited financial statements contained in this prospectus for more information.

#### Enforceability of Civil Liabilities
We are incorporated under the laws of the Cayman Islands as an exempted company with limited liability. Substantially all of our assets are located outside the United States. In addition, all of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.

We have appointed Cogency Global Inc. as our agent upon whom process may be served in any action brought against us under the securities laws of the United States.

Harney Westwood & Riegels ("Harneys"), our counsel as to the laws of the Cayman Islands has advised us 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 been advised by Harneys that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will

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at common law enforce final and conclusive *in personam* judgments of state and/or federal courts of the United States of America (the "Foreign Court") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

Substantially all of our assets are located outside the United States. In addition, a majority of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Ms. Chung Lin Ching | Director and Chief Executive Officer | Canada | Canada |
|  Ms. Peng Du\* | Director Appointee and Chief Financial Officer | Canada | Canada |
|  Mr. John Robert Fiore\* | Independent Director Appointee | United States | United States |
|  Mr. Ming Gu\* | Independent Director Appointee | Canada | Canada |
|  Mr. Jianhua Zhao\* | Independent Director Appointee | Canada | Canada |

---

____________

\* Has agreed to act as our director or independent director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

Boughton Law Corporation, our counsel as to the federal and provincial laws of Canada, has advised us that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities laws would probably be enforceable in Canada if the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Canada at common law by bringing an action in a Canada court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a monetary judgment for a definite sum of money or a non-monetary judgment with sufficiently clear and specific terms. The judgment cannot be for taxes of similar charges to a foreign government taxing authority or a fine or other penalty, and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Canada if (a) it was obtained by fraud, (b) the proceedings in which the judgment was obtained were opposed to natural justice, (c) its enforcement or recognition would be contrary to the public policy of Canada, (d) the court of the United States was not jurisdictionally competent, or (e) the judgment was in conflict with a prior Canadian judgment. We have further been advised by Boughton Law Corporation, however, that there is substantial doubt as to whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws.

Canada has no general arrangement for the reciprocal enforcement of judgments with the United States. However, most provinces have reciprocal enforcement legislation with select states. For example, British Columbia has reciprocal enforcement legislation relating to judgments from Alaska, Washington State, Oregon, California,

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Colorado and Idaho. As a result, there is uncertainty as to the enforceability in Canada, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States.

#### Summary of Key Risks
Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially and adversely affect our business, financial condition, results of operations, cash flows, and prospects that you should consider before making a decision to invest in our Ordinary Shares. These risks are discussed more fully in "Risk Factors."

#### Risks Related to Doing Business in British Columbia of Canada
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a holding company, CVGL conducts its operations in British Columbia of Canada through its Operating Subsidiary Club Versante Canada. While Canada is generally regarded as a stable and predictable business environment, regulatory changes or enforcement actions may present operational and compliance challenges. These changes may have an impact on our operations, shareholder value, and strategic objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A downturn in Canada or global economy could materially and adversely affect our business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Canadian Government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Challenges in navigating labor market constraints, high turnover rates, and rising employment costs in British Columbia's restaurant industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Minimum wage requirements in British Columbia of Canada could further increase and impact our staff costs in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impact of seasonal fluctuations in tourism, weather conditions, and local events on revenue and operational planning in our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may have a material and adverse effect to our operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential environmental risks and natural disasters can challenge our business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lingering effects and future health crisis challenges may impact our business performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with health and safety regulations can lead to significant penalties, operational disruptions, and damage to our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Navigating both federal and provincial regulations is vital for our operations in British Columbia, Canada. Adherence to these laws ensures our ability to serve food and liquor responsibly while mitigating legal and financial risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in Canadian federal and provincial government policies may impose financial and operational challenges that could adversely impact our business performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our parent company may be required to comply with securities laws, rules and regulations applicable in the Province of British Columbia when making distributions of securities.

#### Risks Related to our Business and Industry
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our restaurants faced challenges for dependence on local market conditions and dynamics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our revenue relies on Versante Hotel's guests and office workers nearby. Declines in Tourism, business travel, or office activity could potentially have an adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fewer weekend diners in low-profile Richmond limit revenue balance and sustainability.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The industry in which we operate is highly competitive. Failure to compete effectively could adversely affect our market share, growth and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cost of raw materials are volatile and can increase our cost of sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Economic fluctuations in British Columbia, including inflation and downturns, impact consumer spending, raise costs, and challenge profitability, potentially hindering our ability to sustain revenue growth and financial stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply chain disruptions from logistics, inflation, or labor issues may raise costs, compromise menu quality, and affect operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our results of operations may be adversely affected by unexpected closure or renovation of International Trade Centre in which our restaurants are located at.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business relies on obtaining and maintaining essential licenses, approvals, and permits. Any failure in obtaining or renewing any of the licenses, approvals and permits could significantly impact our operations, financial performance, and overall business stability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fluctuations in the supply, quality, or cost of food ingredients could negatively impact our profit margins, operations, and overall business performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our past financial and operational results may not predict future performance, and sustaining historical revenue and profitability levels might prove challenging.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unforeseeable business interruptions and external disruptions could adversely affect our business operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face risks related to instances of food contamination and food-borne illnesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to risks associated with food safety may subject us to liability claims and damage to our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business depends on obtaining licenses and meeting hygiene standards. Non-compliance may lead to penalties, operational suspension, or increased costs, negatively affecting financial performance and reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our restaurants face risks from theft, robbery and employee misconduct, impacting safety and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Macro-economic factors have significantly impacted our business and could continue to pose risks, potentially affecting our financial stability, operational results, and overall growth.

#### Risks Related to Litigation, Laws and Regulation and Governmental Matters
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our operations are governed by various laws and regulations. Failure to comply with or adapt to evolving legal and regulatory requirements could lead to penalties or have an adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-compliance with data privacy, data protection, and cybersecurity laws and regulations can significantly harm our reputation, disrupt our operations, impact our financial health, and lead to other serious consequences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unfavorable global and regional economic, political and health conditions could adversely affect our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential claims from customers or employees could have a material adverse effect on our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It will be difficult to obtain jurisdiction and enforce liabilities against our officers, Directors and assets outside the United States.

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#### Risks Related to Being a Public Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Public company compliance may make it more difficult to attract and retain officers and Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have no experience operating as a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be subject to evolving laws, rules, and regulations in the United States related to regulatory matters, corporate governance, and public disclosure which are expected to increase our compliance costs and elevate the risks associated with potential non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer, we are not subject to U.S. proxy rules. Instead, we are subject to the reporting obligations of the Exchange Act, which are, in certain respects, more lenient and less frequent compared to those applicable to a U.S. issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a foreign private issuer, we are exempt from certain Nasdaq corporate governance standards that apply to U.S. domestic issuers. As a result, you may have less protection than you would if we were a domestic issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may lose our status as a foreign private issuer in the future, which could lead to significant additional costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a company incorporated in the Cayman Islands with limited liability, we are allowed to follow certain home country practices regarding corporate governance that may significantly differ from the Nasdaq corporate governance listing standards. These practices could offer shareholders less protection compared to full compliance with Nasdaq corporate governance listing standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may encounter challenges in safeguarding your interests, and your ability to enforce your rights through U.S. courts may be limited because we are incorporated under Cayman Islands law.

#### Risks Related to Ownership of our Securities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Significant future sales of our Ordinary Shares, or even the expectation of such sales, could lead to a decline in the market price of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Since we do not expect to pay dividends in the foreseeable future, your investment returns will depend solely on the price appreciation of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Ordinary Shares may face potential delisting if we fail to meet or maintain the Nasdaq listing requirements, which could adversely affect their liquidity, marketability, and overall investor confidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There has been no prior public trading market for our Ordinary Shares to date, and we cannot guarantee that an active trading market will develop or persist after this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price of our Ordinary Shares could be subject to significant volatility, potentially resulting in a decline in value and negatively affecting your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If our Ordinary Shares are listed on Nasdaq, there remains a risk that their price could decline, potentially leading to delisting. In such a scenario, broker-dealers might be discouraged from facilitating transactions in our shares, as they could be classified as penny stocks and become subject to the associated rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may issue preferred shares in the future, and their terms could negatively impact the voting power or market value of our Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If securities analysts downgrade our Ordinary Shares, release negative research or reports, or cease to publish information about our business, it could harm our competitive position, potentially leading to a decline in our share price and trading volume.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meeting the obligations of being a public company — such as adhering to the reporting requirements under the Exchange Act and the Sarbanes-Oxley Act — could place considerable strain on our resources, escalate costs, and divert management's focus. Additionally, we might struggle to meet these requirements efficiently or within prescribed timelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management will have broad discretion over the use of our proceeds from this offering.

#### Regulat ion in Canada
Our business operations in British Columbia, Canada, are subject to various federal and provincial regulations that govern food safety, licensing, employment standards, workplace safety, zoning, environmental compliance, and data protection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Food Safety Regulations: Governed by Health Canada and the Canadian Food Inspection Agency (CFIA) at the federal level, with additional oversight from provincial authorities such as the Ministry of Health and the British Columbia Centre for Disease Control. Compliance with the Food and Drugs Act (FADA), Safe Food for Canadians Act (SFCA), and Food Safety Act (FSA) ensures food quality and safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Health Permits & Inspections: Restaurants must obtain and maintain health operating permits issued by regional health authorities. Regular inspections are conducted to verify compliance with sanitation and food handling regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquor Licensing: Businesses must secure a Food Primary Liquor License from the Liquor and Cannabis Regulation Branch (LCRB) to serve alcohol. Compliance with operational requirements is essential to avoid penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employment Standards & Workplace Safety: The Employment Standards Act and Workers Compensation Act set minimum wage, break periods, overtime, and workplace safety requirements, enforced by the Workers' Compensation Board of British Columbia (WorkSafeBC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zoning & Environmental Regulations: Local municipalities regulate zoning, permits, waste management, and environmental practices. Compliance with the Environmental Management Act ensures proper waste disposal and pollution prevention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Privacy & Data Protection: Businesses handling customer data must comply with the Personal Information Protection Act (PIPA), ensuring proper consent and safeguarding of personal information.

**Recent PCAOB Developments**

On May 20, 2020, the U.S. Senate passed the HFCA Act, which includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor's local jurisdiction. The U.S. House of Representatives passed the HFCA Act on December 2, 2020, and the HFCA Act was signed into law on December 18, 2020. Pursuant to the HFCA act, our securities may be prohibited from trading on the Nasdaq or other U.S. stock exchanges if our auditor cannot be inspected by the PCAOB for three consecutive years, and this ultimately could result in our Ordinary Shares being delisted.

On March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements of the HFCA Act. A company will be required to comply with these rules if the SEC identifies it as having a "non-inspection" year under a process to be subsequently established by the SEC. The SEC is assessing how to implement other requirements of the HFCA Act, including the listing and trading prohibition requirements described above.

On June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Company Act, which was signed into law on December 29, 2022, reduced the number of consecutive non-inspection years required for triggering the prohibitions under the HFCA Act from three years to two years.

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On December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCA Act, which took effect on January 10, 2022. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a position taken by an authority in foreign jurisdictions.

Our auditor, HTL International, LLC, the independent registered public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess our auditor's compliance with the applicable professional standards. HTL International, LLC. is headquartered in Houston, Texas, and can be inspected by the PCAOB.

#### Implication of Being a Controlled Company
We are and will continue, following this offering, to be a "controlled company" within the meaning of the Nasdaq Stock Market Rules and, as our Controlling Shareholder, director and chief executive officer, Ms. Chung Lin Ching, through her 80% of the equity interests in Club Versante Investment Limited, will have a control of 76.56% of the total issued and outstanding Ordinary Shares, representing 76.56% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 75.28% of the total issued and outstanding Ordinary Shares, representing 75.28% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through her controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. As we are deemed as a "controlled company," we may rely on exemptions from certain corporate governance requirements that provide protection to shareholders of other companies.

For so long as we are a controlled company under that definition, we are permitted to elect to rely, and may rely, on certain exemptions from corporate governance rules, including:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An exemption from the rule that our director nominees must be selected or recommended solely by independent directors.

As a result, you will not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption after we complete this offering. If we elected to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors after we complete this offering. See "Risk Factors — Risks Related to Our Ordinary Shares and This Offering — As a "controlled company" under the rules of the Nasdaq Capital Market, we may choose to exempt our Company from certain corporate governance requirements that could have an adverse effect on our public shareholders."

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), enacted in April 2012, and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations in our filings with the SEC;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in periodic reports, proxy statements, and registration statements; and

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

We may take advantage of these provisions until the last day of our fiscal year following the fifth anniversary of the date of the first sale of our Ordinary Shares pursuant to this offering. However, if certain events occur before the end of such five-year period, including if we become a "large accelerated filer," our annual gross revenues exceed US$1.235 billion, or we issue more than US$1 billion of non-convertible debt in any three-year period, we will cease to be an emerging growth company before the end of such five-year period.

In addition, Section 107 of the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. We have elected to take advantage of the extended transition period for complying with new or revised accounting standards and acknowledge such election is irrevocable pursuant to Section 107 of the JOBS Act.

#### Implications of Being a Foreign Private Issuer
We are a foreign private issuer as defined by the SEC. As a result, in accordance with the rules and regulations of The Nasdaq Stock Market LLC, we may comply with home country governance requirements and certain exemptions thereunder rather than complying with Nasdaq corporate governance standards. In addition, even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

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

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

Furthermore, 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 requirements of the Nasdaq Capital Market. 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.

#### Corporate Information
Our principal executive office is located at Suite 1205, 8400 West Road, Richmond BC V6X 0S7, Canada. Our telephone number is 604-284-5366. Our registered office in the Cayman Islands is located at the office of McGrath Tonner Corporate Services Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106.

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, the U.S. 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.

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#### The Offering

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| | |
|:---|:---|
|  Securities being offered: | 2,000,000 Ordinary Shares. |
|  IPO price:  | The IPO price will be between US$4.00 and US$5.00 per Ordinary Share. |
|  Number of Ordinary Shares outstanding before this offering:  | 15,633,000 Ordinary Shares. |
|  Number of Ordinary Shares outstanding after this offering:  | 17,633,000 Ordinary Shares assuming no exercise of the underwriters' over-allotment option. 17,933,000 Ordinary Shares assuming full exercise of the underwriters' over-allotment option. |
|  Over-allotment option:  | We have granted the underwriter the right to purchase up to 300,000 additional Ordinary Shares (or fifteen percent (15%) of the total number of Ordinary Shares offered in the offering) from us at the public offering price less the underwriting discount within 45 days from the date of this prospectus to cover over-allotments. |
|  Use of proceeds:  | Based upon an assumed IPO price of US$4.50 per Share (the midpoint of the price range set forth on the cover page of this prospectus), we estimate that we will receive net proceeds from this offering, after deducting the estimated underwriting discounts and the estimated offering expenses payable by us, of approximately US$7,088,656 if the underwriters do not exercise their over-allotment option, and US$8,323,906 if the underwriters exercise their over-allotment option in full, after deducting the underwriting discounts and commissions, non-accountable expense allowance and estimated offering expenses payable by us. |
|  | We plan to use the net proceeds of this offering as follows: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 50% for expanding our expanding our restaurant and bar network in other cities in Canada such Vancouver and Toronto; |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for conducting marketing and promotional activities;<br> &nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for employing additional management and operational staffs; and |
|  | &nbsp;&nbsp;&nbsp;&nbsp;• The balance to fund working capital and for other general corporate purposes. |
|  | For more information on the use of proceeds, see "Use of Proceeds" on page 41. |
|  Dividend | We do not intend to pay any dividends on our Ordinary Shares for the foreseeable future. Instead, we anticipate that all of our earnings, if any, will be used for the operation and growth of our business. See "Dividend Policy" for more information. |

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| | |
|:---|:---|
|  Lock-up:  | Our directors and officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary lock-up agreements in favor of the underwriters for a period of six (6) (twelve (12) months for officers, directors and affiliates) from the closing of this offering.<br> We have agreed with the underwriters that, for a period of twelve (12) months from the closing of this offering, we and any successors of us will not (a) 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, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise. See "Shares Eligible for Future Sale" and "Underwriting" for more information. |
|  Proposed Nasdaq symbol:  | We intend to apply to have our Ordinary Shares listed on the Nasdaq Capital Market under the symbol "CADV". |
|  Transfer agent and registrar:  | VStock Transfer, LLC |
|  Risk factors:  | Investing in our Ordinary Shares is highly speculative and involves a high degree of risk. As an investor you should be able to bear a complete loss of your investment. You should carefully consider the information set forth in the "Risk Factors" section beginning on page 14. |

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Unless otherwise indicated, all information contained in this prospectus assumes no exercise of the underwriters' over-allotment option and is based on 15,633,000 Ordinary Shares outstanding as of the date of this prospectus.

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#### RISK FACTORS
*An investment in our Ordinary Shares involves a high degree of risk. You should carefully consider the following information about these risks, together with the other information appearing elsewhere in this prospectus, before deciding to invest in our Ordinary Shares. The occurrence of any of the following risks could have a material adverse effect on our business, financial condition, results of operations, and future growth prospects. In these circumstances, the market price of our Ordinary Shares could decline, and you may lose all or part of your investment.*

#### Risks Related to Doing Business in British Columbia of Canada
• **As a holding company, CVGL conducts its operations in British Columbia of Canada through its Operating Subsidiary, Club Versante Canada. While Canada is generally regarded as a stable and predictable business environment, regulatory changes or enforcement actions may present operational and compliance challenges. These changes may have an impact on our operations, shareholder value, and strategic objectives.**

Canada's federal and provincial governments have regulatory authority over various aspects of business operations, such as employment standards, environmental compliance, taxation, and trade policies. Regulatory changes or enforcement actions may occur unexpectedly and could affect our ability to distribute earnings, pay dividends, or reinvest in our business within Canada or abroad.

New policies or regulations, as well as inquiries or investigations, may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increase our compliance costs or operational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require additional management resources and attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delay or impede our business plans and development initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lead to administrative penalties, fines, or reputational risks.

• **A downturn in Canada or global economy could materially and adversely affect our business operations.**

Our British Columbia-based business, prospects, financial condition, and results of operations may be significantly influenced by political, economic, and social conditions in British Columbia and Canada as a whole. In recent years, the Canadian economy has experienced a mix of challenges and opportunities, which could create uncertainty for our business operations. Economic conditions in British Columbia and Canada are closely tied to global economic trends. A prolonged slowdown in the global economy could adversely affect our customers and negatively impact our business performance, financial condition, and operational results.

• **The Canadian Government may intervene or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares.**

The Canadian and British Columbia governments may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our Ordinary Shares. The enforcement of laws, rules, and regulations in Canada and British Columbia can change quickly and with little advance notice. The Canadian government, or applicable provincial authorities, may intervene in or influence our British Columbia-based restaurants at any time or may impose additional regulatory requirements on securities offerings conducted overseas and/or foreign investment in Canadian-based issuers, which could result in a material change in our operations and/or the value of our Ordinary Shares.

• **Challenges in navigating labor market constraints, high turnover rates, and rising employment costs in British Columbia's restaurant industry.**

The restaurant industry in British Columbia is characterized by high employee turnover and significant challenges in attracting and retaining skilled staff. Rising minimum wage requirements, mandated employee benefits, and compliance with workplace safety regulations have also significantly increased employment-related expenses, putting pressure on profit margins and operational efficiency.

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These factors may result in increased costs associated with recruiting and training new employees, operational disruptions stemming from understaffing, and potential reductions in the quality of customer service. Challenges in maintaining a consistent and experienced workforce can adversely affect our ability to provide exceptional dining experiences, impacting customer loyalty and overall business performance.

• **Minimum wage requirements in British Columbia of Canada could further increase and impact our staff costs in the future.**

During the three years ended December 31, 2024 and 2023, our Group's staff costs amounted to approximately CAD1.31 million (approximately US$0.96 million) and CAD2.07 million (approximately US$1.53 million), respectively, representing approximately 33.4% and 38.4% of our Group's total revenue, respectively, of the corresponding year. Our operations in Canada are required to comply with the statutory minimum wage requirements, the Government of British Columbia had announced the B.C.'s general minimum wage increases from CAD17.40 to CAD17.85 per hour on June 1, 2025.

If the statutory minimum wage rate increases further, our staff costs are likely to rise as a result. Higher wages also intensify competition for qualified employees, which may indirectly lead to additional increases in our labor expenses. In Canada's competitive market environment, our Group might not be able to fully pass these increased staffing costs onto our customers. As a result, our business and operating results could be materially and adversely impacted. We also have labor shortages issues which are caused by an ageing population, skills gap, wage pressures and work-life balance. This could exert upward pressure on wages and potentially limit business growth.

• **Impact of seasonal fluctuations in tourism, weather conditions, and local events on revenue and operational planning in our business.**

Our business is significantly affected by seasonal fluctuations in revenue, driven by factors such as tourism patterns, weather conditions, and local events across British Columbia. The province experiences a notable influx of tourists during the summer months, contributing to increased customer traffic, particularly in regions with popular attractions, outdoor activities, and vibrant dining scenes. Outdoor dining becomes more prevalent during this period, adding to the seasonal surge in revenue. Summer festivals, holiday gatherings, and favorable weather conditions further enhance customer activity, presenting opportunities for growth and higher sales.

Conversely, the winter season often brings challenges due to colder weather and reduced tourist activity. Snow, rain, and other adverse weather conditions can discourage travel and outdoor dining, leading to diminished customer patronage. Additionally, local events during winter tend to be less frequent, reducing opportunities for increased restaurant traffic. These seasonal trends create variability in revenue streams, with some periods being exceptionally profitable and others requiring careful cost management to offset slower business. These seasonal trends may result in uneven revenue streams, requiring strategic planning to manage operational costs and maintain profitability during slower periods.

• **Changes in international trade policies, trade disputes, barriers to trade or the emergence of a trade war may have a material and adverse effect to our operation.**

Changes in international trade policies, the imposition of trade barriers, or the escalation of trade disputes may significantly affect our operations, financial performance, and overall business environment. If tariffs, import/export restrictions, or other trade-related measures are implemented, they could lead to increased costs for imported goods, limited access to critical supplies, and disrupted supply chains. Such developments may adversely impact our ability to procure ingredients and products essential to our restaurants' operations.

Moreover, the emergence of a trade war between major trading nations could have broader economic repercussions, potentially affecting consumer spending, market stability, and overall demand in the restaurant sector. As our operations may rely on goods or services affected by international trade dynamics, any unfavorable changes in trade relations could pose significant risks to our profitability and strategic growth.

• **Potential environmental risks and natural disasters can challenge our business operations.**

British Columbia's geographic location and natural landscape make it susceptible to various environmental risks that could significantly impact our restaurants operations. Natural disasters such as wildfires, floods, and earthquakes present ongoing threats to business continuity. Wildfires, which are common during the

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warmer months, may cause evacuations, disrupt supply chains, and deter customers due to safety concerns or poor air quality. Similarly, floods — especially in areas near rivers or coastal regions — can damage infrastructure, hinder transportation, and limit access to our restaurants.

These environmental risks can also affect customer behavior, with potential declines in patronage during or after disasters as people prioritize safety and recovery. Addressing these challenges effectively is critical to ensuring the resilience of our business in British Columbia.

• **Lingering effects and future health crisis challenges may impact our business performance.**

The lingering effects of the COVID-19 pandemic continue to influence the restaurant industry, presenting both immediate and long-term challenges to our business operations and financial performance. Changes in dining habits, such as an increased preference for takeout and delivery services, reduced in-person dining, and heightened health and safety expectations, require continuous adaptation of our business model. Customers' increased focus on hygiene and contactless experiences may necessitate investments in technology and infrastructure to meet evolving expectations.

Furthermore, the possibility of future health crises or resurgences of infectious diseases poses additional risks to our operations. Government-imposed restrictions, such as capacity limits, mandatory closures, or quarantine measures, could disrupt our ability to serve customers and generate revenue. These uncertainties add complexities to operational planning, supply chain management, and staffing strategies, further impacting business stability.

Addressing pandemic-related risks requires ongoing vigilance, adaptability, and proactive measures to mitigate the financial and operational impacts on our business while ensuring the safety and satisfaction of our customers and employees.

• **Non**-compliance **with health and safety regulations can lead to significant penalties, operational disruptions, and damage to our reputation.**

Adherence to health and safety regulations is critical for maintaining operational continuity, protecting public health, and fostering customer trust in our establishments. Non-compliance with food safety standards can result in severe consequences, including hefty penalties, temporary or permanent closures, and lasting damage to our brand reputation. Ensuring compliance involves meeting rigorous food handling, storage, and preparation standards mandated by government authorities.

The Canadian Food Inspection Agency (CFIA) plays a key role in monitoring food safety, utilizing advanced tools like the Establishment-based Risk Assessment (ERA-Food) model to assess the risk levels of food establishments. This model evaluates various factors, such as the types of food handled, operational processes, and historical compliance records, to determine inspection priorities and mitigate potential risks. Failure to meet these stringent regulatory requirements could disrupt operations, erode customer confidence, and expose us to significant financial and legal liabilities.

• **Navigating both federal and provincial regulations is vital for our operations in British Columbia, Canada. Adherence to these laws ensures our ability to serve food and liquor responsibly while mitigating legal and financial risks.**

Our operations are heavily regulated by both federal and provincial authorities in British Columbia, Canada. We are required to comply with the Liquor Control and Licensing Act and related provincial liquor regulations. Non-compliance, including serving alcohol to minors, exceeding approved service hours, or failing to adhere to responsible service guidelines, could result in fines, license suspension, or even permanent revocation of our liquor license. Such actions could significantly disrupt our operations and negatively impact our financial performance.

Additionally, we must comply with stringent food safety and health regulations enforced by provincial health authorities. This includes obtaining and maintaining a valid Health Operating Permit and adhering to prescribed food handling, storage, and preparation standards. Any breaches in these regulations — such as unsanitary conditions or improper food handling — could result in temporary closure, reputational harm, or legal penalties.

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On a federal level, our compliance with the Safe Food for Canadians Regulations (SFCR) is mandatory. These regulations govern food safety practices, traceability standards, and preventive controls aimed at ensuring consumer health and safety. Failure to meet these requirements could lead to product recalls, legal liabilities, regulatory fines, and significant damage to our brand reputation.

Collectively, these regulatory requirements impose substantial operational and financial responsibilities. Any inability to meet or maintain compliance could materially impact our ability to operate and grow our business. Regulatory changes or increased enforcement in the future may further intensify these risks and associated costs.

• **Changes in Canadian federal and provincial government policies may impose financial and operational challenges that could adversely impact our business performance.**

Our business is affected by government policies at both the federal and provincial levels, including British Columbia, which may create financial and operational challenges. For example, changes in tax policies, such as increases to the federal alcohol excise tax, impose additional financial burdens on restaurants by raising costs and pressuring profit margins. Tax increases can reduce the affordability of key menu offerings, such as alcoholic beverages, potentially lowering customer spending and revenue generation.

Local government policies also significantly impact our operations, as regulatory conditions and levels of support vary across regions. While certain jurisdictions may offer favorable initiatives, such as tax incentives or subsidies, others may enforce restrictive regulations, higher operating fees, or zoning constraints, creating uneven operating costs and conditions across different locations. Moreover, broader policies addressing labor costs, including minimum wage increases, mandatory employee benefits, and workplace safety compliance, add to the financial strain on restaurants already facing tight margins. Inability to adapt to evolving government policies may materially and adversely affect our ability to operate efficiently, maintain profitability, or compete effectively within the industry.

• **Our parent company may be required to comply with securities laws, rules and regulations applicable in the Province of British Columbia when making distributions of securities.**

Under the securities laws in the Province of British Columbia, the British Columbia Securities Commission (the "**BCSC**") may assert jurisdiction with respect to the distributions of securities by foreign companies where there is a connection of the foreign issuer with the Province of British Columbia. A connection may be drawn by the BCSC where there are investors located in the Province of British Columbia, the mind and management of the foreign issuer is located in the Province of British Columbia, the head office of the foreign company is located in the Province of British Columbia or in other similar circumstances.

Our parent company is organized under the laws of the Cayman Islands, while our head office, our operations, certain of our assets and our certain of our directors and officers (who are or may become shareholders of our parent company) are located in the Province of British Columbia. Hence, the BCSC may require that our parent company comply with securities laws, rules and regulations applicable in the Province of British Columbia when making distributions of securities to any person, which could result in increased costs and delays in raising capital, which could have a material adverse effect on our business, operating results and cash flows.

#### Risks Related to our Business and Industry
• **Our restaurants faced challenges for dependence on local market conditions and dynamics.**

Our restaurants are located in Richmond, British Columbia which is not widely perceived as a primary destination for fine dining, unlike metropolitan areas such as downtown Vancouver. As a result, our ability to attract customers is limited by the local market dynamics, which heavily influence dining preferences and trends. While Richmond, British Columbia offers a diverse culinary scene, it caters more to casual and family-oriented dining rather than upscale or fine dining experiences. This local demographic environment may constrain our ability to expand our customer base, limiting growth opportunities compared to restaurants in areas with higher foot traffic and broader appeal. The challenge of standing out in a relatively niche market environment could adversely impact our ability to achieve sustained revenue growth.

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**• Our revenue relies on Versante Hotel's guests and office workers nearby. Declines in Tourism, business travel, or office activity could potentially have an adverse effect on our business.**

A significant portion of our revenue is dependent on guests from the Versante Hotel and nearby office workers. This reliance creates vulnerabilities tied to external factors such as hotel occupancy rates and corporate activity. For example, fluctuations in tourism or hospitality trends, seasonal changes, or economic downturns impacting business travel could reduce hotel guest traffic, thereby affecting our customer base. Similarly, changes in workplace dynamics, such as remote work trends or reductions in local office activity, could diminish weekday foot traffic from nearby office workers. Any negative shifts in these sectors would directly impact our ability to generate consistent revenue, making diversification of our customer base a critical challenge for long-term stability.

• **Fewer weekend diners in low**-profile **Richmond limit revenue balance and sustainability.**

Our weekday customer base is largely driven by hotel guests from the Versante Hotel, and office workers who frequent the area during business hours. However, weekends present a significant challenge due to the absence of a strong local dining crowd beyond these primary customer groups. Richmond's status as a relatively low-profile entertainment hub, compared to destinations like downtown Vancouver with its vibrant events, nightlife, and attractions, results in fewer weekend visitors, limiting our ability to draw diners during this period. Our inability to effectively attract weekend diners may limit our ability to achieve a balanced and sustainable revenue stream.

• **The industry in which we operate is highly competitive. Failure to compete effectively could adversely affect our market share, growth and profitability.**

The operation of the restaurant industry in Richmond and the surrounding metropolitan areas, such as Vancouver, is fiercely competitive. Some of our competitors may have been providing operating business in the restaurant industry for a longer period of time than we have and may have significantly more financial, research and development and other resources to support them than we do. We cannot assure you that our current or potential competitors will not introduce products or services that are comparable to or superior to ours, and it may be that our competitors will be able to deliver or adapt more quickly to evolving industry trends or changing market demands.

Furthermore, new competitors may emerge from time to time, which may further intensify competition. Our ability to compete effectively will depend on a variety of factors, including our branding and expansion strategy, as well as our use of data and intelligence to enhance the quality of our products. Failure to successfully compete for market positions could prevent us from continuing to increase or maintain our revenues and profitability and could result in a loss of market share, which could have a material adverse effect on our business, financial condition, operating results and cash flows.

• **Cost of raw materials are volatile and can increase our cost of sales.**

To date, supply chain disruptions have not materially affected our results of operations or financial condition, including our outlook, business goals, restaurant operations or our ability to produce food. However, there is no assurance that such supply chain disruptions will not materially affect our results of operations or financial condition, including our outlook, business goals, restaurant operations or our ability to produce food in the future.

Costs of the ingredients for our products are volatile and can fluctuate due to conditions that are difficult to predict, including global competition for resources, weather conditions, consumer demand and changes in governmental trade and agricultural programs. We mitigate supply chain risks primarily by working with multiple suppliers that overlap in the supply of our key raw ingredients. This allows us to switch suppliers as needed if one of our suppliers were to terminate their relationship with us or not be able to supply a key raw ingredient. Nevertheless, volatility in the prices of raw materials and other supplies we purchase could increase our cost of sales and reduce our profitability. Moreover, we may not be able to implement product price increases to cover any increased costs, or any price increases implemented may result in lower sales volumes. If we are not successful in managing our ingredient and supply costs, and unable to increase our prices to cover increased costs or if such price increases reduce sales volumes, then such increases in costs will adversely affect our business, results of operations and financial condition.

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**• Economic fluctuations in British Columbia, including inflation and downturns, impact consumer spending, raise costs, and challenge profitability, potentially hindering our ability to sustain revenue growth and financial stability.**

Our restaurants are influenced by broader economic conditions in British Columbia. Fluctuations in the economy, such as inflation, interest rate changes, or economic downturns, can directly affect consumer behavior and spending patterns, particularly in discretionary sectors like dining. During periods of economic instability, customers may reduce spending on dining out or prioritize more affordable options, potentially reducing traffic to our restaurants.

In addition, rising inflation can increase the costs of food ingredients, supplies, and operational expenses, such as utilities and rent. This poses challenges in maintaining profitability, especially if we are unable to offset these costs through pricing adjustments due to the competitive market environment. Prolonged economic challenges in the region could significantly impact our ability to achieve stable revenue growth and financial performance.

• **Supply chain disruptions from logistics, inflation, or labor issues may raise costs, compromise menu quality, and affect operations.**

Our business relies on a stable and efficient supply chain for sourcing high-quality food ingredients, beverages, and other essential supplies. Disruptions in the supply chain, whether caused by logistical issues, price inflation, labor shortages, or global events, could negatively affect our operations. For example, delays in ingredient deliveries or shortages of key products could compromise the consistency and quality of our menu offerings, impacting customer satisfaction and retention.

Additionally, supply chain disruptions could lead to increased costs, which may strain our operating margins. Our reliance on third-party suppliers and contract manufacturers makes us vulnerable to risks that are beyond our direct control. If our suppliers face operational difficulties or go out of business, it could result in gaps in our supply chain and adversely affect our ability to serve customers and sustain our business operations.

• **Our results of operations may be adversely affected by unexpected closure or renovation of International Trade Centre in which our restaurants are located at.**

As of the date of this prospectus, all of our restaurants are located in International Trade Centre in Richmond, British Columbia, which is not considered a prime area for dining establishments. The success of our restaurants depends significantly on the accessibility and appeal of International Trade Centre. There is no assurance that International Trade Centre will continue to operate as it does currently, and it is subject to risks such as closure, demolition, or operational changes. Renovations or alterations to International Trade Centre could reduce customer traffic flow and negatively impact the visibility and accessibility of our restaurants.

Since Richmond is not widely perceived as a high-demand location for dining, competition for customer traffic is a continuous challenge. If International Trade Centre become less attractive or accessible, and our restaurants are unable to address these issues or relocate at reasonable terms, our results of operations could be adversely affected.

• **Our business relies on obtaining and maintaining essential licenses, approvals, and permits. Any failure in obtaining or renewing any of the licenses, approvals and permits could significantly impact our operations, financial performance, and overall business stability.**

Our restaurants are required to obtain and maintain various licenses, including business licenses, food service permits, health permits, and liquor licenses, for our operations in Richmond, British Columbia. As of the date of this prospectus, all of our restaurants have obtained all applicable licenses and fulfilled all licensing requirements, remaining compliant with relevant laws and regulations. For details, see "Regulations" in this prospectus.

There is no assurance that our restaurants' current licenses, approvals, or permits will be successfully renewed upon their expiry, or that they will be able to obtain all necessary licenses, approvals, or permits for the operation of new restaurants we may open. Failure to obtain or renew some or all required licenses, approvals, or permits in a timely manner, or at all, for reasons within or beyond our control, could require us to suspend part or all of our operations and delay planned expansions. This could disrupt our current restaurants operations and expansion plans, potentially causing material adverse effects on our business, results of operations, and financial condition.

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**• Fluctuations in the supply, quality, or cost of food ingredients could negatively impact our profit margins, operations, and overall business performance.**

Our profitability heavily depends on our ability to anticipate and respond to fluctuations in the supply, quality, or cost of food ingredients. Since our restaurants generally avoid entering into long-term contracts with suppliers, we have limited control over the prices of the food ingredients we purchase. These prices are often volatile and influenced by factors beyond our control, such as availability, seasonal trends, climate conditions, natural disasters, economic changes, global demand, government policies, regulations, and exchange rate fluctuations. Additionally, suppliers may face rising costs, including higher labor, importation, and operational expenses, which they pass on to us, further increasing the cost of ingredients. If we cannot effectively transfer these higher costs to customers, it could negatively impact our profit margins, business performance, and overall results of operations.

Moreover, there is no guarantee that our suppliers will consistently meet our quality control standards. If any supplier fails to provide quality food ingredients, or if fresh or frozen ingredients deteriorate due to delivery delays, refrigeration issues, or improper handling, these items could be rejected. Finding suitable replacement suppliers promptly and on reasonable terms cannot be assured, and failure to do so could lead to higher food ingredient costs and shortages, adversely affecting our restaurants operations.

Failure to source quality food ingredients in sufficient quantities, at competitive prices, and on time could disrupt operations, raise costs, and negatively impact our profit margins, business, and overall performance

• **Our past financial and operational results may not predict future performance, and sustaining historical revenue and profitability levels might prove challenging.**

Our past performance may not accurately reflect our future results. Our financial and operating outcomes may fall short of the expectations set by market analysts or investors, which could lead to a decline in the future value of our Ordinary Shares. The revenues, expenses, and operating performance of our restaurants may fluctuate from one period to another due to various factors beyond our control. These factors include overall economic conditions, special events, regulations or actions in Richmond, British Columbia, and our ability to manage costs and operational expenses. You should not rely on our past performance to predict the future value of our Ordinary Shares.

• **Unforeseeable business interruptions and external disruptions could adversely affect our business operations.**

Our operations are vulnerable to interruption by fires, floods, typhoons, hardware and software failures, computer viruses, power failures and shortages, health epidemics, terrorist attacks and other events beyond our control.

Our business depends heavily on the timely delivery and transportation of food ingredients and other supplies to our restaurants locations. Certain factors, such as adverse weather conditions, public demonstrations, serious traffic accidents, travel restrictions, and labor strikes, could cause delays or lost shipments of food supplies, potentially resulting in revenue loss or customer claims. Perishable supplies, including fresh or frozen food ingredients, are particularly at risk of spoilage due to delivery delays, refrigeration malfunctions, or improper handling during transportation. Such issues could prevent us from delivering high-quality food and services to our customers, negatively impacting our business and harming our reputation.

Natural disasters like floods, fires, and earthquakes, health epidemics, and terrorist attacks can result in evacuations and other operational disruptions. These events may hinder our ability to deliver quality food and services to customers for an indefinite period, adversely impacting our business operations, financial outcomes, and overall reputation.

• **We face risks related to instances of food contamination and food**-borne **illnesses.**

The restaurant industry is particularly vulnerable to risks associated with food contamination and food-borne illnesses. While we implement internal controls and conduct staff training to mitigate these risks, there is no guarantee that such measures will be fully effective in preventing food-borne illnesses. Additionally, our dependency on third-party suppliers for food ingredients and other essentials heightens the risk of contamination or food-borne illness incidents caused by factors outside our control.

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Other diseases, like hand, foot, and mouth disease, could further disrupt supply chains, diminishing the availability of key food ingredients and significantly driving up procurement costs. These challenges highlight the critical need for proactive measures to safeguard our operations, maintain customer trust, and preserve our reputation.

• **Exposure to risks associated with food safety may subject us to liability claims and damage to our reputation.**

Our restaurants are exposed to risks associated with food safety which may subject us to liability claims, damage our reputation and/or affect our relationships with our customers Our main business activity is the preparation and supply of food. As a result, we are particularly exposed to damage resulting from actual or perceived issues regarding the safety or quality of the food provided by us. For the fiscal years ended December 31, 2024 and 2023, we did not experience any food safety issues. However, claims of illness, food poisoning and injury related to contaminated, spoiled, mislabeled or adulterated food can require costly measures to investigate and remediate to, such as withdrawing products or destroying supplies and inventory that are unfit for consumption. We rely on strict adherence by employees to standards for food handling and preparation. Claims related to food quality or food mishandling are common in the food services industry and a number of these claims may exist at any given time. If we are found to be negligent in food safety, we may be exposed to significant liability, which could have an adverse impact on our results of operations. Even if such claims are without merit, any negative publicity as a result of allegations of unsafe food service can have a significant impact on our reputation.

• **Our business depends on obtaining licenses and meeting hygiene standards. Non**-compliance **may lead to penalties, operational suspension, or increased costs, negatively affecting financial performance and reputation.**

Our restaurants are required to obtain various licenses, approvals, and permits to operate our restaurants. In Richmond, British Columbia, the licensing requirements for restaurant operations may become stricter over time. Additionally, there is no guarantee that we will be able to obtain or renew all necessary licenses, approvals, and permits for our operations in a timely manner, or at all.

If the relevant government authority determines that any of our restaurants locations fail to meet hygiene standards or that we have not complied with the conditions attached to our licenses, approvals, or permits, we may be required to take corrective actions to comply with the applicable laws and regulations. This could result in the revocation of our licenses, approvals, or permits, or even the suspension of operations at the affected restaurant. Any non-compliance with current laws or potential legislative changes may lead to significant compliance costs or expenses, fines, or penalties. It could also result in the suspension of some or all of our operations, which would materially and adversely impact our financial condition and operational results.

For details regarding the laws and regulations relevant to our business operations in Richmond, British Columbia, please refer to the "Regulations" section.

• **Our restaurants face risks from theft, robbery and employee misconduct, impacting safety and profitability.**

Our restaurants face inherent security risks that may adversely affect our operations and financial performance. Restaurants are particularly vulnerable to theft and robbery due to late operating hours and the presence of cash on the premises, which can attract external criminal activity such as break-ins or armed robberies. These incidents not only lead to financial losses but also pose safety concerns for our employees and customers, potentially damaging our reputation.

Internal security threats, such as employee theft, are also significant challenges. Instances of employee theft may include cash misappropriation, inventory theft, unauthorized discounts, or unrecorded sales. Industry estimates suggest that employee theft can account for a substantial portion of profit margin erosion in the restaurant sector. The impact of these risks on our business may be material, and our ability to mitigate such threats depends on implementing effective security measures, including surveillance systems, stringent cash-handling procedures, and fostering a reliable workplace culture.

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**• Macro**-economic **factors have significantly impacted our business and could continue to pose risks, potentially affecting our financial stability, operational results, and overall growth.**

The restaurant industry in Canada is affected by macro-economic factors, including changes in international, national, regional, and local economic conditions, employment levels, visitor arrivals, and the spending power of our target customers. In particular, our results of operations are closely influenced by the macro-economic conditions in Canada. Any economic downturn in Canada, decline in consumer disposable income, fear of a recession, or decrease in consumer confidence could lead to a reduction in customer visits and average spending per customer at our restaurants, which may materially and adversely impact our financial condition and operational outcomes.

Additionally, a sovereign debt crisis, banking crisis, or disruptions in global financial markets that affect credit availability may have a significant adverse impact on our access to financing. Renewed instability in financial markets, banking systems, or currency exchange rates could severely limit our ability to secure funding from capital markets or financial institutions on reasonable terms, or at all. Such challenges could materially harm our business, financial condition, and operational results.

#### Risks Related to Litigation, Laws and Regulation and Governmental Matters
• **Our operations are governed by various laws and regulations. Failure to comply with or adapt to evolving legal and regulatory requirements could lead to penalties or have an adverse effect on our business.**

Our operations at restaurants are governed by various applicable laws and regulations, including, but not limited to federal and provincial food safety standards, health permits and inspections requirements, liquor licensing, employment standards, workplace safety, zoning, environmental management, and privacy laws.

At the federal level, regulations such as the Food and Drugs Act and Safe Food for Canadians Act set food safety policies enforced by the Canadian Food Inspection Agency. Provincially, the Food Safety Act, Public Health Act, and Food Premises Regulation require safe food handling, sanitation, employee hygiene, and certification of food handlers. Health authorities issue operating permits and conduct inspections to ensure compliance. Restaurants serving alcohol must obtain a Food Primary Liquor License, adhering to strict service and operational requirements enforced by the Liquor and Cannabis Regulation Branch. Employment Standards govern wages, hours, breaks, and protection against discrimination, while workplace safety laws mandate hazard assessments, employee training, and injury reporting under the Workers' Compensation Board of British Columbia (WorkSafeBC). WorkSafeBC is a statutory agency to oversee workplace health and safety in British Columbia and operates under the Workers Compensation Act.

Local municipalities regulate zoning, building permits, noise, parking, and waste management, which affect restaurant construction and operations. Environmental laws require proper disposal of waste and management of fats and grease to prevent contamination. Additionally, privacy laws regulate the collection and protection of customer personal information.

For details about the laws and regulations that are critical to our businesses in British Columbia of Canada, please refer to the section titled "Regulations".

While we strive to ensure compliance with all applicable laws and regulations in our operations, we cannot guarantee full compliance at all times. Any failure to comply may expose us to investigations, enforcement actions, penalties, or even criminal sanctions, which could adversely impact our business, operating results, and financial condition. Moreover, as legal and regulatory requirements continue to evolve, compliance with these updated requirements may lead to higher compliance costs and impose additional financial or other obligations, which could negatively affect our business, operating results, and financial condition.

• **Non**-compliance **with data privacy, data protection, and cybersecurity laws and regulations can significantly harm our reputation, disrupt our operations, impact our financial health, and lead to other serious consequences.**

The collection, storage, hosting, transfer, processing, disclosure, use, security, retention, and destruction of personal information required to provide our services in British Columbia of Canada are governed by provincial laws, such as the Personal Information Protection Act (PIPA), as well as applicable federal laws like the Personal

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Information Protection and Electronic Documents Act (PIPEDA). Failure to comply with these laws could result in investigations, enforcement actions, and penalties, which may adversely affect our business, operational results, and financial condition. Moreover, growing consumer and societal expectations for enhanced privacy and data protection mean that even the perception of non-compliance, whether accurate or not, could damage our reputation. Additionally, if stricter data privacy, protection, or cybersecurity laws, regulations, or rules become applicable to us in the future, we may face increased costs or efforts to meet these requirements. Any breaches could result in stricter enforcement actions or investigations, which may severely and adversely affect our operations.

• **Changes in financial accounting standards or practices may cause adverse, unexpected financial reporting fluctuations and affect our results of operations.**

Generally accepted accounting principles and related accounting pronouncements, implementation guidelines and interpretations with regard to a wide range of matters that are relevant to our business, including but not limited to revenue recognition, impairment of assets, leases, inventory, income taxes and litigation, are highly complex and involve many subjective assumptions, estimates and judgments, Changes in these rules or their interpretation or changes in underlying assumptions, estimates or judgements could significantly change our reported financial performance or financial condition in accordance with generally accepted accounting principles.

• ***Unfavorable global and regional economic, political and health conditions could adversely affect our business, financial condition or results of operations.***

Our operational results may be negatively impacted by global or regional economic, political, and health conditions. Events such as global financial crises, economic and political instability (including shifts in inflation, interest rates, and overall economic uncertainties), wars, terrorism, civil unrest, disease outbreaks (for examples, COVID-19), and other unexpected occurrences (such as supply chain disruptions or constraints) can create extreme market volatility, raise our costs, and interfere with our business operations. These disruptions may manifest as challenges in our supply chain network, as well as temporary closures of our restaurants' locations or the facilities of our suppliers.

Moreover, if inflation or other factors were to substantially raise our business costs, the competitive market environment in British Columbia of Canada might prevent us from offsetting these costs through price increases to our customers. This could significantly and negatively impact our business and operational results. Additionally, inflation-driven increases in wages, benefits, and other expenses affect our operations. If we are unable to pass these rising labor and operational costs onto our clients, our profitability could be jeopardized.

• **Potential claims from customers or employees could have a material adverse effect on our business.**

Customer Claims: Claims from customers may include allegations of liability related to our food products, such as incidents involving foodborne illnesses, allergic reactions, or other quality concerns, as well as injuries occurring on our premises. Additionally, we may face claims regarding deceptive advertising practices, data security breaches, or intellectual property disputes. Such claims could require significant financial and management resources to address, while also creating negative publicity that could harm our brand and reputation.

Employee Claims: As an employer, we are subject to a wide range of labor and employment laws in Canada, including regulations governing minimum wage, overtime, and termination pay. Failure to comply with these laws could result in legal actions or claims against us. Furthermore, allegations of workplace discrimination, harassment, or wrongful termination could expose us to significant financial liabilities, including fines, legal expenses, and damages, and could harm employee morale and our reputation as an employer.

Although we maintain insurance coverage that we believe is adequate to protect against most potential liabilities, such coverage may not be sufficient to cover all claims or may not apply to certain types of claims. Any costs associated with these claims, whether or not covered by insurance, could divert management attention, disrupt operations, and materially and adversely affect our financial condition and results of operations.

• **It will be difficult to obtain jurisdiction and enforce liabilities against our officers, Directors and assets outside the United States.**

The Company is incorporated under the laws of the Cayman Islands and nearly all of our assets are based outside the United States. Save for Mr. John Robert Fiore, all of the Company's Directors, director nominees, and Executive Officers are also located outside the United States, and most of their assets are similarly located

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abroad. Additionally, the experts mentioned in this prospectus reside outside the United States, with most of their assets situated outside the country as well. Consequently, it may be challenging or impossible for you to bring legal action against us or them in the United States if you believe your rights under U.S. federal securities laws or other laws have been violated. Even if such legal action is successful, the laws of the Cayman Islands, Canada, or other applicable jurisdictions may prevent you from enforcing a judgment against our assets or the assets of our directors and officers.

Harneys, our legal counsel specializing in Cayman Islands law, has informed us that there is uncertainty regarding the extent to which Cayman Islands courts would (i) recognize or enforce judgments from U.S. courts against us, our Directors, or Executive Officers under the civil liability provisions of U.S. federal securities laws or the securities laws of any U.S. state, or (ii) entertain original lawsuits filed in the Cayman Islands against us, our Directors, or Executive Officers based on U.S. federal securities laws or the securities laws of any U.S. state.

#### Risks Related to Being a Public Company
• **Public company compliance may make it more difficult to attract and retain officers and Directors.**

Compliance as a public company may pose challenges in attracting and retaining officers and Directors. The Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), along with new rules introduced by the SEC, has driven changes in corporate governance practices for public companies. As a public entity, we anticipate that these rules and regulations will increase our compliance costs in 2025 and beyond, making certain tasks more time-consuming and expensive. Additionally, we foresee these regulations making it harder and more costly to secure director and officer liability insurance in the future. We may be forced to accept lower policy limits and coverage or pay significantly higher premiums for similar coverage. As a result, recruiting and retaining qualified individuals for our Board or Executive Officer positions could become more difficult.

• **We have no experience operating as a public company.**

We have no prior experience operating as a public company. Following our transition to public company status, we may encounter increased administrative and compliance requirements, which could lead to significant costs. Most of our Directors and Executive Officers lack experience managing a U.S. public company, creating uncertainty around our ability to fully comply with applicable laws, rules, and regulations. Failure to meet these requirements could expose us or our management to regulatory scrutiny or sanctions, potentially damaging our reputation and negatively impacting our share price.

• **We will be subject to evolving laws, rules, and regulations in the United States related to regulatory matters, corporate governance, and public disclosure which are expected to increase our compliance costs and elevate the risks associated with potential non**-compliance**.**

Following this offering, we will be subject to the rules and regulations of various governing bodies and self-regulatory organizations, including the SEC and the Nasdaq Stock Market, which are tasked with protecting investors and overseeing publicly traded companies. We will also need to comply with new and evolving regulatory measures under applicable laws. Efforts to meet these compliance requirements have already resulted in increased general and administrative expenses and are expected to continue rising. Furthermore, the compliance process is likely to divert management's focus and resources away from revenue-generating activities toward meeting regulatory obligations.

Additionally, these laws, regulations, and standards are subject to varying interpretations, and their practical application may shift over time as new guidance becomes available. This continuous evolution can create ongoing uncertainty in compliance matters and result in additional costs needed to revise our disclosure and governance practices. If we fail to effectively address and comply with these regulations or any future changes, we could face penalties and experience significant harm to our business.

• **As a foreign private issuer, we are not subject to U.S. proxy rules. Instead, we are subject to the reporting obligations of the Exchange Act, which are, in certain respects, more lenient and less frequent compared to those applicable to a U.S. issuer.**

As a foreign private issuer under federal securities laws and in compliance with Cayman Islands laws and regulations, we are exempt from certain provisions of the Exchange Act that apply to U.S. public companies. These exemptions include: (i) the sections of the Exchange Act that regulate the solicitation of proxies, consents,

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or authorizations for securities registered under the Exchange Act; (ii) the sections that require insiders who profit from trades within a short timeframe to file public reports on their stock ownership and trading activities, along with related liabilities; and (iii) the rules mandating the filing of quarterly reports on Form 10-Q, which include unaudited financial and other specified information, or current reports on Form 8-K for certain significant events.

Additionally, foreign private issuers must file an annual report on Form 20-F within 120 days after the fiscal year-end, whereas U.S. domestic issuers that are non-accelerated filers must file their annual report on Form 10-K within 90 days. Foreign private issuers are also exempt from Regulation Fair Disclosure, which aims to prevent the selective disclosure of material information.

Despite these exemptions, we are contractually obligated and committed to providing interim reports to our shareholders and furnishing these reports to the SEC on Form 6-K. We are also required to file Form 6-K reports that disclose any information we make public under Cayman Islands law, distribute to shareholders, or consider material to our company. However, as a shareholder, you may not receive the same protections available to shareholders of U.S. domestic issuers.

• **As a foreign private issuer, we are exempt from certain Nasdaq corporate governance standards that apply to U.S. domestic issuers. As a result, you may have less protection than you would if we were a domestic issuer.**

As a foreign private issuer, we may not be subject to all of the corporate governance standards required for U.S. issuers. Consequently, we may choose to adhere to the corporate governance practices of our home country rather than comply with certain requirements outlined in the Nasdaq Listed Company Manual, which could offer less protection to investors. Alternatively, we may decide to comply with these standards within one year of listing.

For instance, the Nasdaq Listed Company Manual mandates that listed companies have, among other things, a majority of board members who are independent. This requirement is not part of corporate governance practices in our home country, the Cayman Islands. As a result, although each director is required to act in the Company's best interests, there may be fewer board members exercising independent judgment, which could potentially reduce the level of oversight on our management.

Additionally, the Nasdaq Listed Company Manual requires U.S. domestic issuers to establish a compensation committee and, in some cases, a nominating or corporate governance committee composed entirely of independent directors. We do not intend to comply with these committee requirements.

• **We may lose our status as a foreign private issuer in the future, which could lead to significant additional costs and expenses.**

As discussed earlier, we are classified as a foreign private issuer and are therefore not required to adhere to all periodic disclosure and current reporting requirements of the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter.

In the future, we may lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents, and (2) a majority of our Directors or Executive Officers are U.S. citizens or residents, or if we fail to meet additional criteria needed to maintain this status. If we lose our foreign private issuer status, we will be required to file periodic reports and registration statements with the SEC using U.S. domestic issuer forms, which are more detailed and comprehensive than those used by foreign private issuers.

Additionally, we will need to comply with U.S. federal proxy requirements, and our officers, Directors, and principal shareholders will become subject to the short-swing profit disclosure and recovery provisions under Section 16 of the Exchange Act. Furthermore, we will lose the ability to rely on exemptions from specific corporate governance requirements under Nasdaq listing rules. As a U.S.-listed public company without foreign private issuer status, we would incur significant additional legal, accounting, and other expenses not currently required.

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**• As a company incorporated in the Cayman Islands with limited liability, we are allowed to follow certain home country practices regarding corporate governance that may significantly differ from the Nasdaq corporate governance listing standards. These practices could offer shareholders less protection compared to full compliance with Nasdaq corporate governance listing standards.**

As a foreign private issuer seeking to list our Ordinary Shares on Nasdaq, we may rely on a provision within the Nasdaq corporate governance listing standards that permits us to follow Cayman Islands law for certain corporate governance matters. This enables us to adopt corporate governance practices that may significantly differ from the requirements applicable to U.S. companies listed on Nasdaq.

For example, we may be exempted from Nasdaq regulations that require a listed U.S. company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a majority of the board of Directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require independent directors to hold regular meetings without the presence of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adopt a formal written compensation committee charter and nominating and corporate governance committee charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have a compensation committee of at least two members, each of whom must be an independent director. and/or to have a nominating and corporate governance committee each of whom must be an independent director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• nominate Directors in a vote in which only independent directors participate, or a nominations committee comprised constituting a majority of the board of director's independent directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for any meeting of the holders of common stock have a quorum of more than 33 1/3% of the outstanding shares of the company's common voting stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek shareholder approval in certain circumstances prior to an issuance of securities in connection with the acquisition of the stock or assets of another company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek shareholder approval prior to the issuance of securities when the issuance or potential issuance will result in a change of control of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek shareholder approval for the implementation of certain equity compensation plans and dilutive issuances of Ordinary Shares, such as transactions, other than a public offering, involving the sale of 20% or more of our Ordinary Shares for less than the greater of book or market value of the shares.

As a foreign private issuer, we are permitted to follow home country practices instead of the above requirements. Our audit committee is required to comply with Rule 10A-3 of the Exchange Act, which applies to U.S. companies listed on Nasdaq. Accordingly, we intend to establish a fully independent audit committee upon the effectiveness of the registration statement of which this prospectus forms a part, in compliance with Rule 10A-3 of the Exchange Act. However, as a foreign private issuer, our audit committee is not subject to the additional Nasdaq corporate governance requirements that apply to listed U.S. companies, including the requirement to have at least three members and to affirmatively determine that all members are "independent" under more stringent criteria than those applicable to us as a foreign private issuer.

• **You may encounter challenges in safeguarding your interests, and your ability to enforce your rights through U.S. courts may be limited because we are incorporated under Cayman Islands law.** 

We are an exempted company incorporated under the laws of the Cayman Islands with limited liability. After the closing of this offering, our corporate affairs will be governed by our Amended and Restated Memorandum and Articles of Association, the Companies Act, and the common law of the Cayman Islands. Shareholders' rights to pursue legal action against us or our Directors, as well as actions initiated by minority shareholders and the fiduciary duties of our Directors, will primarily be governed by Cayman Islands common law. The common law of the Cayman Islands is derived, in part, from a relatively limited body of judicial precedent within the jurisdiction, as well as from English common law. While English common law is generally considered persuasive, it is not binding on Cayman Islands courts. As a result, the rights of our shareholders and the fiduciary duties of our Directors under Cayman Islands law are not as clearly defined as they might be under statutory provisions

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or judicial precedent in certain U.S. jurisdictions. The Cayman Islands has a distinct body of securities laws that offer significantly less investor protection compared to U.S. laws. Additionally, Cayman Islands companies may not have the standing to pursue shareholder derivative actions in U.S. federal courts. While Cayman Islands courts generally recognize and enforce non-penal judgments from foreign courts of competent jurisdiction, including those in the United States, this recognition occurs without a retrial on the merits, and there is no statutory provision for recognizing U.S. judgments in the Cayman Islands.

Shareholders of Cayman Islands exempted companies, such as ours, generally do not have rights under Cayman Islands laws to inspect corporate records, except as provided in our Amended and Restated Memorandum and Articles of Association. Additionally, our Directors are not obligated under these governing documents to make corporate records available for shareholder inspection. As a result, it may be more challenging for shareholders to access the information necessary to support a shareholder resolution or to solicit proxies from other shareholders during a proxy contest.

Corporate governance practices in the Cayman Islands, our home country, differ significantly from those required for companies incorporated in other jurisdictions, such as U.S. states. Currently, we do not plan to rely on Cayman Islands practices with respect to corporate governance matters. Consequently, our shareholders may afford less protection compared to the rules and regulations that apply to U.S. domestic issuers.

As a consequence of the factors mentioned above, shareholders may have more difficulty in safeguarding their interests against actions taken by our management, Board members, or controlling shareholders compared to shareholders of a company incorporated in a U.S. state. For a detailed comparison between the provisions of the Companies Act and the laws governing companies incorporated in a U.S. state and their shareholders, please refer to the section titled "Description of Share Capital — Differences in Corporate Law.".

#### Risks Related to Ownership of our Securities
• **Significant future sales of our Ordinary Shares, or even the expectation of such sales, could lead to a decline in the market price of our Ordinary Shares.**

The sale of substantial quantities of our Ordinary Shares in the public market after this offering, or the perception of such sales, could result in a decline in their market price. The Ordinary Shares offered will be freely tradable without restriction or further registration under the Securities Act. Additionally, certain Ordinary Shares owned by existing shareholders may also become available for public sale in the future, subject to the limitations set forth in Rule 144 and Rule 701 under the Securities Act, as well as applicable lock-up agreements.

Before the offering's completion, a total of 15,633,000 Ordinary Shares will be outstanding. Upon completion, this number will increase to 17,633,000 shares if the underwriters do not exercise their over-allotment option, or to 17,933,000 shares if the over-allotment option is exercised in full. The registration statement associated with this prospectus includes provisions for the registration of additional shares for resale. Any sale of these additional registered shares may exert downward pressure on the market price of our Ordinary Shares and could make it harder to maintain our Nasdaq listing. Increased sales of additional shares could further contribute to a decline in the market price.

• **We rely on dividends and other distributions on equity paid by our subsidiaries to fund our cash and financing requirements, and any limitation on the ability of our subsidiaries to make payments to us could have a material adverse effect on our ability to conduct our business.**

CVGL is a holding company, and we rely on dividends and other distributions on equity paid by our subsidiaries for our cash and financing requirements, including the funds necessary to pay dividends and other cash distributions to our shareholders and to service any debt we may incur. We do not expect to pay cash dividends in the foreseeable future. We anticipate that we will retain any earnings to support operations and to finance the growth and development of our business. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing the debt may restrict its ability to pay dividends or make other distributions to us.

According to the BVI Business Companies Act, Revised Edition 2020 (as amended), a BVI company may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due. Pursuant to the BCBCA, a Canadian company may declare or pay a dividend only if the company remains solvent both before and after

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the distribution. Under the current practices of the Canada Revenue Agency (CRA), dividends paid by Club Versante Canada to shareholders are subject to specific tax regulations, including potential preferential tax treatment for eligible dividends. Any limitation on the ability of our Operating Subsidiary to pay dividends or make other distributions to us could materially and adversely affect our ability to grow, make investments or acquisitions that could benefit our business, pay dividends, or otherwise fund and conduct our operations.

Any limitation on the ability of our subsidiaries to pay dividends or make other distributions to us could materially and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or otherwise fund and conduct our business.

• **Since we do not expect to pay dividends in the foreseeable future, your investment returns will depend solely on the price appreciation of our Ordinary Shares.**

We presently intent to retain all available funds and future earnings after this offering to support the development and growth of our business. Consequently, we do not anticipate paying cash dividends in the near future. Investors should not rely on our Ordinary Shares as a source of future dividend income.

Our Board retains full discretion over the decision to distribute dividends, subject to applicable laws in the Cayman Islands and Canada. If dividends are declared, the timing, amount, and form of such distributions will depend on factors including our future operational results, cash flow, capital needs, surplus, distributions from subsidiaries, financial condition, contractual obligations, and other considerations determined by our Board.

Accordingly, the return on your investment will primarily depend on potential price appreciation of our Ordinary Shares. However, there is no guarantee that the value of our shares will increase after this offering — or even maintain the price at which they were purchased. You may not realize any return on your investment, and you could risk losing the entire amount invested.

• **Our Ordinary Shares may face potential delisting if we fail to meet or maintain the Nasdaq listing requirements, which could adversely affect their liquidity, marketability, and overall investor confidence.**

We have applied to list our Ordinary Shares on the Nasdaq under the ticker symbol "CADV." Completion of this offering is contingent upon obtaining Nasdaq approval for such listing. If we are unable to secure a listing on Nasdaq, there will be no public offering of the Ordinary Shares under this prospectus. Nasdaq's continued listing requirements include, but are not limited to, maintaining minimum market capitalization, a specified stock price, and compliance with corporate governance standards. Failure to satisfy these requirements or the occurrence of any event leading to delisting from Nasdaq could have significant adverse consequences. Shareholders' ability to sell or trade our securities could be hindered, resulting in reduced liquidity and challenges in obtaining accurate market price quotations for our Ordinary Shares. Furthermore, a delisting could materially reduce the perceived value of our shares, adversely affecting our stock price and investor confidence.

In the event we are not listed or are subsequently delisted from Nasdaq, the absence of a national securities exchange listing could materially impair our ability to access the capital markets. This could limit our ability to issue additional securities for financing, pursue growth opportunities, or enter into future financing arrangements, thereby negatively impacting our operational and financial stability.

• **There has been no prior public trading market for our Ordinary Shares to date, and we cannot guarantee that an active trading market will develop or persist after this offering.**

Prior to this offering, there has been no established public trading market for our Ordinary Shares, and we cannot guarantee that an active trading market will develop or, if established, that it will be sustained. As a result, there is uncertainty regarding the liquidity of any trading market for our Ordinary Shares, your ability to sell shares at your desired time, or the prices at which you may be able to sell them. Even if an active market for our Ordinary Shares does emerge, the market price of our shares may be subject to significant volatility. Such fluctuations could arise from uncertainties regarding our future operating performance and profitability, changes in interim financial results, or broader market dynamics — many of which are beyond our control. Factors such as unexpected supply chain disruptions, adverse economic conditions, or changing consumer preferences in the restaurant industry could further amplify this volatility. The lack of a prior trading market, combined with unpredictable external influences, poses risks to investors and may adversely affect the market price of our Ordinary Shares. These considerations should be taken into account when evaluating this offering.

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**• The market price of our Ordinary Shares could be subject to significant volatility, potentially resulting in a decline in value and negatively affecting your investment.**

The stock markets, including Nasdaq — where certain our Ordinary Shares will be listed — have historically experienced considerable price and volume fluctuations. Even if an active, liquid, and orderly trading market for our Ordinary Shares develops and persists, the market price of our shares may remain volatile and could decline substantially. If our securities are delisted from Nasdaq, their liquidity and pricing could be considerably restricted compared to being listed on Nasdaq or another national securities exchange. Moreover, fluctuations in the trading volume of our Ordinary Shares could result in significant price variations. We cannot guarantee that the market price of our shares will not experience substantial fluctuations or declines in the future. These fluctuations may arise due to various factors, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales of a significant number of our securities, including those which we are registering under the registration statement of which this prospectus is a part, or those we may future register for sale or for resale on behalf of our securityholders, could materially adversely affect the trading prices of our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• occurrence of any of the risk factors outlined in this prospectus could significantly and adversely affect our business, operations, financial condition, and the market price of our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated differences, whether expected or unexpected, in our or analysts' estimates regarding revenues, earnings, operations, debt levels, liquidity, or financial condition of our restaurants could have adverse impacts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the requirements of Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the Sarbanes-Oxley Act or other laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• variance in our financial performance from the expectations of market analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant business developments, changes in service provider relationships, acquisitions or expansion plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the prices of our food offerings and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future or anticipated transactions involving our securities — such as issuances, sales, resales, or repurchases — particularly after the expiration of lock-up agreements, could adversely impact the market price of our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of securities analysts to initiate or maintain coverage, changes in their financial estimates, or our inability to meet these estimates or investor expectations could negatively affect our market performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new laws, regulations, subsidies, or credits or new interpretations of existing laws applicable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the estimation of the future size and growth rate of our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant disruptions in financial markets, including sudden credit market disturbances, could adversely affect our financial performance and market confidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issues related to actual, potential, or perceived control, accounting, or reporting problems could negatively impact investor confidence and the market value of our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies and guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, such as infectious diseases, epidemics, pandemics, natural disasters, war, terrorism, or responses to these occurrences, could negatively impact our operations and market performance.

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**• If our Ordinary Shares are listed on Nasdaq, there remains a risk that their price could decline, potentially leading to delisting. In such a scenario, broker**-dealers **might be discouraged from facilitating transactions in our shares, as they could be classified as penny stocks and become subject to the associated rules.**

The SEC has established rules to regulate "penny stocks", restricting transactions involving such stocks. These rules, including Rules 3a51-1, 15g-1, 15g-2, 15g-3, 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Securities Exchange Act of 1934 (as amended), aim to protect investors but may reduce penny stock liquidity. "Penny stocks" are typically defined as equity securities priced below $5.00 per share, excluding those listed on certain national exchanges or Nasdaq with available price and volume data. Our Ordinary Shares could qualify as "penny stock" under these regulations. The additional disclosure and sales practice requirements for U.S. broker-dealers may discourage them from facilitating trades in our shares, potentially limiting market liquidity and impeding their resale in the secondary market.

U.S. broker-dealers selling penny stock to individuals other than established customers or "accredited investors" (typically those with a net worth exceeding $1,000,000 or an annual income over $200,000, or $300,000 jointly with a spouse) must determine the purchaser's suitability and obtain written consent prior to completing the transaction, unless exempt. Penny stock regulations also mandate that broker-dealers provide a disclosure schedule — prepared in line with SEC standards — before any transaction involving penny stock, unless exempt. Additionally, broker-dealers must disclose commissions, registered representative fees, and current stock quotations. They are also required to deliver monthly statements containing recent price information for penny stock held in customer accounts and details about the limited market for such stocks.

According to the SEC, the market for "penny stocks" has historically been associated with patterns of fraud and abuse. These include: (i) market control by one or a few broker-dealers often linked to the promoter or issuer, (ii) price manipulation through prearranged matching of trades and misleading press releases, (iii) "boiler room" tactics involving high-pressure sales and unrealistic projections by inexperienced salespersons, (iv) excessive and undisclosed bid-ask spreads and markups by selling broker-dealers, and (v) large-scale dumping of securities by promoters and broker-dealers after price manipulation, leading to investor losses. Our management is aware of these historical abuses in the penny stock market. While we may not have the ability to control market behavior or broker-dealer practices, our management remains committed to striving, within practical limitations, to prevent such patterns from affecting our Ordinary Shares.

• **We may issue preferred shares in the future, and their terms could negatively impact the voting power or market value of our Ordinary Shares.**

Our Amended and Restated Memorandum and Articles of Association grant our Board the authority to issue, without shareholder approval, one or more classes or series of preferred shares with designated preferences, limitations, and rights, including priority over Ordinary Shares for dividends and distributions. These terms could negatively affect the voting power or value of our Ordinary Shares. For example, preferred shareholders might gain the right to elect Directors under certain conditions or veto specific transactions. Additionally, repurchase, redemption rights, or liquidation preferences granted to preferred shareholders could impact the residual value of our Ordinary Shares.

• **If securities analysts downgrade our Ordinary Shares, release negative research or reports, or cease to publish information about our business, it could harm our competitive position, potentially leading to a decline in our share price and trading volume.**

The trading market for our Ordinary Shares may partly rely on research and reports published by securities analysts about us, our industry, or competitors — factors beyond our control. We currently lack research coverage by analysts and may never secure it. A lack of coverage or limited coverage could negatively affect our share price. Additionally, if analysts downgrade our shares, issue negative reports, cease coverage, or fail to publish consistent updates about our business, it could harm our competitive position, leading to declines in both share price and trading volume.

• **We are an emerging growth company within the meaning of the Securities Act and may take advantage of certain reduced reporting requirements.**

We are an emerging growth company, as defined in the Jumpstart Our Business Startups Act (the "JOBS Act"), and we may take advantage of certain exemptions from requirements applicable to other public companies that are not emerging growth companies, including, most significantly, not being required to comply with the auditor

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attestation requirements of Section 404 of Sarbanes-Oxley Act for so long as we remain an emerging growth company. As a result, if we elect not to comply with such auditor attestation requirements, our investors may not have access to certain information they may deem important.

The JOBS Act also provides that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a private company is otherwise required to comply with such new or revised accounting standards. We do not plan to opt out of such exemptions afforded to an emerging growth company. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective data.

• **We will incur increased costs as a result of being a public company, particularly after we cease to qualify as an "emerging growth company."**

Upon consummation of this offering, we will incur significant legal, accounting, and other expenses as a public company that we did not incur as a private company. The Sarbanes-Oxley Act, as well as rules subsequently implemented by the SEC, impose various requirements on the corporate governance practices of public companies. We are an "emerging growth company," as defined in the JOBS Act and will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenue of at least US$1.235 billion, or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Ordinary Shares that is held by non-affiliates exceeds US$700 million as of the end of any second fiscal quarter before that time; and (2) the date on which we have issued more than US$1 billion in non-convertible debt during the prior three-year period. An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under Section 404 in the assessment of the emerging growth company's internal control over financial reporting and permission to delay the adoption of new or revised accounting standards until such time as those standards apply to private companies.

Compliance with these rules and regulations increases our legal and financial compliance costs and makes some corporate activities more time consuming and costly. After we are no longer an "emerging growth company," or until five years following the completion of our IPO, whichever is earlier, we expect to incur significant expenses and devote substantial management effort toward ensuring compliance with the requirements of Section 404 of Sarbanes-Oxley Act and the other rules and regulations of the SEC. For example, as a public company, we will be required to increase the number of independent directors and adopt policies regarding internal controls and disclosure controls and procedures. We will incur additional costs in obtaining director and officer liability insurance. In addition, we will incur additional costs associated with our public company reporting requirements. It may also be more difficult for us to find qualified persons to serve on our board of directors or as executive officers. We are currently evaluating and monitoring developments with respect to these rules and regulations, and we cannot predict or estimate with any degree of certainty the amount of additional costs we may incur or the timing of such costs.

• **Meeting the obligations of being a public company — such as adhering to the reporting requirements under the Exchange Act and the Sarbanes**-Oxley **Act — could place considerable strain on our resources, escalate costs, and divert management's focus. Additionally, we might struggle to meet these requirements efficiently or within prescribed timelines.**

As a public company, we will face new compliance obligations, including corporate governance rules from the Sarbanes-Oxley Act, the Exchange Act, SEC regulations, and Nasdaq requirements, which are not applicable to private companies. These responsibilities will demand substantial time from our Board and management and will lead to significant cost increases. To meet these obligations, we will need to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• institute a more comprehensive compliance function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with rules promulgated by Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue to prepare and distribute periodic public reports in compliance with our obligations under the U.S. federal securities laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish new internal policies, such as those relating to insider trading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• involve and retain to a greater degree outside counsel and accountants in the above activities.

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

Our Controlling Shareholder, director and chief executive officer, Ms. Chung Lin Ching, through her 80% of the equity interests in Club Versante Investment Limited, will have a control of 76.56% of the total issued and outstanding Ordinary Shares, representing 76.56% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, or 75.28% of the total issued and outstanding Ordinary Shares, representing 75.28% of the total voting power, assuming that the over-allotment option is exercised in full. As a result, our Controlling Shareholder will have the ability to control the outcome of certain matters submitted to shareholders for approval through her controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions. Under Rule 4350(c) of the Nasdaq Capital Market, a company of which more than 50% of the voting power is held by an individual, group, or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including the requirement that a majority of our directors be independent, as defined in the Nasdaq Capital Market Rules, and the requirement that our compensation and nominating and corporate governance committees consist entirely of independent directors. Although we do not intend to rely on the "controlled company" exemption under the Nasdaq listing rules, we could elect to rely on this exemption in the future. If we elect to rely on the "controlled company" exemption, a majority of the members of our board of directors might not be independent directors and our nominating and corporate governance and compensation committees might not consist entirely of independent directors. Accordingly, during any time while we remain a controlled company relying on the exemption and during any transition period following a time when we are no longer a controlled company, you would not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq Capital Market corporate governance requirements. Our status as a controlled company could cause our Ordinary Shares to be less attractive to certain investors or otherwise harm our trading price.

• **Management will have broad discretion over the use of our proceeds from this offering.**

The primary objectives of this offering are to bolster our capitalization, improve financial flexibility, and enhance corporate visibility, while establishing a public market for our Ordinary Shares and securing additional capital to support our strategic goals. The planned allocation of net proceeds from this offering includes: (i) expanding our restaurant and bar network globally; (ii) conducting marketing and promotional activities; (iii) employing additional management and operational staffs; and (iv) working capital and for other general corporate purposes.

We have not earmarked specific amounts of the net proceeds for the intended purposes listed in this prospectus, granting us broad discretion over their allocation. As a result, investors must rely on management's judgment regarding how these funds are deployed, which may not ultimately yield significant returns. There is a risk that the proceeds could be used in ways that fail to achieve our strategic objectives or improve our financial performance. Ineffective use of proceeds could materially and adversely affect our business operations, financial condition, and overall market position.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "goal," "objective," "anticipate," "believe," "estimate," "predict," "potential," "continue," and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. The forward-looking statements and opinions contained in this prospectus are based upon information available to us as of the date of this prospectus and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. Forward-looking statements include statements about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timing of the development of future business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• capabilities of our business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected future economic performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition in our market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued market acceptance of our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the laws that affect our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inflation and fluctuations in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain all necessary government certifications, approvals, and/or licenses to conduct our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued development of a public trading market for our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of complying with current and future governmental regulations and the impact of any changes in the regulations on our operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• managing our growth effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projections of revenue, earnings, capital structure, and other financial items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependence on our senior management and key employees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors set forth under "Risk Factors."

You should refer to the section titled "Risk Factors" for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

You should read this prospectus and the documents that we reference in this prospectus and have filed as exhibits to the registration statement, of which this prospectus forms a part, completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.

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#### INDUSTRY OVERVIEW

#### Source of Information
The information contained in this section and elsewhere in the prospectus have been derived from various official government and other publications generally believed to be reliable and the market research report prepared by Migo Corporation Limited ("Migo") and commissioned by Club Versante Group Limited. All information and data presented in this section is derived from Migo's industry report, unless otherwise noted. The following discussion includes projections for future growth, which may not occur at the rates that are projected or at all.

#### The Economy in Canada
Canada, with a population of approximately 41.5 million people, recorded a Gross Domestic Product (GDP) of USD 2,215 billion in 2024, positioning it as the 9<sup>th</sup> largest economy globally, according to the International Monetary Fund (IMF). Between 2019 and 2024, the Canadian economy experienced a growth at a compound annual growth rate (CAGR) of 4.9%. Projections indicate that real GDP will remain steady from USD1,743 billion in 2019 to USD2,559 billion by 2027, reflecting a CAGR of 4.9%. The COVID-19 pandemic caused a significant economic contraction in 2020. However, the economy rebounded strongly in 2021, achieving an annual growth rate of 21.2%, driven by fiscal stimulus and pent-up demand. Despite this recovery, unemployment remained a challenge, with the overall rate at 6.5%, with youth unemployment at 13.5%. In late 2024, Canada's trade performance remained stable, with exports increasing by 1.8%, bolstered by shipments of oil, gold, and automobiles, despite on-going risks related to tariff. To stimulate economic activity and boost consumer confidence, the Bank of Canada implemented five policy rate cuts in 2024, lowering the benchmark interest rate to 3%.

The following chart illustrates the real GDP and growth rate in Canada from 2019 to the 2027 forecast.

![](tbarchart_001.jpg)

*Source: IMF, Migo*

#### Catering and Restaurant Business Models in Canada
Canada's catering and restaurant industry is highly diverse, encompassing a wide range of establishments, from casual eateries and fine dining venues to fast food outlets, each catering to a varied consumer tastes, preferences, and lifestyles. Responding to the rising demand for convenience, many restaurants have introduced ready-to-eat meal options, targeting busy professionals, families, and individuals seeking quick and easy dining solutions. This shift has allowed restaurants to remain competitive and adapt to evolving consumer habits.

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The industry has also undergone significant transformation with the advent of food delivery apps, online ordering platforms, and expanded takeaway options, making dining more accessible than ever. These innovations have revolutionized how Canadians interact with restaurants, enabling customers to enjoy a variety of cuisines from the comfort of their homes. This evolution continues to drive the growth of Canada's dynamic food service market, showcasing its adaptability and commitment to meeting the demands of modern dining trends.

![](timage_001.jpg)

*Source: Migo*

#### Catering Services Offered by Independent and Chain Restaurants in Canada
The food services industry in Canada is characterized by two primary categories: independent restaurants and chain restaurants, each serving distinct customer needs.

#### Independent Restaurants
Independent restaurants are known for offering a personalized dining experience that emphasizes creativity, authenticity, and meaningful customer interactions. Their menus are often crafted to highlight local flavors and high-quality ingredients, while their distinctive décor fosters an intimate and welcoming atmosphere. These establishments combine consistency — achieved through well-structured training programs — with individuality, focusing on customer care and engagement. As a result, independent restaurants attract diners seeking originality, personalization, and a unique culinary experience.

#### Chain Restaurants
In contrast, chain restaurants prioritize scalability, convenience, and affordability, catering to a broad customer base. They deliver predictable quality and accessibility through standardized menus, cost-efficient supply chains, and uniform branding across multiple locations. While this approach ensures efficiency and affordability, it may lack the personalized and authentic experience offered by independent establishments. Service in chain restaurants tends to be more standardized and transactional, and high employee turnover is a common challenge. Despite these drawbacks, the ability of chain restaurants to offer consistent experiences on a large scale makes them a preferred choice for customers seeking familiarity and convenience.

Together, independent and chain restaurants contribute to the diversity of Canada's dining landscape, offering options that cater to a wide range of tastes and preferences.

---

| | | |
|:---|:---|:---|
|  | **Independent Restaurants** | **Chain Restaurants** |
|  Target Customers | Focused on specific cuisines/themes | Broad appeal, aims for mass-market demographics |
|  Food Quality & Menu | Seasonal, locally sourced ingredients; frequent menu updates. | Standardized recipes; cost-driven supply chains; limited seasonal changes |
|  Atmosphere & Decor | Thematic, trendy, or upscale designs | Uniform branding  |

---

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---

| | | |
|:---|:---|:---|
|  | **Independent Restaurants** | **Chain Restaurants** |
|  Service & Staff | Knowledgeable staff; personalized service; slower turnover | Scripted interactions; high employee turnover; efficiency-focused |
|  Business Model | Curated growth | Rapid franchising |

---

*Source: Migo*

The market share between chained and independent restaurants in Canada has evolved over time, influenced by changing consumer preferences, economic conditions, and industry trends. In 2019, chained restaurants held 61.42% of the market, while independent restaurants accounted for 38.58%. The COVID-19 pandemic in 2020 caused significant disruption, with chained restaurants increasing their market share to 66.61%, supported by their established delivery systems, digital ordering platforms, and greater financial resources. Meanwhile, independent restaurants saw their share decline to 33.39%, as smaller operators faced greater challenges in adapting to the pandemic's demands.

As the industry began to recover, independent restaurants gradually regained market share, reaching 37.26% in 2022. By 2027, this is forecasted to stabilize at 37.69%, while chained restaurants are expected to hold 62.31%. This gradual normalization reflects the resilience and adaptability of independent operators, driven by consumer demand for unique, local, and personalized dining experiences. At the same time, the continued dominance of chain restaurants underscores their ability to maintain efficiency and scalability in Canada's food services market.

The following chart illustrates the market share (%) of chained restaurants and independent restaurants in Canada from 2019 to the 2027 forecast.

![](tbarchart_002.jpg)

*Source: Statistic Canada, Migo*

#### Market Size of the Catering Market in Canada
According to the Restaurants Canada Association, the Canadian food services market experienced a sharp 29.3% year-over-year decline in 2020 due to the impacts of the COVID-19 pandemic. Despite this setback, the industry demonstrated remarkable resilience, rebounding from CAD67.9 billion in 2020 to CAD100.5 billion in 2022, achieving an impressive CAGR of 21.7%. Looking ahead, the market is forecasted to sustain steady growth, with projections indicating an increase from CAD122.1 billion in 2025 to CAD127 billion by 2027, reflecting a more moderate yet sustainable CAGR of 2%. This optimistic outlook is supported by evolving consumer preferences and rising demand for diverse dining options across all segments, ranging from affordable casual and fast-casual offerings to high-end premium dining experiences. While the rapid recovery in 2022 and 2023 highlights the food services market's resilience, opportunities remain for providers to innovate, differentiate, and expand their services. These drivers underscore the dynamic potential for growth in the Canadian food services industry.

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The following chart illustrates total sales in the food services and drinking places in Canada from 2019 to the 2027 forecast.

![](tbarchart_003.jpg)

*Source: Restaurants Canada, Statistic Canada, Migo*

#### Market Drivers of the Catering Market in Canada
*Increased Tourism from the Global*

The performance of Canada's catering industry is closely linked to the country's tourism robust sector. According to Canadian tourism data, Canada welcomed 19.9 million overnight visitors in 2024, reflecting a 9% increase over 2023. This growth was driven by 14.1 million visitors from the United States (a 10% increase), 753,000 visitors from the United Kingdom (a 5% increase), and 621,000 visitors from France (a 4% increase). Total tourism revenue reached CAD40.5 billion in Q3 2024, surpassing pre-pandemic levels at 108% of 2019 figures. Domestic tourism revenue hit a record CAD30.3 billion (112% of 2019 levels), while international tourism revenue continued its recovery at CAD10.3 billion (96% of 2019 levels). The rising number of visitors to Canada has significantly boosted demand for catering services, further driving recovery and growth in the industry.

*Growing Disposable Income & Dining Culture*

According to the Bank of Canada's January 2025 outlook, GDP per person is expected to strengthen in 2025, driven by increased household spending. This growth is supported by: (i) lower interest rates, (ii) rising incomes and household wealth, and (iii) one-time government measures aimed at boosting consumption in early 2025. With Canada's high per capita income and robust economy, Canadians allocate a significant portion of their disposable income to food services. Dining out has become an integral part of Canadian social and cultural life, fueling demand across all dining segments, from affordable casual and fast-casual dining to premium, high-end dining experiences. This trend underscores the restaurant industry's critical role in both the economy and lifestyle of Canadians.

*Regional Variations in Dining Preferences*

Canada's culinary landscape is diverse, reflecting the country's regional distinctions: Vancouver's West Coast — known for Asian fusion, sustainable seafood, and farm-to-table dining; Toronto — a multicultural hub offering range of options, from upscale steakhouses to vibrant street food; and Montreal — celebrates French heritage with cozy café culture, iconic poutine, and classic bistro fare. These regional differences highlight the variety and richness of Canadian food service market, catering to both local and international tastes.

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*Expansion of Delivery and Online Ordering Services*

The rapid growth of e-commerce has revolutionized how Canadian restaurants connect with customers. Online ordering platforms provide greater convenience and enable consumers to discover and compare dining options. Consumers now routinely compare menus, read reviews, and discover new eateries through digital channels. This shift has intensified competition among restaurants while simultaneously creating expanded market opportunities. The rise of food delivery apps, such as Uber Eats, DoorDash, and SkipTheDishes has become a cornerstone of Canada's food service growth. The COVID-19 pandemic further accelerated the adoption of off-premise dining, solidifying delivery and pickup — as permanent consumer expectations. Restaurants are responding by optimizing digital menus, streamlining kitchen operations, and partnering with third-party platforms to leverage this growing segment. This evolution has expanded customer bases and unlocked new revenue streams, making digital and delivery services a key driver of market growth in the catering industry.

#### Market Size of Independent Restaurants in Canada
The sales performance of independent restaurants in Canada has experienced significant fluctuations due to the COVID-19 pandemic but the sector has shown strong recovery and steady growth in subsequent years. Full-service restaurants: sales declined from CAD14,575 million in 2019 to CAD8,920 million in 2020, but are forecasted to rebound to CAD21,110 million by 2027, with a CAGR of about 13.1% since 2020. Limited-service restaurants: followed a similar pattern, sales declined to CAD4,080 million in 2020, but surpassed pre-pandemic levels in 2021 and are forecasted to reach CAD6,813 million by 2027, with a CAGR of about 7.6% since 2020. Cafés/bars and specialist coffee/tea shops also showed resilience, with slower but consistent growth in smaller segments such as bars/pubs and juice/smoothie bars. Overall, the independent restaurant market demonstrates strong recovery and projected expansion, with limited-service restaurants leading the sector in revenue growth. The following chart illustrates the sales performance of independent restaurant segments in Canada from 2019 to the 2027 forecast.

*Source: Statistic Canada, Migo*

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#### Market Drivers of the Independent Restaurants Market in Canada
*Health and Wellness Trends*

A growing focus on health-consciousness among Canadian consumers is reshaping the catering market. Increasingly, diners are seeking healthier menu options, including plant-based dishes, organic foods, and sustainably sourced ingredients. As awareness of the impact of food on overall well-being rises, consumers are prioritizing restaurants and food service providers that offer nutritious, low-calorie, and allergy-friendly choices. In response to this demand, independent restaurants are revising their menus to include health-focused offerings, creating opportunities for market expansion and appealing to a broader, health-conscious audience.

*Value-Conscious Yet Quality-Driven Consumers*

While affordability remains a salient factor for Canadian diners, the independent restaurants market is restaurant market is undergoing a shift towards a greater emphasis on quality ingredients, diverse global cuisines, and sustainable practices. Canadian consumers are becoming more discerning, seeking dining experiences that prioritize fresh, locally sourced, and ethically produced ingredients. This discernment is congruent with prevailing trends in health consciousness and environmental awareness, as consumers favor establishments that demonstrate a commitment to sustainability and transparency. Also, there is a strong demand for diverse global cuisines, with authentic ethnic eateries offering sushi, Indian curries, Italian pasta, and other international flavors gaining widespread popularity. Casual dining options, such as cozy pubs and bistros, are also gaining popularity due to their ability to provide a relaxed yet high-quality dining experience. Together, these factors are collectively reshaping the landscape of independent restaurants, compelling operators to innovate and adapt to the evolving preferences of Canadian diners.

*Trends in Events and Special Purposes Dining*

The independent restaurants market in Canada is increasingly driven by the demand for event-based and special-purpose dining experiences. Consumers are seeking unique, personalized, and memorable occasions. These events include weddings, corporate gatherings, private parties, and themed events. The rise of experiential dining, combined with post-pandemic interest in in-person gatherings, has fueled this trend. Consumers are drawn to venues offering customized menus, unique ambiance, and tailored services, which independent restaurants, with are well-positioned to deliver due to their flexibility and creativity. Additionally, social media and digital marketing have amplified the visibility of such events, driving further interest and customer engagement. This segment has become a critical revenue driver for independent restaurants, allowing them to diversify their offerings and stabilize income streams while capitalizing on consumer demand for unique celebrations.

#### Competitive Landscape of Restaurants in Canada
Chain restaurants continue to dominate the Canadian catering market, offering standardized services, diverse menu options, and inviting atmospheres that appeal to a wide audience. Their ability to deliver consistent dining experiences at scale ensures their enduring popularity, even as consumer preferences shift toward more personalized and casual dining options.

According to Migo, our restaurants stand out in the competitive restaurant market with a unique multi-themed focus on authentic regional cuisines and an extensive collection of rare whiskeys, featuring over 300 brands. We specialize in meticulously crafted dishes and offer an unparalleled variety of cuisines across multiple catering categories, including full-service restaurants for corporate or family banquets, wedding events, cafés, and bars. By seamlessly combining artisanal culinary techniques with a streamlined supply chain, we ensure exceptional quality at scale. Our operational model integrates immersive in-person dining experiences with an online booking platform capable of supporting events for up to 600 guests. By partnering directly with local farmers and collaborating with renowned multinational chefs, we have positioned ourselves as the only scalable purveyor of endangered global cuisines in Canada's Richmond market. Through culinary authenticity, operational efficiency, and innovative service models, we continue to set a new standard of excellence in Canada's dining landscape.

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#### Entry Barriers in the Catering Market in Canada
*License Requirements*

Operating a catering business in Canada involves navigating a range of licensing and regulatory requirements, which vary by province. Key requirements include: (i) business license: issued by the local municipality or province, allowing legal operation; (ii) food handling permit: obtained from local health authorities after passing inspections, with provincial requirements for certified food handlers; (iii) Safe Food for Canadians License (SFCR): required for businesses involved in interprovincial trade or food imports/exports; (iv) liquor license: necessary for serving alcohol, with additional endorsements depending on the province; and (v) home occupation permit: required for those operating catering businesses from residential kitchens.

Additionally, catering businesses must comply with provincial food safety regulations, including certified food handler requirements. Licensing fees and specific obligations vary by province, creating administrative and financial barriers for new entrants in the catering market.

*Staff Shortages and Increased Employment Expenses*

The Canadian catering industry is confronted with substantial challenges, primarily due to persistent staff shortages and escalating employment expenses. The procurement and retention of skilled workers, including chefs, servers, and kitchen staff, has become increasingly arduous, resulting in escalating wages and augmented training expenditures. These workforce challenges impede operational efficiency, exacerbating the strain on businesses. Beyond immediate staffing concerns, the long-term struggle to attract and retain employees jeopardizes the industry's ability to meet growing consumer demands while safeguarding profitability.

*Supply Chain and Ingredient Cost Increases*

Supply chain and rising ingredient costs further compound the challenges faced by the Canadian catering sector. Global factors, such as the lingering effects of geopolitical tensions, have contributed to delays in the delivery of food, beverages, and packaging supplies. These interruptions, coupled with escalating procurement costs, place significant pressure on operational efficiency and profitability. This, in turn, forces businesses to navigate a volatile supply landscape while striving to maintain service standards.

*Talent Acquisition and Retention*

Attracting and retaining skilled talent is a critical hurdle for the Canadian catering industry, which requires expertise across a range of disciplines, including culinary arts, customer service, and operations management. To address this challenge, businesses must invest in ongoing training, professional development, and clear career progression opportunities. The provision of contemporary industry knowledge to employees, in conjunction with cultivating a pervasive sense of engagement, not only fosters enhanced retention but also fortifies the capacity to deliver superlative service, thereby addressing one of the most vexing and intractable barriers confronting the sector.

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#### USE OF PROCEEDS
Based upon an assumed IPO price of US$4.50 (being the mid-point of the offer price range) per Ordinary Share, we estimate that we will receive net proceeds from this offering, after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us, of approximately US$7,088,656 if the underwriters do not exercise their over-allotment option, and US$8,323,906 if the underwriters exercise their over-allotment option in full, after deducting the underwriting discounts and commissions, non-accountable expense allowance, and estimated offering expenses payable by us.

Each $1.00 increase (decrease) in the assumed IPO price of US$4.5 (being the mid-point of the offer price range) per Ordinary Share (the midpoint of the price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering by approximately $1.8 million, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses (including accountable expenses) payable by us. An increase (decrease) of 1 million in the number of Ordinary Shares we are offering would increase (decrease) the net proceeds to us from this offering by approximately $4.1 million, assuming the assumed IPO price remains the same, and after deducting the underwriting discounts, non-accountable expense allowance and estimated offering expenses (including accountable expenses) payable by us.

The primary purpose of this offering is to create a public market for our Ordinary Shares for the benefit of all shareholders. We plan to use the net proceeds of this offering as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 50% for expanding our restaurant and bar network in other cities in Canada, such as Vancouver and Toronto. We intend to introduce new restaurant brands and/or additional lines of food and beverage establishments to capitalize on market opportunities and enhance our presence in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for conducting marketing and promotional activities. We aim to strengthen our brand awareness, attract new customers, retain existing patrons, and drive revenue growth through targeted and strategic marketing campaigns across various media platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 20% for employing additional management and operational staffs. We intend to employ additional experienced management and additional staffs so as to upgrade our service standards and improve customer experience in our existing restaurants and catering services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The balance to fund working capital and for other general corporate purposes, including day-to-day operational expenditures, administrative expenses, and maintaining financial flexibility.

The foregoing represents our current intentions based upon our present plans and business conditions to use and allocate the net proceeds of this offering. Our management, however, will have significant flexibility and discretion to apply the net proceeds of this offering. If an unforeseen event occurs or business conditions change, we may use the proceeds of this offering differently than as described in this registration statement. We reserve the right to change the use of proceeds that we presently anticipate and describe in this prospectus.

To the extent that the net proceeds we receive from this offering are not immediately used for the above purposes, we intend to invest our net proceeds in short-term, interest-bearing bank deposits or debt instruments.

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#### DIVIDEND POLICY
We currently intend to retain all available funds and future earnings, if any, for the operation and expansion of our business, and we do not anticipate declaring or paying any dividends in the foreseeable future. Any future determination related to our divided policy will be made at the discretion of our board of directors after considering our financial condition, results of operations, capital requirements, contractual requirements, business prospects, other factors the board of directors deems relevant, and subject to the restrictions contained in any future financing instruments.

The declaration, amount, and payment of any future dividends will be at the sole discretion of our board of directors, subject to compliance with applicable Cayman Islands laws regarding solvency. Our board of directors will take into account general economic and business conditions; our financial condition and results of operations; our available cash and current and anticipated cash needs; capital requirements; contractual, legal, tax, and regulatory restrictions; and other implications on the payment of dividends by us to our shareholders or by our subsidiaries to us, and such other factors as our board of directors may deem relevant.

Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our Company in general meeting may declare dividends in any currency to be paid to the shareholders but no dividend shall be declared in excess of the amount recommended by our board of directors. Subject to a solvency test, as prescribed in the Companies Act, and the provisions, if any, of our Amended and Restated Memorandum and Articles of Association, a company may pay dividends and distributions out of its share premium account. In addition, based upon English case law which is likely to be persuasive in the Cayman Islands, dividends may be paid out of profits.

As we are a holding company incorporated in the Cayman Islands with limited liability, we rely on dividends paid to us by our subsidiaries for our cash requirements, including funds to pay any dividends and other cash distributions to our shareholders, service any debt we may incur, and pay our operating expenses. Our ability to pay dividends to our shareholders will depend on, among other things, the availability of dividends from our subsidiaries. According to the BVI Business Companies Act, Revised Edition 2020 (as amended), a BVI company may make dividends distribution to the extent that immediately after the distribution, the value of the company's assets exceeds its liabilities and that such company is able to pay its debts as they fall due. Pursuant to the BCBCA, a Canadian company may declare or pay a dividend only if the company remains solvent both before and after the distribution. Under the current practice of the Canada, no tax is payable in Canada in respect to dividends paid by us.

Cash dividends, if any, on our Ordinary Shares will be paid in U.S. dollars.

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#### CAPITALIZATION
The following table sets forth our capitalization as of December 31, 2024, on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pro forma basis to give effect to the allotment of 2,133,000 Ordinary Shares to three pre-IPO investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pro forma as adjusted basis giving effect to the completion of the firm commitment offering at an assumed public offering price of $4.5 (being the mid-point of the offer price range) per Ordinary Share and to reflect the application of the proceeds after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us.

You should read this information together with our audited consolidated financial statements appearing elsewhere in this prospectus and the information set forth under the sections titled "Exchange Rate Information," "Use of Proceeds," and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Actual<sup>(1)</sup>** | **Pro Forma<sup>(</sup><sup>2</sup><sup>)</sup>** | **Pro Forma <br>as Adjusted<sup>(</sup><sup>3</sup><sup>)</sup>** |
|  | **US$** | **US$** | **US$** |
|  **Liabilities:** |  |  |  |
|  Amount due to a related party, current | 599741 | 599741 | 599741 |
|  Amount due to a related party, non-current | 3125000 | 3125000 | 3125000 |
|  Bank loan | 27778 | 27778 | 27778 |
|  **Shareholders' deficit** |  |  |  |
|  Ordinary Shares ($0.0001 par value, 500,000,000 Ordinary Shares authorized, 13,500,000 Ordinary Shares issued and outstanding as of December 31, 2024 on actual basis; 15,633,000 Ordinary Shares issued and outstanding on a pro forma basis to reflect the 2,133,000 Ordinary Shares issued to three investors on pro forma basis; and 17,633,000 Ordinary Shares issued and outstanding on a pro forma as adjusted basis to reflect the issuance and sales of 2,000,000 Ordinary Shares in this offering) | 1350 | 1563 | 1763 |
|  Subscription receivable | (1350) | (1405) | (1405) |
|  Additional paid-in capital | 74 | 815986 | 7904442 |
|  Accumulated deficit | (2625796) | (2625796) | (2625796) |
|  Accumulated other comprehensive income | 201636 | 201636 | 201636  |
|  Total shareholders' deficit | (2424086) | (1608061) | 5480640  |
|  Total capitalization | 1328433 | 2144503 | 9233159  |

---

____________

(1) Reflects (i) a 1-for-10,000 share subdivision effected on July 16, 2025; (ii) the issuance, on July 16, 2025, of 3,500,000 ordinary shares to Club Versante Investment Limited at par value of US$0.0001 per Ordinary Share. All shares and amounts presented on actual basis have been retroactively adjusted to reflect these transactions. As a result, we had 13,500,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001, as of December 31, 2024. For further details regarding our share capital and corporate structure, please refer to the section titled "Corporate History and Structure" of this prospectus.

(2) Reflects (i) the allotment of 158 Ordinary Shares, with a par value of US$1 per share, to three investors on May 8, 2025, for a total consideration of US$816,070. The consideration for the allotment of 158 Ordinary Shares was fully settled in July 2025; (ii) the corresponding 1-for-10,000 share subdivision effected on July 16, 2025; (iii) the issuance, on July 16, 2025, of 553,000 Ordinary Shares, distributed proportionately, to the three investors, at a par value of US$0.0001 per Ordinary Share. Immediately following these transactions, we have a total of 15,633,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001. For further details regarding our share capital and corporate structure, please refer to the section titled "Corporate History and Structure" of this prospectus.

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(3) Reflects the issuance and sale of Ordinary Shares in this offering at an assumed public offering price of US$4.50 (being the mid-point of the offer price range) per Ordinary Share, after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us. The pro forma as adjusted information is illustrative only, and we will adjust this information based on the actual public offering price and other terms of this offering determined at pricing. Additional paid-in capital reflects the net proceeds we expect to receive after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us. We estimate that such net proceeds will be approximately US$7,088,656. For an itemization of an estimation of the total offering expenses (including accountable expenses) payable by us, see "Expenses Related to this Offering."

Assuming the over-allotment option is not exercised, each US$1 increase (decrease) in the assumed public offering price of US$4.50 (being the mid-point of the offer price range) per Ordinary Share would increase (decrease) the pro forma amount of total capitalization by approximately US$1.8 million, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same. An increase (decrease) of 1 million in the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, would increase (decrease) the pro forma amount of total capitalization by approximately US$4.1 million, assuming no change in the assumed public offering price per Ordinary Share as set forth on the cover page of this prospectus.

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#### DILUTION
If you invest in our Ordinary Shares in this offering, your interest will be immediately diluted to the extent of the difference between the public offering price per Ordinary Share in this offering and the net tangible book value per Ordinary Share after this offering.

Our actual net tangible book value per Ordinary Share represents total tangible assets less intangible assets and total liabilities, all divided by the number of Ordinary Shares outstanding as of December 31, 2024, after giving effect to (i) a 1-for-10,000 share subdivision effected on July 16, 2025; (ii) the issuance, on July 16, 2025, of 3,500,000 ordinary shares to Club Versante Investment Limited at par value of US$0.0001 per Ordinary Share. All shares and amounts presented on actual basis have been retroactively adjusted to reflect these transactions. As a result, we had 13,500,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001, as of December 31, 2024.

Our pro forma net tangible book value per Ordinary Share represents actual net tangible book value per Ordinary Share adjusted by the effect of (i) the allotment of 158 Ordinary Shares, at a par value of US$1 per share, to three investors on May 8, 2025, for a total consideration of US$816,070; (ii) the corresponding 1-for-10,000 share subdivision effected on July 16, 2025; (iii) the issuance, on July 16, 2025, of 553,000 Ordinary Shares, distributed proportionately, to the three investors, at a par value of US$0.0001 per Ordinary Share. Immediately following these transactions, we have a total of 15,633,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001.

Dilution results from the fact that the public offering price per Ordinary Share is substantially in excess of the net tangible book value per Ordinary Share. As of December 31, 2024, we had an actual net tangible book value of negative US$(3,360,124), or US$(0.25) per Ordinary Share, and a pro forma net tangible book value of negative US$(2,544,054), or US$(0.16) per Ordinary Share.

After giving effect to the sale of Ordinary Shares in this offering at an assumed public offering price of $4.50 (being the mid-point of the offer price range) per Ordinary Share and assuming no over-allotment option is exercised by the underwriters, we will have 17,633,000 Ordinary Shares outstanding, and after deducting the underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us, our pro forma as adjusted net tangible book value at December 31, 2024, would have been US$4,544,602, or US0.26 per Ordinary Share. This represents an immediate increase in pro forma as adjusted net tangible book value of US$0.42 per Ordinary Share to existing investors and immediate dilution of US$4.24 per Ordinary Share to new investors.

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per Ordinary Share after this offering would be US$0.32 per Ordinary Share, the increase in net tangible book value per Ordinary Share to existing shareholders would be US$0.48 per Ordinary Share, and the immediate dilution in net tangible book value per Ordinary Share to new investors in this offering would be US$4.18 per Ordinary Share.

The following table illustrates this dilution to new investors purchasing Ordinary Shares in this offering:

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| | | |
|:---|:---|:---|
|  | **Post-Offering<sup>(1)</sup>** | **Full Exercise of <br>Over-allotment <br>Option<sup>(2)</sup>** |
|  Assumed public offering price per Ordinary Share<sup>(3)</sup> | $4.50 | $4.50 |
| &nbsp;&nbsp;&nbsp; Actual net tangible book value per Ordinary Share as of December 31, <br>2024<sup>(4)</sup> | $(0.25) | $(0.25) |
| &nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value per Ordinary Share as of December 31, 2024 | 0.09 | 0.09 |
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value per Ordinary Share as of December 31, 2024<sup>(</sup><sup>5</sup><sup>)</sup> | $(0.16) | $(0.16) |
| &nbsp;&nbsp;&nbsp; Increase in pro forma as adjusted net tangible book value per Ordinary Share attributable to new investors purchasing Ordinary Shares in this offering | $0.42 | $0.48 |
|  Pro forma as adjusted net tangible book value per Ordinary Share after this offering | $0.26 | $0.32 |
|  Dilution per Ordinary Share to new investors in this offering | $4.24 | $4.18 |

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____________

(1) Assumes gross proceeds from the offering of 2,000,000 Ordinary Shares, and assumes that the underwriters' over-allotment option has not been exercised.

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(2) Assumes gross proceeds from the offering of 2,000,000 Ordinary Shares, and assumes that the underwriters' over-allotment option has been exercised in full.

(3) Public offering price per Ordinary Share is assumed to be US$4.50 (being the mid-point of the offer price range).

(4) Reflects (i) a 1-for-10,000 share subdivision effected on July 16, 2025; (ii) the issuance, on July 16, 2025, of 3,500,000 ordinary shares to Club Versante Investment Limited at par value of US$0.0001 per Ordinary Share; All shares and amounts presented on actual basis have been retroactively adjusted to reflect these transactions. As a result, we had 13,500,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001, as of December 31, 2024.

(5) Reflects (i) the allotment of 158 Ordinary Shares, with a par value of US$1 per share, to three investors on May 8, 2025, for a total consideration of US$816,070; (ii) the corresponding 1-for-10,000 share subdivision effected on July 16, 2025; (iii) the issuance, on July 16, 2025, of 553,000 Ordinary Shares, distributed proportionately, to the three investors, at a par value of US$0.0001 per Ordinary Share. Immediately following these transactions, we have a total of 15,633,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001.

Each US$1.00 increase (decrease) in the assumed public offering price of US$4.50 (being the mid-point of the offer price range) per Ordinary Share would increase (decrease) our pro forma as adjusted net tangible book value as of December 31, 2024, after this offering by approximately US$0.10 per Ordinary Share, and would increase (decrease) dilution to new investors by US$0.90 per Ordinary Share, assuming that the number of Ordinary Shares offered by us, as set forth on the cover page of this prospectus, remains the same.

To the extent that we issue additional Ordinary Shares in the future, there will be further dilution to new investors participating in this offering.

The following table summarizes, on a pro forma basis as of December 31, 2024, the differences between the existing shareholders and the new investors with respect to the number of Ordinary Shares purchased from us in this offering, the total consideration paid, and the average price per Ordinary Shares paid at the assumed public offering price of US$4.50 (being the mid-point of the offer price range) per Ordinary Shares, the midpoint of the price range set forth on the cover page of this prospectus, before deducting underwriting discounts, non-accountable expense allowance and the estimated offering expenses (including accountable expenses) payable by us. The total number of Ordinary Shares does not include Ordinary Shares issuable upon the exercise of the over-allotment option granted to the underwriters.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<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** |
|  | **Number** | **Percent** | **Amount** | **Percent** | **Average <br>price per <br>Ordinary <br>Share** |
|  Existing shareholders | 15633000 | 88.66% | $817475 | 8.33% | $0.05 |
|  New investors | 2000000 | 11.34% | $9000000 | 91.67% | $4.50 |
|  Total | 17633000 | 100% | $9817475 | 100% | $0.56 |

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#### EXCHANGE RATE INFORMATION
CVGL is a holding company with operations conducted in the British Columbia, a province in Canada, through its Operating Subsidiary in Canada, Club Versante Canada, using Canadian dollars. Club Versante Canada's reporting currency is Canadian dollars. Translations of amounts from CAD into US$ are solely for the convenience of the reader. The results of operations and the consolidated statements of cash flows, denominated in the functional currency, are translated to US$ at the average rate of exchange during the reporting period. Assets and liabilities denominated in the functional currency at the balance sheet dates are translated to US$ at the applicable rates of exchange in effect at those dates. The equity, denominated in the functional currency, is translated to US$ at the historical rate of exchange at the time of the transaction. No representation is made that the CAD amount represents or could have been, or could be converted, realized or settled into US$ at that rate, or at any other rate.

The following table outlines the exchange rates between CA$ and US$ that are used:

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| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Year-end spot rate | 1.4400 | 1.3202 |

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Average rate | 1.3699 | 1.3494 |

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#### CORPORATE HISTORY AND STRUCTURE

#### Corporate History and Structure
We are a company principally engaged in provision of catering services since 2021. CVGL is a holding company with no material operation of its own, and it conducts operations through its wholly-owned Operating Subsidiary, namely Club Versante Canada. As of the date of this prospectus, our Controlling Shareholder, director and chief executive officer, Ms. Chung Lin Ching, through her 80% of the equity interests in Club Versante Investment Limited, owns 69.09% of our issued share capital.

In December 2013, the Operating Subsidiary was incorporated, as a company with limited liability under the laws of the Province of British Columbia, Canada. The Operating Subsidiary was previously known as The China Club General Partner Ltd. And it changed its name to Club Versante Canada in April 2017. Ms. Chung Lin Ching acquired the entire issued share capital, being 100,000 shares, of Club Versante Canada from Mo Yeung International Enterprise Ltd. and ultimately transferred to and held through Bygenteel Capital Inc..

In April, 2025, Club Versante BVI was incorporated under the laws of the British Virgin Islands, as an intermediate holding company.

In April, 2025, CVGL was incorporated under the laws of the Cayman Islands as an exempted company with limited liability, as the holding company of our BVI and Canada subsidiaries.

Before reorganization, Club Versante Canada was wholly owned by Bygenteel Capital Inc., which is in turn ultimately and wholly owned by Ms. Chung Lin Ching.

As part of the reorganization,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On April 25, 2025, CVGL acquired, through Club Versante BVI, all the shares of the Operating Subsidiary from Bygenteel Capital Inc. and became the ultimate holding company of Club Versante BVI and the Operating Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 6, 2025, Ms. Chung Lin Ching sold 200 shares of Club Versante Investment Limited to Lee Jet Thong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 8, 2025, CVGL issued 52, 50 and 56 new Ordinary Shares to Kon Teck Tien, Leong Kah Yee and Yang Shenguang, respectively.

In July 2025, a 1-for-10,000 share split/share subdivision effected by CVGL. On July 16, 2025, CVGL sub-divided its authorized shares so that the par value of each share changed from US$1.00 to US$0.0001 each and the number of authorized shares changed to 500,000,000 shares of par value US$0.0001 each. On the same date, CVGL implemented a share split/share subdivision, converting each existing share with a par value of $1.00 into 10,000 new Ordinary Shares with a par value of $0.0001 per share. As a result, each existing shareholder received 10,000 Ordinary Shares in exchange for every one share previously held, leading to a total issuance of 11,580,000 Ordinary Shares to all shareholders at that time. In addition, in order to increase its total number of outstanding shares following the share split/share subdivision and prior to this offering, CVGL issued to all then existing shareholders, on a pro-rata basis, additional Ordinary Shares. CVGL issued 3,500,000 Ordinary Shares, 182,000 Ordinary Shares, 175,000 Ordinary Shares and 196,000 Ordinary Shares to Club Versante Investment Limited, Kon Teck Tien, Leong Kah Yee and Yang Shenguang, respectively. Immediately following such issuance, the Company had a total of 15,633,000 Ordinary Shares issued and outstanding, each with a par value of US$0.0001, of which 13,500,000 Ordinary Shares were issued and held by Club Versante Investment Limited, and an aggregate of 2,133,000 Ordinary Shares held by the other existing shareholders.

Lee Jet Thong, Kon Teck Tien, Leong Kah Yee and Yang Shenguang are individuals that have no affiliation with CVGL and its subsidiaries.

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The chart below illustrates our corporate structure (i) before the reorganization; (ii) as of the date of this prospectus; and (iii) upon completion of this offering (assuming the underwriters do not exercise the over-allotment option):

*Before the Reorganization*

![](tflowchart_001.jpg)

*As of the date of this prospectus* 

*Upon completion of this offering*

![](tflowchart_003.jpg)

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We are offering 2,000,000 Ordinary Shares of CVGL, our Cayman holding company, representing 11.34% of the Ordinary Shares following completion of the offering of CVGL, assuming the underwriters do not exercise the over-allotment option.

We will be a "controlled company" as defined under the Nasdaq Stock Market Rules because, immediately after the completion of this offering, our Controlling Shareholder, director and chief executive officer, Ms. Chung Lin Ching, through her 80% of the equity interests in Club Versante Investment Limited, will have a control of 76.56% of our total issued and outstanding Shares, representing 76.56% of the total voting power, assuming that the underwriters do not exercise their over-allotment option, and will therefore have the ability to control the outcome of certain matters submitted to shareholders for approval through her controlling ownership of the Company, such as the election of directors, amendments to our organizational documents and any merger, consolidation, sale of all or substantially all of our assets or other major corporate transactions.

At each general meeting, each shareholder who is present in person or by proxy (or, in the case of a shareholder being a corporation, by its duly authorized representative) will have one vote for each Ordinary Share that such shareholder holds. There are no prohibitions to cumulative voting under the laws of the Cayman Islands, but our Amended and Restated our Memorandum and Articles of Association do not provide for cumulative voting.

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

#### Overview
We are a well-established company based in the British Columbia, Canada, focusing on the running of restaurants and bars to provide catering, event hosting, and venue rental services.

Our revenue was US$3,954,810 and US$3,989,037 for the years ended December 31, 2024 and 2023, respectively. We recorded net income of US$794,258 for the year ended December 31, 2024 and net loss of US$284,013 for the year ended December 31, 2023. Our growth strategy focuses on strengthening our market share in existing markets, expanding our market presence and brand awareness, diversifying our product offerings with innovative dishes and alcoholic beverages, opening new restaurants and bars, and exploring opportunities to develop additional revenue streams.

#### Factors Affecting Our Results of Operations
The catering industry is influenced by various factors, such as the macroeconomic conditions, customer consumption trends, and the supply chain dynamics of food ingredients and beverages. Our profits are mainly determined by several key factors, including annual sales, gross profit margin and operating cost structure.

Our results of operations have been affected in the periods under review, and are expected to continue to be affected, by the following factors relating to our operations:

Macroeconomic conditions in Canada

We derive the majority of our revenue from restaurant and bar operations in Canada. Our financial performance is therefore closely tied to the country's macroeconomic environment. Any downturn in the Canadian economy could significantly reduce consumer income levels, trigger heightened recession concerns, and diminish consumer confidence. These factors may negatively affect discretionary spending, particularly in dining and hospitality sectors, which could materially and adversely impact our financial condition and operating results.

Brand recognition and market competition

Our success depends heavily on maintaining strong brand recognition. To remain competitive, we must continue to differentiate ourselves in the Canadian restaurant industry, particularly in the bar and seasonal fusion restaurant segments, and foster stronger customer loyalty. Failure to sustain or enhance our brand positioning, pricing strategies, food quality, or service standards could significantly impact our business, financial condition, and operational results.

Price of raw materials and consumables

Our ability to maintain profitability relies on securing dependable supplies of food ingredients, including alcoholic and non-alcoholic beverages, meats, seafood, and produce, at stable, competitive prices. Fluctuations in the cost or availability of these inputs could erode our margins and affect our results. While we seek to maintain high-quality sourcing standards, we cannot guarantee that all suppliers will consistently meet our quality and pricing expectations. Failure to effectively manage rising costs or secure alternative sources on commercially viable terms could require us to alter our menu offerings, which could negatively affect our operating performance.

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Rental costs

All of our restaurant premises are leased, which makes us susceptible to fluctuations in rental costs. The success of each restaurant is highly dependent on its location, and we apply strict selection criteria when choosing sites. In particular, we prioritize locations with high foot traffic, accessible public transportation, and convenient customer access. Failure to secure desirable premises at commercially reasonable rental rates may hinder our expansion plans and overall growth strategy. At present, our restaurant leases are structured as long-term agreements, which helps to maintain stable rental expenses. However, if we need to relocate or open new locations, there is no assurance that suitable sites will be available on favorable terms.

Dependence on experienced management and staff

Our success is highly dependent on the services rendered by our experienced management team, who possess strong market knowledge, operational expertise, and the ability to adapt to changing consumer preferences and market conditions. The continued contributions of our key personnel are critical to the execution of our business strategies and to sustaining our competitive advantage. If we fail to attract, retain, or motivate talented individuals in the future, whether due to increased competition, market conditions, or other factors, our business operations, financial performance, and growth prospects could be materially and adversely affected.

In addition, staff costs represent a significant portion of the total operating costs in the catering industry. Changes in the Canadian labor market, including wage inflation, labor shortages, or increased regulatory burdens (such as changes in minimum wage laws or employment standards), could substantially impact our cost structure. Any material increase in labor costs without a corresponding increase in revenue could adversely affect our margins and overall profitability. We are actively monitoring labor market trends and continuously adjusting our human resources strategies to mitigate these risks; however, there can be no assurance that such efforts will fully offset potential adverse impacts in the future.

Re-occurrence of COVID-19 Pandemic

Any outbreak, epidemic, or pandemic of infectious diseases, such as COVID-19, in Canada may result in reduced customer traffic and spending. During the pandemic, the Canadian government and the Ministry of Health of British Columbia issued numerous directives that significantly restricted catering business operations. These measures included limitations on dine-in services, restrictions on the number of seats per table, and requirements for minimum distances between tables. Although COVID-19 is no longer a pandemic and is generally under control despite the emergence of more transmissible but less virulent strains, if COVID-19 and other variants thereof once again becomes more severe, our operations and financial results may be materially and adversely affected.

#### Impact of Russia's Invasion of Ukraine, Israel-Hamas War and Related Supply Chain Issues
Russia launched a large-scale invasion of Ukraine on February 24, 2022 and an armed conflict between Israel and Hamas-led Palestinian militant groups has been taking place in the Gaza Strip since 7 October 2023. The extent and duration of the military actions, resulting sanctions and resulting future market disruptions, including volatilities in stock markets, disruption to global supply chain and worsening of global inflation, are impossible to predict, but could be significant. Any such disruptions or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks, may have a significant collateral impact on global economy and our business model and revenue stream. Nevertheless, as of the date of this document, since (i) we principally operate in Canada and do not have business presence in Russia, Ukraine and the Middle-East; and (ii) our industry has been less dependent on oil, natural resources or global supply chain which have been disrupted by these military actions, there is no material impact on our cash flows, liquidity, capital resources, cash requirements, financial position, or results of operations arising from, related to, or caused by the global disruption from Russia's invasion of Ukraine and the tensions in the Middle-East.

#### Escalating trade tensions and impacts of tariff policy volatility
Recent global trade developments have introduced considerable uncertainty into international commerce. In early 2025, the imposition of significant new tariffs on a broad range of imported goods disrupted established trade flows, raising concerns about supply chain stability, procurement strategies, and input costs across multiple industries. Our company primarily sources materials domestically, which shields us from direct impacts of the tariff war. However, tariff-driven cost increases may also affect goods sourced within Canada, as upstream suppliers, who

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face higher input costs due to tariffs, may pass those costs on to us. This "knock-on" effect could lead to elevated procurement expenses, ultimately putting pressure on our profit margins. The current trade policy landscape is marked by rapid and unpredictable changes, with shifts in tariffs and trade regulations often occurring with limited notice. This volatility makes it challenging to plan effectively and may result in increased material costs, supply chain delays, and pricing volatility, all of which could adversely impact our financial performance. While we are actively pursuing strategies to mitigate these risks, including diversifying our supplier network and adjusting sourcing practices, there is no assurance that these efforts will fully insulate us from the broader impacts of evolving trade policies. We continue to closely monitor the situation and will adapt our operations as needed to respond to any further developments in the global trade environment.

#### Key Components of Results of Operations

#### Revenue
Our revenue consists of (i) Catering income; (ii) Event income; (iii) Service fee income; and (iv) Revenue sharing income. The following table sets forth the breakdown of our total revenue, both in absolute amount and as a percentage of our total revenue, for the years ended December 31, 2024 and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **US$** | **% of total<br>revenue** | **US$** | **% of total<br>revenue** | **US$** | **%** |
|  **Revenue:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Catering income | 2753151 | 69.6 | 3589145 | 90.0 | (835994) | (23.3) |
| &nbsp;&nbsp;&nbsp; Event income | 948082 | 24.0 | 310967 | 7.8 | 637115 | 204.9 |
| &nbsp;&nbsp;&nbsp; Service fee income | 175200 | 4.4 | 88925 | 2.2 | 86275 | 97.0 |
| &nbsp;&nbsp;&nbsp; Revenue sharing income | 78377 | 2.0 |  |  | 78377 | 100.0 |
|  **Total revenue** | 3954810 | 100.0 | 3989037 | 100.0 | (34227) | (0.9) |

---

*a) Catering income*

Revenue of catering income represented 69.6% and 90.0% of our total revenue for the years ended December 31, 2024 and 2023, respectively. The majority of customers are walk-in patrons who dine at our restaurants and bars. Revenue from catering is recognized at the point in time when control of the goods is transferred to the customer. This transfer occurs when the food and beverages are delivered, and the customer assumes the risks and rewards of ownership. The performance obligation is satisfied upon delivery, with no further obligations outstanding. Transaction prices are clearly indicated on the menu, and revenue is recognized net of any discounts or incentives offered to customers. Payments are typically received immediately via cash, checks, or credit cards after the food and beverages are served. We do not have obligations related to returns, refunds, or similar contingencies.

*b) Event income*

Revenue of event income represented 24.0% and 7.8% of our total revenue for the years ended December 31, 2024 and 2023, respectively. We rent out our venues, including restaurants, bars, and event halls, for events and film productions in exchange for a fixed service fee. Contracts detail all pertinent aspects of the services provided, such as date, venue specifications, decoration requirements, food and beverage orders, and pricing. Although these contracts encompass multiple elements, they are considered a single performance obligation due to the integrated nature of the services provided, culminating in a comprehensive event experience. Revenue is recognized over time, as customers simultaneously receive and consume the benefits during the event. The measure of progress is based on the passage of time over the event duration. Given the typically short duration of events, performance obligations are generally satisfied within a single reporting period. We require upfront deposits to confirm reservations, which are recorded as contract liabilities. The remaining balance is due upon completion of the event. These amounts are recognized as revenue over the event duration.

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*c)* Service fee income

Revenue of service fee income represented 4.4% and 2.2% of our total revenue for the years ended December 31, 2024 and 2023, respectively. We provided breakfast and lunch services to a hotel under a fixed monthly fee arrangement. This obligation is characterized as a stand-ready commitment, wherein we are obligated to make catering services available to the hotel as and when required throughout the contract period. The hotel benefits evenly from our continuous availability to provide these services, irrespective of the actual usage. The revenue from stand-ready obligations is recognized over time, as the customer simultaneously receives and consumes the benefits of the entity's performance as it occurs. Given the nature of the stand-ready obligation and the consistent benefit to the customer, we have determined that a time-based measure of progress, specifically a straight-line basis, faithfully depicts the transfer of control. Consequently, revenue is recognized evenly over the contract period. The transaction price is fixed and explicitly stated in the contract, with payments due on a monthly basis as specified in the agreement. There are no provisions for returns, refunds, or similar contingencies.

*d) Revenue sharing income*

We entered into an arrangement with a third-party partner to operate one of its restaurants on May 10, 2024. Under this agreement, we provided kitchen facilities, equipment, and necessary operating licenses, while the partner manages the restaurant's daily operations. In return, we receive variable consideration equivalent to 20% of the restaurant's monthly sales. Revenue of revenue sharing income represented 2.0% and nil of our total revenue for the years ended December 31, 2024 and 2023, respectively.

Our primary performance obligation in this arrangement is to provide the partner with access to the kitchen facilities, equipment, and necessary operating licenses. This obligation is satisfied over time, as the partner simultaneously receives and consumes the benefits provided by us throughout the contract period. The consideration we receive is variable, contingent upon the restaurant's monthly sales. We estimate the amount of variable consideration we are entitled to using the most likely amount method. This estimate is constrained to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We recognize revenue monthly, based on the sales figures provided by the partner, and make estimates on the variable consideration if necessary for that particular month.

#### Cost of revenue
Cost of revenue consists of expenses directly related to revenue-generating activities, primarily including the cost of food and beverages, personnel-related compensation, depreciation of restaurant equipment, and other operating expenses directly associated with revenue generation. For the years ended December 31, 2024 and 2023, cost of revenue represented approximately 50.1% and 74.0% of our revenue, respectively.

#### Gross profit
Gross profit represents our revenue less cost of revenue. Our gross profit margin represents our gross profit as a percentage of our revenue. Our gross profit was US$1,972,757 and US$1,038,202 for the years ended December 31, 2024 and 2023, respectively. Our gross profit margin was 49.9% and 26.0% for the year ended December 31, 2024 and 2023, respectively.

#### Operating expenses
*Selling and marketing expenses*

Selling and marketing expenses primarily consist of advertising and promotion costs. Selling and marketing expenses accounted for 0.6% and 0.9% of our total revenue for the years ended December 31, 2024 and 2023, respectively.

*General and administrative expenses*

General and administrative expenses mainly comprise (i) salaries and contributions to the Canada Pension Plan for our administrative employees; (ii) rental and related expenses for the leasing of our restaurants, bars, and event hall; (iii) general repair and maintenance expenses for our restaurant and bar operations; (iv) property taxes and strata fees

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associated with our leased properties; and (v) annual business registration and license fees. General and administrative expenses accounted for 22.4% and 34.8% of our total revenue for the years ended December 31, 2024 and 2023, respectively.

#### Other income (expense), net
The following table sets forth our other income (expense), net, both in absolute amount and as a percentage of total revenue, for the years ended December 31, 2024 and 2023:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **US$** | **% of total<br> revenue** | **US$** | **% of total<br> revenue** | **US$** | **%** |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (1460) |  | (1482) |  | (22) | (1.5) |
| &nbsp;&nbsp;&nbsp; Other income | 26645 | 0.7 |  |  | 26645 | 100 |
|  **Total other income (expense), net** | 25185 | 0.7 | (1482) |  | 26667 | 1799.4 |

---

Our interest expense primarily consists of interest payments incurred on the Canada Emergency Business Account ("CEBA") loan. The principal of the CEBA loan is CA$40,000 (US$27,778) and the annual interest rate for the CEBA loan is 5%. Interest expense was immaterial and accounted for 0% of our total revenue for the years ended December 31, 2024 and 2023.

For the year ended December 31, 2024, we reported other income of US$26,645, compared to nil for the year ended December 31, 2023. Other income primarily arose from rental income received from Yandoux Patisserie. On May 15, 2024, we entered into a sublease agreement with Yandoux Patisserie for premises located at 8400 West Road, Richmond, British Columbia, Canada. Under the terms of this agreement, we receive a fixed monthly rental fee if Yandoux Patisserie's monthly gross revenue does not exceed CA$30,000 (US$21,900), and additional variable rent equal to 20% of the portion of revenue exceeding this threshold. For the year ended December 31, 2024, no variable rent was recognized. Other income represented 0.7% of our total revenue for the year ended December 31, 2024, compared to nil for the prior year.

#### Income tax (expense) benefit
We operate in the province of British Columbia (B.C.), Canada, and are subject to both Canadian federal and B.C. provincial corporate income taxes. Taxable income is determined based on the statutory financial statements, with adjustments made in accordance with applicable Canadian tax laws. For the years ended December 31, 2024 and 2023, the federal corporate income tax rate was 15%. In B.C., the general provincial corporate tax rate was 12% on taxable income. The combined federal and provincial corporate income tax rate was 27%.

For the years ended December 31, 2024 and 2023, income tax expense accounted for 7.5% of our total revenue and income tax benefit accounted for 2.6% of our total revenue, respectively. We did not have any significant unrecognized uncertain tax positions, nor did we incur any interest or penalties related to potential underpaid income taxes for the years ended December 31, 2024 and 2023. Our major tax jurisdiction is Canada. Under Canadian tax laws, the Canada Revenue Agency (CRA) generally has a reassessment period of three years from the date it issues the original notice of assessment to reassess a Canadian-Controlled Private Corporation (CCPC). For corporations that are not CCPCs, this reassessment period extends to four years. However, if the CRA determines that a taxpayer has made a misrepresentation attributable to neglect, carelessness, willful default, or fraud in filing the return or supplying information, there is no time limit for reassessment.

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#### Results of Operations
The following table sets forth a summary of our consolidated results of operations for the years ended December 31, 2024 and 2023 as indicated. This information should be read together with our audited consolidated financial statements for the years ended December 31, 2024 and 2023 and related notes included elsewhere in this prospectus. The operating results in any year are not necessarily indicative of the results that may be expected for any future trends.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** | **2023** | **Variances** | **Variances** |
|  | **US$** | **% of total<br> revenue** | **US$** | **% of total<br> revenue** | **US$** | **%** |
|  **Revenue** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Catering income | 2753151 | 69.6 | 3589145 | 90.0 | (835994) | (23.3) |
| &nbsp;&nbsp;&nbsp; Event income | 948082 | 24.0 | 310967 | 7.8 | 637115 | 204.9 |
| &nbsp;&nbsp;&nbsp; Service fee income | 175200 | 4.4 | 88925 | 2.2 | 86275 | 97.0 |
| &nbsp;&nbsp;&nbsp; Revenue sharing income | 78377 | 2.0 |  |  | 78377 | 100.0 |
| &nbsp;&nbsp;&nbsp; **Total revenue** | 3954810 | 100.0 | 3989037 | 100.0 | (34227) | (0.9) |
|  **Cost of revenue** | (1982053) | 50.1 | (2950835) | 74.0 | 968782 | 32.8 |
|  **Gross profit** | 1972757 | 49.9 | 1038202 | 26.0 | 934555 | 90.0 |
|  **Operating expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | (22969) | 0.6 | (34211) | 0.9 | (11242) | (32.9) |
| &nbsp;&nbsp;&nbsp; General and administrative | (884812) | 22.4 | (1391505) | 34.8 | (506693) | (36.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (907781) | 23.0 | (1425716) | 35.7 | (517935) | (36.3) |
|  **Income (loss) from operations** | 1064976 | 26.9 | (387514) | 9.7 | 1452490 | 374.8 |
|  **Other income (expense)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (1460) |  | (1482) |  | (22) | (1.5) |
| &nbsp;&nbsp;&nbsp; Other income | 26645 | 0.7 |  |  | 26645 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | 25185 | 0.7 | (1482) |  | 26667 | 1799.4 |
|  **Income (loss) before income taxes** | 1090161 | 27.6 | (388996) | 9.7 | 1479157 | 380.2 |
|  Income tax (expense) benefit | (295903) | 7.5 | 104983 | 2.6 | (400886) | 381.9 |
|  **Net income (loss)** | 794258 | 20.1 | (284013) | 7.1 | 1078271 | (379.7) |

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#### Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

#### Revenue
Total revenue decreased by 0.9% from US$3,989,037 for the year ended December 31, 2023 to US$3,954,810 for the year ended December 31, 2024. Total revenue remained stable over two years, with a slight decrease primarily driven by a significant decrease in catering income, which was offset by an increase in event income, service fee income and revenue sharing income, reflecting a shift in our revenue mix.

**Catering income** — Catering income decreased by US$835,994 or 23.3%, from US$3,589,145 for the year ended December 31, 2023, to US$2,753,151 for the year ended December 31, 2024. This decrease was primarily attributed to a strategic shift in business focus during the year. Recognizing the higher gross margins associated with our event income, we reallocated additional resources to develop this premium revenue stream. Under our event business model, customers often reserve part or all of our restaurant and bar spaces for private events, resulting in reduced availability and operating hours for regular dine-in services, Consequently, customer traffic decreased by 18%, from 29,214 covers in 2023 to 24,057 covers in 2024. While this transition temporarily impacted our traditional catering income, it significantly improved our overall profitability by emphasizing higher-margin event operations.

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**Event income** — Event income increased by US$637,115 or 204.9%, from US$310,967 for the year ended December 31, 2023, to US$948,082 for the year ended December 31, 2024. This growth was primarily driven by our strategic initiatives aimed at enhancing the event income revenue stream. We offered premium venue rentals, including restaurants, bars, and event halls, to accommodate a wide range of functions such as private celebrations, corporate events, grand openings, and other special occasions. During the year ended December 31, 2024, we successfully attracted new customers as a result of increased public awareness generated through our advertising campaign launched in 2023. In addition, during the year ended December 31, 2024, we commenced renting our venues for film production purposes. As a result of these efforts, the number of events increased from 6 for the year ended December 31, 2023 to 36 for the year ended December 31, 2024. Revenue per event changed from approximately US$51,823 for the year ended December 31, 2023, to approximately US$26,336 for the year ended December 31, 2024.

**Service fee income** — Service fee income increased by US$86,275 or 97.0%, from US$88,925 for the year ended December 31, 2023, to US$175,200 for the year ended December 31, 2024. This growth was primarily driven by our catering services agreement with a hotel, under which we provided daily breakfast and lunch services for a fixed monthly fee. The contracted fee was revised upward from CA$10,000 (US$7,410) per month in 2023 to CA$20,000 (US$14,600) per month in 2024. The increase in the contracted fee reflected expanded service coverage, including an enhanced menu selection, extended service hours, and a broader scope of catering offerings to meet the hotel's evolving operational needs and higher guest volume. As a result of these adjustments, total service fee income increased correspondingly during the year.

**Revenue sharing income** — Revenue sharing income increased by US$78,377 or 100%, from US$ nil for the year ended December 31, 2023, to US$78,377 for the year ended December 31, 2024. The increase was primarily attributable to the commencement of the revenue-sharing arrangement in May 2024. The reported amount for the year reflects approximately eight months of operations under this partnership. This new revenue stream was part of our strategic initiative to optimize the utilization of our assets and diversify our revenue base without bearing the full operating risks associated with restaurant management.

#### Cost of revenue
The cost of revenue decreased by US$968,782, or 32.8%, from US$2,950,835 for the year ended December 31, 2023, to US$1,982,053 for the year ended December 31, 2024.

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|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | **For the Years Ended December 31,** | | |
|  | **2024** | **2024** | **2023** | **2023** | **Variance** | **Variance** |
|  | **US$** | **% of total<br> revenue** | **US$** | **% of total<br> revenue** | **US$** | **%** |
|  **Cost of revenue** |  |  |  |  |  |  |
|  Cost of food and beverages | 727032 | 18.4 | 1151168 | 28.9 | (424136) | (36.8) |
|  Personnel-related compensation | 924574 | 23.4 | 1327149 | 33.3 | (402575) | (30.3) |
|  Depreciation and amortization of finance lease right-of-use assets | 219753 | 5.6 | 223080 | 5.6 | (3327) | (1.5) |
|  Others | 110694 | 2.7 | 249438 | 6.2 | (138744) | (55.6) |
|  **Total cost of revenue** | 1982053 | 50.1 | 2950835 | 74.0 | (968782) | (32.8) |

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Cost of food and beverages — Our cost of food and beverages decreased from US$1,151,168 for the year ended December 31, 2023 to US$727,032 for the year ended December 31, 2024. The reduction was primarily aligned with the decline in catering income during the year. Moreover, we implemented strategic initiatives to enhance cost efficiency, including partnering with more competitive suppliers for food ingredients and beverages. We also refined our menu offerings by phasing out certain high-cost dishes, thereby optimizing our product mix. These actions effectively reduced procurement expenditures for premium food items and contributed to the overall improvement in gross margin.

Personnel-related compensation — Restaurant and bar operations are highly service-oriented and labor-intensive. Personnel-related compensation primarily consists of salaries and contributions to the Canada Pension Plan for our restaurant staff. Personnel-related compensation decreased from US$1,327,149 for the year ended December 31, 2023, to US$924,574 for the year ended December 31, 2024. This reduction was largely attributable to a decrease

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in the average number of restaurant staff between the two periods, which was streamlined from 141 employees to 103 employees. In response to the decline in customer traffic in 2024, we optimized our workforce structure to more effectively manage labor costs, primarily through a reduction in the number of servers and kitchen assistants.

Depreciation and amortization of finance lease right-of-use assets — Our depreciation expense primarily represents the depreciation of kitchen equipment, furniture and fixtures, and leasehold improvements related to our restaurants and bars. Our amortization expense of finance lease right-of-use assets represents the amortization of finance lease kitchen equipment. In the absence of significant capital expenditures for the acquisition of property, plant, and equipment during the year, depreciation expense and amortization expense of finance lease right-of-use assets remained relatively stable at US$219,753 and US$223,080 for both the years ended December 31, 2024, and 2023, respectively.

Others — Our other cost of revenue decreased from US$249,438 for the year ended December 31, 2023 to US$110,694 for the year ended December 31, 2024. These expenses primarily include transportation costs, supplies, uniform expenses, and other sundry items directly related to the operations of our restaurants. The reduction was mainly attributable to our cost-control measures implemented in 2024, which focused on streamlining operations and eliminating non-essential expenditures.

#### Gross profit
Our gross profit increased by US$934,555, or 90.0%, from US$1,038,202 for the year ended December 31, 2023, to US$1,972,757 for the year ended December 31, 2024. The overall gross profit margin for the year ended December 31, 2024, was approximately 49.9%, compared to approximately 26.0% for the year ended December 31, 2023. The notable improvement in gross profit margin was primarily attributable to strategic adjustments in our overall business operations.

Catering income, while a significant revenue stream, generally carries higher ingredient and labor costs, resulting in lower gross margins. This is due to the labor-intensive nature of catering services, where each table service involves multiple steps, including guest seating, order taking, kitchen meal preparation, bartender service, and post-meal cleanup, with food and beverages requiring customized preparation to accommodate individual guest requests. In contrast, event income is primarily derived from venue rentals, with food and beverage services representing only a small component of the overall offering. Moreover, food preparation for events typically involves large-scale production, enabling economies of scale and improving operational efficiency. The strategic reallocation of resources toward higher-margin revenue streams, particularly event-related income, substantially contributed to the growth in our gross profit. At the same time, revenue from traditional catering operations, which are associated with higher material and labor costs and therefore lower margins, declined in 2024. In addition, the implementation of comprehensive cost-control measures throughout the year further enhanced our gross profit margin.

#### Operating expenses
Selling and marketing expenses decreased to US$22,969 for the year ended December 31, 2024, from US$34,211 for the year ended December 31, 2023. These expenses primarily related to advertising and promotional activities. In 2023, we adopted an intensified marketing strategy aimed at enhancing brand visibility during the post-pandemic recovery phase. This strategy focused on advertising through social media platforms and collaborating with renowned vloggers to promote our restaurant and its offerings. Following the success achieved through the marketing campaign in 2023, we strategically reduced the scale of our marketing activities in 2024 to adopt a more cost-effective approach while maintaining brand presence.

General and administrative expenses decreased by US$506,693, or 36.4%, to US$884,812 for the year ended December 31, 2024, compared to US$1,391,505 for the year ended December 31, 2023. This reduction was primarily attributable to several factors: (i) a US$173,449 decrease in payroll expenses resulting from organizational restructuring in 2024, which streamlined management and administrative departments by eliminating redundant positions to enhance efficiency and optimize labor costs; (ii) a US$127,064 reduction in lease expenses due to lease modifications, including vacating unused spaces, downsizing rental areas, and renegotiating lease terms to reduce obligations; (iii) a US$80,105 decline in property taxes and strata fees, consistent with the reduced leased areas; and (iv) a US$69,071 decrease in repair and maintenance expenses following the completion of certain public space maintenance projects in 2023.

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#### Other income (expense), net
Other income (expenses) changed from an expense of US$1,482 for the year ended December 31, 2023, to income of US$25,185 for the year ended December 31, 2024. This change was primarily driven by rental income generated from Yandoux Patisserie, which commenced in May 2024.

#### Income (loss) before income taxes
We had an income before income taxes of US$1,090,161 for the year ended December 31, 2024, compared to loss before income taxes of US$388,996 for the year ended December 31, 2023. The change in income (loss) before income taxes was mainly attributed to an increase in gross profit combined with a reduction in operating expenses. These results reflect the impact of our strategic operational adjustments and effective cost and expense management initiatives.

#### Income tax (expense) benefit
Income tax (expense) benefit changed from US$104,983 benefits for the year ended December 31, 2023 to US$295,903 expenses for the year ended December 31, 2024. The change largely corresponded with the change in income (loss) before income taxes.

#### Net income (loss)
As a result of the foregoing factors, net income (loss) changed from net loss US$284,013 for the year ended December 31, 2023 to net income US$794,258 for the year ended December 31, 2024.

#### Liquidity and Capital Resources
Prior to this offering, our principal sources of liquidity to finance our day to day operations are from the financing provided by banks, our major shareholder and cashflow from operating activities.

As of December 31, 2024 and 2023, we had no cash and cash equivalents recorded on our consolidated balance sheets. This was due to the netting of cash held at banks against outstanding unpresented checks as of the year ends, resulting in a net book overdraft position. While no cash was reported on the consolidated balance sheets, we maintained active bank accounts and continued to meet our payment obligations through these accounts.

As of December 31, 2024, we reported a working capital deficit of US$993,745. During the year ended December 31, 2024, we generated positive net cash flows from operating activities of US$1,043,782. We anticipate continued positive cash flows from operations and expect to sustain profitability in the coming year, supported by our ongoing business activities and operational performance. Subsequently, on May 8, 2025, we entered into subscription agreements with three individuals who subscribed for an aggregate of 158 Ordinary Shares for a total consideration of US$816,070. The Company has issued the 158 Ordinary Shares to the three individuals on May 8, 2025. This capital injection is expected to significantly improve our working capital position. Furthermore, certain related parties have committed to providing additional financial support to us, should the need arise.

In assessing our liquidity, we monitor and analyze our cash on hand and our operating and capital expenditure commitments. Our liquidity needs are to meet our working capital requirements, operating expenses and capital expenditure obligations.

Considering all facts and information on hand, we expect our cash on hand and the cash generated from operation are sufficient to finance our working capital requirements within the normal operating cycle of a twelve-months period from the date of our financial statements are issued.

If we are unable to have sufficient fund to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date of these financial statements are issued, we may consider supplementing its available sources of funds through the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addition equity financing from major shareholders or third-party investors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial support from the financial institutions and our related parties.

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Based on the above considerations, we are of the opinion that we have sufficient funds to meet our working capital requirements and current liabilities as they become due within twelve months from the date of our financial statements are issued. However, there is no assurance that we will be successful in implementing our plans. There are a number of factors that could potentially arise and could undermine our plans, such as changes in the demand for our service, general market conditions and the broader capital market climate in Canada, etc.

*Cash Flows*

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

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  | **US$** | **US$** |
|  Net cash provided by operating activities | 1043782 | 51586 |
|  Net cash used in financing activities | (1043782) | (51586) |
|  Net increase cash and cash equivalents |  |  |
|  Cash and cash equivalents, beginning of year |  |  |
|  Cash and cash equivalents, end of year |  |  |

---

*Cash and cash equivalents*

As of December 31, 2024 and 2023, we had cash at bank of US$22,416 and US$15,253, respectively. After accounting for the impact of unpresented checks at year ends, the book overdrafts recorded in the consolidated financial statements amounted to US$58,814 and US$490,742 as of December 31, 2024 and 2023, respectively. Accordingly, no cash or cash equivalents was recorded in our consolidated financial statements as of either year end.

*Operating activities*

Net cash provided by operating activities for the year ended December 31, 2024, was US$1,043,782, compared to net income of US$794,258. The difference was primarily attributable to non-cash items of approximately US$445,304, including depreciation of property and equipment and deferred tax expense. This was partially offset by a US$184,632 reduction in accrued expenses and other current liabilities, primarily due to a decrease in payroll-related payables as of December 31, 2024.

Net cash provided by operating activities for the year ended December 31, 2023, was US$51,586, compared to a net loss of US$284,013. The difference was primarily attributable to a US$252,420 increase in accrued expenses and other current liabilities, mainly due to higher payroll-related payables as of December 31, 2023.

*Financing activities*

Net cash used in financing activities for the year ended December 31, 2024, was US$1,043,782. This was primarily attributable to (i) repayments of advances from a related party totaling US$978,065 and (ii) repayment of the principal portion of finance lease liabilities amounting to US$65,717 during the year.

Net cash used in financing activities for the year ended December 31, 2023, was US$51,586. This primarily reflected (i) repayment of the principal portion of finance lease liabilities of US$64,427, partially offset by (ii) advances of US$12,841 obtained from a related party during the year.

#### Quantitative and Qualitative Disclosures about Market Risks

#### Currency risk
Our functional currency is CA$ and our consolidated financial statements are presented in US$. Our sales, operation activities and assets and liabilities are predominately denominated in the functional currency, and we are exposed to foreign exchange risk. If CA$ depreciates or appreciates against US$, it could have an impact on our consolidated financial statements.

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As of December 31, 2024, we had net CA$-denominated liabilities of $2,424,086. We estimate that a 10% depreciation of CA$ against US$ based on the currency exchange rate on December 31, 2024 would result in a decrease of $242,409 against our shareholders' deficit, whilst we estimate that a 10% appreciation of CA$ against the US$ based on the currency exchange rate on December 31, 2024 would result in an increase of $242,409 against our shareholders' deficit respectively.

We consider that the overall foreign exchange risk is not significant, and we have not used any instruments or derivatives to manage or hedge the risk.

#### Concentration and credit risks
Financial instruments that potentially subject us to credit risk consist primarily of cash at bank and other current assets. The maximum exposure to credit risk for these financial instruments is equal to their carrying amounts as of the respective balance sheet dates.

We maintain our cash deposits with a reputable financial institution in Canada. As of December 31, 2024 and 2023, cash balances held at the bank amounted to $22,416 and $15,253, respectively. We have not experienced any losses in our bank accounts, and we believe that we are not exposed to any significant credit risk related to our cash holdings.

Other current assets that potentially subject us to credit risk are monitored through regular and ongoing assessments of the counterparties' financial condition and credit history. In addition, we evaluate historical collection trends, the aging profile of receivables, and prevailing economic conditions. Based on these assessments, we believe that adequate controls are in place to minimize credit risk associated with these assets. As of December 31, 2024 and 2023, no allowance for expected credit losses was recorded against these assets, and the allowance balances remained at $nil for both reporting periods.

For the years ended December 31, 2024 and 2023, most of our assets were in Canada. At the same time, we consider that it is exposed to the following concentrations of risk:

(a) Major customers

For the years ended December 31, 2024 and 2023, there was no customer accounted for 10% or more of our revenue.

(b) Major vendors

For the year ended December 31, 2024, two vendors accounted for 10% or more of our total purchase. Total purchase from these two vendors accounted for 35% and 16% of our total purchase, respectively. For the year ended December 31, 2023, three vendors accounted for 10% or more of our total purchase. Total purchase from these three vendors accounted for 15%, 13% and 11% of our total purchase, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  **Vendor** | **<br>Year ended <br>December 31, 2024** | **<br>Year ended <br>December 31, 2024** | **As of <br>December 31, <br>2024<br>Accounts <br>payable** |
|  **Vendor** | **Purchase** | **Percentage of <br>total purchase** | **As of <br>December 31, <br>2024<br>Accounts <br>payable** |
|  Vendor A | $252839 | 35% | $5300 |
|  Vendor B | 117559 | 16% | 13488 |
|  Total | $370398 | 51% | 18788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<br>Year ended <br>December 31, 2023** | **<br>Year ended <br>December 31, 2023** | **As of <br>December 31, <br>2023<br>Accounts <br>payable** |
|  **Vendor** | **Purchase** | **Percentage of <br>total purchase** | **As of <br>December 31, <br>2023<br>Accounts <br>payable** |
|  Vendor C | $175740 | 15% | $— |
|  Vendor B | 153123 | 13% | 369 |
|  Vendor D | 124440 | 11% |  |
|  Total | $453303 | 39% | 369 |

---

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As of December 31, 2024, there were four vendors whose payables accounted for 10% or more of our total balances of accounts payable and accounted for 26%, 16%, 16% and 10% of the total balance of accounts payable as of that date, respectively. As of December 31, 2023, there was one vendor whose payables accounted for 10% or more of our total balances of accounts payable and it accounted for approximately 51% of the total balances of accounts payable as of that date.

#### Interest rate risk
Fluctuations in market interest rates may adversely affect our financial position and results of operations. We are exposed to interest rate risk primarily through its bank deposits and bank loans, which are subject to floating interest rates. This exposure may be more pronounced during periods of significant interest rate volatility. However, given the relatively modest amounts of bank deposits and bank loans involved, we consider our exposure to interest rate risk to be immaterial. As of the reporting date, we have not entered into any interest rate hedging arrangements or derivative instruments to manage this exposure.

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

Specifically, we have not entered into any financial guarantees, commitments or other arrangements to guarantee payment obligations of any parties. In addition, we have not entered into any derivative contracts that are indexed to our shares and classified as shareholders' equity or that are not reflected in our consolidated financial statements. Moreover, 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.

#### Commitments and Contingencies
The following table summarizes our contractual obligations as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Contractual obligations** | **Less than<br> 1 year** | **Between<br> 1 – 2 years** | **Over<br> 2 years** | **Total** |
|  | **US$** | **US$** | **US$** | **US$** |
|  Bank loans | 27778 |  |  | 27778 |
|  Operating lease commitment | 224242 | 224242 | 1683199 | 2131683 |
|  Finance lease commitment | 37458 |  |  | 37458 |
|  **Total Contractual obligations** | 289478 | 224242 | 1683199 | 2196919 |

---

Other than as shown above, we did not have any other significant financial and capital commitments, long-term obligations, or guarantees as of December 31, 2024 and 2023.

As of December 31, 2024, and 2023, we were not a party to any legal or administrative proceedings. In addition, there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on our results of operations, consolidated financial condition, or cash flows.

As of the date of this prospectus, we did not have any loss contingencies which require to be recognized or disclosed in our consolidated financial statements.

#### Seasonality
The nature of our business does not appear to be affected by seasonal variations. We may experience fluctuations in demand due to heightened or weakened economic conditions, geopolitical events, and shifts in trade patterns in areas where we operate.

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#### Trend Information
Other than as disclosed elsewhere in this prospectus, we are not aware of any trends, uncertainties, demands, commitments, or events that are reasonably likely to have a material effect on our net revenue, income from continuing operations, profitability, liquidity, or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial condition.

#### Inflation
Whilst inflation has been a global issue impacting many countries around the globe, inflation in Canada has not materially affected our results of operations in recent years. According to Canada Department of Statistics, core inflation of Canada decreased from 4% for the year ended December 31, 2023 to 2% for the year ended December 31, 2024. Although we have not been significantly affected by inflation at this point in time, we may be affected if Canada and any other jurisdiction where we operate in the future experience higher rates of inflation in the future.

#### Significant Accounting Policies and Critical Accounting Judgments and Estimates
We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires us to make judgments, estimates and assumptions that affect (i) the reported amounts of our assets and liabilities; (ii) the disclosure of our contingent assets and liabilities at the end of each reporting period; and (iii) the reported amounts of revenue and expenses during each reporting period. We continually evaluate these judgments, estimates and assumptions based on our own historical experience, knowledge and assessment of current business and other conditions and our expectations regarding the future based on available information, which together form our basis for making judgments about matters that are not readily apparent from other sources. Since the use of estimates is an integral component of the financial reporting process, our actual results could differ from those estimates. Some of our accounting policies require a higher degree of judgment than others in their application.

When reading our consolidated financial statements, you should consider our selection of critical accounting policies, the judgment and other uncertainties affecting the application of such policies and the sensitivity of reported results to changes in conditions and assumptions. Our critical accounting policies and practices include the following: (i) revenue recognition; (ii) inventories; and (iii) income taxes. See Note 3 — Summary of Significant Accounting Policies to our consolidated financial statements for the disclosure of these accounting policies.

#### Critical Accounting Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant accounting estimates include, but not limited to the realization of deferred tax assets, accounting of right-of-use assets, and lease liabilities. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Actual results could differ from the estimates, and as such, differences could be material to these consolidated financial statements.

#### Recent Accounting Pronouncements
See the discussion of the recent accounting pronouncements contained in Note 3 to the consolidated financial statements, "Recent accounting pronouncements".

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#### BUSINESS

#### Overview
We are a Canada based restaurant group operating 4 restaurants and bars, namely a full-service restaurant, a takeaway restaurant, a Whisky bar and a lounge offering a variety of cuisines and liquors under a portfolio of brands. All the restaurants are located within International Trade Centre, Richmond, British Columbia, Canada. Our mission is to offer an exclusive dining experience under one roof.

The table below shows our brand portfolio and the cuisine served under each brand operated by us as of the date of this prospectus:

---

| | |
|:---|:---|
|  **Brand** | **Type of Restaurant and Cuisine Served** |
|  ![](timage_002.jpg) | A full service restaurant offering western cuisines. |
|  ![](timage_003.jpg) | A bar offering extensive selection of liquors, in particular whiskies and live entertainment. It also offers rental service for event and venue. |
|  ![](timage_004.jpg) | A lounge for penthouse event and offering custom catering menu. It offers also rental service for event and venue. |
|  ![](timage_005.jpg) | A takeaway restaurant offering Japanese rice bowls. |

---

We opened our first restaurant "Bruno" and our first bar "Cask" in 2021. We expanded our catering services to "Alaïa", a lounge, in 2022. In order to diversify our product offerings, we further expanded and opened the takeaway restaurant "Yakiniku Don" in May 2024. Each of them showcases exceptional ingredients, refined craftsmanship, and immersive dining experiences. With a commitment to quality, modern design, and personalized service, we believe we continue to set new benchmarks in dining while strategically expanding our presence in new markets.

Apart from the 4 restaurants for offering catering services mentioned above, we generate rental income from letting our "Cask" and Alaïa for venue and event as well as rental income from subletting a premise to a restaurant under the brand "*Yandoux Patisserie*" specializing in French pastries and afternoon tea sets. "*Yandoux Patisserie*" is operated by an independent third party and we do not involve in its operation.

For the years ended December 31, 2024 and 2023, our revenue includes catering services income, event services income, service fee income from Hotel Versante and revenue sharing income for Yakiniku Don. Our revenue decreased by US$34,227 or 0.9%, from approximately US$3,989,037 for the year ended December 31, 2023 to approximately US$3,954,810 for the year ended December 31, 2024. The revenue remained stable for the years ended December 31, 2024 and 2023, of which over 90% of revenue were derived from provision of catering services and event services.

#### Our Brand and Restaurant Portfolio

#### Bruno
Bruno is a fine dining full services restaurant and focuses on connection, sustainable practices, and high-impact dishes. It adopts a farm-to-table approach and offers an evolving culinary journey showcasing the best of British Columbia with locally-sourced ingredients, such as duck from the Fraser Valley, lavender from Vancouver Island, and shellfish from the Pacific Ocean.

Bruno has a space of 6,000 square foot space with an 18-seat community table, intimate seating arrangements, and a private room that can accommodate up to 10 guests. The seating strategically placed to create a cozy and private dining experience and seats may be arranged in booths, semi-enclosed areas, or tucked-away corners to offer a relaxed

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and comfortable setting for couples or small groups. It is also equipped with an impressive bar that can serve for 30 guests offers high-top seating and counter stools for casual gatherings or solo visitors. It provides a lively atmosphere, perfect for socializing over drinks.

The following are some pictures of Bruno:

<u><u>Main area</u></u>

![](timage_006.jpg)

<u><u>Bar area</u></u>

![](timage_007.jpg)

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The following are pictures of Bruno's signature dishes with locally sourced ingredients:

![](timage_008.jpg)

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#### Cask
Cask is a bar complemented by a casual dining style inspired by Japanese Lzakaya style. Its signature liquors are a rare and extensive selection of single malts, bourbons and blended whiskies. It also offers a varieties of liquor covering handcrafted cocktails, wines and local craft beers as well as serves bites, Japanese style snacks and western cuisines.

Cask is equipped with two private dining rooms that can accommodate up to 10 guests each, which are ideal for gathering and food tasting events. It also offers live entertainment during the week, typically on Thursday to Sunday and signature events throughout the year.

The following are pictures of Cask:

<u><u>Main area</u></u>

<u><u>Private rooms</u></u>

![](timage_010.jpg)

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The following are pictures of some Cask's rare liquor collection:

![](timage_011.jpg)

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#### Alaïa
Alaïa is a lounge and designed as a vibrant space with a focus on food, art, music and fashion, making it suitable for both private and corporate events. Alaïa serves custom catering menus crafted by our Executive Chef William Lew, featuring tray-passed canapés, set menus, food stations, or buffets made with high-quality seasonal ingredients.

Alaïa is featured with sky-high ceiling, a monochromatic color scheme, bold décor, and a wraparound balcony with panoramic views. It also offers a private room, equipped with own balcony entrance, mini fridge, LED screen and karaoke machine, that can accommodate up to 10 guests each.

The following are pictures of Alaïa:

<u><u>Main area:</u></u>

![](timage_012.jpg)

<u><u>Private room</u></u>

#### Yakiniku Don
Yakiniku Don offers Japanese rice bowls, covering beef, pork, chicken and eel. Yakiniku Don does not offer dine in service and is available exclusively for pick-up and delivery. Yakiniku Don is supported and served by kitchen of Cask.

Yakiniku Don is operated under a business to business agreement between Club Versante Canada and Mr. Roger Chan. According to the aforesaid agreement, Club Versante shall provide kitchen and storage space with the kitchen of Cask for the preparation and storage of food products while Roger Chan shall take on procurement of all ingredients and suppliers necessary for the preparation of dishes and responsible for all labour costs including but not limited to hiring, training, and payment of all staff involved in the operation. Club Versante will charge 20% on all sales of Yakiniku Don. The aforesaid agreement has commenced on May 10, 2024 and shall continue in effect for 2 years.

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The following are pictures of Yakiniku Don's cuisines:

![](timage_014.jpg)

The following table sets out the general information of our restaurants (in chronological order of their commencement):

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Brand** | **Address** | **Commencement** | **Approximate gross <br>floor area <br>(square feet)** | **Approximate seating <br>capacity <br>(person)** |
|  Bruno | Ground Floor, 8499 Bridgeport Road Richmond, BC V6X 1R7 | August 2021 | 6000 | 116 |
|  Cask | 8400 West Road Richmond, BC V6X 0S7 | November 2021 | 3200 | 72 |
|  Alaïa | 12<sup>th</sup> Floor, 8499 Bridgeport Road Richmond, BC Canada V6X 1R7 | October 2022 | 2200 | 150 |
|  Yakiniku Don | 8400 West Road Richmond, BC V6X 0S7 | May 2024 |  |  |

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#### Our licenses
There are two principal types of licenses required for the operation of our Group's restaurants in Canada. They are (a) food business license, including restaurant license for restaurant operation, which is required to be obtained before commencement of the relevant food business operation; and (b) liquor license, which is to be obtained before commencement of sale of liquor business.

#### Our Restaurant Operation and Management
We employ a management structure designed to promote efficiency in supervising, directing and supporting our operation and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) ***Headquarters management***. At the headquarters level, there are directors and managers who oversee the overall strategic direction and operations of our business. This includes making high-level decisions related to brand development, food procurement, expansion plans, financial management, marketing strategies, and human resources. The headquarters management team is responsible for setting goals, establishing policies and procedures, and ensuring the smooth functioning of the entire organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) ***Restaurant***-level ***management***. At the restaurant level, there are managers and supervisors who are responsible for the day-to-day operations of each restaurant outlet. This includes managing staff, overseeing food preparation and service, maintaining cleanliness and hygiene standards, and ensuring customer satisfaction. Restaurant-level managers handle staffing, training, inventory management, financial reporting, and maintaining quality control. They work closely with the headquarter management team to implement strategies and policies and ensure the smooth operation of each restaurant outlet.

#### Procurement
The flow of our procurement process can be divided into the following stages:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Ingredients sourcing**. The procurement team consolidates the menu requirements and source for ingredients with cost considerations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Vendor selection**. Suitable vendors are identified based on quality, reliability, pricing, and adherence to food safety standards. Contracts and pricing agreements are negotiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Sampling**. For new ingredients, samples are requested and tested by head chef and our Directors, who approve the item considering its quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Purchase ordering**. Once the item is approved, the procurement team creates purchase orders for the required ingredients, supplies, and equipment based on the menu plans and inventory needs. Orders are then placed with approved vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Order tracking**. The team tracks the status of orders, ensuring timely delivery and resolving any issues with vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Receiving and inspection**. Upon delivery, the team inspect the received items for quality, quantity, and adherence to specifications. The invoice amount is then logged on the accounting systems for settlement while some invoices are settled by cash on delivery. Any discrepancies are reported and resolved.

#### Suppliers
For each of the two years ended December 31, 2024 and 2023, we purchased from over 100 food ingredient and beverage suppliers.

#### Our five largest food ingredient suppliers
For the year ended December 31, 2024, two vendors accounted for 10% or our total purchase. Total purchase from these two vendors accounted for 35% and 16% of our total purchase, respectively. For the year ended December 31, 2023, three vendors accounted for 10% or more of our total purchase. Total purchase from these three vendors accounted for 15%, 13% and 11% of our total purchase, respectively.

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#### Supplier selection and management
Our suppliers are generally selected based on (i) their capacity and business operations; (ii) the quality and stability in their supply of the products offered; (iii) their overall reputation; (iv) the pricing of their products quoted; (v) the terms and conditions they quoted, such as minimum order quantities, payment terms, delivery schedules and discounts offered; (vi) their compliance with all relevant quality standards imposed by government authorities; and (vii) their ability to meet our requirements relating to transportation and storage, especially in relation to the handling of perishable ingredients.

In addition, we conducts quality review from time to time and at least once a year to ensure that the quality of our approved suppliers meets our standards, including those in relation to the quality of food ingredients, quality of customer service, delivery efficiency, discounts and offers available.

#### Sales and Marketing

#### Customers
Our customers are mainly retail customers from the general public. For the years ended December 31, 2024 and 2023, there was no customer accounted for 10% or more of the Group's revenue.

#### Pricing strategies
*<u>*<u>Catering services</u>*</u>*

Our pricing strategy is guided by menu engineering, value-based pricing and competition. Menu items are priced strategically based on popularity and profitability, considering ingredient costs and desired profit margins. We assess the perceived value of our offerings to set prices, taking into account factors such as quality, expertise, flavors, and dining experience. We also analyze competitors' prices and may adjust our prices to position ourselves effectively. Depending on our desired market positioning, we may offer lower prices to attract price-sensitive customers or higher prices for a premium dining experience targeting customers who value exclusivity and superior service. This involves consideration in relation to ingredient sourcing, portion sizes, and waste reduction efforts while ensuring that quality standards are upheld. Each brand within our Group offers unique pricing and menu options, catering to different preferences and culinary experiences.

We generally review our prices for each of our restaurants quarterly. We may also adjust pricing in response to the increases of our operating costs, such as cost of ingredients and staff costs.

*<u>*<u>Rental services for event and venue</u>*</u>*

Our pricing of rental services for event and venue is determined by taking into account whether the event would be held on a public holiday, the size of venue, whether client services are required and the food menus.

#### Marketing strategies
We conduct traditional marketing and promotional activities, such as placing advertisements through television, distributing leaflets to customers and signboards. We also promote our Group through social media and online advertisements.

#### Quality Control

#### Procurement
***Quality specifications.*** We establish detailed quality specifications for ingredients and raw materials. These specifications outline the required quality standards, such as freshness, appearance, size, and any specific certifications or standards that the suppliers must meet.

***Supplier evaluation.*** We have a supplier evaluation process in place to assess the reliability and quality of potential suppliers. This may involve conducting audits, sampling and testing of ingredients, and reviewing documentation such as certificates of analysis or quality assurance from the suppliers.

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#### Storage
***Proper storage conditions.*** We establish guidelines for proper storage conditions to maintain the quality and safety of ingredients. This may include temperature controls, storage duration limits, and segregation to prevent cross-contamination.

***First***-expires***, first***-out ***("FEFO").*** We implement a FEFO system to minimize the risk of spoilage, and maintain freshness. The warehouse system is set to be assigned picking according to expiration date to ensure both quality and cost control measures are being addressed and adhered to.

#### Production and Service
***Standard operating procedures ("SOPs").*** SOPs provide step-by-step instructions for food preparation, handling, and service. They ensure that staff follows consistent practices, maintain hygiene, and adhere to food safety requirements.

***Quality inspections.*** Our management visit our restaurants regularly basis to check on our food quality, customer service (where applicable) and hygienic condition so that our restaurants comply with our internal operating procedures.

***Hygiene and Safety.*** We adopt a Canada recognized standard for hygiene and food safety management systems under the regulation of WorkSafeBC. It provides a comprehensive framework for implementing and maintaining restaurant hygiene and food safety practices, including risk assessment, communication, and continual improvement.

#### Our competitive strengths

#### Strategic locations of our restaurants
Our restaurants are situated in prime location and under one roof: Richmond, British Columbia, Canada is strategically chosen by our directors to attract potential customers in areas with a high foot traffic of people seeking for dining options. We strategically operate all our restaurants under the same location with a walking distance of around 5 minutes and to offer a varieties of catering services. We believe that the strategic locations of our restaurants are crucial to increase our brand awareness and help us attracting potential new customers and retaining our existing customers.

#### Our specialty and our strong commitment to food quality
We believe we can retain our customers if we continue to offer them fresh and quality food and cuisines at an affordable price and hence we have been able to achieve our business growth in revenue and profits partly to our strong commitment to food quality. We offer quality ingredients available in the local market and rare liquor collection to our customers as mentioned above.

We also endeavor to introduce seasonal fresh and quality ingredients and refine our menu and launch new food and beverage items on our menu regularly in response to changing food trends and our customers' tastes and preferences as well as the feedback from our restaurant staff and customers.

#### Established and stable relationship with our major suppliers
As of the date of this prospectus, we maintained business relationship with our five largest suppliers during the years ended December 31, 2024 and 2023. Our strong and stable relationships with our major suppliers allow us to ensure timely and reliable supply of quality ingredients at competitive prices, which is crucial to our operations. This enables us to provide safe and quality food to our customers at attractive and competitive prices to appeal our customers.

#### Experienced management team
Our management team are highly experienced in the catering industry and restaurant management. Founded in 2021, we have been able to develop our brands and appeal to the public under the leadership of our executive directors.

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Our Group's chef team have over 7 years of experience in the catering industry, is responsible for the creation of new dishes and control of output quality and is critical to our operations due to their years of experience in the catering industry. To that end, they are in charge of the daily operations, the procurement of ingredients and managing our relationship with the suppliers. Further, our general manager, who has over 5 years of experience in the catering services industry, is responsible for overseeing the daily operation of our restaurants and customer service.

We believe our executive Directors and senior management teams' vision, industry knowledge, experience and management skills will enable our Group to continue to achieve our business growth expansion plans in the future.

#### Our Growth Strategies

#### Open New Restaurants in Other Cities of Canada
Currently, all of our restaurants are located at Richmond, British Columbia, Canada. We intend to leverage our track record, our brand that we have developed and the experience of our management team to facilitate an expansion plan that we believe will increase our share and expand into other cities of Canada, including Vancouver and Toronto.

Our core identity is to provide fine dining experience with a focus on fresh and locally sourced ingredients and rare liquor collection for our customers. We believe local cities such as Vancouver and Toronto are suitable place to replicate our business model at, where has strong demand for luxury hospitality.

#### Continuous expansion on iconic local ingredients and liquor collection
British Columbia boasts a diverse array of wineries and local farms, enriching Vancouver's dynamic food and beverage culture. Looking ahead, the company plans to identify and source iconic local ingredients and rare liquor collections. To expand its portfolio, it may explore additional wineries in the Fraser Valley, renowned for their artisanal wines crafted from British Columbia-grown grapes.

#### Employees
As of *March 31, 2025*, we had a total of 56 employees and the following is a breakdown of our full-time employees:

---

| | |
|:---|:---|
|  **Function** | **Number of <br>Full-Time <br>Employees** |
|  Restaurant managers | 5 |
|  Restaurant supervisors | 3 |
|  Kitchen staffs | 20 |
|  Restaurant staffs | 23 |
|  Marketing, accounting, operation and human resources | 5 |
|  Total | 56 |

---

#### Intellectual Property
We depend on trademarks to safeguard our proprietary intellectual property rights. As of the date of this prospectus, we have the following trademark registered in British Columbia, Canada:

---

| | | |
|:---|:---|:---|
| **Trademark** | **Trade Mark Number** | **Expiry Date** |
|  ![](timage_015.jpg) | TMA1192107 | July 26, 2033 |

---

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#### Insurance
For the years ended December 31, 2024 and 2023, we maintain adequate insurance which includes without limitation (i) commercial general liability insurance; (ii) commercial property and crime insurance; (iii) equipment breakdown insurance; and (iv) excess liability insurance. We believe our current insurance coverage aligns with industry standards in Canada and is typical for a business of our nature and size. We will continue to assess our insurance needs and make necessary adjustments to ensure it remains appropriate as our circumstances evolve.

#### Facilities
We do not own any real property. The following table sets out the details of the leased properties of our operation as of the date of this prospectus:

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Property location** | **Approximate gross <br>floor area<br>(square feet)** | **Lease term** | **Current Rent** | **Purpose** |
|  Ground Floor – 8499 Bridgeport Road Richmond, BC V6X 1R7 | 6000 | August 1, 2021 to July 30, 2031 | An aggerate of CAD12,800 per month  | Bruno |
|  12<sup>th</sup> Floor – 8499 Bridgeport Road Richmond, BC Canada V6X 1R7 | 2200 | August 1, 2021 to July 30, 2031 |  | Alaïa |
|  105 – 8400 West Road Richmond, BC V6X 0S7 | 3200 | December 1, 2022 to November 30, 2037 | CAD11,109 per month | Cask and Yakiniku Don |
|  115 – 8400 West Road, Richmond, BC V6X 0S7 | 2300 | Oct 15, 2021 to Oct 14, 2031 | CAD3,000 per month | Subletting to Yandoux Patisserie |

---

#### Litigation
As of the date of this prospectus, we had not been involved in any legal proceedings, investigations, or claims nor had we been aware of any pending or threatened litigation, arbitration, or other claims which would have a material adverse impact on our operations, financial position, and reputation. Furthermore, we had not been involved in any incidents of material noncompliance with the applicable laws and regulations, as summarized in ''Regulatory'' in this prospectus, which may have adversely affected our results of operations and financial condition in all material respects.

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#### REGULATIONS
The section sets forth a summary of the principal federal and provincial law and regulations relevant to our business and operations in British Columbia, Canada.

#### Food Safety Regulations
At the federal level, Health Canada is responsible for establishing food safety policies and standards applicable to food industry businesses, including restaurants, under the Food and Drugs Act (the "**FADA**"), the Safe Food for Canadians Act (the "**SFCA**"), and the Safe Food for Canadians Regulations (the "**SFCR**"). The FADA sets the standards for the safety and nutritional quality of all foods sold in Canada, while the SFCA and SFCR establish requirements such as licensing, labelling, and traceability for food businesses. Currently, we are exempt from federal licensing and traceability requirements under the SFCR because we do not directly produce, manufacture, or distribute food products in Canada. However, as our business expands, we may become subject to these regulations. Non-compliance with these federal requirements could adversely affect our business. The Canadian Food Inspection Agency (**CFIA**) is responsible for enforcing these federal food safety policies and standards, ensuring that food products meet the established safety and quality criteria.

At the provincial level in British Columbia, food safety is regulated by the Ministry of Health and the British Columbia Centre for Disease Control under the Food Safety Act (the "**FSA**"), the Public Health Act (the "**PHA**"), and the Food Premises Regulation (the "**FPR**") under the PHA. These laws require that all food sold in British Columbia be safe and suitable for human consumption. Restaurants must comply with standards related to food handling, sanitation, employee hygiene, and equipment maintenance. Food handlers are required to obtain FOODSAFE certification or its equivalent, and at least one certified food handler must be present during operating hours. While we are not currently subject to these provincial regulations as a third-party marketplace, this may change as our operations grow, and failure to comply could negatively impact our business.

#### Health Authority Permits and Inspections
Under the authority of the FSA, and the PHA, food premises in British Columbia must obtain a health operating permit issued by the regional health authority prior to commencing operations and maintain their permit during operations. The Food Premises Regulation, BC Reg. 69/2012, requires that all food premises be constructed and maintained according to approved plans, which must be submitted to and approved by a health officer before construction or alteration. Environmental Health Officers conduct ongoing inspections to verify compliance with food safety standards, including sanitation, food handling, and employee hygiene. Non-compliance can result in fines, closure orders, or revocation of permits.

#### Liquor Licensing
Restaurants in British Columbia must obtain a Food Primary Liquor License issued by the Liquor and Cannabis Regulation Branch (LCRB) to serve alcohol on premises where food is the primary service. This license requires that the kitchen remain open and staffed during liquor service, that a reasonable variety of food be available, and that the establishment provide appropriate seating and dining utensils. The LCRB enforces compliance with license conditions and may impose penalties, including suspension or revocation, for violations. Adherence to these licensing requirements is essential to maintain lawful alcohol service within the restaurant.

#### Employment Standards
Employment standards in British Columbia are governed by the Employment Standards Act, which sets minimum requirements for wages, working hours, breaks, overtime, and other employment conditions applicable to restaurant employees. Employees are entitled to at least one 30-minute unpaid meal break within five hours of starting work and must have at least 32 consecutive hours off per week. The Act also protects employees from discrimination and unfair treatment, supplemented by the British Columbia Human Rights Code. Compliance with these standards is mandatory and failure to do so may result in penalties and legal liabilities.

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#### Workplace Safety and Insurance
Restaurants must comply with occupational health and safety requirements under the Workers Compensation Act, RSBC 1996, c. 492, and the Occupational Health and Safety Regulation, BC Reg. 296/97, administered by WorkSafeBC. These laws require employers to maintain a safe workplace, conduct hazard assessments, provide employee training, and report workplace injuries. Registration with WorkSafeBC and payment of premiums for workplace injury insurance are mandatory.

#### Zoning Permits
Local governments in British Columbia regulate zoning, building permits, noise, parking, signage, hours of operation, waste management, and heritage preservation through municipal by-laws. These by-laws vary by municipality and can significantly impact restaurant operations, including restrictions on renovations, expansions, and permitted uses of premises. Building permits and health authority approvals are required for construction or renovation, especially for kitchen facilities, and must comply with the British Columbia Building Code and local zoning requirements. Failure to obtain or comply with municipal permits can delay or halt operations.

#### Environmental and Waste Management Regulations
Restaurants must comply with waste management and environmental protection requirements under the Environmental Management Act, SBC 2003, c. 53. This includes proper disposal of solid waste, management of fats, oils, and grease through grease interceptors, and adherence to municipal organics diversion programs. Regional districts may impose additional requirements for grease trap installation and maintenance to prevent sewer system contamination. Failure to comply with environmental regulations can result in fines and operational restrictions.

#### Privacy and Data Protection Laws
If the restaurant collects, stores, or processes personal information of customers (e.g., for reservations, loyalty programs, or online orders), it must comply with the Personal Information Protection Act, SBC 2003, c. 63 (PIPA), which governs the collection, use, and disclosure of personal information in the private sector in BC. Compliance includes obtaining consent, safeguarding data, and providing access rights to individuals.

Including these regulatory frameworks with their respective authorities and legislation provides a comprehensive overview of the legal environment affecting restaurant operations in British Columbia, ensuring investors understand the scope of compliance obligations and potential risks.

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#### MANAGEMENT

---

| | | |
|:---|:---|:---|
|  **Directors and Executive officers** | **Age** | **Position** |
|  Ms. Chung Lin Ching | 29 | Director and Chief Executive Officer |
|  Ms. Peng Du\* | 53 | Director Appointee and Chief Financial Officer |
|  Mr. John Robert Fiore\* | 64 | Independent Director Appointee |
|  Mr. Ming Gu\* | 61 | Independent Director Appointee |
|  Mr. Jianhua Zhao\* | 57 | Independent Director Appointee |

---

____________

***\**** Has agreed to act as our director or independent director upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part.

***Ms. Chung Lin Ching*** has served as our chief executive officer and director since March 2023 respectively. Ms. Ching first joined Club Versante Canada as a marketing coordinator in 2017 and rejoined Club Versante Canada as a director of public relations and marketing in March 2022. Ms. Ching is primarily responsible for formulating, supervising and implementing the marketing and public relation strategies and activities. Ms. Ching has around 9 years of experience in the field of sales and marketing and over 4 years of experience in food and beverage industry. Ms. Ching obtained a bachelor of arts degree from University of British Columbia in Canada in 2018 and a master degree in business administration from Les Roches Global Hospitality in Switzerland in 2023.

***Ms. Peng Du*** has first joined us and served as our chief financial officer since April 2025 and she will serve as our director upon effectiveness of our registration statement on Form F-1, of which this prospectus is a part. Ms. Du has more than 20 years of experience in the accounting, audit, Canadian and international tax planning and compliance. Ms. Du has obtained a bachelor of commerce degree in accountancy and a graduate diploma in chartered accounting program from Concordia University in Canada in 2002 and 2003 respectively. Ms. Du is currently a chartered professional accountant of Ontario, Quebec and British Columbia. She is also a member of Canadian Tax Foundation and Society of Trust and Estate Practitioners Canada.

***Mr. John Robert Fiore*** will serve as our director upon effectiveness of our registration statement on Form F-1 of which this prospectus is a part, and will be the chairman of the nominating and corporate governance committee and a member of the audit committee and compensation committee of CVGL. Mr. Fiore has over 30 years of experience in the field of law. Mr. Fiore is a practicing lawyer in New York and Florida and presently the general partner of Fiore & Company since 2009. Mr. Fiore has obtained a bachelor of art degree in political science from Pennsylvania State University in USA in 1983 and a Juris Doctor from University of Pennsylvania in USA in 1986. He is currently a member of New York State Bar Association and Hong Kong Law Society.

***Mr. Ming Gu*** will serve as our director upon effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairman of the audit committee and a member of the nominating and corporate governance committee and compensation committee of CVGL. Mr. Gu has around 17 years of experience in the field of accounting and financial management. Mr. Gu is presently the finance manager of Saliance Global Holdings Ltd since 2021, which is a holding company based in Canada and through its subsidiaries principally engaged in businesses of hotels and resorts and energy. Mr. Gu has obtained a bachelor degree in mathematics from Henan Normal University in the People's Republic of China in 1985 and a master degree in applied mathematics from Central South University of Technology in the People's Republic of China in 1988. Mr. Ming is currently a member of Certified General Accountants Association of British Columbia of Canada, Certified Public Accountant licensed in Washington State of the USA, American Institute of Certified Public Accountants in the USA and the Association of Chartered Certified Accountants in the United Kingdom.

***Mr. Jianhua Zhao*** will serve as our director upon effectiveness of our registration statement on Form F-1, of which this prospectus is a part, and will be the chairman of the compensation committee and a member of the audit committee and nominating and corporate governance committee of CVGL. Mr. Zhao has 18 years of experience in the field of property development. Mr. Zhao was a founder of United Forward since 2007, a company prinicapply engaged in property business in Canada. During 2019 and 2023, Mr. Zhao was an executive director of Ausvogar Capital and was responsible for supervising property development project. Mr. Zhao obtained a bachelor degree in medicine from Peking University in the People's Republic of China in 1992 and a master degree in business administration from Southwestern University in the People's Republic of China in 2003.

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#### Family Relationships
Save as disclosed above, none of our directors or executive officers have a family relationship as defined in Item 401 of Regulation S-K.

#### Employment Agreements and Indemnification Agreements
We intend to enter into employment agreements with each of our executive officers that will become effective upon the completion of this offering. Under these agreements, each of our executive officers will be employed for a specified time period — typically for one year. We may terminate employment for cause, at any time, without advance notice or remuneration, for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent or dishonest acts to our detriment, or misconduct or a failure to perform agreed duties. We may also terminate an executive officer's employment without cause upon 30 days' advance written notice. In such case of termination by us, we will provide severance payments to the executive officer as expressly required by applicable law of the jurisdiction where the executive officer is based. The executive officer may resign at any time with 30 days' advance written notice.

Each executive officer has agreed to hold, at all times during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use, except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of our confidential information, or the confidential or proprietary information disclosed to the executive officer by or obtained by the executive officer from us either directly or indirectly in writing, orally, or otherwise, if specifically indicated to be confidential or reasonably expected to be confidential.

We intend to enter into agreements with all directors whose service will begin upon the effectiveness of the registration statement of which this prospectus forms a part. Pursuant to the agreements, each director has agreed to attend and participate in such number of meetings of the board and of the committees of which he or she may become a member as regularly or specially called and will agree to serve as a director for a year and be up for re-election each year at our annual shareholder meeting. The directors' services will be compensated by cash under the agreement in an amount determined by the board.

We intend to enter into indemnification agreements with each of our executive directors and executive officers. Under these agreements, we agree to indemnify them against certain liabilities and expenses that they incur in connection with claims made by reason of their being a director or officer of our company. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Involvement in Certain Legal Proceedings
To the best of our knowledge, none of our directors or executive officers has, during the past ten years, been involved in any legal proceedings described in subparagraph (f) of Item 401 of Regulation S-K.

#### Board of Directors
Our board of directors will consist of five directors, comprising two executive directors and three independent directors, upon the SEC's declaration of effectiveness of our registration statement on Form F-1, of which this prospectus is a part. A director is not required to hold any shares in our Company to qualify to serve as a director. Subject to making appropriate disclosures to the board of directors in accordance with our Amended and Restated Memorandum and Articles of Association, a director may vote with respect to any contract, proposed contract, or arrangement in which he or she is interested; in voting in respect to any such matter, such director should take into account his or her directors duties. A director may exercise all the powers of the company to borrow money; mortgage its business, property, and uncalled capital; and issue debentures or other securities whenever money is borrowed or as security for any obligation of the Company or of any third party.

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#### Committees of the Board of Directors
We have established an audit committee, a compensation committee, and a nominating and corporate governance committee under the board of directors and have adopted a charter for each of the three committees. Each committee's members and functions are described below.

*Audit Committee*

Concurrent with the listing of our Company Ordinary Shares on Nasdaq, our audit committee will consist of Mr. John Robert Fiore, Mr. Ming Gu, and Mr. Jianhua Zhao, and it will be chaired by Mr. Ming Gu. We have determined that each of these three director nominees satisfies the "independence" requirements of the Nasdaq Listing Rules and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that Mr. Ming Gu qualifies as an "audit committee financial expert." The audit committee will oversee our accounting and financial reporting processes and the audits of our financial statements. The audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with the independent registered public accounting firm any audit problems or difficulties and management's responses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing the annual audited financial statements with management and the independent registered public accounting firm;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing and reassessing the adequacy of our audit committee charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meeting separately and periodically with management and the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring compliance with our code of business conduct and ethics, including reviewing the adequacy and effectiveness of our procedures to ensure proper compliance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting regularly to the board.

*Compensation Committee*

Concurrent with the listing of our Ordinary Shares on Nasdaq, our compensation committee will consist of Mr. John Robert Fiore, Mr. Ming Gu, and Mr. Jianhua Zhao, and it will be chaired by Mr. Jianhua Zhao. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The compensation committee assists the board in reviewing and approving the compensation structure, including all forms of compensation, relating to our directors and executive officers. Our chief executive officer may not be present at any committee meeting during which their compensation is deliberated upon. The compensation committee will be responsible for, among other things:

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing periodically and approving any incentive compensation or equity plans, programs, or other similar arrangements; and

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

*Nominating and Corporate Governance Committee*

Concurrent with the listing of our Company Ordinary Shares on Nasdaq, our nominating and corporate governance committee will consist of Mr. John Robert Fiore, Mr. Ming Gu, and Mr. Jianhua Zhao, and it will be chaired by Mr. John Robert Fiore. We have determined that each of these directors satisfies the "independence" requirements of the Nasdaq Listing Rules. The nominating and corporate governance committee assists the board in selecting individuals qualified to become our directors and in determining the composition of the board and its committees. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending nominees to the board for election or re-election to the board or for appointment to fill any vacancy on the board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing annually with the board the current composition of the board in regard to characteristics such as independence, knowledge, skills, experience, expertise, diversity, and availability of service to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selecting and recommending to the board the names of directors to serve as members of the audit committee and the compensation committee, as well as of the nominating and corporate governance committee itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and reviewing the corporate governance principles adopted by the board and advising the board with respect to significant developments in the law, practice of corporate governance, and our compliance with such laws and practices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• evaluating the performance and effectiveness of the board as a whole.

#### Foreign Private Issuer Exemption
We are a "foreign private issuer," as defined by the SEC. 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. In addition, even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

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

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

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

Furthermore, 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 requirements of the Nasdaq Capital Market. 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.

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#### Duties of Directors
As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

#### Compensation of Directors and Executive Officers
For the years ended December 31, 2024 and 2023, we did not pay any salaries, bonuses, or other forms of compensation to our directors or executive officers. Commencing in 2025, we began providing remuneration to our directors and executive officers in consideration of their services rendered to the Company.

#### Equity Compensation Plan Information
We have not adopted any equity compensation plans.

#### Outstanding Equity Awards at Fiscal Year-End
As of December 31, 2024 and 2023, we had no outstanding equity awards.

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#### RELATED PARTY TRANSACTIONS
Before the completion of this offering, we intend to adopt an audit committee charter, which will require the committee to review all related-party transactions on an ongoing basis and all such transactions be approved by the audit committee.

Set forth below are the related party transactions of our company that occurred during the past two fiscal years and up to the date of this prospectus.

*(a) Transactions with related parties*

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **From January 1,<br>2025<br>to the date of<br>this prospectus** | **For the<br>year ended<br>December 31,<br>2024** | **For the<br>year ended<br>December 31,<br>2023** |
|  1322956BC Ltd.<sup>(1),(2)</sup> | Lease expense of the property at Unit 110, <br>115 & 605, 8400 West Road | $14982 | $25683 | $122828 |
|  1322956BC Ltd.<sup>(1),(3)</sup> | Revenue | $— | $197803 | $— |
|  International Trade Centre Properties Ltd.<sup>(1),(3)</sup> | Revenue | $— | $— | $66694 |

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____________

(1) Both 1322956BC Ltd. and International Trade Centre Properties Ltd. are wholly-owned by Mr. Ching Mo Yeung. Mr. Ching Mo Yeung is the father of Ms. Chung Lin Ching, who is a director and the controlling shareholder of the Group.

(2) For the years ended December 31, 2024, and 2023, and the period from January 1, 2025 to the date of this prospectus, this amount represented the lease expense charged by 1322956BC Ltd. for the property located at Units 110, 115, and 605, 8400 West Road, Canada. Refer to Note 6 of the notes to Consolidated Financial Statements for further details.

(3) For the years ended December 31, 2024, and 2023, this amount represented event income from related parties.

*(b) Balances with related parties*

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Name** | **Nature** | **As of<br>the date of<br>this prospectus** | **As of<br>December 31, <br>2024** | **As of<br>December 31,<br>2023** |
|  Bygenteel Capital Inc.<sup>(4),</sup><sup>(5)</sup> | Amount due to a related party, current | $527813 | $599741 | $1669026 |
|  Bygenteel Capital Inc.<sup>(4),(6)</sup> | Amount due to a related party, non-current | 3125000 | 3125000 | 3408574 |
|  |  | $3652813 | $3724741 | $5077600 |

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____________

(4) Bygenteel Capital Inc. is Club Versante Canada's parent company before the reorganization date.

(5) The outstanding balance as of December 31, 2024 and 2023 represented financial support provided by Bygenteel Capital Inc., which is the Club Versante Canada's parent company before the reorganization date, to meet the Group's operational and financial requirements. The balances were interest-free, unsecured and repayable on demand.

(6) The outstanding balances with an amount of CA$4.5 million (approximately US$3.4 million, US$3.1 million and US$3.1 million as of December 31, 2023, December 31, 2024 and the date of this prospectus, respectively) had a fixed maturity date of December 31, 2027. All amounts due to Bygenteel Capital Inc. were interest-free and unsecured.

#### Policies and Procedures for Related-Party Transactions
Our board of directors has created an audit committee in connection with this offering that will be tasked with review and approval of all related-party transactions.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth information regarding the beneficial ownership of our Ordinary Shares as of the date of this prospectus by our officers, directors, and 5% or greater beneficial owners of Ordinary Shares. There is no other person or group of affiliated persons known by us to beneficially own more than 5% of our Ordinary Shares. The following table assumes that none of our officers, directors or 5% or greater beneficial owners of our Ordinary Shares will purchase shares in this offering. In addition, the following table assumes that the over-allotment option has not been exercised. Holders of our Ordinary Shares are entitled to one (1) vote per share and vote on all matters submitted to a vote of our shareholders, except as may otherwise be required by law.

We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially owned by him, subject to applicable community property laws.

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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>held immediately after this offering** | **Ordinary Shares beneficially <br>held immediately after this offering** |
|  **Name of Beneficial Owner** | **Number of <br>Ordinary <br>Shares** | **Approximate <br>percentage of <br>outstanding <br>Ordinary <br>Shares** | **Number of <br>Ordinary <br>Shares** | **Approximate <br>percentage of <br>outstanding <br>Ordinary <br>Shares<sup>(5)</sup>** |
|  *Directors, director nominees, and executive officers* |  |  |  |  |
|  Ms. Chung Lin Ching<sup>(1)(3)</sup> | 13500000 | 86.4% | 13500000 | 76.56% |
|  Ms. Peng Du<sup>(1)</sup> |  |  |  |  |
|  Mr. John Robert Fiore<sup>(1)</sup> |  |  |  |  |
|  Mr. Ming Gu<sup>(1)</sup> |  |  |  |  |
|  Mr. Jianhua Zhao<sup>(1)</sup> |  |  |  |  |
|  *5% or greater shareholders* |  |  |  |  |
|  Ms. Chung Lin Ching<sup>(1)</sup> | 13500000 | 86.4% | 13500000 | 76.56% |
|  Club Versante Investment Limited<sup>(4)</sup> | 13500000 | 86.4% | 13500000 | 76.56% |

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____________

(1) Except as otherwise indicated below, the business address for our directors and executive officers is at [Suite 1205, 8400 West Road, Richmond, British Columbia. V6X 0S7, Canada].

(2) Each of Ms. Peng Du, Mr. John Robert Fiore, Mr. Ming Gu, and Mr. Jianhua Zhao will serve as our director upon the effectiveness of our registration statement on Form F-1 of which this prospectus is a part.

(3) Ms. Chung Lin Ching, a director of the Company, owns 80% of the equity interests in Club Versante Investment Limited.

(4) Club Versante Investment Limited is controlled by Ms. Chung Lin Ching. Pursuant to Section 13(d) of the Exchange Act and the rules promulgated thereunder, Ms. Ching may be deemed to have voting and investment power with respect to the 1,000 Ordinary Shares held by Club Versante Investment Limited. The registered address of Club Versante Investment Limited is at the office of CCS Trustees Limited, Mandar House, 3<sup>rd</sup> Floor, Johnson's Ghut, Tortola, British Virgin Islands.

(5) Based on Ordinary Shares outstanding immediately after the completion of this offering, assuming the underwriter does not exercise the over-allotment option.

As of the date of this prospectus, none of our outstanding Ordinary Shares are held by record holders in the United States. None of our major shareholders have different voting rights from other shareholders. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

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#### DESCRIPTION OF SHARE CAPITAL
A copy of our Amended and Restated Memorandum and Articles of Association is filed as an exhibit to the registration statement of which this prospectus is a part.

We are an exempted company incorporated with limited liability in the Cayman Islands and, upon completion of this offering, our affairs will be governed by our Amended and Restated Memorandum and Articles of Association, the Companies Act and the common law of the Cayman Islands.

As of the date of this prospectus, our authorized share capital is US$50,000 divided into 500,000,000 Ordinary Shares, par value US$0.0001 each.

As of the date immediately prior to this offering, 15,633,000 Ordinary Shares of par value US$0.0001 per share were issued, fully paid and outstanding. Upon completion of this offering, we will have 17,633,000 Ordinary Shares issued and outstanding, assuming the Underwriter does not elect to exercise their option to purchase additional Ordinary Shares from us.

Assuming that we obtain the requisite shareholder approval, we will adopt our Amended and Restated Memorandum and Articles of Association which will become effective and replace our current memorandum and articles of association in its entirety immediately prior to the completion of this offering. The following are summaries of certain material provisions of our Amended and Restated Memorandum and Articles of Association and the Companies Act insofar as they relate to the material terms of our Ordinary Shares.

#### 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 non-residents of the Cayman Islands may freely hold and vote their Ordinary Shares. We may not issue shares to bearer.

#### Dividends
Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, our Company in general meeting may declare dividends in any currency to be paid to the shareholders but no dividend shall be declared in excess of the amount recommended by our board of directors.

Except in so far as the rights attaching to, or the terms of issue of, any share may otherwise provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all dividends shall be declared and paid according to the amounts paid up on the shares in respect of which the dividend is paid, although no amount paid up on a share in advance of calls shall for this purpose be treated as paid up on the share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividends shall be apportioned and paid pro rata in accordance with the amount paid up on the shares during any portion(s) of the period in respect of which the dividend is paid; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) our board of directors may deduct from any dividend or other monies payable to any member all sums of money (if any) presently payable by him to our Company on account of calls, instalments or otherwise.

Where our board of directors or our Company in general meeting has resolved that a dividend should be paid or declared, our board of directors may resolve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) that such dividend be satisfied wholly or in part in the form of an allotment of shares credited as fully paid up, provided that the members entitled to such dividend will be entitled to elect to receive such dividend (or part thereof) in cash in lieu of such allotment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) that the members entitled to such dividend will be entitled to elect to receive an allotment of shares credited as fully paid up in lieu of the whole or such part of the dividend as our board of directors may think fit.

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Upon the recommendation of our board of directors, our Company may by ordinary resolution in respect of any one particular dividend of our Company determine that it may be satisfied wholly in the form of an allotment of shares credited as fully paid up without offering any right to shareholders to elect to receive such dividend in cash in lieu of such allotment.

Any dividend, bonus or other sum payable in cash to the holder of shares may be paid by cheque or warrant sent through the post. Every such cheque or warrant shall be made payable to the order of the person to whom it is sent and shall be sent at the holder's or joint holders' risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to our Company. Any one of two or more joint holders may give effectual receipts for any dividends or other monies payable or property distributable in respect of the shares held by such joint holders.

Whenever our board of directors or our Company in general meeting has resolved that a dividend be paid or declared, our board of directors may further resolve that such dividend be satisfied wholly or in part by the distribution of specific assets of any kind.

Our board of directors may, if it thinks fit, receive from any shareholder willing to advance the same, and either in money or money's worth, all or any part of the money uncalled and unpaid or instalments payable upon any shares held by him, and in respect of all or any of the monies so advanced may pay interest at such rate (if any) not exceeding 20% per annum, as our board of directors may decide, but a payment in advance of a call shall not entitle the shareholder to receive any dividend or to exercise any other rights or privileges as a shareholder in respect of the share or the due portion of the shares upon which payment has been advanced by such shareholder before it is called up.

All dividends, bonuses or other distributions unclaimed for one year after having been declared may be invested or otherwise used by our board of directors for the benefit of our Company until claimed and our Company shall not be constituted a trustee in respect thereof. All dividends, bonuses or other distributions unclaimed for six years after having been declared may be forfeited by our board of directors and, upon such forfeiture, shall revert to our Company.

No dividend or other monies payable by our Company on or in respect of any share shall bear interest against our Company.

Our Company may exercise the power to cease sending cheques for dividend entitlements or dividend warrants by post if such cheques or warrants remain uncashed on two consecutive occasions or after the first occasion on which such a cheque or warrant is returned undelivered.

#### Voting Rights
Subject to any special rights, restrictions or privileges as to voting for the time being attached to any class or classes of shares at any general meeting: (a) on a poll every shareholder present in person or by proxy or, in the case of a shareholder being a corporation, by our duly authorized representative shall have one vote for every share which is fully paid or credited as fully paid registered in his name in the register of members of our Company but so that no amount paid up or credited as paid up on a share in advance of calls or instalments is treated for this purpose as paid up on the share; and (b) on a show of hands every shareholder who is present in person (or, in the case of a shareholder being a corporation, by our duly authorized representative) or by proxy shall have one vote. Where more than one proxy is appointed by a shareholder which is a clearing house (or its nominee(s)) or a central depository house (or its nominee(s)), each such proxy shall have one vote on a show of hands. On a poll, a member entitled to more than one vote need not use all his votes or cast all the votes he does use in the same way.

#### Transfer of Ordinary Shares
Subject to the Companies Act and our Amended and Restated Memorandum and Articles of Association, all transfers of shares shall be effected by an instrument of transfer in the usual or common form or in such other form as our board of directors may approve and may be under hand or, if the transferor or transferee is a clearing house (or its nominee(s)) or a central depository house (or its nominee(s)), under hand or by machine imprinted signature, or by such other manner of execution as our board of directors may approve from time to time.

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Execution of the instrument of transfer shall be by or on behalf of the transferor and the transferee, provided that our board of directors may dispense with the execution of the instrument of transfer by the transferor or transferee or accept mechanically executed transfers. The transferor shall be deemed to remain the holder of a share until the name of the transferee is entered in the register of members of our Company in respect of that share.

Our board of directors may, in our absolute discretion, at any time and from time to time remove any share on the principal register to any branch register or any share on any branch register to the principal register or any other branch register. Unless our board of directors otherwise agrees, no shares on the principal register shall be removed to any branch register nor shall shares on any branch register be removed to the principal register or any other branch register. All removals and other documents of title shall be lodged for registration and registered, in the case of shares on any branch register, at the registered office and, in the case of shares on the principal register, at the place at which the principal register is located.

Our board of directors may, in our absolute discretion, decline to register a transfer of any share (not being a fully paid up share) to a person of whom it does not approve or on which our Company has a lien. It may also decline to register a transfer of any share issued under any share option scheme upon which a restriction on transfer subsists or a transfer of any share to more than four joint holders.

Our board of directors may decline to recognize any instrument of transfer unless a certain fee, up to such maximum sum as Nasdaq may determine to be payable, is paid to our Company, the instrument of transfer is properly stamped (if applicable), is in respect of only one class of share and is lodged at our registered office or the place at which the principal register is located accompanied by the relevant share certificate(s) and such other evidence as our board of directors may reasonably require is provided to show the right of the transferor to make the transfer (and if the instrument of transfer is executed by some other person on his behalf, the authority of that person so to do).

The registration of transfers of shares or of any class of shares may, after compliance with any notice requirement of Nasdaq, be suspended at such times and for such periods (not exceeding in the whole thirty calendar days in any calendar year) as our board of directors may determine.

Fully paid shares shall be free from any restriction on transfer (except when permitted by Nasdaq) and shall also be free from all liens.

#### Procedures on liquidation
A resolution that our Company be wound up by the court or be wound up voluntarily shall be a special resolution of our shareholders.

Subject to any special rights, privileges or restrictions as to the distribution of available surplus assets on liquidation for the time being attached to any class or classes of shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if our Company is wound up, the surplus assets remaining after payment to all creditors shall be divided among the shareholders in proportion to the capital paid up on the shares held by them respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if our Company is wound up and the surplus assets available for distribution among the shareholders are insufficient to repay the whole of the paid-up capital, such assets shall be distributed, subject to the rights of any shares which may be issued on special terms and conditions, so that, as nearly as may be, the losses shall be borne by the members in proportion to the capital paid up on the shares held by them, respectively.

If our Company is wound up (whether the liquidation is voluntary or compelled by the court), the liquidator may, with the sanction of a special resolution and any other sanction required by the Companies Act, divide among the members in specie or kind the whole or any part of the assets of our Company, whether the assets consist of property of one kind or different kinds, and the liquidator may, for such purpose, set such value as he deems fair upon any one or more class or classes of property to be so divided and may determine how such division shall be carried out as between the members or different classes of members and the members within each class. The liquidator may, with the like sanction, vest any part of the assets in trustees upon such trusts for the benefit of members as the liquidator thinks fit, but so that no member shall be compelled to accept any shares or other property upon which there is a liability.

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#### Calls on Ordinary Shares and Forfeiture of Ordinary Shares
Subject to our Amended and Restated Memorandum and Articles of Association and to the terms of allotment, our board of directors may, from time to time, make such calls as it thinks fit upon the members in respect of any monies unpaid on the shares held by them respectively (whether on account of the nominal value of the shares or by way of premium) and not by the conditions of allotment of such shares made payable at fixed times. A call may be made payable either in one sum or by instalments. If the sum payable in respect of any call or instalment is not paid on or before the day appointed for payment thereof, the person or persons from whom the sum is due shall pay interest on the same at such rate not exceeding [20% per annum] as our board of directors shall fix from the day appointed for payment to the time of actual payment, but our board of directors may waive payment of such interest wholly or in part. Our board of directors may, if it thinks fit, receive from any member willing to advance the same, either in money or money's worth, all or any part of the money uncalled and unpaid or instalments payable upon any shares held by him, and in respect of all or any of the monies so advanced our Company may pay interest at such rate (if any) not exceeding [20% per annum] as our board of directors may decide.

If a shareholder fails to pay any call or instalment of a call on the day appointed for payment, our board of directors may, for so long as any part of the call or instalment remains unpaid, serve not less than 14 days' notice on the member requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued and which may still accrue up to the date of actual payment. The notice shall name a further day (not earlier than the expiration of 14 days from the date of the notice) on or before which the payment required by the notice is to be made, and shall also name the place where payment is to be made. The notice shall also state that, in the event of non-payment at or before the appointed time, the shares in respect of which the call was made will be liable to be forfeited.

If the requirements of any such notice are not complied with, any share in respect of which the notice has been given may at any time thereafter, before the payment required by the notice has been made, be forfeited by a resolution of our board of directors to that effect. Such forfeiture will include all dividends and bonuses declared in respect of the forfeited share and not actually paid before the forfeiture.

A person whose shares have been forfeited shall cease to be a member in respect of the forfeited shares but shall, nevertheless, remain liable to pay to our Company all monies which, at the date of forfeiture, were payable by him to our Company in respect of the shares together with (if our board of directors shall in our discretion so require) interest thereon from the date of forfeiture until payment at such rate not exceeding [20% per annum] as our board of directors may prescribe.

#### Redemption of Ordinary Shares
Subject to the Companies Act, our Amended and Restated Memorandum and Articles of Association, and, where applicable, the Nasdaq listing rules or any other law or so far as not prohibited by any law and subject to any rights conferred on the holders of any class of Shares, any power of our Company to purchase or otherwise acquire all or any of its own Shares (which expression as used in this Article includes redeemable Shares) be exercisable by our board of directors in such manner, upon such terms and subject to such conditions as it thinks fit.

Subject to the Companies Act, our Amended and Restated Memorandum and Articles of Association, and to any special rights conferred on the holders of any Shares or attaching to any class of Shares, Shares may be issued on the terms that they may, at the option of our Company or the holders thereof, be liable to be redeemed on such terms and in such manner, including out of capital, as our board of directors may deem fit.

#### Variations of Rights of Shares
Subject to the Companies Act and without prejudice to our Amended and Restated Memorandum and Articles of Association, if at any time the share capital of our Company is divided into different classes of shares, all or any of the special rights attached to any class of shares may (unless otherwise provided for by the terms of issue of the shares of that class) be varied, modified or abrogated with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of that class. The provisions of the Amended and Restated Memorandum and Articles of Association relating to general meetings shall mutatis mutandis apply to every such separate general meeting, but so that the necessary quorum (whether at a separate general meeting or at its adjourned meeting) shall be not less than a person or persons together holding (or, in the case of a shareholder being a corporation, by our duly

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authorized representative) or representing by proxy not less than one-third in nominal value of the issued shares of that class. Every holder of shares of the class shall be entitled on a poll to one vote for every such share held by him, and any holder of shares of the class present in person or by proxy may demand a poll.

Any special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to the terms of issue of such shares, be deemed to be varied by the creation or issue of further shares ranking *pari passu* therewith.

#### General Meetings of Shareholders
Our Company may (but not obliged to) hold an annual general meeting each fiscal year other than the fiscal year of our Company's adoption of our Amended and Restated Memorandum and Articles of Association.

Extraordinary general meetings may be convened on the requisition of one or more shareholders holding, at the date of deposit of the requisition, not less than one tenth of the paid up capital of our Company having the right of voting at general meetings. Such requisition shall be made in writing to our board of directors or the secretary of our Company for the purpose of requiring an extraordinary general meeting to be called by our board of directors for the transaction of any business specified in such requisition. Such meeting shall be held within two months after the deposit of such requisition. If within 21 days of such deposit, our board of directors fails to proceed to convene such meeting, the requisitionist(s) himself (themselves) may do so in the same manner, and all reasonable expenses incurred by the requisitionist(s) as a result of the failure of our board of directors shall be reimbursed to the requisitionist(s) by our Company.

Every general meeting of our Company shall be called by at least 10 clear days' notice in writing. The notice shall be exclusive of the day on which it is served or deemed to be served and of the day for which it is given, and must specify the time, place and agenda of the meeting and particulars of the resolution(s) to be considered at that meeting and the general nature of that business.

Although a meeting of our Company may be called by shorter notice than as specified above, such meeting may be deemed to have been duly called if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of an annual general meeting, by all shareholders of our Company entitled to attend and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of any other meeting, by a majority in number of the shareholders having a right to attend and vote at the meeting holding not less than 95% of the total voting rights at the meetings of all our shareholders.

All business transacted at an extraordinary general meeting shall be deemed special business. All business shall also be deemed special business where it is transacted at an annual general meeting, with the exception of the election of Directors which shall be deemed ordinary business.

No business other than the appointment of a chairman of a meeting shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, and continues to be present until the conclusion of the meeting.

The quorum for a general meeting shall be two shareholders entitled to vote and present in person (or in the case of a shareholder being a corporation, by our duly authorized representative) or by proxy representing not less than one-third (1/3) in nominal value of the total issued voting shares in our Company throughout the meeting.

#### Inspection of Books and Records
Our shareholders have no general right to inspect or obtain copies of the register of members or corporate records of our company. They will, however, have such rights as may be set out in our Amended and Restated Memorandum and Articles of Association.

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#### Changes in Capital
Subject to the Companies Act, our shareholders may, by ordinary resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase our share capital by new shares of the amount fixed by that ordinary resolution and with the attached rights, priorities and privileges set out in that ordinary resolution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of our share capital into shares of larger amount than our existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sub-divide our shares or any of them into our shares of smaller amount than is fixed by our Company's amended and restated memorandum of association, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced our shares shall be the same as it was in case of the share from which the reduced our shares is derived;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cancel any shares which, at the date of the passing of that ordinary resolution, have not been taken or agreed to be taken by any person and diminish the amount of our share capital by the amount of the shares so cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) convert all or any of our paid up shares into stock, and reconvert that stock into paid up shares of any denomination.

Subject to the Companies Act and to any rights for the time being conferred on the shareholders holding a particular class of shares, our shareholders may, by special resolution, reduce our share capital or any capital redemption reserve in any way.

#### Certain Cayman Islands Company Considerations

#### Exempted Company
We are an exempted company with limited liability under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for the exemptions and privileges listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to file an annual return of its shareholders with the Registrar of Companies in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company's register of members is not open to inspection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company does not have to hold an annual general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may issue no par value, negotiable or bearer shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may obtain an undertaking against the imposition of any future taxation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a limited duration company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exempted company may register as a segregated portfolio company.

"Limited liability" means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company.

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#### Differences in Corporate Law
The Companies Act is modeled after that of England and Wales but does not follow recent statutory enactments in 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 companies incorporated in the State of Delaware.

This discussion does not purport to be a complete statement of the rights of holders of our Ordinary Shares under applicable law in the Cayman Islands or the rights of holders of the common stock of a typical corporation under applicable Delaware law.

#### Mergers and Similar Arrangements
The Companies Act permits mergers and consolidations between Cayman Islands companies and between Cayman Islands companies and non-Cayman Islands companies. For these purposes, (a) "merger" means the merging of two or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving company, and (b) a "consolidation" means the combination of two or more constituent companies into a 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 (a) a special resolution of the shareholders of each constituent company, and (b) such other authorization, if any, as may be specified in such constituent company's articles of association. The plan must be filed with the Registrar of Companies of the Cayman Islands together with a declaration as to the solvency of the consolidated or surviving company, a statement setting out the assets and liabilities of each constituent company and an undertaking that a copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and that notification of the merger or consolidation will be published in the Cayman Islands Gazette. Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.

A merger between a Cayman Islands parent company and its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is a company of which at least ninety percent (90%) of the issued shares entitled to vote are owned by the parent company.

The consent of each holder of a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman Islands.

Save in certain circumstances, a dissentient shareholder of a Cayman constituent company is entitled to payment of the fair value of his shares upon dissenting to a merger or consolidation. The exercise of appraisal rights will preclude the exercise of any other rights save for the right to seek relief on the grounds that the merger or consolidation is void or unlawful.

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 three-fourths in value of the members or class of members, as the case may be, with whom the arrangement is to be made, or a majority in number of each class of creditors with whom the arrangement is to be made, and who must in addition represent three-fourths in value of each such class of creditors, as the case may be, that are 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 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 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;

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&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 dissentient minority shareholder upon a tender offer. When a tender offer is made and accepted by holders of ninety percent (90%) 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.

If an arrangement and reconstruction is thus approved, the dissenting shareholder would have no rights comparable to appraisal rights, which would otherwise ordinarily be available to dissenting shareholders of Delaware corporations, providing rights to receive payment in cash for the judicially determined value of the shares.

#### Shareholders' Suits
In principle, we will normally be the proper plaintiff and as a general rule a derivative action may not be brought by a minority shareholder. However, based on English authorities, which would in all likelihood be of persuasive authority in the Cayman Islands, the Cayman Islands court can be expected to follow and apply the common law principles (namely the rule in Foss v. Harbottle and the exceptions thereto) so that a non-controlling shareholder may be permitted to commence a class action against or derivative actions in the name of the company to challenge actions where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a company acts or proposes to act illegally or ultra vires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the act complained of, although not ultra vires, could only be effected duly if authorized by more than a simple majority vote that has not been obtained; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• those who control the company are perpetrating a "fraud on the minority".

#### Indemnification of Directors and Executive Officers and Limitation of Liability
Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our Amended and Restated Memorandum and Articles of Association provide that that we shall indemnify our officers and directors against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such directors or officer, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil proceedings concerning our company or its affairs in any court whether in the Cayman Islands or elsewhere.

This standard of conduct is generally the same as permitted under the Delaware General Corporation Act for a Delaware corporation. In addition, we intend to enter into indemnification agreements with our directors and senior executive officers that will provide such persons with additional indemnification beyond that provided in our Amended and Restated Memorandum and Articles of Association. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

#### Directors' Fiduciary Duties
Under Delaware corporate law, a director of a Delaware corporation has a fiduciary duty to the corporation and its shareholders. This duty has two components: the duty of care and the duty of loyalty. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances.

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Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he or she reasonably believes to be in the best interests of the corporation. He or she must not use his or her corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation.

As a matter of Cayman Islands law, a director of a Cayman Islands company is in the position of a fiduciary with respect to the company and therefore it is considered that he owes the following duties to the company — a duty to act bona fide in the best interests of the company, a duty not to make a profit based on his or her position as director (unless the company permits him to do so) and a duty not to put himself in a position where the interests of the company conflict with his or her personal interest or his or her duty to a third party. A director of a Cayman Islands company owes to the company a duty to act with skill and care. It was previously considered that a director need not exhibit in the performance of his or her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities are likely to be followed in the Cayman Islands.

#### Shareholder Action by Written Consent
Under the Delaware General Corporation Act, a corporation may eliminate the right of shareholders to act by written consent by amendment to its certificate of incorporation. Our Amended and Restated Memorandum and Articles of Association provide that any action required or permitted to be taken at general meetings of our Company may only be taken upon the vote of shareholders at general meeting and shareholders may approve corporate matters by way of a unanimous written resolution without a meeting being held.

#### Shareholder Proposals
Under the Delaware General Corporation Act, a shareholder has the right to put any proposal before the annual meeting of shareholders, provided it complies with the notice provisions in the governing documents. A special meeting may be called by the board of directors or any other person authorized to do so in the governing documents, but shareholders may be precluded from calling special meetings.

The Companies Act does not provide shareholders with rights to requisition a general meeting nor any right to put any proposal before a general meeting. However, these rights may be provided in a company's articles of association. Our Amended and Restated Memorandum and Articles of Association allow any one or more of our shareholders who together hold shares which carry in aggregate not less than one tenth of the paid up capital of our company having the right of voting at general meetings to requisition an extraordinary general meeting of our shareholders, in which case our board is obliged to convene an extraordinary general meeting and to put the resolutions so requisitioned to a vote at such meeting. Other than this right to requisition a shareholders' meeting, our Amended and Restated Memorandum and Articles of Association do not provide our shareholders with any other right to put proposals before annual general meetings or extraordinary general meetings. As an exempted Cayman Islands company, we are not obliged by law to call shareholders' annual general meetings.

#### Cumulative Voting
Under the Delaware General Corporation Act, cumulative voting for elections of directors is not permitted unless the corporation's certificate of incorporation specifically provides for it. Cumulative voting potentially facilitates the representation of minority shareholders on a board of directors since it permits the minority shareholder to cast all the votes to which the shareholder is entitled on a single director, which increases the shareholder's voting power with respect to electing such director. As permitted under Cayman Islands law, our Amended and Restated 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 outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. Under our Amended and Restated Memorandum and Articles of Association, directors may be removed by an ordinary resolution of our shareholders.

#### Transactions with Interested Shareholders
The Delaware General Corporation Act contains a business combination statute applicable to Delaware corporations whereby, unless the corporation has specifically elected not to be governed by such statute by amendment to its certificate of incorporation, it is prohibited from engaging in certain business combinations with an "interested shareholder" for three years following the date that such person becomes an interested shareholder. An interested shareholder generally is a person or a group who or which owns or owned 15% or more of the target's outstanding voting stock within the past three years. This has the effect of limiting the ability of a potential acquirer to make a two-tiered bid for the target in which all shareholders would not be treated equally. The statute does not apply if, among other things, prior to the date on which such shareholder becomes an interested shareholder, the board of directors approves either the business combination or the transaction which resulted in the person becoming an interested shareholder. This encourages any potential acquirer of a Delaware corporation to negotiate the terms of any acquisition transaction with the target's board of directors.

Cayman Islands law has no comparable statute. As a result, we cannot avail ourselves of the types of protections afforded by the Delaware business combination statute. However, although Cayman Islands law does not regulate transactions between a company and its significant shareholders, it does provide that such transactions must be entered into bona fide in the best interests of the company and for a proper corporate purpose and not with the effect of constituting a fraud on the minority shareholders.

#### Dissolution; Winding Up
Under the Delaware General Corporation Act, unless the board of directors approves the proposal to dissolve, dissolution must be approved by shareholders holding 100% of the total voting power of the corporation. Only if the dissolution is initiated by the board of directors may it be approved by a simple majority of the corporation's outstanding shares. Delaware law allows a Delaware corporation to include in its certificate of incorporation a supermajority voting requirement in connection with dissolutions initiated by the board.

Under Cayman Islands law, a company may be wound up by either an order of the courts of the Cayman Islands or by a special resolution of its shareholders or, if the company is unable to pay its debts as they fall due, by an ordinary resolution of its shareholders. 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. Under the Companies Act and our Amended and Restated Memorandum and Articles of Association, our company may be dissolved, liquidated or wound up by a special resolution of our shareholders.

#### Variation of Rights of Shares
Under the Delaware General Corporation Act, a corporation may vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of incorporation provides otherwise. Under our Amended and Restated 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 a special resolution passed at a separate meeting of the holders of the shares of that class.

#### Amendment of Governing Documents
Under the Delaware General Corporation Act, a corporation's governing documents may be amended with the approval of a majority of the outstanding shares entitled to vote, unless the certificate of incorporation provides otherwise. As permitted by Cayman Islands law, our Amended and Restated Memorandum and Articles of Association may only be amended by a special resolution of our shareholders.

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#### Rights of Non-Resident or Foreign Shareholders
There are no limitations imposed by our Amended and Restated Memorandum and Articles of Association on the rights of non-resident or foreign shareholders to hold or exercise voting rights on our shares. In addition, there are no provisions in our Amended and Restated Memorandum and Articles of Association governing the ownership threshold above which shareholder ownership must be disclosed.

#### Listing
We have applied to have our Ordinary Shares listed on the Nasdaq Capital Market under the symbol "CADV". We cannot guarantee that we will be successful in listing our Ordinary Shares on the Nasdaq Capital Market; however, we will not complete this offering unless we are listed on the Nasdaq Stock Market.

#### Transfer Agent
The transfer agent of our Ordinary Shares is VStock Transfer, LLC.

#### History of Securities Issuance

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number and <br>Class of Securities** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  McGrath Tonner Corporate Services Limited<sup>(1)</sup> | April 9, 2025 | 1 ordinary share | USD1.00 per share |  |
|  Club Versante Investment Limited<sup>(1)</sup> | April 9, 2025 | 999 ordinary shares | USD1.00 per share |  |
|  Kon Teck Tien<sup>(2)</sup> | May 8, 2025 | 52 ordinary shares | USD5,165.00 per share |  |
|  Leong Kah Yee<sup>(2)</sup> | May 8, 2025 | 50 ordinary shares | USD5,165.00 per share |  |
|  Yang Shengguang<sup>(2)</sup> | May 8, 2025 | 56 ordinary shares | USD5,165.00 per share |  |
|  Club Versante Investment Limited<sup>(3)</sup> | July 16, 2025 | 10,000,000 Ordinary Shares | Nil (1-for 10,000 share subdivision) |  |
|  Club Versante Investment Limited | July 16, 2025 | 3,500,000 Ordinary Shares | USD0.0001 per share |  |
|  Kon Teck Tien<sup>(3)</sup> | July 16, 2025 | 520,000 Ordinary Shares | Nil (1-for 10,000 share subdivision) |  |
|  Kon Teck Tien | July 16, 2025 | 182,000 Ordinary Shares | USD0.0001 per share |  |
|  Leong Kah Yee<sup>(3)</sup> | July 16, 2025 | 500,000 Ordinary Shares | Nil (1-for 10,000 share subdivision) |  |
|  Leong Kah Yee | July 16, 2025 | 175,000 Ordinary Shares | USD0.0001 per share |  |
|  Yang Shengguang<sup>(3)</sup> | July 16, 2025 | 560,000 Ordinary Shares | Nil (1-for 10,000 share subdivision) |  |
|  Yang Shengguang | July 16, 2025 | 196,000 Ordinary Shares | USD0.0001 per share |  |

---

____________

(1) Upon the incorporation of CVGL on April 9, 2025, CVGL issued 1,000 ordinary shares to two then shareholders in connection with the incorporation of the Company, among which 1 ordinary share was issued to our registered office provider as initial subscriber, who then transferred the subscriber share to Club Versante Investment Limited on the same day.

(2) On May 8, 2025, CVGL issued 52, 50 and 56 Ordinary Shares to Kon Teck Tien, Leong Kah Yee and Yang Shengguang at a total consideration of US$268,580.00, US$258,250.00 and US$289,240.00 respectively.

(3) On July 16, 2025, a 1-for-10,000 share split/share subdivision was effected by CVGL, and as a result of the Company issued 11,580,000 ordinary shares in proportion to all existing shareholders.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Before this offering, there was no established public market for our Ordinary Shares, and while we intend to apply for approval to have our Ordinary Shares listed on the Nasdaq Capital Market, we cannot assure you that a liquid trading market for the Ordinary Shares will develop or be sustained after this offering. Future sales of substantial amounts of our Ordinary Shares in the public markets after this offering, or the perception that such sales may occur, could adversely affect market prices prevailing from time to time. As described below, only a limited number of our Ordinary Shares currently outstanding will be available for sale immediately after this offering due to contractual and legal restrictions on resale. Nevertheless, after these restrictions lapse, future sales of substantial amounts of our Ordinary Shares, including Ordinary Shares issued upon exercise of outstanding options, in the public market in the United States, or the possibility of such sales, could negatively affect the market price in the United States of our Ordinary Shares and our ability to raise equity capital in the future.

Upon the closing of this offering, we will have 17,633,000 outstanding Ordinary Shares, assuming no exercise of the underwriters' over-allotment option. Of that amount, 2,000,000 Ordinary Shares will be publicly held by investors participating in this offering, and 15,633,000 Ordinary Shares will be held by our existing shareholders, some of whom may be our affiliates as that term is defined in Rule 144 under the Securities Act. As defined in Rule 144, an affiliate of an issuer is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the issuer.

All of the Ordinary Shares sold in this offering will be freely transferable by persons other than our affiliates in the United States without restriction or further registration under the Securities Act. Ordinary Shares purchased by one of our affiliates may not be resold, except pursuant to an effective registration statement or an exemption from registration, including an exemption under Rule 144 under the Securities Act described below.

The Ordinary Shares issued and outstanding prior to this offering are restricted securities, as that term is defined in Rule 144 under the Securities Act. These restricted securities may be sold in the United States only if they are registered or if they qualify for an exemption from registration under Rule 144 or Rule 701 under the Securities Act. These rules are described below.

#### Rule 144
In general, persons who have beneficially owned restricted Ordinary Shares for at least six months, and any affiliate of the Company who owns either restricted or unrestricted securities, are entitled to sell their securities without registration with the SEC under an exemption from registration provided by Rule 144 under the Securities Act.

*Non-Affiliates*

Any person who is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a seller may sell an unlimited number of restricted securities under Rule 144 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the restricted securities have been held for at least six months, including the holding period of any prior owner other than one of our affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we are current in our Exchange Act reporting at the time of sale.

Any person who is not deemed to have been an affiliate of ours at the time of, or at any time during the three months preceding, a sale and has held the restricted securities for at least one year, including the holding period of any prior owner other than one of our affiliates, will be entitled to sell an unlimited number of restricted securities without regard to the length of time we have been subject to Exchange Act periodic reporting or whether we are current in our Exchange Act reporting.

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*Affiliates*

Persons seeking to sell restricted securities who are our affiliates at the time of, or any time during the three months preceding, a sale, would be subject to the restrictions described above. They are also subject to additional restrictions, by which such person would be required to comply with the manner of sale and notice provisions of Rule 144 and would be entitled to sell within any three-month period only that number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of Ordinary Shares then outstanding, which will equal approximately 176,330 Ordinary Shares immediately after the closing of this offering, assuming the underwriters do not exercise their option to purchase additional ordinary shares (or approximately 179,330 ordinary shares if the underwriters in full their option to purchase additional ordinary shares); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Ordinary Shares in the form of Ordinary Shares on the Nasdaq Capital Market during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Additionally, persons who are our affiliates at the time of, or any time during the three months preceding, a sale may sell unrestricted securities under the requirements of Rule 144 described above, without regard to the six-month holding period of Rule 144, which does not apply to sales of unrestricted securities.

#### Rule 701
Rule 701 under the Securities Act, as in effect on the date of this prospectus, permits resales of shares in reliance upon Rule 144 but without compliance with certain restrictions of Rule 144, including the holding period requirement. If any of our employees, executive officers, or directors purchase shares under a written compensatory plan or contract, they may be entitled to rely on the resale provisions of Rule 701, but all holders of Rule 701 shares would be required to wait until 90 days after the date of this prospectus before selling any such shares. However, the Rule 701 shares would remain subject to lock-up arrangements as described below and would only become eligible for sale when the lock-up period expires.

#### Regulation S
Regulation S under the Securities Act provides an exemption from registration requirements in the United States for offers and sales of securities that occur outside the United States. Rule 903 of Regulation S provides the conditions to the exemption for a sale by an issuer, a distributor, their respective affiliates, or anyone acting on their behalf. Rule 904 of Regulation S provides the conditions to the exemption for a resale by persons other than those covered by Rule 903. In each case, any sale must be completed in an offshore transaction, as that term is defined in Regulation S, and no directed selling efforts, as that term is defined in Regulation S, may be made in the United States.

We are a foreign issuer as defined in Regulation S. As a foreign issuer, securities that we sell outside the United States pursuant to Regulation S are not considered to be restricted securities under the Securities Act, and, subject to the offering restrictions imposed by Rule 903, are freely tradable without registration or restrictions under the Securities Act, unless the securities are held by our affiliates. We are not claiming the potential exemption offered by Regulation S in connection with the offering of newly issued shares outside the United States and will register all of the newly issued shares under the Securities Act.

Subject to certain limitations, holders of our restricted shares who are not our affiliates or who are our affiliates by virtue of their status as our officer or director of may resell their restricted shares in an "offshore transaction" under Regulation S if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• none of the shareholder, its affiliate, nor any person acting on their behalf engages in directed selling efforts in the United States, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a sale of our restricted shares by an officer or director who is our affiliate solely by virtue of holding such position, no selling commission, fee, or other remuneration is paid in connection with the offer or sale other than the usual and customary broker's commission that would be received by a person executing such transaction as agent.

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Additional restrictions are applicable to a holder of our restricted shares who will be our affiliate other than by virtue of his or her status as our officer or director.

#### Lock-up Agreements
We have agreed with the underwriters that, for a period of twelve (12) months from the closing of this offering, we and any successors of us will not (a) 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, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

Furthermore, our directors and officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary lock-up agreements in favor of the underwriters for a period of six (6) (twelve (12) months for officers, directors and affiliates) from the closing of this offering.

#### REGISTRATION RIGHTS
As of the date of this prospectus, we do not have registration rights arrangements with the holders of our Ordinary Shares or their transferees, but we may enter into registration rights agreements with certain holders of our Ordinary Shares or their transferees in the future, under which they will be entitled to request that we register their Ordinary Shares for resale under the Securities Act upon completion of this offering and following the expiration of the lock-up agreements described above.

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#### MATERIAL INCOME TAX CONSIDERATION
The following summary of the material Cayman Islands, Canada and U.S. federal income tax consequences of an investment in our 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 Ordinary Shares, such as the tax consequences under state, local and other tax laws. The discussion is not intended to be, nor should it be construed as, legal or tax advice to any particular prospective purchaser. To the extent that the discussion relates to matters of Cayman Islands tax law, it represents the opinion of Harneys, our Cayman Islands counsel. To the extent that the discussion relates to matters of Canada tax law, it represents the opinion of Boughton Law Corporation, our Canada counsel. To the extent that the discussion relates to matters of U.S. Federal Income Taxation, it represents the opinion of Concord & Sage PC, our U.S. counsel.

#### Cayman Islands Taxation
The Cayman Islands currently levy no taxes on individuals or corporations based upon profits, income, gains or appreciations and there is no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to our Company levied by the Government of the Cayman Islands save for certain stamp duties which may be applicable, from time to time, on certain instruments. No stamp duty is payable in the Cayman Islands on transfers of shares of Cayman Islands companies save for those which hold interests in land in the Cayman Islands. There are no exchange control regulations or currency restrictions in effect in the Cayman Islands.

Payments of dividends and capital in respect of 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 ordinary shares, nor will gains derived from the disposal of ordinary shares be subject to Cayman Islands income or corporation tax.

The Cayman Islands enacted the International Tax Co-operation (Economic Substance) Act (Revised) together with the Guidance Notes published by the Cayman Islands Tax Information Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an economic substance test.

#### Canadian Income Tax Considerations for U.S. Holders
The following is a summary of certain Canadian federal income tax considerations generally applicable to the holding and disposition of our securities acquired by a holder who, at all relevant times, (a) for the purposes of the Income Tax Act (Canada) (the "**ITA**") (i) is not resident, or deemed to be resident, in Canada, (ii) deals at arm's length with us, and is not affiliated with us, (iii) holds our common shares as capital property, (iv) does not use or hold the common shares in the course of carrying on, or otherwise in connection with, a business carried on or deemed to be carried on in Canada and (v) is not a "registered non-resident insurer" or "authorized foreign bank" (each as defined in the ITA), or other holder of special status, and (b) for the purposes of the Canada-U.S. Tax Convention (the "**Tax Treaty**"), is a resident of the United States, has never been a resident of Canada, does not have and has not had, at any time, a permanent establishment or fixed base in Canada, and who otherwise qualifies for the full benefits of the Tax Treaty. Holders who meet all the criteria in clauses (a) and (b) above are referred to herein as "U.S. Holders", and this summary only addresses such U.S. Holders.

This summary assumes that CVGL is considered as a Canadian resident corporation under the ITA, and resident in Canada for the purposes of the Tax Treaty. If the Canada Revenue Agency determines that we are not a corporation resident in Canada, different tax implications may result.

This summary does not deal with special situations, such as the particular circumstances of traders or dealers, tax exempt entities, insurers or financial institutions, or other holders of special status or in special circumstances. Such holders, and all other holders who do not meet the criteria in clauses (a) and (b) above, should consult their own tax advisors.

This summary is based on the current provisions of the ITA, the regulations thereunder in force at the date hereof, the current provisions of the Tax Treaty, and our understanding of the administrative and assessing practices of the Canada Revenue Agency published in writing prior to the date hereof. This summary takes into account all specific proposals to amend the ITA and regulations thereunder publicly announced by or on behalf of the Minister of Finance

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(Canada) prior to the date hereof (the "**Proposed Amendments**") and assumes that such Proposed Amendments will be enacted in the form proposed. However, such Proposed Amendments might not be enacted in the form proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law or administrative or assessing practices, whether by legislative, governmental or judicial decision or action, nor does it take into account tax laws of any province or territory of Canada or of any other jurisdiction outside Canada, which may differ significantly from those discussed in this summary.

This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular U.S. Holder, and no representation with respect to the Canadian federal income tax consequences to any particular U.S. Holder or prospective U.S. Holder is made. This summary is not exhaustive of all Canadian federal income tax considerations. Accordingly, all prospective purchasers (including U.S. Holders as defined above) should consult with their own tax advisors for advice with respect to their own particular circumstances.

#### Withholding Tax on Dividends
Amounts paid or credited or deemed to be paid or credited as, on account or in lieu of payment of, or in satisfaction of, dividends on our common shares to a U.S. Holder will be subject to Canadian withholding tax. Under the Tax Treaty, the rate of Canadian withholding tax on dividends paid or credited by us to a U.S. Holder that beneficially owns such dividends and substantiates eligibility for the benefits of the Tax Treaty is generally 15% (unless the beneficial owner is a company that owns at least 10% of our voting stock at that time, in which case the rate of Canadian withholding tax is generally reduced to 5%).

#### Dispositions
A U.S. Holder will not be subject to tax under the ITA on a capital gain realized on a disposition or deemed disposition of a security, unless the security is "taxable Canadian property" to the U.S. Holder for purposes of the ITA and the U.S. Holder is not entitled to relief under the Tax Treaty.

Generally, our common shares will not constitute "taxable Canadian property" to a U.S. Holder at a particular time unless both: (A) at any time during the 60 month period immediately preceding the disposition, more than 50% of the fair market value of such shares was derived, directly or indirectly, from one or any combination of: (i) real or immoveable property situated in Canada, (ii) "Canadian resource properties" (as defined in the ITA), (iii) "timber resource properties" (as defined in the ITA), and (iv) options in respect of, or interests in, or for civil law rights in, property described in any of the foregoing whether or not the property exists; and (B) if our common shares are listed on a "designated stock exchange" as defined in the ITA and are so listed at the time of disposition, the U.S. Holder, persons with whom the U.S. Holder did not deal at arm's length, partnerships in which the U.S. Holder or such non-arm's length person holds a membership interest (either directly or indirectly through one or more partnerships), or the U.S. Holder together with all such persons, owned 25% or more of the issued shares of any class or series of shares of our company. In addition to the foregoing, in certain other circumstances set out in the ITA, common shares could also be deemed to be "taxable Canadian property".

U.S. Holders who may hold common shares as "taxable Canadian property" should consult their own tax advisors with respect to the application of Canadian capital gains taxation, any potential relief under the Tax Treaty, and special compliance procedures under the ITA, none of which is described in this summary.

#### Material U.S. Federal Income Tax Considerations for U.S. Holders
The following discussion describes the material U.S. federal income tax consequences relating to the ownership and disposition of our Ordinary Shares by U.S. Holders. This discussion applies to U.S. Holders that purchase our Ordinary Shares pursuant to this offering and hold such Ordinary Shares as capital assets. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended, U.S. Treasury regulations promulgated thereunder, and administrative and judicial interpretations thereof, all as in effect on the date hereof and all of which are subject to change, possibly with retroactive effect. This discussion does not address all of the U.S. federal income tax consequences that may be relevant to specific U.S. Holders in light of their particular circumstances or to U.S. Holders subject to special treatment under U.S. federal income tax law (such as certain financial institutions; insurance companies; dealers or traders in securities or other persons that generally mark their securities to market for U.S. federal income tax purposes; tax-exempt entities or governmental organizations; retirement plans; regulated investment companies; real estate investment trusts; grantor trusts; brokers, dealers, or traders in securities, commodities, currencies, or notional

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principal contracts; certain former citizens or long-term residents of the United States; persons who hold our Ordinary Shares as part of a "straddle," "hedge," "conversion transaction," "synthetic security," or integrated investment; persons that have a "functional currency" other than the U.S. dollar; persons that own directly, indirectly, or through attribution 10% or more of the voting power of our Ordinary Shares; corporations that accumulate earnings to avoid U.S. federal income tax; partnerships and other pass-through entities; and investors in such pass-through entities). This discussion does not address any U.S. state or local or non-U.S. tax consequences or any U.S. federal estate, gift, or alternative minimum tax consequences.

As used in this discussion, the term "U.S. Holder" means a beneficial owner of our Ordinary Shares who is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States; (ii) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia; (iii) an estate, the income of which is subject to U.S. federal income tax regardless of its source; or (iv) a trust (x) with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons has the authority to control all of its substantial decisions, or (y) that has elected under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal income tax purposes.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Ordinary Shares, the U.S. federal income tax consequences relating to an investment in such Ordinary Shares will depend in part upon the status and activities of such entity and the particular partner. Any such entity should consult its own tax advisor regarding the U.S. federal income tax consequences applicable to it and its partners of the purchase, ownership, and disposition of our Ordinary Shares.

Persons considering an investment in our Ordinary Shares should consult their own tax advisors as to the particular tax consequences applicable to them relating to the purchase, ownership, and disposition of our Ordinary Shares, including the applicability of U.S. federal, state, and local tax laws and non-U.S. tax laws.

#### Passive Foreign Investment Company ("PFIC") Consequences
In general, a corporation organized outside the United States will be treated as a PFIC for any taxable year in which either (i) at least 75% of its gross income is "passive income" ("PFIC income test"), or (ii) on average at least 50% of its assets, determined on a quarterly basis, are assets that produce passive income or are held for the production of passive income ("PFIC asset test"). Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents, and gains from the sale or exchange of property that gives rise to passive income. Assets that produce or are held for the production of passive income generally include cash (even if held as working capital or raised in a public offering) marketable securities, and other assets that may produce passive income. Generally, in determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

Although PFIC status is determined on an annual basis and generally cannot be determined until the end of a taxable year, based on the nature of our current and expected income and the current and expected value and composition of our assets, we do not presently expect to be a PFIC for our current taxable year or the foreseeable future. However, there can be no assurance given in this regard because the determination of whether we are or will become a PFIC is a fact-intensive inquiry made on an annual basis that depends, in part, upon the composition of our income and assets. In addition, there can be no assurance that the IRS will agree with our conclusion or that the IRS would not successfully challenge our position.

If we are a PFIC in any taxable year during which a U.S. Holder owns our Ordinary Shares, the U.S. Holder could be liable for additional taxes and interest charges under the "PFIC excess distribution regime" upon (i) a distribution paid during a taxable year that is greater than 125% of the average annual distributions paid in the three preceding taxable years, or, if shorter, the U.S. Holder's holding period for our Ordinary Shares; and (ii) any gain recognized on a sale, exchange, or other disposition, including a pledge, of our Ordinary Shares, whether or not we continue to be a PFIC. Under the PFIC excess distribution regime, the tax on such distribution or gain would be determined by allocating the distribution or gain ratably over the U.S. Holder's holding period for our Ordinary Shares. The amount allocated to the current taxable year (i.e., the year in which the distribution occurs or the gain is recognized) and any year prior to the first taxable year in which we are a PFIC will be taxed as ordinary income

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earned in the current taxable year. The amount allocated to other taxable years will be taxed at the highest marginal rates in effect for individuals or corporations, as applicable, to ordinary income for each such taxable year, and an interest charge, generally applicable to underpayments of tax, will be added to the tax.

If we are a PFIC for any year during which a U.S. Holder holds our Ordinary Shares, we must generally continue to be treated as a PFIC by that holder for all succeeding years during which the U.S. Holder holds such Ordinary Shares, unless we cease to meet the requirements for PFIC status and the U.S. Holder makes a "deemed sale" election with respect to our Ordinary Shares. If the election is made, the U.S. Holder will be deemed to sell our Ordinary Shares it holds at their fair market value on the last day of the last taxable year in which we qualified as a PFIC, and any gain recognized from such deemed sale would be taxed under the PFIC excess distribution regime. After the deemed sale election, the U.S. Holder's Ordinary Shares would not be treated as shares of a PFIC unless we subsequently become a PFIC.

If we are a PFIC for any taxable year during which a U.S. Holder holds our Ordinary Shares and one of our non-U.S. subsidiaries is also a PFIC (i.e., a lower-tier PFIC), such U.S. Holder would be treated as owning a proportionate amount (by value) of the shares of the lower-tier PFIC and would be taxed under the PFIC excess distribution regime on distributions by the lower-tier PFIC and on gain from the disposition of shares of the lower-tier PFIC even though such U.S. Holder would not receive the proceeds of those distributions or dispositions. Any of our non-U.S. subsidiaries that have elected to be disregarded as entities separate from us or as partnerships for U.S. federal income tax purposes would not be corporations under U.S. federal income tax law and, accordingly, cannot be classified as lower-tier PFICs. However, non-U.S. subsidiaries that have not made the election may be classified as a lower-tier PFIC if we are a PFIC during your holding period and the subsidiary meets the PFIC income test or PFIC asset test. Each U.S. Holder is advised to consult its tax advisors regarding the application of the PFIC rules to any of our non-U.S. subsidiaries.

If we are a PFIC, a U.S. Holder will not be subject to tax under the PFIC excess distribution regime on distributions or gain recognized on our Ordinary Shares if a valid "mark-to-market" election is made by the U.S. Holder for our Ordinary Shares. An electing U.S. Holder generally would take into account, as ordinary income each year, the excess of the fair market value of our Ordinary Shares held at the end of such taxable year over the adjusted tax basis of such Ordinary Shares. The U.S. Holder would also take into account, as an ordinary loss each year, the excess of the adjusted tax basis of such Ordinary Shares over their fair market value at the end of the taxable year, but only to the extent of the excess of amounts previously included in income over ordinary losses deducted as a result of the mark-to-market election. The U.S. Holder's tax basis in our Ordinary Shares would be adjusted to reflect any income or loss recognized as a result of the mark-to-market election. Any gain from a sale, exchange, or other disposition of our Ordinary Shares in any taxable year in which we are a PFIC would be treated as ordinary income, and any loss from such sale, exchange, or other disposition would be treated first as ordinary loss (to the extent of any net mark-to-market gains previously included in income) and thereafter as capital loss. If, after having been a PFIC for a taxable year, we cease to be classified as a PFIC because we no longer meet the PFIC income test or PFIC asset test, the U.S. Holder would not be required to take into account any latent gain or loss in the manner described above, and any gain or loss recognized on the sale or exchange of the Ordinary Shares would be classified as a capital gain or loss.

A mark-to-market election is available to a U.S. Holder only for "marketable stock." Generally, stock will be considered marketable stock if it is "regularly traded" on a "qualified exchange" within the meaning of applicable U.S. Treasury regulations. A class of stock is regularly traded during any calendar year during which such class of stock is traded, other than in *de minimis* quantities, on at least 15 days during each calendar quarter.

Our Ordinary Shares will be marketable stock as long as they remain listed on the Nasdaq Capital Market and are regularly traded. A mark-to-market election will not apply to the Ordinary Shares for any taxable year during which we are not a PFIC, but it will remain in effect with respect to any subsequent taxable year in which we become a PFIC. Such election will not apply to any of our non-U.S. subsidiaries. Accordingly, a U.S. Holder may continue to be subject to tax under the PFIC excess distribution regime with respect to any lower-tier PFICs notwithstanding the U.S. Holder's mark-to-market election for the Ordinary Shares.

Our Company and all distributions, interest, and other amounts paid by us in respect to our shares to persons who are not resident in the Cayman Islands are exempt from all provisions of the Income Tax Ordinance in the Cayman Islands. No estate, inheritance, succession, or gift tax, rate, duty, levy, or other charge is payable by persons who are not resident in the Cayman Islands with respect to any of our shares, debt obligations, or other securities. All instruments relating to transactions in respect to our shares, debt obligations, or other securities and all instruments relating to

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other transactions relating to our business are exempt from payment of stamp duty in the Cayman Islands, except for those that hold interests in land in the Cayman Islands. There are currently no withholding taxes or exchange control regulations in the Cayman Islands applicable to us or our shareholders.

The tax consequences that would apply if we are a PFIC would also be different from those described above if a U.S. Holder were able to make a valid qualified electing fund ("QEF") election. As we do not expect to provide U.S. Holders with the information necessary for a U.S. Holder to make a QEF election, prospective investors should assume that a QEF election will not be available.

The U.S. federal income tax rules relating to PFICs are very complex. Prospective U.S. investors are strongly urged to consult their own tax advisors with respect to the impact of PFIC status on the purchase, ownership, and disposition of our Ordinary Shares, the consequences to them of an investment in a PFIC, any elections available with respect to the Ordinary Shares, and the IRS information reporting obligations with respect to the purchase, ownership, and disposition of Ordinary Shares of a PFIC.

#### Distributions
Subject to the discussion above under "PFIC Consequences," a U.S. Holder that receives a distribution with respect to our Ordinary Shares generally will be required to include the gross amount of such distribution in gross income as a dividend when actually or constructively received to the extent of the U.S. Holder's pro rata share of our current and/or accumulated earnings and profits (as determined under U.S. federal income tax principles). To the extent a distribution received by a U.S. Holder is not a dividend because it exceeds the U.S. Holder's pro rata share of our current and accumulated earnings and profits, it will be treated first as a tax-free return of capital and reduce (but not below zero) the adjusted tax basis of the U.S. Holder's Ordinary Shares. To the extent the distribution exceeds the adjusted tax basis of the U.S. Holder's Ordinary Shares, the remainder will be taxed as capital gain. Because we may not account for our earnings and profits in accordance with U.S. federal income tax principles, U.S. Holders should expect all distributions to be reported to them as dividends.

Distributions on our Ordinary Shares that are treated as dividends generally will constitute income from sources outside the United States for foreign tax credit purposes and generally will constitute passive category income. Such dividends will not be eligible for the "dividends received" deduction generally allowed to corporate shareholders with respect to dividends received from U.S. corporations. Dividends paid by a "qualified foreign corporation" to certain non-corporate U.S. Holders may be eligible for taxation at a reduced capital gains rate rather than the marginal tax rates generally applicable to ordinary income, provided that a holding period requirement (more than 60 days of ownership, without protection from the risk of loss, during the 121-day period beginning 60 days before the ex-dividend date) and certain other requirements are met. Each U.S. Holder is advised to consult its tax advisors regarding the availability of the reduced tax rate on dividends to its particular circumstances. However, if we are a PFIC for the taxable year in which the dividend is paid or the preceding taxable year (see discussion above under "PFIC Consequences"), we will not be treated as a qualified foreign corporation, and therefore, the reduced capital gains tax rate described above will not apply.

Dividends will be included in a U.S. Holder's income on the date of the depositary's receipt of the dividend. The amount of any dividend income paid in Cayman Islands dollars will be the U.S. dollar amount calculated by reference to the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder should not be required to recognize foreign currency gain or loss in respect to the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of receipt.

A non-U.S. corporation (other than a corporation that is classified as a PFIC for the taxable year in which the dividend is paid or the preceding taxable year) generally will be considered to be a qualified foreign corporation with respect to any dividend it pays on Ordinary Shares that are readily tradable on an established securities market in the United States.

#### Sale, Exchange or Other Disposition of Our Ordinary Shares
Subject to the discussion above under "PFIC Consequences," a U.S. Holder generally will recognize capital gain or loss for U.S. federal income tax purposes upon the sale, exchange, or other disposition of our Ordinary Shares in an amount equal to the difference, if any, between the amount realized (i.e., the amount of cash plus the fair market

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value of any property received) on the sale, exchange, or other disposition and such U.S. Holder's adjusted tax basis in the Ordinary Shares. Such capital gain or loss generally will be long-term capital gain taxable at a reduced rate for non-corporate U.S. Holders or long-term capital loss if, on the date of sale, exchange, or other disposition, the Ordinary Shares were held by the U.S. Holder for more than one year. Any capital gain of a non-corporate U.S. Holder that is not long-term capital gain is taxed at ordinary income rates. The deductibility of capital losses is subject to limitations. Any gain or loss recognized from the sale or other disposition of our Ordinary Shares will generally be gain or loss from sources within the United States for U.S. foreign tax credit purposes.

#### Medicare Tax
Certain U.S. Holders that are individuals, estates, or trusts and whose income exceeds certain thresholds generally are subject to a 3.8% tax on all or a portion of their net investment income, which may include their gross dividend income and net gains from the disposition of our Ordinary Shares. If you are a U.S. person that is an individual, estate, or trust, you are encouraged to consult your tax advisor regarding the applicability of this Medicare tax to your income and gains in respect to your investment in our Ordinary Shares.

#### Information Reporting and Backup Withholding
U.S. Holders may be required to file certain U.S. information reporting returns with the IRS with respect to an investment in our Ordinary Shares, including, among others, IRS Form 8938 (Statement of Specified Foreign Financial Assets). As described above under "PFIC Consequences" each U.S. Holder who is a shareholder of a PFIC must file an annual report containing certain information. U.S. Holders paying more than $100,000 for our Ordinary Shares may be required to file IRS Form 926 (Return by a U.S. Transferor of Property to a Foreign Corporation) reporting this payment. Substantial penalties may be imposed upon a U.S. Holder that fails to comply with the required information reporting.

Dividends on and proceeds from the sale or other disposition of our Ordinary Shares may be reported to the IRS unless the U.S. Holder establishes a basis for exemption. Backup withholding may apply to amounts subject to reporting if the holder (i) fails to provide an accurate U.S. taxpayer identification number or otherwise establish a basis for exemption, or (ii) is described in certain other categories of persons. However, U.S. Holders that are corporations generally are excluded from these information reporting and backup withholding tax rules.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules generally will be allowed as a refund or a credit against a U.S. Holder's U.S. federal income tax liability if the required information is furnished by the U.S. Holder on a timely basis to the IRS.

U.S. Holders should consult their own tax advisors regarding the backup withholding tax and information reporting rules.

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#### UNDERWRITING
We have entered into an underwriting agreement (the "Underwriting Agreement") with Joseph Stone Capital, LLC, as representative of the Underwriters named below (the "Representative"). Subject to the terms and conditions of the underwriting agreement, the Underwriters named below have agreed to purchase from us, and we have agreed to sell to them, the number of Ordinary Shares set forth opposite its name below, at the offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus:

---

| | |
|:---|:---|
|  **Name of Underwriters** | **Number of <br>Ordinary <br>Shares** |
|  Joseph Stone Capital, LLC | [—] |
|  **Total** | [—] |

---

The underwriters are offering the shares subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the underwriters to pay for and accept delivery of the shares offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters' over-allotment option described below.

We have granted to the underwriters an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional 300,000 Ordinary Shares (or fifteen percent (15%) of the total number of Ordinary Shares offered in the Offering) at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The option may be exercised in whole or in part, and may be exercised more than once, during the 45-day option period. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering contemplated by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase the same percentage of the additional shares as the number listed next to the underwriter's name in the preceding table bears to the total number of shares listed next to the names of all underwriters in the preceding table.

The underwriters will offer the shares 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 share. After this offering, the initial public offering price, concession and reallowance to dealers may be reduced by the representative. No such reduction shall change the amount of proceeds to be received by us as set forth on the cover page of this prospectus. The securities are offered by the underwriters as stated herein, subject to receipt and acceptance by them and subject to their right to reject any order in whole or in part. The underwriters have informed us that they do not intend to confirm sales to any accounts over which they exercise discretionary authority.

#### Commissions and Expenses
The underwriting discounts and commissions are equal to 7% of the initial public offering price.

The following table shows the price per share and total initial public offering price, underwriting discounts and commissions, and proceeds before expenses to us. The total amounts are shown assuming both no exercise and full exercise of the underwriters' over-allotment option and assumes an offering price in the primary offering of $4.50 per share, which is the midpoint of the estimated range of the initial public offering price shown on the cover page of this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Total** | **Total** | **Total** |
|  | **Per Share** | **No Exercise of<br> Over-allotment<br> Option** | **Full Exercise of<br> Over-allotment<br> Option** |
|  IPO price<sup>(1)</sup> | $4.50 | $4.50 | $4.50 |
|  Underwriting discounts and commissions to be paid by us | $0.315 | $630000 | $724500 |
|  Proceeds to us, before expenses | $4.185 | $8370000 | $9625500 |

---

____________

(1) Initial public offering price per share is assumed as US$4.50 per share.

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We have agreed to pay the Representative an advisory fee of $25,000 and reimburse the Representative up to a maximum of $155,000 for out-of-pocket accountable expenses (including the legal fees and other disbursements). The Representative is also entitled to a non-accountable expense allowance equal to 1.5% of the gross proceeds of this offering.

We have agreed to pay all expenses relating to the offering, including, without limitation: (a) all filing fees and communication expenses relating to the registration of the Ordinary Shares to be sold in the Offering (including the Over-allotment) with the Commission; (b) all corporate finance department filing fees associated with the review of the offering by FINRA; all fees and expenses relating to the listing of such Shares on the Nasdaq Capital Market; (c) all fees, expenses and disbursements relating to background checks of the Company's officers and directors; (d) all fees, expenses and disbursements relating to the registration, qualification or exemption of such Ordinary Shares under the securities laws of such foreign jurisdictions as the Representative may reasonably designate; (e) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (f) the costs and expenses of the public relations firm; (g) the costs of preparing, printing and delivering certificates representing the Ordinary Shares; (h) fees and expenses of the transfer agent for the Ordinary Shares; (i) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Representative; (j) the costs associated with post-Closing advertising the Offering in the national editions of the Wall Street Journal and New York Times; (k) the costs associated with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee will provide within a reasonable time after the Closing in such quantities as the Representative may reasonably request; (l) the fees and expenses of the Company's accountants; (m) the fees and expenses of the Company's legal counsel and other agents and Representatives;(n) translation cost for due diligence purposes, the reasonable cost for roadshow meetings and the preparation of a power point presentation; and (j) non-accountable expenses in an amount equal to 1.5% of the gross proceeds of this offering. Additionally, we have agreed to provide an expense advance to the Representative of 35,000 to be applied against out-of-pocket accountable expense, which will be returned to us to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(g)(4)(A).

We estimate that the total expenses of the offering payable by us, excluding the underwriting discounts and non-accountable expense allowance, will be approximately US$1,146,344.

The foregoing does not purport to be a complete statement of the terms and conditions of the Underwriting Agreement. A form of the Underwriting Agreement is included as an exhibit to the registration statement of which this prospectus forms a part.

#### Tail Fee
We have also agreed to pay the Representative a cash fee equal to seven percent (7%) of the gross proceeds received by the Company ("Tail Fee") in a transaction or series of transactions (each of such transactions, a "Tail Financing") in which the Company's securities are sold by the Company or any of its affiliates to an investor which the Representative directly or indirectly contacted or introduced to the Company during the Engagement Period (as defined below), and in which the Representative did not act as at least exclusive lead U.S. underwriter or lead placement agent to the Company or its affiliates, as applicable, provided that such Tail Financing is consummated within 12 months after the Engagement Period. In compliance with FINRA Rule 5110(g)(5)(B), the Tail Fee will be terminated upon the Company's termination of the Underwriting Agreement for cause, in which case the Company will not be responsible for paying for the Tail Fee unless a Tail Financing is consummated within the Engagement Period.

"Engagement Period" means the period beginning on April 30, 2025 and terminable on the earlier of (i) the Closing Date; or (ii) 27 months after December 31, 2026 (such date, the "First Termination Date"), provided, however, that: the Engagement Letter is only terminable after the First Termination Date upon 45 days' advance written notice by either the Company or Joseph Stone Capital, LLC.

#### Lock-up Agreements
We have agreed with the underwriters that, for a period of twelve (12) months from the closing of this offering, we and any successors of us will not (a) 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, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or

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exercisable or exchangeable for shares of capital stock of the Company; (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

Our directors and officers and holders of more than 5% of our outstanding shares as of the effective date of this registration statement will enter into customary lock-up agreements in favor of the underwriters for a period of six (6) (twelve (12) months for officers, directors and affiliates) from the closing of this offering, under which each of has agreed with the underwriters, with certain exceptions, not to, without the prior written consent of Representative, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, or announce the intention to otherwise dispose of, any Ordinary Shares now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Ordinary Shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act (such shares, the "Beneficially Owned Shares") or securities convertible into or exercisable or exchangeable for Ordinary Shares, (ii) enter into any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership of the Beneficially Owned Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or (iii) engage in any short selling of the Ordinary Shares.

#### No Sales of Similar Securities
We have agreed with the underwriters that, for a period of twelve (12) months from the closing of this offering, we and any successors of us will not (a) 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, directly or indirectly, any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company; (b) file or caused to be filed any registration statement with the Commission relating to the offering of any shares of capital stock of the Company or any securities convertible into or exercisable or exchangeable for shares of capital stock of the Company or (c) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of capital stock of the Company, whether any such transaction described in clause (a), (b) or (c) above is to be settled by delivery of shares of capital stock of the Company or such other securities, in cash or otherwise.

#### Indemnification
We have agreed to indemnify the underwriter and its affiliates, stockholders, directors, officers, employees and controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) against certain liabilities, including liabilities under the Securities Act and the Exchange Act and liabilities arising from breaches of representations and warranties contained in the underwriting agreement, or to contribute to payments that the underwriters may be required to make in respect of those liabilities.

#### Application for Nasdaq Listing
We intend to apply to have the Shares approved for listing on the Nasdaq Capital Market under the symbol "CADV". We will not consummate and close this offering without a listing approval letter from Nasdaq Capital Market. Our receipt of a listing approval letter is not the same as an actual listing on the Nasdaq Capital Market. The listing approval letter will serve only to confirm that, if we sell a number of Ordinary Shares in this offering sufficient to satisfy applicable listing criteria, the Shares will in fact be listed.

#### Electronic Offer, Sale, and Distribution
A prospectus in electronic format may be made available on websites or through other online services maintained by the Underwriters or selling group members, if any, or by their affiliates, and the Underwriters may distribute prospectus electronically. The Underwriters may agree to allocate a number of Ordinary Shares to the selling group members for sale to their online brokerage account holders. The Ordinary Shares to be sold pursuant to Internet distributions will be allocated on the same basis as other allocations. Other than the prospectus in electronic format, the information on, or that can be accessed through, these websites and any information contained in any other website

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maintained by these entities is not part of, and is not incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a part, has not been approved and/or endorsed by us or the Underwriters, and it should not be relied upon by investors.

In connection with this offering, certain of the Underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

#### Passive Market Making
Any underwriter who is a qualified market maker on Nasdaq may engage in passive market making transactions on Nasdaq, in accordance with Rule 103 of Regulation M under the Exchange Act, during a period before the commencement of offers or sales of the shares and extending through the completion of the distribution. Passive market makers must comply with applicable volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when certain purchase limits are exceeded.

#### Pricing of this Offering
Prior to this offering, there was no public market for our Ordinary Shares. The initial public offering price for our ordinary shares will be determined through negotiations between us and the representative. Among the factors to be considered in these negotiations will be prevailing market conditions, our financial information, market valuations of other companies that we and the representative believe to be comparable to us, estimate of our business potential and earning prospects, the present state of our development and other factors deemed relevant. The initial public offering price of our ordinary shares in this offering does not necessarily bear any direct relationship to the assets, operations, book or other established criteria of value of our Company.

#### Potential Conflicts of Interest
The Underwriters and their affiliates may, from time to time, engage in transactions with and perform services for us in the ordinary course of their business for which they may receive customary fees and reimbursement of expenses. In the ordinary course of their various business activities, the Underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own accounts and for the accounts of their customers, and such investment and securities activities may involve securities and/or instruments of our Company. The Underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect to such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

#### Selling Restrictions
Other than in the United States, no action may be taken, and no action has been taken, by us or the Underwriters that would permit a public offering of the Ordinary Shares offered by, or the possession, circulation, or distribution of, this prospectus in any jurisdiction where action for that purpose is required. The Ordinary Shares 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 shares 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 the 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 Ordinary Shares offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

In addition to the offering of the Ordinary Shares in the United States, the Underwriters may, subject to applicable foreign laws, also offer the Ordinary Shares in certain countries.

#### Stamp Taxes
If you purchase Ordinary Shares offered by this prospectus, you may be required to pay stamp taxes and other charges under the laws and practices of the country of purchase, in addition to the initial public offering price listed on the cover page of this prospectus.

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#### Price Stabilization, Short Positions, and Penalty Bids
Until the distribution of the Ordinary Shares offered by this prospectus is completed, rules of the SEC may limit the ability of the Underwriters to bid for and to purchase the Shares. As an exception to these rules, the Underwriters may engage in transactions effected in accordance with Regulation M under the Exchange Act that are intended to stabilize, maintain, or otherwise affect the price of the Shares. The Underwriters may engage in over-allotment sales, syndicate-covering transactions, stabilizing transactions, and penalty bids in accordance with Regulation M.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions consist of bids or purchases made by the managing underwriter for the purpose of preventing or slowing a decline in the market price of our securities while this offering is in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Short sales and over-allotments occur when the managing underwriter, on behalf of the underwriting syndicate, sells more of our shares than they purchase from us in this offering. In order to cover the resulting short position, the managing underwriter may exercise the Over-Allotment Option described above and/or may engage in syndicate-covering transactions. There is no contractual limit on the size of any syndicate-covering transaction. The Underwriters will deliver a prospectus in connection with any such short sales. Purchasers of shares sold short by the Underwriters are entitled to the same remedies under the federal securities laws as any other purchaser of units covered by the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate-covering transactions are bids for or purchases of our securities on the open market by the managing underwriter on behalf of the Underwriters in order to reduce a short position incurred by the managing underwriter on behalf of the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A penalty bid is an arrangement permitting the managing underwriter to reclaim the selling concession that would otherwise accrue to an underwriter if the Ordinary Shares originally sold by the underwriter were later repurchased by the managing underwriter and therefore were not effectively sold to the public by such underwriter.

Stabilization, syndicate-covering transactions, and penalty bids may have the effect of raising or maintaining the market price of the Shares or preventing or delaying a decline in the market price of the Shares. As a result, the price of the Shares may be higher than the price that might otherwise exist in the open market.

Neither we nor the Underwriters make any representation or prediction as to the effect that the transactions described above may have on the prices of the Shares. These transactions may occur on Nasdaq or on any trading market. If any of these transactions are commenced, they may be discontinued without notice at any time.

#### 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 the 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.

#### Notice to Prospective Investors British Virgin Islands
This prospectus does not constitute a public offer of the ordinary shares, whether by way of sale or subscription, in the British Virgin Islands. Each underwriter has represented and agreed that it has not offered or sold, and will not offer or sell, directly or indirectly, any ordinary shares to any member of the public in the British Virgin Islands.

#### Notice to Prospective Investors in Canada
The securities may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the securities must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

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Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### Notice to Prospective Investors in Hong Kong
The contents of this prospectus have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. Please note that (i) our shares may not be offered or sold in Hong Kong, by means of this prospectus or any document other than to "professional investors" within the meaning of Part I of Schedule 1 of the SFO and any rules made thereunder, or in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap.32, Laws of Hong Kong) ("CO") or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO; and (ii) no advertisement, invitation, or document relating to our shares may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the shares that are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the SFO and any rules made thereunder.

#### Notice to Prospective Investors in the PRC
This prospectus has not been and will not be circulated or distributed in the PRC and the shares may not be offered or sold to any person for re-offering or resale, directly or indirectly, to any resident of the PRC except pursuant to applicable laws and regulations of the PRC. For the purpose of this section only, the PRC does not include Taiwan and the special administrative regions of Hong Kong and Macau. This prospectus has not been, nor will it be approved by or registered with the relevant Chinese governmental authorities, and it does not constitute nor is it intended to constitute an offer of securities within the meaning prescribed under the PRC securities law or other laws and regulations of the PRC. Accordingly, this prospectus shall not be offered or made available, nor may the ordinary shares be marketed or offered for sale to the general public, directly or indirectly, in the PRC. The ordinary shares shall only be offered or sold to PRC investors that are authorized or qualified to be engaged in the purchase of the ordinary shares being offered. Potential investors in the PRC are responsible for obtaining all the relevant regulatory approvals/licenses from the Chinese government by themselves, including, without limitation, those that may be required from the state administration of foreign exchange, the China banking regulatory commission, the ministry of commerce and the national development and reform commission, where appropriate, and for complying with all the relevant PRC laws and regulations in subscribing for ordinary shares.

#### Notice to Prospective Investors in Taiwan
The Ordinary Shares have not been and will not be registered with the Financial Supervisory Commission of Taiwan, pursuant to relevant securities laws and regulations, and may not be offered or sold in Taiwan through a public offering or in any manner that would constitute an offer within the meaning of the Securities and Exchange Act of Taiwan or would otherwise require registration with or the approval of the Financial Supervisory Commission of Taiwan.

#### Notice to Prospective Investors in the Cayman Islands
The shares are not being, and may not be offered to, the public or to any person in the Cayman Islands for purchase or subscription by us or on our behalf. The shares may be offered to exempted companies incorporated under the Companies Act (as revised) (as amended), but only where the offer will be made to, and received by, the relevant Cayman Islands company entirely outside of the Cayman Islands.

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#### EXPENSES RELATED TO THIS OFFERING
Set forth below is an itemization of the total expenses, excluding the underwriting discounts and commissions and non-accountable expense allowance, that are expected to be incurred in connection with the sale of Ordinary Shares in this offering. With the exception of the registration fee payable to the SEC, the Nasdaq Capital Market listing fee, and the filing fee payable to FINRA, all amounts are estimates.

---

| | | |
|:---|:---|:---|
|  SEC registration fee | US$ | 3000 |
|  The Nasdaq Capital Market listing fee | US$ | 75000 |
|  FINRA filing fee | US$ | 4000 |
|  Printing and engraving expenses | US$ | 24000 |
|  Legal fees and expenses | US$ | 584267 |
|  Accounting fees and expenses | US$ | 100000 |
|  Financial advisory fees and expenses | US$ | 150000 |
|  Transfer agent and registrar fee and expenses | US$ | 3000 |
|  Miscellaneous expenses | US$ | 203077 |
|  **Total** | US$ | 1146344 |

---

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#### LEGAL MATTERS
We are being represented by Concord & Sage PC with respect to certain legal matters of U.S. federal securities. We may rely upon Boughton Law Corporation with respect to matters governed by federal and provincial laws of Canada. The validity of our Ordinary Shares and certain other matters of Cayman Islands law will be passed upon for us by Harney Westwood & Riegels. Joseph Stone Capital, LLC, the representative of the underwriters, is being represented by Sichenzia Ross Ference Carmel LLP with respect to certain legal matters as to United States federal securities law.

#### EXPERTS
The consolidated financial statements as of and for the years ended December 31, 2024 and 2023, included in this prospectus have been so included in reliance on the report of HTL International, LLC, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting. The registered business address of HTL International, LLC is located at 12 Greenway Plaza, Suite 1100, Houston, TX 77046.

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

Substantially all of our assets are located outside the United States. In addition, most 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 or impossible for you to effect service of process within the United States upon us or these persons, or to enforce judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities laws of the United States, or any state in the United States. It may also be difficult for you to enforce judgments obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our executive officers and directors.

We have appointed Cogency Global Inc. as our agent to receive service of process with respect to any action brought against us in the United States in connection with this offering under the federal securities laws of the United States or of any state in the United States.

#### Enforceability
Harneys, our counsel as to the laws of the Cayman Islands has advised us 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 been advised by Harneys that although there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), the Grand Court of the Cayman Islands will at common law enforce final and conclusive *in personam* judgments of state and/or federal courts of the United States of America (the "Foreign Court") of a debt or definite sum of money against the Company (other than a sum of money payable in respect of taxes or other charges of a like nature, a fine or other penalty (which may include a multiple damages judgment in an anti-trust action) or where enforcement would be contrary to public policy). The Grand Court of the Cayman Islands will also at common law enforce final and conclusive *in personam* judgments of the Foreign Court that are non-monetary against the Company, for example, declaratory judgments ruling upon the true legal owner of shares in a Cayman Islands company. The Grand Court of the Cayman Islands will exercise its discretion in the enforcement of non-money judgments by having regard to the circumstances, such as considering whether the principles of comity apply. To be treated as final and conclusive, any relevant judgment must be regarded as res judicata by the Foreign Court. A debt claim on a foreign judgment must be brought within six years of the date of the judgment, and arrears of interest on a judgment debt cannot be recovered after six years from the date on which the interest was due. The courts of the Cayman Islands are unlikely to enforce a judgment obtained from the Foreign Court under civil liability provisions of U.S. federal securities law if such a judgment is found by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. Such a determination has not yet been made by the Grand Court of the Cayman Islands. A court of the Cayman Islands may stay enforcement proceedings if concurrent proceedings are being brought elsewhere. A judgment entered in default of appearance by a defendant who has had notice of the Foreign Court's intention to proceed may be final and conclusive notwithstanding that the Foreign Court has power to set aside its own judgment and despite the fact that it may be subject to an appeal the time-limit for which has not yet expired. The Grand Court of the Cayman Islands may safeguard the defendant's rights by granting a stay of execution pending any such appeal and may also grant interim injunctive relief as appropriate for the purpose of enforcement.

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Substantially all of our assets are located outside the United States. In addition, a majority of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service of process within the United States upon us or these persons.

---

| | | | |
|:---|:---|:---|:---|
|  **Name** | **Position** | **Nationality** | **Residence** |
|  Ms. Chung Lin Ching | Director and Chief Executive Officer | Canada | Canada |
|  Ms. Peng Du | Director Appointee and Chief Financial Officer | Canada | Canada |
|  Mr. John Robert Fiore | Independent Director Appointee | United States | United States |
|  Mr. Ming Gu | Independent Director Appointee | Canada | Canada |
|  Mr. Jianhua Zhao | Independent Director Appointee | Canada | Canada |

---

#### Canada
Boughton Law Corporation, our counsel as to the federal and provincial laws of Canada, has advised us that a judgment of a U.S. court predicated solely upon civil liability under U.S. federal securities laws would probably be enforceable in Canada if the U.S. court in which the judgment was obtained has a basis for jurisdiction in the matter that would be recognized by a Canadian court for the same purposes.

A judgment of a court in the United States predicated upon U.S. federal or state securities laws may be enforced in Canada at common law by bringing an action in a Canada court on that judgment for the amount due thereunder, and then seeking summary judgment on the strength of the foreign judgment, provided that the foreign judgment, among other things, is (1) for a monetary judgment for a definite sum of money or a non-monetary judgment with sufficiently clear and specific terms. The judgment cannot be for taxes of similar charges to a foreign government taxing authority or a fine or other penalty, and (2) final and conclusive on the merits of the claim, but not otherwise. Such a judgment may not, in any event, be so enforced in Canada if (a) it was obtained by fraud, (b) the proceedings in which the judgment was obtained were opposed to natural justice, (c) its enforcement or recognition would be contrary to the public policy of Canada, (d) the court of the United States was not jurisdictionally competent, or (e) the judgment was in conflict with a prior Canadian judgment. We have further been advised by Boughton Law Corporation, however, that there is substantial doubt as to whether an action could be brought in Canada in the first instance on the basis of liability predicated solely upon U.S. federal securities laws.

Canada has no general arrangement for the reciprocal enforcement of judgments with the United States. However, most provinces have reciprocal enforcement legislation with select states. For example, British Columbia has reciprocal enforcement legislation relating to judgments from Alaska, Washington State, Oregon, California, Colorado and Idaho. As a result, there is uncertainty as to the enforceability in Canada, in original actions or in actions for enforcement, of judgments of U.S. courts of civil liabilities predicated solely upon the federal securities laws of the United States or the securities laws of any state or territory within the United States.

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#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement (including amendments and exhibits to the registration statement) on Form F-1 under the Securities Act. This prospectus, which forms a part of the registration statement, does not contain all of the information included in the registration statement and the exhibits and schedules to the registration statement. Certain information is omitted, and you should refer to the registration statement and its exhibits and schedules for that information. If a document has been filed as an exhibit to the registration statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed as an exhibit is qualified in all respects by the filed exhibit.

You may review a copy of the registration statement, including exhibits and any schedule filed therewith, and obtain copies of such materials at the SEC's Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains a website at *http://www.sec.gov* that contains reports, proxy and information statements, and other information regarding issuers, like us, which file electronically with the SEC.

Upon completion of this offering, we will be subject to the information reporting requirements of the Exchange Act applicable to foreign private issuers. Accordingly, we will be required to file reports and other information with the SEC, including annual reports on Form 20-F and reports on Form 6-K. Those reports may be inspected without charge at the locations described above. As a foreign private issuer, we will be exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors, and principal shareholders will be exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

The registration statements, reports and other information so filed can be obtained electronically by means of the SEC's website at *http://www.sec.gov*. The information on that website is not a part of this prospectus.

No dealers, salesperson or other person is authorized to give any information or to represent anything not contained in this prospectus. You must not rely on any unauthorized information or representations. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is current only as of its date.

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#### Club Versante Group Limited

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Pages** |
|  **Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023** |  |
|  [Report of Independent Registered Public Accounting Firm (PCAOB ID: 7000)](#T71) | F-2 |
|  [Consolidated Balance Sheets as of December 31, 2024 and 2023](#T72) | F-3 |
|  [Consolidated Statements of Operations and Comprehensive Income (Loss) for the Years Ended December 31, 2024 and 2023](#T73) | F-4 |
|  [Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2024 and 2023](#T74) | F-5 |
|  [Consolidated Statements of Cash Flows for the Years Ended December 31, 2024 and 2023](#T75) | F-6 |
|  [Notes to Consolidated Financial Statements for the Years Ended December 31, 2024 and 2023](#T76) | F-7 – F-28 |

---

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#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of<br>Club Versante Group Limited

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Club Versante Group Limited and its subsidiaries (collectively, the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive income (loss), changes in shareholders' equity, and cash flows for each of the years in the two-year period ended December 31, 2024, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ HTL International, LLC

We have served as the Company's auditor since 2025.

Houston, TX

May 22, 2025 (August 12, 2025, as to the effects of the stock split described in Note 11 of the 2024 and 2023 consolidated financial statements)

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#### Club Versante Group Limited<br>Consolidated Balance Sheets<br>(Expressed in U.S. Dollars, except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **Assets** |  |  |
|  **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Inventories | $127637 | $160796 |
| &nbsp;&nbsp;&nbsp; Prepayments and other current assets | 95964 | 97201 |
|  **Total current assets** | 223601 | 257997 |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | 619430 | 830660 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use asset, net (related party) | 135351 | 856527 |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use asset, net (third parties) | 1457029 | 1715230 |
| &nbsp;&nbsp;&nbsp; Finance lease right-of-use asset, net (third party) | 16731 | 91249 |
| &nbsp;&nbsp;&nbsp; Deferred tax assets | 936038 | 1328013 |
|  **Total assets** | $3388180 | $5079676 |
|  **Liabilities and shareholders' equity** |  |  |
|  **Liabilities** |  |  |
|  **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable | $52760 | $18515 |
| &nbsp;&nbsp;&nbsp; Bank loan | 27778 | 30298 |
| &nbsp;&nbsp;&nbsp; Book overdrafts | 58814 | 272131 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 306024 | 439138 |
| &nbsp;&nbsp;&nbsp; Amount due to a related party, current | 599741 | 1669026 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current (related party) | 17331 | 101710 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current (third parties) | 117779 | 121177 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities, current (third party) | 37119 | 68189 |
|  **Total current liabilities** | 1217346 | 2720184 |
| &nbsp;&nbsp;&nbsp; Amount due to a related party, non-current | 3125000 | 3408574 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, non-current (related party) | 121854 | 779766 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, non-current (third parties) | 1348066 | 1598862 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities, non-current (third party) |  | 40488 |
|  **Total liabilities** | $5812266 | $8547874 |
|  **Commitments and contingencies** |  |  |
|  **Shareholders' deficit** |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares ($0.0001 par value, 500,000,000 shares authorized, 13,500,000 shares issued and outstanding as of December 31, 2024 and 2023)\* | $1350 | $1350 |
| &nbsp;&nbsp;&nbsp; Subscription receivable | (1350) | (1350) |
| &nbsp;&nbsp;&nbsp; Additional paid-in capital | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit | (2625796) | (3420054) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) | 201636 | (48218) |
|  **Total shareholders' deficit** | (2424086) | (3468198) |
|  **Total liabilities and shareholders' deficit** | $3388180 | $5079676 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

The accompanying notes are an integral part of these consolidated financial statements.

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#### Club Versante Group Limited<br>Consolidated Statements of Operations and Comprehensive Income (Loss)<br>(Expressed in U.S. dollar, except for the number of shares)

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
|  | **2024** | **2023** |
|  **Revenue** |  |  |
| &nbsp;&nbsp;&nbsp; Revenue-related parties | $197803 | $66694 |
| &nbsp;&nbsp;&nbsp; Revenue-third parties | 3757007 | 3922343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | 3954810 | 3989037 |
|  **Cost of revenue** | (1982053) | (2950835) |
|  **Gross profit** | 1972757 | 1038202 |
|  **Operating expenses** |  |  |
| &nbsp;&nbsp;&nbsp; Selling and marketing | (22969) | (34211) |
| &nbsp;&nbsp;&nbsp; General and administrative | (884812) | (1391505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | (907781) | (1425716) |
|  **Income (Loss) from operations** | 1064976 | (387514) |
|  **Other income (expense)** |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense | (1460) | (1482) |
| &nbsp;&nbsp;&nbsp; Other income | 26645 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other income (expense), net | 25185 | (1482) |
|  **Income (Loss) before income tax (expense) benefit** | 1090161 | (388996) |
|  Income tax (expense) benefit | (295903) | 104983 |
|  **Net income (loss)** | 794258 | (284013) |
|  Foreign currency translation adjustments | 249854 | (83785) |
|  **Total comprehensive income (loss)** | $1044112 | $(367798) |
|  Earnings (Loss) per share\* |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares – basic and diluted | $0.06 | $(0.02) |
|  Weighted average shares outstanding used in calculating basic and diluted earnings per share\* |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary shares – basic and diluted | 13500000 | 13500000 |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

The accompanying notes are an integral part of these consolidated financial statements.

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#### Club Versante Group Limited<br>Consolidated Statements of Changes in Shareholders' Equity<br>(Expressed in U.S. dollar, except for the number of shares)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **<br>Ordinary shares\*** | **<br>Ordinary shares\*** | **Subscription <br>receivable** | **Additional <br>paid-in <br>capital** | **Accumulated <br>deficit** | **Accumulated <br>other <br>comprehensive <br>(loss) income** | **Total** |
|  | **Number <br>issued** | **Amount** | **Subscription <br>receivable** | **Additional <br>paid-in <br>capital** | **Accumulated <br>deficit** | **Accumulated <br>other <br>comprehensive <br>(loss) income** | **Total** |
|  **Balance as of December 31, 2022** | 13500000 | $1350 | $(1350) | 74 | $(3136041) | $35567 | $(3100400) |
| &nbsp;&nbsp;&nbsp; Net loss |  |  |  |  | (284013) |  | (284013) |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment |  |  |  |  |  | (83785) | (83785) |
|  **Balance as of December 31, 2023** | 13500000 | 1350 | (1350) | 74 | (3420054) | (48218) | (3468198) |
| &nbsp;&nbsp;&nbsp; Net income |  |  |  |  | 794258 |  | 794258 |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment |  |  |  |  |  | 249854 | 249854 |
|  **Balance as of December 31, 2024** | 13500000 | $1350 | $(1350) | 74 | $(2625796) | $201636 | $(2424086) |

---

____________

\* Shares and per share data are presented on a retroactive basis to reflect the ordinary shares issuance and share split.

The accompanying notes are an integral part of these consolidated financial statements.

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#### Club Versante Group Limited<br>Consolidated Statements of Cash Flows<br>(Expressed in U.S. dollar)

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| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Net income (loss) | $794258 | $(284013) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net profit (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 149401 | 151663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of operating lease right-of-use assets | 138006 | 239881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of finance lease right-of-use assets | 70352 | 71417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash gain from lease modification | (19417) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax expense (benefit) | 295903 | (104983) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 20794 | 10668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepayments and other current assets | (7200) | (79385) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | (79715) | 32245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | (184632) | 252420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities | (133968) | (238327) |
|  Net cash provided by operating activities | 1043782 | 51586 |
|  **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments of advances from a related party | (978065) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advances from a related party |  | 12841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of principal portion of finance lease liabilities | (65717) | (64427) |
|  Net cash used in financing activities | (1043782) | (51586) |
|  Effect of exchange rate changes on cash and cash equivalents |  |  |
|  Net increase in cash and cash equivalents |  |  |
|  Cash and cash equivalents, beginning of year |  |  |
|  Cash and cash equivalents, end of year | $— | $— |
|  **Reconciliation of cash and cash equivalents to the consolidated balance sheets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $— | $— |
|  **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax paid | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in book overdraft to reinstatement of accrued expenses and other current liabilities | $83106 | $101378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in book overdraft to reinstatement of accounts payable | $117333 | $55800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest paid | $1460 | $1482 |
|  **Supplemental disclosure of non-cash activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $— | $1037848 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**1. Organization and Description of Business**

Club Versante Group Limited ("Club Versante") ("the Company") is a company incorporated in the Cayman Islands with limited liability on April 9, 2025. Club Versante is a parent holding company with no operations.

Club Versante Business Limited ("Club Versante BVI"), a wholly-owned subsidiary of the Company, is a company incorporated in the British Virgin Islands ("B.V.I.") with limited liability on April 22, 2025. Club Versante BVI has 1,000 ordinary shares outstanding with US$1 par value per share. Club Versante BVI is an investment holding company with no operations.

Club Versante Management Ltd ("Club Versante Canada"), a wholly-owned subsidiary of Club Versante BVI, is a private company limited by shares incorporated in the Province of British Columbia, Canada on December 3, 2013. Club Versante Canada had a share capital of CA$100 as of both December 31, 2024 and 2023. Club Versante Canada is primarily engaged in the food and beverage industry, operating a portfolio of restaurants and bars. Club Versante Canada provides a range of hospitality services, including on-site catering, private event hosting, and venue rental solutions, catering to both individual and corporate customers.

Club Versante together with its subsidiaries (collectively, "the Group") primarily operate in Canada, focusing on the running of restaurants and bars to provide catering, event hosting, and venue rental services.

The accompanying consolidated financial statements reflect the activities of the Company, and each of the following entities as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Name of Company** | **Place of <br>Incorporation** | **Attributable <br>equity interest %** | **Issued share <br>capital** | **Issued share <br>capital** |
|  Club Versante BVI | B.V.I. | 100% | USD | 1000 |
|  Club Versante Canada | Canada | 100% |  | CA$100 |

---

#### Reorganization
The Reorganization was completed on April 25, 2025 through a series of planned transactions. As a result of the Reorganization, the Company has become the holding company for all previously mentioned entities.

Immediately prior to the Reorganization, Club Versante Canada was wholly owned and controlled by Bygenteel Capital Inc., a private company incorporated in Canada and wholly owned and controlled by Chung Lin Ching. Club Versante was incorporated on April 9, 2025, by a registered agent in the Cayman Islands for the sole purpose of serving as the holding company of the Group. On the date of incorporation, one share with a par value of US$1 was issued by Club Verante. On the same day, 100% ownership of Club Versante was transferred from the registered agent to Club Versante Investment Limited, a B.V.I. company wholly owned by Chung Lin Ching. Subsequently, on the same day, an additional 999 ordinary shares, each with a par value of US$1, were allotted by Club Versante to Club Versante Investment Limited. As a result of these transactions, the issued share capital of Club Versante was US$1,000 as of April 9, 2025.

Club Versante BVI was incorporated on April 22, 2025, by Club Versante as an intermediate holding company. It had not engaged in any business activities prior to the Reorganization. On April 25, 2025, Club Versante BVI acquired 100,000 shares of Club Versante Canada from Bygenteel Capital Inc., representing the entire issued share capital of Club Versante Canada at that time, for a consideration of CA$100, thereby completing the Reorganization.

Immediately before and after the Reorganization, Club Versante, Club Versante BVI, and Club Versante Canada remained under the common ownership and control of Chung Lin Ching. Accordingly, the Reorganization is accounted for as a transaction among entities under common control in accordance with ASC 805-50.

Following this, the consolidation of the Company and its subsidiaries has been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in these consolidated financial statements. Results of operations for the periods presented comprise those of the previously separate entities combined from the beginning of the period to the end of the period, eliminating the effects of intra-group transactions.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**2. Liquidity**

In assessing the Group's liquidity position, management regularly monitors and evaluates its cash-on-hand, operating cash flows, and obligations related to working capital, operating expenses, and capital expenditures. The Group's liquidity needs are primarily funded through equity financing in the form of capital contributions from shareholders, advances from related parties and cash generated from operating activities.

As of December 31, 2024 and 2023, the Group had no cash and cash equivalents recorded on its consolidated balance sheets. This was due to the netting of cash held at banks against outstanding unpresented checks as of the year ends, resulting in a net book overdraft position. While no cash was reported on the consolidated balance sheets, the Group maintained active bank accounts and continued to meet its payment obligations through these accounts.

As of December 31, 2024, the Group reported a working capital deficit of $993,745. During the year ended December 31, 2024, the Group generated positive net cash flows from operating activities of $1,043,782. Management anticipates continued positive cash flows from operations and expects the Group to sustain profitability in the coming year, supported by its ongoing business activities and operating performance. Subsequently, on May 8, 2025, the Company entered into subscription agreements with three individuals who subscribed for an aggregate of 158 Ordinary Shares for a total consideration of US$816,070. The Company has issued the 158 Ordinary Shares to the three individuals on May 8, 2025. The consideration was fully settled in July 2025, significantly improving our working capital position and supporting our future operational needs. Furthermore, some related parties had committed to providing additional financial support to the Group, should the need arise.

Considering all facts and information on hand, management expects the Group's cash on hand and the cash generated from operation are sufficient to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date of these financial statements are issued.

If the Group is unable to have sufficient fund to finance its working capital requirements within the normal operating cycle of a twelve-months period from the date of these financial statements are issued, the Group may consider supplementing its available sources of funds through the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• addition equity financing from major shareholders or third-party investors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial support from the financial institutions and the Group's related parties.

Based on the above considerations, management is of the opinion that the Group has sufficient funds to meet its working capital requirements and current liabilities as they become due within twelve months from the date of these financial statements are issued. Therefore, these consolidated financial statements for the years ended December 31, 2024 and 2023 have been prepared on a going concern basis and do not include any adjustments to reflect the possible future effects on the recoverability and classifications of assets or the amounts and classifications of liabilities that may result from the inability of the Company to continue as a going concern.

**3. Summary of Significant Accounting Policies**

#### Basis of presentation and principle of consolidation
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities Exchange Commission ("SEC").

These consolidated financial statements include the financial statements of the Company and its subsidiaries. All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

#### Use of estimates and assumptions
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant accounting estimates include, but not limited to the realization of deferred tax assets, accounting of right-of-use assets, and lease liabilities. These estimates and judgments are based on historical information, information that is currently available to the Group and on various other assumptions that the Group believes to be reasonable under the circumstances. Actual results could differ from the estimates, and as such, differences could be material to these consolidated financial statements.

#### Cash and cash equivalents
Cash includes balances maintained with a bank in Canada that are unrestricted and readily available for withdrawal and use, as well as cash on hand. Book overdrafts represent outstanding checks that exceed available cash balances in certain bank accounts, primarily due to the timing of unpresented checks at year-end.

As of December 31, 2024 and 2023, the Group had cash at bank of US$22,416 and US$15,253, respectively. After accounting for the impact of unpresented checks at the year ends, the book overdrafts recorded in the consolidated financial statements amounted to US$58,814 and US$272,131 as of December 31, 2024 and 2023, respectively.

Book overdrafts are not reflected as financing activities in the Consolidated Statements of Cash Flows because they do not represent actual cash outflows or borrowing arrangements with financial institutions. Rather, they reflect a temporary reinstatement of accounts payable and accrued liabilities due to outstanding checks. Accordingly, changes in the book overdraft position are included within "Net cash provided by operating activities" in the Consolidated Statements of Cash Flows.

#### Inventories
Inventories are stated at the lower of cost or net realizable value. Cost of inventories are determined using the first in first out method. Management reviews inventories for obsolescence and slow-moving inventories periodically and records an allowance against the inventories when the carrying value exceeds net realizable value. As of December 31, 2024 and 2023, no write-downs of inventories was recognized.

#### Prepayments and other current assets
Prepayments and other current assets are comprised of other current assets and prepaid expenses. The Group adopted ASC 326 on its other current assets on December 31, 2022. The new credit losses guidance replaces the old model for measuring the allowance for credit losses with a model that is based on the expected losses. Under this accounting guidance, the Group measures expected credit losses against its other current assets using the current expected credit loss model under ASC 326. As of December 31, 2024 and 2023, no allowance for expected credit loss against other current assets was recognized.

#### Leases
The Group adopted Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842), which requires lessees to recognize lease liabilities and corresponding right-of-use ("ROU") assets on the consolidated balance sheets for both operating and finance leases.

The Group is a lessee under non-cancellable lease arrangements, which include leases for three commercial properties, and one lease for kitchen equipment, all used for restaurant and bar operations. At lease inception, the Group determines whether an arrangement is, or contains, a lease and classifies each lease as either an operating lease or a finance lease based on the criteria set forth in ASC 842.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

A lease is classified as a finance lease if any of the following criteria are met: (i) ownership of the underlying asset transfers to the lessee by the end of the lease term; (ii) the lease contains a bargain purchase option; (iii) the lease term is for the major part of the remaining economic life of the asset; (iv) the present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (v) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor.

Leases that do not meet the criteria above are classified as operating leases.

Based on this requirement, the leases of three commercial properties are classified as operating leases, as substantially all risks and rewards of ownership remain with the lessor. The lease of kitchen equipment is classified as a finance lease, as ownership of the equipment will transfer to the Group by the end of the lease term.

The Group has elected the short-term lease exemption under ASC 842 for leases with a term of 12 months or less. Accordingly, such leases are not recognized on the balance sheet and related lease payments are recognized on a straight-line basis over the lease term.

Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of future lease payments over the lease term. The Group uses its incremental borrowing rate at lease commencement to discount lease payments, estimated using a market-based approach. ROU assets also include any lease payments made prior to lease commencement, less any lease incentives received. Operating lease costs are recognized on a straight-line basis over the lease term and are included in the consolidated statements of operations.

Finance lease ROU assets are amortized over the shorter of the lease term or the estimated useful life of the asset. Lease liabilities are increased by interest expense and decreased by lease payments made. Interest expense is recognized to produce a constant periodic rate of interest on the remaining lease liability. Interest expense and amortization of ROU assets under finance leases are recognized separately in the consolidated statements of operations and comprehensive income (loss).

Any lease modifications are evaluated in accordance with ASC 842-10-15-6 to determine their impact on the existing lease classification and measurement. A partial lease termination is accounted for by proportionally reducing both the lease liability and the ROU asset. Any difference between the reduction in the lease liability and the corresponding reduction in the ROU asset is recognized as a gain or loss in the consolidated statements of operations and comprehensive income (loss). During the years ended December 31, 2024 and 2023, the Group modified a lease arrangement in each respective year to reduce leased space, resulting in lower monthly rental obligations. For the year ended December 31, 2024, the modification resulted in an adjustment of $19,417, which was recorded as a gain in the consolidated statements of operations and comprehensive income (loss). No gain or loss was recognized from lease modifications for the year ended December 31, 2023.

#### Property and equipment, net
Property and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided using the straight-line method based on the estimated useful life. The estimated useful lives of property and equipment are as follows:

<u> Kitchen equipment </u>   <u> 10 years </u> <br> <u> Furniture and fixture </u>   <u> 5 years </u> <br> <u> Leasehold improvement </u>   <u> Lesser of useful life and <br>lease term (10 years) </u>

Expenditures for repairs and maintenance, which do not materially extend the useful lives of the assets, are expensed as incurred. Expenditures for major renewals and betterments which substantially extend the useful lives of assets are capitalized. The cost and related accumulated depreciation of assets disposed of or retired are removed from the accounts, and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive income (loss) under other income or expenses.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

#### Impairment of long-lived assets
The Group reviews long-lived assets, including ROU assets, property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets or a related group of assets is measured by a comparison of the carrying amount of the assets to the undiscounted future pre-tax cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Fair value is generally determined by discounting the cash flows expected to be generated by the assets or asset group, when the market prices are not readily available. The adjusted carrying amount of the assets is the new cost basis and is depreciated over the asset's remaining useful life. Long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. As of December 31, 2024 and 2023, no impairment of long-lived assets was recognized.

#### Accounts payable
Accounts payable represent obligations to pay for goods and services received or incurred in the ordinary course of the Group's revenue cycle that remain unpaid as of the reporting date. These liabilities are initially recognized at fair value and are subsequently measured at amortized cost using the effective interest method. Accounts payable are classified as current liabilities when payment is due within one year or within the Company's normal operating cycle, whichever is longer. If payment is not expected within this timeframe, the amounts are classified as non-current liabilities. As of December 31, 2024 and 2023, all accounts payable were classified as current liabilities.

#### Bank loan
Bank loans comprise borrowings from banks. Bank loans are recognized initially at fair value, net of transaction costs incurred. Bank loans are subsequently stated at amortized cost; any difference between the proceeds net of transaction costs and the redemption value is recognized in profit or loss over the period of the borrowings using the effective interest method. Bank loans are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

#### Accrued expenses and other current liabilities
Accrued expenses and other liabilities primarily represent obligations to operating service providers for services received but not yet paid as of the reporting date. These liabilities are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method.

#### Revenue recognition
The Group follows the rules and guidance set out under ASC 606, Revenue from Contracts with Customers ("ASC 606"), when recognizing revenue from contracts with customers. The core principle of ASC 606 requires an entity to recognize revenues to depict the transfer of goods to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods recognized as performance obligations are satisfied. In accordance with ASC 606, revenues are recognized when the Group satisfies the performance obligations by delivering the promised goods to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the company satisfies a performance obligation.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

The Group identifies each distinct sales transaction as a performance obligation. The recognition and measurement of revenues is based on the assessment of individual contract terms. The Group applies a practical expedient to expense contract acquisition costs as incurred when those costs would be amortized over one year or less. The Group has no material incremental costs of obtaining contracts with customers that the Group expects the benefit of those costs to be longer than one year, which need to be recognized as assets.

The Group has four principal revenue streams, which are the catering income, event and venue rental income, service fee income and revenue sharing income. The Group carried out all its business activities and operations in Canada.

*Catering income*

Revenue from catering, primarily from operating restaurants and bars, is recognized at the point in time when control of the goods transfers to the customer. This transfer occurs when the food and beverages are delivered, and the customer assumes the risks and rewards of ownership. The performance obligation is satisfied upon delivery, with no further obligations outstanding. Transaction prices are clearly indicated on the menu, and revenue is recognized net of any discounts or incentives offered to customers. Payments are typically received immediately via cash, checks, or credit cards after the food and beverages are served. The Group does not have obligations related to returns, refunds, or similar contingencies.

*Event income*

The Group rents out its venues, including restaurants, bars, and event halls, for events and film productions in exchange for a fixed service fee. Contracts detail all pertinent aspects of the services provided, such as date, venue specifications, decoration requirements, food and beverage orders, and pricing. Although these contracts encompass multiple elements, they are considered a single performance obligation due to the integrated nature of the services provided, culminating in a comprehensive event experience.

Revenue is recognized over time, as customers simultaneously receive and consume the benefits during the event. The measure of progress is based on the passage of time over the event duration. Given the typically short duration of events, performance obligations are generally satisfied within a single reporting period.

The Group requires upfront deposits to confirm reservations, which are recorded as contract liabilities. The remaining balance is due upon completion of the event. These amounts are recognized as revenue over the event duration. Revenue is recognized net of any customer discounts or incentives. The Group has no obligations related to returns, refunds, or warranties in this revenue stream.

*Service fee income*

The Group provides breakfast and lunch services to a hotel under a fixed monthly fee arrangement, which constitutes a single performance obligation. This obligation is characterized as a stand-ready commitment, wherein the Group is obligated to make catering services available to the hotel as and when required throughout the contract period. The hotel benefits evenly from the Group's continuous availability to provide these services, irrespective of the actual usage.

In accordance with ASC 606, revenue from stand-ready obligations is recognized over time, as the customer simultaneously receives and consumes the benefits of the entity's performance as it occurs. Given the nature of the stand-ready obligation and the consistent benefit to the customer, the Group has determined that a time-based measure of progress, specifically a straight-line basis, faithfully depicts the transfer of control. Consequently, revenue is recognized evenly over the contract period.

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**3. Summary of Significant Accounting Policies** (cont.)

The transaction price is fixed and explicitly stated in the contract, with payments due on a monthly basis as specified in the agreement. There are no provisions for returns, refunds, or similar contingencies. This aligns with the guidance provided in ASC 606-10-25-27(a), which states that an entity recognizes revenue over time if the customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs.

*Revenue sharing income*

The Group has entered into an arrangement with a third-party partner to operate one of its restaurants. Under this agreement, the Group provides kitchen facilities, equipment, and necessary operating licenses, while the partner manages the restaurant's daily operations. In return, the Group receives variable consideration equivalent to 20% of the restaurant's monthly sales.

The Group's primary performance obligation in this arrangement is to provide the partner with access to the kitchen facilities, equipment, and necessary operating licenses. This obligation is satisfied over time, as the partner simultaneously receives and consumes the benefits provided by the Group throughout the contract period.

The consideration the Group receives is variable, contingent upon the restaurant's monthly sales. In accordance with ASC 606-10-32-8, the Group estimates the amount of variable consideration to which it will be entitled using the most likely amount method. This estimate is constrained to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved, as outlined in ASC 606-10-32-11. The sales data is shared by and agreed upon with the partner on a monthly basis. The Group recognizes revenue monthly, based on the sales figures provided by the partner, and makes estimates on the variable consideration if necessary for that particular month.

Based on the agreed-upon sales data, the Group invoices the partner monthly for its 20% share of the restaurant's sales. Payments are due upon presentation of the invoices.

The Group has no obligations related to returns, refunds, or warranties in this revenue stream.

The Group follows the rules and guidance set out under ASC 606 when determining whether it is acting as a principal or an agent in the contract with its customers. The core principle of ASC 606 requires an entity to determine whether the nature of its promise is a performance obligation to provide the goods itself (that is, the entity is a principal) or to arrange for those goods to be provided by the other party (that is, the entity is an agent). The following steps are applied to achieve that core principle:

Step 1: Identify the specified goods to be provided to the customer

Step 2: Assess whether it controls each specified good before that good is transferred to the customer

In the arrangement with the third-party partner to operate one of its restaurants, the Group provides kitchen facilities, equipment, and necessary operating licenses but does not control the day-to-day operations or the direct provision of food and beverage services to end customers. The partner independently manages the restaurant's operations, including menu selection, pricing, procurement, and staff management. Furthermore, the Group does not bear inventory risk related to the food and beverages, nor does it have discretion in establishing the prices charged to end customers. These factors indicate that the Group does not control the specified goods or services before they are transferred to the customer. Consequently, the Group concludes that it acts as an agent in this arrangement. In accordance with ASC 606-10-55-38, the Group recognizes revenue on a net basis, representing its 20% share of the restaurant's monthly sales.

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**3. Summary of Significant Accounting Policies** (cont.)

<u><u>Sources of revenue</u></u>

Disaggregated information of revenue by major sources are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2024** | **2023** |
|  **Revenue from contracts with customers recognized over time** |  |  |
| &nbsp;&nbsp;&nbsp; Event income | $948082 | $310967 |
| &nbsp;&nbsp;&nbsp; Service fee income | 175200 | 88925 |
| &nbsp;&nbsp;&nbsp; Revenue sharing income | 78377 |  |
|  | 1201659 | 399892 |
|  **Revenue from contracts with customers recognized at a point in time** |  |  |
| &nbsp;&nbsp;&nbsp; Catering income | 2753151 | 3589145 |
|  Total | $3954810 | $3989037 |

---

#### Contract assets and contract liabilities
The Group classifies its right to consideration in exchange for goods and services transferred to a customer as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors other than the passage of time. The Group recognizes accounts receivable in its consolidated balance sheets when it transfers the goods in advance of receiving consideration and it has the unconditional right to receive consideration. A contract asset is recorded when the Group has transferred the goods to the customer before payment is received or is due, and the Group's right to consideration is conditional on future performance or other factors in the contract. As of December 31, 2024 and 2023, the Group did not have any accounts receivable or contract assets.

Contract liabilities are recognized if the Group receives consideration prior to satisfying the performance obligations, which include customer deposits or advance payments under sales arrangements. As of December 31, 2024 and 2023, the Group did not have any contract liabilities.

#### Cost of revenue
Cost of revenue consists of expenses directly related to revenue-generating activities, primarily including the cost of food and beverages, personnel-related compensation, depreciation of restaurant equipment, and other operating expenses directly associated with revenue generation.

#### Borrowing costs
All borrowing costs are recognized as finance expense in the consolidated statements of operations and comprehensive income (loss) in the period in which they are incurred.

#### Income taxes
The Group accounts for income taxes under ASC 740, Income Taxes. Provision for income taxes consists of current taxes and deferred taxes.

Current tax is recognized based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

Deferred tax is recognized in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the consolidated statements of operations and comprehensive income (loss), except when it is related to items credited or charged directly to equity. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

An uncertain tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The Group did not have any significant uncertain tax positions nor interest and penalty associated with tax positions as of December 31, 2024 and 2023.

#### Segment reporting
In November 2023, the FASB issued Accounting Standards Update, or ASU 2023-07 — Improvements to Reportable Segment Disclosures, which enhances the disclosures required for reportable segments in annual and interim consolidated financial statements, including additional, more detailed information about a reportable segment's expenses. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Group adopted ASU 2023-07 for the year ended December 31, 2024, retrospectively to all periods presented in the consolidated financial statement. The adoption of this ASU had no material impact on reportable segments identified and had no effect on the Group's consolidated financial position, results of operations, or cash flows.

Based on the criteria established by ASC 280, Segment Reporting, the Group uses the management approach in determining its operating segments. The Group's chief operating decision maker ("CODM"), specifically the Group's CEO and CFO, reviews consolidated results when making decisions, allocating resources and assessing performance of the Group. The Group carries out all its business activities and operations in Vancouver, Canada. All transactions are concluded and completed in Vancouver, Canada with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Therefore, the Group has only one operating segment and one reportable segment.

The Group's CODM assesses performance for the segment and decides how to allocate resources by regularly reviewing the segment net income (loss) that also is reported as consolidated net income (loss) on the consolidated statements of operations and comprehensive income (loss), after taking into account the Group's strategic priorities, its cash balance, and its expected use of cash. Further, the CODM reviews and utilizes functional expenses (i.e., selling and marketing and general and administrative) at the consolidated level to manage the Company's operations. Other segment items included interest expense, other income, and income tax (expense) benefit, which are reflected in the segment and consolidated net income (loss). The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets.

#### Comprehensive income (loss)
Comprehensive income (loss) is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by owners and distributions to owners. Comprehensive income (loss) consists of two components, net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenue, expenses, gains and losses that under U.S. GAAP

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

are recorded as an element of shareholders' equity but are excluded from net income (loss). Other comprehensive income (loss) consists of a foreign currency translation adjustment resulting from the Group not using the U.S. Dollars as its functional currency.

#### Earnings (loss) per share
Earnings (loss) per share is calculated in accordance with ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing net income attributable to each class of ordinary shareholders by the weighted average number of shares of that particular class outstanding during the year.

Diluted earnings per share is calculated by dividing net income attributable to each class of ordinary shareholders, as adjusted for the effect of dilutive ordinary equivalent shares of that class, if any, by the weighted average number of that particular class of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary share equivalents are excluded from the computation of diluted earnings per share if their effects would be anti-dilutive. Basic and diluted earnings per ordinary share are presented in the Group's consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2024 and 2023, there were no dilutive shares.

#### Translation of foreign currencies
The Group's principal place of operations is Canada. The financial position and results of its operations are determined using Canadian Dollars ("CAD" or "CA$"), as the functional currency. The Group's consolidated financial statements are presented in U.S. Dollars ("US$" or "$"). The results of operations and the consolidated statements of cash flows, denominated in the functional currency, are translated to US$ at the average rate of exchange during the reporting period. Assets and liabilities denominated in the functional currency at the balance sheet dates are translated to US$ at the applicable rates of exchange in effect at those dates. The equity, denominated in the functional currency, is translated to US$ at the historical rate of exchange at the time of the transaction. Because cash flows are translated based on the average translation rate, amounts related to assets and liabilities reported on the consolidated statements of cash flows will not necessarily agree with changes in the corresponding balances on the consolidated balance sheets. Translation adjustments arising from the use of different exchange rates from period to period are included as a separate component of accumulated other comprehensive income (loss) the consolidated statements of changes in shareholders' equity. Gains and losses from foreign currency transactions are included in the Group's consolidated statements of operations and comprehensive income (loss).

The following table outlines the exchange rates between CA$ and US$ that are used in preparing these consolidated financial statements:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Year-end spot rate | 1.4400 | 1.3202 |

---

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Average rate | 1.3699 | 1.3494 |

---

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

#### Fair value of financial instruments
The fair value of a financial instrument is defined as the exchange price that would be received from an asset or paid to transfer a liability (as exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

---

| | |
|:---|:---|
|  Level 1 | Quoted prices in active markets for identical assets and liabilities. |
|  Level 2 | Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. |
|  Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |

---

As of December 31, 2024 and 2023, the Group's financial instruments comprised primarily cash at bank, other current assets, accounts payable, book overdraft, bank loan, amount due to a related party and other current liabilities. For these financial instruments, the carrying amounts approximate their fair values due to the short-term nature of these instruments.

#### Related parties
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence of the same party, such as a family member or relative, shareholder, or a related corporation.

#### Commitments and contingencies
In the normal course of business, the Group is subject to contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters. Liabilities for contingencies are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.

If the assessment of a contingency indicates that it is probable that a material loss is incurred and the amount of the liability can be estimated, then the estimated liability is accrued in the Group's consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable and material, would be disclosed.

Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed.

#### Recent accounting pronouncements
The Group considers the applicability and impact of all accounting standards updates ("ASUs"). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the "JOBS Act"), the Group meets the definition of an emerging growth company, or EGC, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Therefore, the Group's financial statements may not be comparable to those of companies that comply with public company effective dates.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**3. Summary of Significant Accounting Policies** (cont.)

*Recently issued accounting pronouncements adopted*

In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which amends and clarifies several provisions of Topic 326. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326) Targeted Transition Relief, which amends Topic 326 to allow the fair value option to be elected for certain financial instruments upon adoption. ASU 2019-10 extended the effective date of ASU 2016-13 until December 15, 2022. This standard replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss ("CECL") methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. The Group adopted this accounting guidance on December 31, 2022. The adoption of the standard did not have a material impact on the Group's consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)" ("ASU 2023-07"). The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision useful financial analyses. Topic 280 requires a public entity to report a measure of segment profit or loss that the chief operating decision maker (CODM) uses to assess segment performance and make decisions about allocating resources. Topic 280 also requires other specified segment items and amounts, such as depreciation, amortization, and depletion expense, to be disclosed under certain circumstances. The amendments in ASU 202307 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, adopted retrospectively. The Group adopted this accounting guidance for the year ended December 31, 2024, and applied it retrospectively to all prior periods presented in the consolidated financial statements. The adoption had no material impact on reportable segments identified and had no effect on the Group's consolidated financial position, results of operations, or cash flows.

*Recent accounting pronouncements not yet adopted*

In December 2023, the FASB issued ASU 2023-09, Improvement to Income Tax Disclosure. This standard requires more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This standard also includes certain other amendments to improve the effectiveness of income tax disclosures. ASU 2023-09 is effective for public business entities, for annual periods beginning after December 15, 2024. For entities other than public business entities, the amendments are effective for annual periods beginning after December 15, 2025. The Group is in the process of evaluation the impact of adopting this new guidance on its consolidated financial statement.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Both early adoption and retrospective application are permitted. The Group is currently evaluating the impact of this accounting standard update on its consolidated financial statements and related disclosures.

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**3. Summary of Significant Accounting Policies** (cont.)

The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position statements of operations and comprehensive income (loss). and statements of cash flows.

**4. Significant Risks**

#### Currency risk
The functional currency of the Group is CA$ and these consolidated financial statements are presented in US$. The Group's sales, operation activities and assets and liabilities are predominately denominated in the functional currency, and the Group is exposed to foreign exchange risk. If CA$ depreciates or appreciates against US$, it could have an impact on the Group's consolidated financial statements.

As of December 31, 2024, the Group had net CA$-denominated liabilities of $2,424,086. The Group estimates that a 10% depreciation of CA$ against US$ based on the currency exchange rate on December 31, 2024 would result in a decrease of $242,409 against the Company's shareholders' deficit, whilst the Company estimates that a 10% appreciation of CA$ against the US$ based on the currency exchange rate on December 31, 2024 would result in an increase of $242,409 against the Company's shareholders' deficit respectively.

The Group considers that the overall foreign exchange risk is not significant, and the Group has not used any instruments or derivatives to manage or hedge the risk.

#### Concentration and credit risks
Financial instruments that potentially subject the Group to credit risk consist primarily of cash at bank and other current assets. The maximum exposure to credit risk for these financial instruments is equal to their carrying amounts as of the respective balance sheet dates.

The Group maintains its cash deposits with a reputable financial institution in Canada. As of December 31, 2024 and 2023, cash balances held at the bank amounted to $22,416 and $15,253, respectively. The Group has not experienced any losses in its bank accounts, and management believes that the Group is not exposed to any significant credit risk related to its cash holdings.

Other current assets that potentially subject the Group to credit risk are monitored through regular and ongoing assessments of the counterparties' financial condition and credit history. In addition, the Group evaluates historical collection trends, the aging profile of receivables, and prevailing economic conditions. Based on these assessments, management believes that adequate controls are in place to minimize credit risk associated with these assets. As of December 31, 2024 and 2023, no allowance for expected credit losses was recorded against these assets, and the allowance balances remained at $nil for both reporting periods.

For the years ended December 31, 2024 and 2023, most of the Group's assets were in Canada. At the same time, the Group considers that it is exposed to the following concentrations of risk:

(a) Major customers

For the years ended December 31, 2024 and 2023, there was no customer accounted for 10% or more of the Group's revenue.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**4. Significant Risks** (cont.)

(b) Major vendors

For the year ended December 31, 2024, two vendors accounted for 10% or more of the Group's total purchase. Total purchase from these two vendors accounted for 35% and 16% of the Group's total purchase, respectively. For the year ended December 31, 2023, three vendors accounted for 10% or more of the Group's total purchase. Total purchase from these three vendors accounted for 15%, 13% and 11% of the Group's total purchase, respectively.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended <br>December 31, 2024** | **Year ended <br>December 31, 2024** | **As of <br>December 31, <br>2024** |
|  **Vendor** | **Purchase** | **Percentage of <br>total purchase** | **Accounts <br>payable** |
|  Vendor A | $252839 | 35% | $5300 |
|  Vendor B | 117559 | 16% | 13488 |
|  Total | $370398 | 51% | 18788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year ended <br>December 31, 2023** | **Year ended <br>December 31, 2023** | **As of <br>December 31, <br>2023** |
|  **Vendor** | **Purchase** | **Percentage of <br>total purchase** | **Accounts <br>payable** |
|  Vendor C | $175740 | 15% | $— |
|  Vendor B | 153123 | 13% | 369 |
|  Vendor D | 124440 | 11% |  |
|  Total | $453303 | 39% | 369 |

---

As of December 31, 2024, there were four vendors whose payables accounted for 10% or more of the Group's total balances of accounts payable and accounted for 26%, 16%, 16% and 10% of the total balance of accounts payable as of that date, respectively. As of December 31, 2023, there was one vendor whose payables accounted for 10% or more of the Group's total balances of accounts payable and it accounted for approximately 51% of the total balances of accounts payable as of that date.

#### Interest rate risk
Fluctuations in market interest rates may adversely affect the Group's financial position and results of operations. The Group is exposed to interest rate risk primarily through its bank deposits and bank loan, which are subject to floating interest rates. This exposure may be more pronounced during periods of significant interest rate volatility. However, given the relatively modest amounts of bank deposits and bank loan involved, the Group considers its exposure to interest rate risk to be immaterial. As of the reporting date, the Group has not entered into any interest rate hedging arrangements or derivative instruments to manage this exposure.

**5. Inventories**

As of December 31, 2024 and 2023, inventories consisted of the following balances:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Beer | $792 | $1773 |
|  Liqour | 103889 | 121937 |
|  Wine | 22956 | 37086 |
|  Total inventories | $127637 | $160796 |

---

The write-downs of inventories were $nil for the years ended December 31, 2024 and 2023.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**6. Leases**

As of December 31, 2024 and 2023, the Group subsisted of the following non-cancellable lease arrangements.

---

| | | |
|:---|:---|:---|
|  **Description of lease** | **Lease term** | **Lease Type** |
|  Property at Ground Floor, 12F & 13F, 8499 Bridgeport Road<sup>(1)</sup> | August 1, 2021 to July 30, 2031 | Operating lease |
|  Property at Unit 110,115&605, 8400 West Road<sup>(2)</sup> | October 15, 2021 to October 14, 2031 | Operating lease |
|  Property at #105, 8400 West Road | February 1, 2023 to January 31, 2038 | Operating lease |
|  Kitchen equipment | December 10, 2021 to March 9, 2025 | Finance lease |

---

____________

(1) On June 1, 2023, the Group and the lessor entered into an amendment contract to partially terminate the leased space with a corresponding reduction in the monthly rental fee. The modified lease term would be effective since the date of modification. There is no change of the other lease terms of the contract.

(2) On January 1, 2024, the Group and the lessor entered into an amendment contract to partially terminate the leased space with a corresponding reduction in the monthly rental fee. The modified lease term would be effective since the date of modification. There is no change of the other lease terms of the contract.

<u><u>Operating leases as lessee</u></u>

As of December 31, 2024 and 2023, the Group held three operating leases for properties designated for the operation of a restaurant and bars.

The following table summarizes the classification of operating lease ROU assets and operating lease liabilities in the Group's consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **Assets** |  |  |
|  Operating lease right-of-use asset, net (related party) | $135351 | $856527 |
|  Operating lease right-of-use asset, net (third parties) | 1457029 | 1715230 |
|  Total operating lease right-of-use asset, net | $1592380 | $2571757 |
|  **Liabilities** |  |  |
|  Operating lease liabilities, current (related party) | $17331 | $101710 |
|  Operating lease liabilities, current (third parties) | 117779 | 121177 |
|  Operating lease liabilities, non-current (related party) | 121854 | 779766 |
|  Operating lease liabilities, non-current (third parties) | 1348066 | 1598862 |
|  **Total operating lease liabilities** | $1605030 | $2601515 |

---

Information related to operating lease activities during the years ended December 31, 2024 and 2023 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2024** | **2023** |
|  Amortization of operating lease ROU assets | $138006 | $239881 |
|  Accretion of interest on operating lease liabilities | 101753 | 126941 |
|  Total operating lease expenses | $239759 | $366822 |
|  Operating lease ROU assets obtained in exchange for operating lease <br>liabilities | $— | $1037848 |

---

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**6. Leases** (cont.)

The following table summarizes the remaining contractual maturities of lease liabilities, categorized by the years in which such operating lease liabilities are required to be settled, under operating leases as of December 31, 2024:

---

| | |
|:---|:---|
|  During the years ended December 31, |  |
| 2025 | $224242 |
| 2026 | 224242 |
| 2027 | 224242 |
| 2028 | 228650 |
|  2029 and after | 1230307 |
|  Total future lease payments | $2131683 |
|  Less: imputed interest | (526653) |
|  Present value of lease obligations | $1605030 |

---

As of December 31, 2024 and 2023, the weighted average discount rate of operating leases was 5.18% and 4.55%, respectively and the weighted average remaining operating lease terms are 10.14 years and 10.13 years, respectively.

<u><u>Lease modification</u></u>

During the years ended December 31, 2024 and 2023, the Group executed partial terminations of leased space under two lease agreements, resulting in corresponding reductions in monthly rental payments. In accordance with ASC 842, Leases, partial lease terminations are accounted for by proportionately reducing both the lease liability and the ROU asset. The ROU asset is reduced based on the proportion of the lease that has been terminated, and the lease liability is remeasured based on the updated lease payments. The difference between the decrease in the lease liability and the proportionate reduction in the ROU asset is recognized as a gain or loss in the consolidated statements of operations and comprehensive income (loss) in the period of modification. These lease modifications did not result in reclassification of the lease types. The Group continues to assess lease changes in accordance with ASC 842-10-15-6 to determine whether modifications represent separate contracts or modifications of the existing lease. The impact of these lease modifications on the consolidated statements of operations and comprehensive income (loss) is summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2024** | **2023** |
|  Decrease of ROU assets caused by lease modifications | $666601 | $560329 |
|  Decrease of lease liabilities caused by lease modifications | 686018 | 560329 |
|  (Gain) loss recorded in the consolidated statements of operations and comprehensive income (loss) | $(19417) | $— |

---

<u><u>Finance lease as lessee</u></u>

As of December 31, 2024 and 2023, the Group had a financing lease of kitchen equipment on its consolidated balance sheets.

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**6. Leases** (cont.)

The following table summarizes the classification of finance lease ROU assets and finance lease liabilities in the Group's consolidated balance sheets:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **Assets** |  |  |
|  Finance lease ROU assets, net | $16731 | $91249 |
|  **Liabilities** |  |  |
|  Finance lease liabilities, current | $37119 | $68189 |
|  Finance lease liabilities, non-current |  | 40488 |
|  **Total finance lease liabilities** | $37119 | $108677 |

---

Finance lease expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2024** | **2023** |
|  Amortization of finance lease ROU assets | $70352 | $71417 |
|  Interest on finance lease liabilities | $2611 | $4935 |

---

The following table summarizes the remaining contractual maturities of lease liabilities, categorized by the years in which such finance lease liabilities are required to be settled, under operating leases as of December 31, 2024:

---

| | |
|:---|:---|
|  During the year ended December 31, |  |
| 2025 | $37458 |
|  Total future lease payments | $37458 |
|  Less: imputed interest | (339) |
|  Present value of lease obligations | $37119 |

---

As of December 31, 2024 and 2023, the weighted average discount rate of financing lease was 3.49% and 3.49%, respectively and the weighted average remaining financing lease terms are 0.25 year and 1.25 years, respectively.

For the years ended December 31, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the years ended <br>December 31,** | **For the years ended <br>December 31,** |
|  | **2024** | **2023** |
|  Cash paid for amounts included in the measurement of lease liabilities |  |  |
|  Operating leases | $235722 | $365268 |
|  Finance lease | $68328 | $69362 |

---

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**7. Property and Equipment, Net**

As of December 31, 2024 and 2023, property and equipment, net, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Furniture and fixture | $172672 | $188340 |
|  Kitchen equipment | 689228 | 751771 |
|  Leasehold improvement | 386683 | 421772 |
|  Less: accumulated depreciation | (629153) | (531223) |
|  Total property and equipment, net | $619430 | $830660 |

---

Depreciation expenses were $149,401 and $151,663 for the years ended December 31, 2024 and 2023, respectively.

**8. Prepayments and Other Current Assets**

As of December 31, 2024 and 2023, prepayments and other current assets, consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Prepaid expenses | $95964 | $95758 |
|  Other current assets |  | 1443 |
|  Total prepayments and other current assets | $95964 | $97201 |

---

**9. Book overdrafts**

As of December 31, 2024 and 2023, the book overdrafts consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Book overdrafts | $58814 | $272131 |

---

As of December 31, 2024 and 2023, the Group had cash balances of $22,416 and $15,253, respectively, held with a bank in Canada. The Group recorded book overdrafts as of those dates, which represent outstanding checks issued in excess of available cash balances in specific bank accounts. These checks were issued primarily to settle accounts payable, accrued expenses, and other current liabilities, and were subsequently cleared in the following reporting periods. As of the date these consolidated financial statements are issued, the Group maintains a sufficient cash balance of $110,931 in its bank account to support daily operations, with no book overdrafts recorded on the consolidated balance sheet.

**10. Bank loan**

As of December 31, 2024 and 2023, bank loan consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Canada Emergency Business Account ("CEBA") Loan | $27778 | $30298 |

---

The Group secured a Canada Emergency Business Account ("CEBA") loan of CA$40,000 on April 23, 2020, as part of the Government of Canada's COVID-19 relief measures aimed at supporting small businesses during the pandemic. The loan is unsecured and was initially interest-free until December 31, 2022. Subsequently, any outstanding balance began accruing interest at an annual rate of 5%, with the full principal due by December 31, 2025. As of December 31, 2024, the outstanding principal balance of the loan was $27,778. Interest expenses related to this loan were $1,460 and $1,482 for the years ended December 31, 2024, and 2023, respectively. As of the date these consolidated financial statements are issued, the loan of $27,778 remains outstanding.

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**11. Shareholders' Equity**

#### Ordinary shares
The Company was established under the laws of Cayman Islands on April 9, 2025. The authorized number of ordinary shares was 50,000 shares and the outstanding number of ordinary shares was 1,000, with par value of $1 per share, on the date of incorporation. As of the date these consolidated financial statements are issued, the consideration of these 1,000 ordinary shares had not been settled by the Company's shareholder and was recognized as subscription receivable in these consolidated financial statements.

Subsequently, on May 8, 2025, the Company entered into subscription agreements with three individuals, pursuant to which they subscribed for an aggregate of 158 ordinary shares for a total consideration of US$816,070. The 158 ordinary shares were issued on May 8, 2025 the same day, and the entire consideration was fully settled by the subscribers in July 2025.

On July 16, 2025, the Company effected a 1-for-10,000 share subdivision, resulting in a change in the par value of its ordinary shares from $1.00 to $0.0001 per share. On the same day, the Company further allotted a total of 4,053,000 ordinary shares on a pro rata basis to all existing shareholders at par value. Of this total, 3,500,000 ordinary shares were allotted to the founding shareholder, and 553,000 ordinary shares were allotted to the investors who had subscribed for shares on May 8, 2025. The purpose of the allotment was to increase the total number of outstanding shares proportionately following the subdivision.

The Company considers the 1-for-10,000 share subdivision and the pro rata allotment of 3,500,000 ordinary shares to the founding shareholder constitute a share split. These transactions are regarded as part of the Company's recapitalization in anticipation of its initial public offering and have been reflected on a retrospective basis, in accordance with the guidance under ASC 260, Earnings Per Share. All shares and per share amounts presented herein and in the accompanying consolidated financial statements have been retroactively adjusted to reflect these transactions.

The issuance of 158 ordinary shares on May 8, 2025, was not treated as a share split. Rather, it was considered a discrete capital transaction and accounted for prospectively. Correspondingly, the subsequent pro rata allotment of 553,000 ordinary shares in July 2025, which related to the 158 ordinary shares originally issued, was treated as a share subdivision of those shares. The 553,000 shares were recognized retroactively as of May 8, 2025, in accordance with the guidance under ASC 260, Earnings Per Share, which requires retrospective application for share splits

As of December 31, 2024 and 2023, the authorized share capital of the Company is $50,000 divided into 500,000,000 ordinary shares of a par value of $0.0001 each, and the Company has 13,500,000 ordinary shares issued and outstanding.

**12. Income Taxes**

*Cayman Islands and British Virgin Islands*

Under the current and applicable laws of Cayman Islands and British Virgin Islands, the Company is not subject to tax on income or capital gains under this jurisdiction.

*Canada*

Club Versante Canada is incorporated in the province of British Columbia (B.C.), Canada, and is subject to both Canadian federal and B.C. provincial corporate income taxes. Taxable income is determined based on the statutory financial statements, with adjustments made in accordance with applicable Canadian tax laws. For the years ended December 31, 2024 and 2023, the federal corporate income tax rate was 15%. In B.C., the general provincial corporate tax rate was 12% on taxable income. The combined federal and provincial corporate income tax rate was 27%.

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

#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**12. Income Taxes** (cont.)

The current and deferred portions of the income tax expense (benefit) included in the consolidated statements of operations and comprehensive income (loss) as determined in accordance with ASC 740 are as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Current income tax expense | $— | $— |
|  Deferred income tax expense (benefit) | 295903 | (104983) |
|  Income tax expense (benefit) | $295903 | $(104983) |

---

A reconciliation of the difference between the expected income tax expense (benefit) computed at Canada B.C Province income tax rate of 27% and the Group's reported income tax expense is shown in the following table:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  | **2024** | **2023** |
|  Income (loss) before income tax expense | $1090161 | $(388996) |
|  Canada statutory income tax rate | 27% | 27% |
|  Computed income tax expense with Canada statutory income tax rate | $294344 | $(105028) |
|  Non-deductible expenses | 1559 | 45 |
|  Income tax expense (benefit) | $295903 | $(104983) |

---

#### Deferred tax
The Group measures deferred tax assets and liabilities based on the difference between the financial statement and tax bases of assets and liabilities at the applicable tax rates. Components of the Group's deferred tax assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  **Deferred tax assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation of property and equipment | $(11435) | $3394 |
| &nbsp;&nbsp;&nbsp; Net operating losses carry forwards | 947473 | 1324619 |
|  Total deferred tax assets, net | $936038 | $1328013 |

---

Movement of the Group's deferred tax assets, net during the years is as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2023** |
|  Balance at January 1 | $1328013 | $1190936 |
|  (Credited) debited to the consolidated statements of operations and comprehensive income (loss) | (295903) | 104983 |
|  Exchange rate differences | (96072) | 32094 |
|  Balance at December 31 | $936038 | $1328013 |

---

<u><u>Uncertain tax positions</u></u>

The Group evaluates each uncertain tax position, including the potential application of interest and penalties, based on its technical merits, and measures the unrecognized benefits associated with such positions. As of December 31, 2024, and 2023, the Group did not have any significant unrecognized uncertain tax positions and does not anticipate any changes to this status over the next twelve months. For the years ended December 31, 2024, and 2023, the Group did not incur any significant interest or penalties related to potential underpaid income tax expenses.

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#### Club Versante Group Limited<br>Notes to Consolidated Financial Statements<br>For the Years Ended December 31, 2024 and 2023
**12. Income Taxes** (cont.)

The Group's primary tax jurisdiction is Canada. Under Canadian tax laws, the Canada Revenue Agency (CRA) generally has a reassessment period of three years from the date it issues the original notice of assessment to assess a Canadian-Controlled Private Corporation (CCPC). For corporations that are not CCPCs, this assessment period extends to four years. However, if the CRA determines that a taxpayer has made a misrepresentation attributable to neglect, carelessness, willful default, or fraud in fling the return or supplying information, there is no time limit for reassessment.

**13. Related Party Transactions and Balances**

*a. Nature of relationships with related parties*

---

| | |
|:---|:---|
|  **Name** | **Relationship with the Group** |
|  Mo Yeung Ching | Father of Chung Lin Ching, who is a director and the controlling shareholder of the Group |
|  1322956 BC Ltd. | 100% controlled by Mo Yeung Ching |
|  International Trade Centre Properties Ltd. | 100% controlled by Mo Yeung Ching |
|  Bygenteel Capital Inc. | The parent company of Club Versante Canada before reorganization date, and 100% controlled by Chung Lin Ching |

---

*b. Transactions with related parties*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **For the Years Ended <br>December 31,** | **For the Years Ended <br>December 31,** |
|  **Name** |  | **Nature** | **2024** | **2023** |
|  1322956BC Ltd | (1) | Lease expense of the property at Unit 110,115&605, 8400 West Road | $25683 | $122828 |
|  1322956BC Ltd | (2) | Revenue | 197803 |  |
|  International Trade Centre Properties Ltd. | (2) | Revenue |  | 66694 |

---

____________

(1) For the years ended December 31, 2024, and 2023, this amount represented the lease expense charged by 1322956BC Ltd for the property located at Units 110, 115, and 605, 8400 West Road, Canada. Refer to Note 6 for further details.

(2) For the years ended December 31, 2024, and 2023, this amount represented event income from related parties.

*c. Balances with related parties*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **As of December 31,** | **As of December 31,** |
|  **Name** |  | **Nature** | **2024** | **2023** |
|  Bygenteel Capital Inc | (3) | Amount due to a related party, current | $599741 | $1669026 |
|  Bygenteel Capital Inc. | (4) | Amount due to a related party, non-current | 3125000 | 3408574 |
|  |  |  | $3724741 | $5077600 |

---

____________

(3) The outstanding balance as of December 31, 2024 and 2023 represented financial support provided by Bygenteel Capital Inc., which is the Club Versante Canada's parent company before the reorganization date, to meet the Group's operational and financial requirements. The balances were interest-free, unsecured and repayable on demand.

(4) The outstanding balances with an amount of CA$4.5 million (approximately US$3.4 million and US$3.1 million as of December 31, 2023 and 2024, respectively) had a fixed maturity date of December 31, 2027. All amounts due to Bygenteel Capital Inc. were interest-free and unsecured.

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

**14. Commitments and Contingencies**

<u><u>Commitments</u></u>

As of December 31, 2024 and 2023, the Group had neither significant financial nor capital commitment.

<u><u>Contingencies</u></u>

As of December 31, 2024 and 2023, the Group was not a party to any legal or administrative proceedings. The Group further concludes that there were no legal or regulatory proceedings, either individually or in the aggregate, that could have resulted in an unfavorable outcome with a material adverse effect on the Group's results of operations, consolidated financial condition, or cash flows.

**15. Segment information**

The Group uses the management approach to determine reportable operating segments. The management approach considers the internal organization and reporting used by the Group's CODM, specifically the Group's CEO and CFO, for making decisions, allocating resources and assessing performance.

The CODM considers the Group carries out all its business activities and operations in Vancouver, Canada. All transactions are concluded and completed in Vancouver, Canada with similar terms and conditions. Internally, the Group reports costs and expenses by nature as a whole for management decision-making and assessment. Based on management's assessment, the Group determines that it has only one operating segment and therefore one reportable segment as defined by ASC 280. Furthermore, since all the Group's revenue is derived in Canada with all operations being carried out in Vancouver Canada, no geographical segment is presented. The Group concludes that it has only one reportable segment.

The CODM of the Group primarily utilizes the net (loss) income to monitor budget-to-actual performance and to assess the adequacy of capital resources for marketing and development. The following table presents the significant revenue and expense categories in the Group's single operating segment:

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended<br>December 31,** | **For the Years Ended<br>December 31,** |
|  | **2024** | **2023** |
|  **Revenue** | $3954810 | $3989037 |
|  **Cost of revenue** | (1982053) | (2950835) |
|  Selling and marketing | (22969) | (34211) |
|  General and administrative | (884812) | (1391505) |
|  Income tax (expense) benefit | (295903) | 104983 |
|  Other income (expenses) | 25185 | (1482) |
|  Net income (loss) of single operating segment | $794258 | $(284013) |

---

**16. Subsequent Events**

The Group evaluates all events and transactions that occur after December 31, 2024 up through May 22, 2025, except for the events described in Note 11 as to which the date is August 12, 2025. Other than the event disclosed elsewhere in these consolidated financial statements, there is no other subsequent event occurred that would require recognition or disclosure in the Group's consolidated financial statements.

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

#### Club Versante Group Limited

#### Ordinary Shares

#### ______________________________

#### PRELIMINARY PROSPECTUS

#### ______________________________

#### Joseph Stone Capital, LLC
[—]

**, 2025**

**Until and including , 2025 (25 days after the date of this prospectus), all dealers that buy, sell, or trade our Ordinary Shares, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement 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 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.

Pursuant to our Amended and Restated Memorandum and Articles of Association that will become effective immediately prior to the completion of this offering, the directors, alternate directors, secretary and other officers for the time being of the Company and the trustees (if any) for the time being acting in relation to any of the affairs of the Company, and their respective executors or administrators, shall be indemnified and secured harmless out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of them, their or any of their executors or administrators, shall or may incur or sustain by reason of any act done, concurred in or omitted in or about the execution of their duty or supposed duty in their respective offices or trusts, except such (if any) as they shall incur or sustain through their own dishonesty, wilful default or fraud, and none of them shall be answerable for the acts, receipts, neglects or defaults of any other of them, or for joining in any receipt for the sake of conformity, or for any bankers or other persons with whom any moneys or effects of the Company shall be lodged or deposited for safe custody, or for the insufficiency or deficiency of any security upon which any moneys of the Company shall be placed out or invested, or for any other loss, misfortune or damage which may arise in the execution of their respective offices or trusts, or in relation thereto, except as the same shall happen by or through their own dishonesty, wilful default or fraud.

We intend to enter into indemnification agreements with each of our directors and executive officers in connection with this offering. Under these agreements, we have agreed to indemnify our directors and executive 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 in connection with this offering also provides for indemnification of us and our officers, directors, or persons controlling us for certain liabilities.

We intend to obtain directors' and officers' liability insurance coverage that will cover certain liabilities of 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.
During the past three years, we have issued the following securities which were not registered under the Securities Act. We believe that each of the following issuance 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. No underwriters were involved in these issuances of securities.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number and <br>Class of <br>Securities** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  McGrath Tonner Corporate Services Limited<sup>(1)</sup> | April 9, 2025 | 1 ordinary share | USD1.00 per share |  |
|  Club Versante Investment Limited<sup>(1)</sup> | April 9, 2025 | 999 ordinary shares | USD1.00 per share |  |
|  Kon Teck Tien<sup>(2)</sup> | May 8, 2025 | 52 ordinary shares | USD5,165.00 per share |  |
|  Leong Kah Yee<sup>(2)</sup> | May 8, 2025 | 50 ordinary shares | USD5,165.00 per share |  |
|  Yang Shengguang<sup>(2)</sup> | May 8, 2025 | 56 ordinary shares | USD5,165.00 per share |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Purchaser** | **Date of <br>Issuance** | **Number and <br>Class of <br>Securities** | **Consideration** | **Underwriting <br>Discount and <br>Commission** |
|  Club Versante Investment Limited<sup>(3)</sup> | July 16, 2025 | 10,000,000 Ordinary Shares | Nil <br>(1-for 10,000 share subdivision) |  |
|  Club Versante Investment Limited | July 16, 2025 | 3,500,000 Ordinary Shares | USD0.0001 per share |  |
|  Kon Teck Tien<sup>(3)</sup> | July 16, 2025 | 520,000 Ordinary Shares | Nil <br>(1-for 10,000 share subdivision) |  |
|  Kon Teck Tien | July 16, 2025 | 182,000 Ordinary Shares | USD0.0001 per share |  |
|  Leong Kah Yee<sup>(3)</sup> | July 16, 2025 | 500,000 Ordinary Shares | Nil <br>(1-for 10,000 share subdivision) |  |
|  Leong Kah Yee | July 16, 2025 | 175,000 Ordinary Shares | USD0.0001 per share |  |
|  Yang Shengguang<sup>(3)</sup> | July 16, 2025 | 560,000 Ordinary Shares | Nil <br>(1-for 10,000 share subdivision) |  |
|  Yang Shengguang | July 16, 2025 | 196,000 Ordinary Shares | USD0.0001 per share |  |

---

____________

(1) Upon the incorporation of CVGL on April 9, 2025, CVGL issued 1,000 ordinary shares to two then shareholders in connection with the incorporation of the Company, among which 1 ordinary share was issued to our registered office provider as initial subscriber, who then transferred the subscriber share to Club Versante Investment Limited on the same day.

(2) On May 8, 2025, CVGL issued 52, 50 and 56 Ordinary Shares to Kon Teck Tien, Leong Kah Yee and Yang Shengguang at a total consideration of US$268,580.00, US$258,250.00 and US$289,240.00 respectively.

(3) On July 16, 2025, a 1-for-10,000 share split/share subdivision was effected by CVGL, and as a result of the Company issued 11,580,000 ordinary shares in proportion to all existing shareholders.

#### Item 8. Exhibits and Financial Statement Schedules.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following documents are filed as part of this registration statement:

See the Exhibit Index attached to this registration statement, which is incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 consolidated financial statements or notes thereto.

#### Item 9. Undertakings.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 hereof, 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

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

action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&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)

#### EXHIBIT INDEX

---

| | |
|:---|:---|
|  **Exhibit <br>Number** | **<br>Description of Exhibit** |
|  1.1† | [Form of Underwriting Agreement](ea023771905ex1-1_club.htm) |
|  3.1† | [Memorandum and Articles of Association, as adopted at incorporation](ea023771905ex3-1_club.htm) |
|  3.2† | [Amended and Restated Memorandum and Articles of Association, as currently in effect](ea023771905ex3-2_club.htm) |
|  3.3† | [Form of Amended and Restated Memorandum and Articles of Association (to be effective immediately prior to the completion of this offering)](ea023771905ex3-3_club.htm) |
|  4.1† | [Specimen certificate evidencing Ordinary Shares](ea023771905ex4-1_club.htm) |
|  5.1† | [Form of Opinion of Harney Westwood & Riegels regarding the validity of the Ordinary Shares being registered](ea023771905ex5-1_club.htm) |
|  8.1† | [Form of Opinion of Harney Westwood & Riegels regarding certain Cayman Islands tax matters (included in Exhibit 5.1)](ea023771905ex5-1_club.htm) |
|  8.2\*\* | [Form of Opinion of Boughton Law Corporation regarding certain legal matters and tax matters of the subsidiary in Canada](http://www.sec.gov/Archives/edgar/data/2066899/000121390025064165/ea023771904ex8-2_club.htm) |
|  10.1† | [Form of Indemnification Agreement between the registrant and its officers and directors](ea023771905ex10-1_club.htm) |
|  10.2† | [Form of Director Agreement between the registrant and its directors](ea023771905ex10-2_club.htm) |
|  10.3† | [Form of Independent Director Agreement between the registrant and its independent directors](ea023771905ex10-3_club.htm) |
|  10.4† | [Form of Employment Agreement between the registrant and its officers](ea023771905ex10-4_club.htm) |
|  10.5† | [Commercial Sublease Agreement, by and between Hotel Versante Ltd. and Club Versante Management Ltd., dated as of August 1, 2021](ea023771905ex10-5_club.htm) |
|  10.6† | [Amendment to Commercial Sublease, by and between Hotel Versante Ltd. and Club Versante Management Ltd., dated as of June 1, 2023](ea023771905ex10-6_club.htm) |
|  10.7† | [Lease Agreement, by and between Kangaloo Investment Ltd. and Club Versante Management Ltd., dated as of October 19, 2022](ea023771905ex10-7_club.htm) |
|  10.8† | [Lease Agreement, by and between 1322956BC and Club Versante Management Ltd., dated as of September 1, 2021](ea023771905ex10-8_club.htm) |
|  10.9† | [Amendment to Lease Agreement, by and between 1322956BC and Club Versante Management Ltd., dated as of January 1, 2024](ea023771905ex10-9_club.htm) |
|  10.10† | [Commercial Lease Agreement, by and between Club Versante Management Ltd. and Yandoux Patisserie Ltd., dated as of March 6, 2025](ea023771905ex10-10_club.htm) |
|  21.1† | [List of Subsidiaries](ea023771905ex21-1_club.htm) |
|  23.1† | [Consent of HTL International, LLC, an independent registered public accounting firm](ea023771905ex23-1_club.htm) |
|  23.2† | [Consent of Harney Westwood & Riegels (included in Exhibits 5.1 and 8.1)](ea023771905ex5-1_club.htm) |
|  23.3\*\* | [Consent of Boughton Law Corporation (included in Exhibit 8.2)](http://www.sec.gov/Archives/edgar/data/2066899/000121390025064165/ea023771904ex8-2_club.htm) |
|  23.4† | [Consent of Migo Corporation Limited](ea023771905ex23-4_club.htm) |
|  24.1 | [Power of Attorney (included in the signature page in Part II of the registration statement)](#T101) |
|  99.1† | [Code of Business Conduct and Ethics](ea023771905ex99-1_club.htm) |
|  99.2† | [Audit Committee Charter](ea023771905ex99-2_club.htm) |
|  99.3† | [Nominating and Corporate Governance Committee Charter](ea023771905ex99-3_club.htm) |
|  99.4† | [Compensation Committee Charter](ea023771905ex99-4_club.htm) |
|  99.5† | [Consent of Mr. John Robert Fiore](ea023771905ex99-5_club.htm) |
|  99.6† | [Consent of Mr. Ming Gu](ea023771905ex99-6_club.htm) |
|  99.7† | [Consent of Mr. Jianhua Zhao](ea023771905ex99-7_club.htm) |
|  99.8† | [Consent of Ms. Peng Du](ea023771905ex99-8_club.htm) |
|  99.9† | [Compensation Recovery Policy of the registrant](ea023771905ex99-9_club.htm) |
|  99.10† | [Insider Trading Policy of the registrant](ea023771905ex99-10_club.htm) |
|  99.11† | [Whistleblower Policy of the registrant](ea023771905ex99-11_club.htm) |
|  107† | [Calculation of Filing Fee Table](ea023771905ex-fee_club.htm) |

---

____________

\* To be filed by amendment.

\*\* Previously Filed.

† Filed herewith.

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

#### SIGNATURES
Pursuant to the requirements of the Securities Act, as amended, 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 Canada, on August 13, 2025.

---

| | |
|:---|:---|
|  **CLUB VERSANTE GROUP LIMITED** | **CLUB VERSANTE GROUP LIMITED** |
|  By: | /s/ *Chung Lin Ching* |
|  Name: | Chung Lin Ching |
|  Title: | Director |

---

KNOW ALL BY THOSE PRESENT, that each person whose signature appears below hereby constitutes and appoints Chung Lin Ching and Peng Du, and each of them may act without the joinder of the other, as his or her true and lawful agent, proxy, and attorney-in-fact, with full power of substitution and re-substitution, for and in his or her name, place and stead, in any and all capacities, to (1) act on, sign, and file with the SEC any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act, together with all schedules and exhibits thereto; (2) act on, sign, and file such certificates, instruments, agreements, and other documents as may be necessary or appropriate in connection therewith; (3) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act; and (4) take any and all actions that may be necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying, and confirming all that such agent, proxy, and attorney-in-fact or any of his or her substitutes may lawfully do or cause to be done by virtue thereof.

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

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ *Chung Lin Ching*  | Chief Executive Officer and Director | August 13, 2025 |
|  Name: Chung Lin Ching |  |  |
|  /s/ *Peng Du*  | Chief Finance Officer and Director | August 13, 2025 |
|  Name: Peng Du | (Principal Accounting and Financial Officer) |  |
|  /s/ *John Robert Fiore*  | Independent Director | August 13, 2025 |
|  Name: John Robert Fiore |  |  |
|  /s/ *Ming Gu*  | Independent Director | August 13, 2025 |
|  Name: Ming Gu |  |  |
|  /s/ *Jianhua Zhao* | Independent Director | August 13, 2025 |
|  Name: Jianhua Zhao  |  |  |

---

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

#### SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of CVGL, has signed this registration statement or amendment thereto in New York, New York on August 13, 2025.

---

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

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## Exhibit 1.1

**Exhibit 1.1**

**UNDERWRITING AGREEMENT**

**between**

**Club Versante Group Limited**

**(the "Company")**

**and**

**JOSEPH STONE CAPITAL, LLC**

**(the "Representative")**

**Club Versante Group Limited**

**UNDERWRITING AGREEMENT**

[●], 2025

Joseph Stone Capital, LLC <br> 585 Stewart Avenue, Unit L60-C Garden City, New York 11530

Ladies and Gentlemen:

The undersigned Club Versante Group Limited, an exempted company with limited liabilities incorporated under the laws of the Cayman Island (collectively, with its subsidiaries and affiliates, the "**Company**"), hereby confirms its agreement (this "**Agreement**") with Joseph Stone Capital, LLC (the "**Representative**"), and with the other underwriters named on <u>Schedule 1</u> hereto for which the Representative is acting as representative (the Representative and such other underwriters being collectively called the "**Underwriters**" and, individually, an "**Underwriter**") as follows:

1. <u>Purchase and Sale of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Firm Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. <u>Purchase of Firm Shares</u>. On the basis of the representations and warranties herein contained, but subject to the terms and conditions herein set forth, the Company agrees to issue and sell to the several Underwriters, severally and not jointly, and the Underwriters agree to purchase from the Company, severally and not jointly, an aggregate of [●] ordinary shares, par value US$1.00 per share, of the Company (the "**Ordinary Shares**") as set forth opposite their respective names on <u>Schedule 1</u> hereto ("**Firm Shares**"), at a purchase price (net of discounts and commissions) of $[●] per Firm Share, being equal to 93.00% of the public offering price of the Firm Shares. The Firm Shares are to be offered initially to the public at the offering price set forth on the cover page of the Prospectus (as defined in Section 2.1.1 hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. <u>Payment and Delivery</u>. Delivery and payment for the Firm Shares shall be made at 10:00 a.m., New York City time, on the first (1st) Business Day (as defined below) following the effective date (the "**Effective Date**") of the Registration Statement (as defined in Section 2.1.1 below) (or the second (2nd) Business Day following the Effective Date if the Registration Statement is declared effective after 4:01 p.m., New York City time) or at such other time as shall be agreed upon by the Representative and the Company, at the offices of Sichenzia Ross Ference Carmel LLP, counsel to the Underwriters, or at such other place (or remotely by facsimile or other electronic transmission) as shall be agreed upon by the Representative and the Company. The hour and date of delivery and payment for the Firm Shares is called the "**Closing Date**." Payment for the Firm Shares shall be made on the Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Firm Shares (or through the facilities of the Depository Trust Company ("**DTC**")) for the account of the Underwriters. The Firm Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least one (1) Business Day prior to the Closing Date. The Company will permit the Representative to examine and package the Firm Shares for delivery, at least one (1) full Business Day prior to the Closing Date. The Company shall not be obligated to sell or deliver the Firm Shares except upon tender of payment by the Representative for all of the Firm Shares. The term "**Business Day**" means any day other than a Saturday, a Sunday or a legal holiday or any other day on which commercial banks in the City of New York, New York, are authorized or required by law to remain closed; provided, however, that, for clarification, commercial banks shall not be deemed to be authorized or required by law to remain closed due to "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the electronic funds transfer systems (including for wire transfers) of commercial banks in the City of New York, New York, generally are open for use by customers on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Over-Allotment Option</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1. <u>Option Shares</u>. For the purposes of covering any over-allotments in connection with the distribution and sale of the Firm Shares, the Company hereby grants to the Underwriters an option to purchase up to [●] additional Ordinary Shares, representing fifteen percent (15%) of the total number of Ordinary Shares offered in the offering (the "**Option Shares**"), from the Company (the "**Over-Allotment Option**"). The Option Shares shall be identical in all respects to the Firm Shares. The Option Shares shall be purchased for the account of each of the several Underwriters in the same proportion as the number of Firm Shares, set forth opposite such Underwriter's name on <u>Schedule 1</u> hereto, bears to the total number of Firm Shares (subject to adjustment by the Representative to eliminate fractions). No Option Shares shall be sold or delivered unless the Firm Shares previously have been, or simultaneously are, sold and delivered. The right to purchase the Option Shares, or any portion thereof, may be exercised from time to time and to the extent not previously exercised may be surrendered and terminated at any time upon notice by the Representative to the Company. The purchase price to be paid per Option Share shall be equal to the price per Firm Share set forth in Section 1.1.1 hereof. The Firm Shares and the Option Shares are hereinafter referred to together as the "**Public Securities**." The offering and sale of the Public Securities is herein referred to as the "**Offering**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2. <u>Exercise of Option</u>. The Over-Allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative with respect to all or any part, and may be exercised more than once, of the Option Shares within 45 days after the Closing Date. The Underwriters shall not be under any obligation to purchase any Option Shares prior to the exercise of the Over-Allotment Option. The Over-Allotment Option granted hereby shall be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed by electronic mail setting forth the number of Option Shares to be purchased and the date and time for delivery of and payment for the Option Shares (the "**Option Closing Date**"), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Representative, at the offices of Sichenzia Ross Ference Carmel LLP or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-Allotment Option with respect to all or any portion of the Option Shares, subject to the terms and conditions set forth herein, the Company shall become obligated to sell to the Underwriters the number of Option Shares specified in such notice and, subject to the terms and conditions set forth herein, the Underwriters, acting severally and not jointly, shall purchase the number of Option Shares specified in such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3. <u>Payment and Delivery</u>. Payment for the Option Shares shall be made on the Option Closing Date by wire transfer in Federal (same day) funds, payable to the order of the Company upon delivery to the Representative of certificates (in form and substance satisfactory to the Representative) representing the Option Shares (or through the facilities of DTC) for the account of the Underwriters. The Option Shares shall be registered in such name or names and in such authorized denominations as the Representative may request in writing at least two (2) full Business Days prior to the Option Closing Date. The Company will permit the Representative to examine and package the Option Shares for delivery, at least one (1) full Business Day prior to the Option Closing Date. The Company shall not be obligated to sell or deliver the Option Shares except upon tender of payment by the Representative for the applicable Option Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Advisory Fee</u>. The Company previously paid to the Representative an advisory fee of $25,000.

2. <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Underwriters as of the Applicable Time (as defined below), as of the Closing Date and as of the Option Closing Date, if any, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Filing of Registration Statement</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;2.1.1. <u>Pursuant to the Securities Act</u>. The Company has filed with the U.S. Securities and Exchange Commission (the "**Commission**") a registration statement, and any amendment or amendments thereto, on Form F-1 (File No. 333-288678), including any related prospectus or prospectuses, for the registration of the Public Securities under the Securities Act of 1933, as amended (the "**Securities Act**"), which registration statement and amendment or amendments have been prepared by the Company in conformity with the requirements of the Securities Act and the rules and regulations of the Commission under the Securities Act (the "**Securities Act Regulations**"). The conditions for use of Form F-1, as set forth in the General Instructions to such Form, to register the Public Securities under the Securities Act have been satisfied. Except as the context may otherwise require, such registration statement, as amended, on file with the Commission at the time the registration statement became effective (including the Preliminary Prospectus included in the registration statement, financial statements, schedules, exhibits and all other documents filed as a part thereof or incorporated therein and all information deemed to be a part thereof as of the Effective Date pursuant to Rule 430A of the Securities Act Regulations (the "**Rule 430A Information**")), is referred to herein as the "**Registration Statement**." If the Company files any registration statement pursuant to Rule 462(b) of the Securities Act Regulations, then after such filing, the term "**Registration Statement**" shall include such registration statement filed pursuant to Rule 462(b). The Registration Statement has been declared effective by the Commission on the date hereof.

Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "**Preliminary Prospectus**." The Preliminary Prospectus, subject to completion, dated [●], 2025, that was included in the Registration Statement immediately prior to the Applicable Time is hereinafter called the "**Pricing Prospectus**." The final prospectus in the form first furnished to the Underwriters for use in the Offering is hereinafter called the "**Prospectus**." Any reference to the "most recent Preliminary Prospectus" shall be deemed to refer to the latest Preliminary Prospectus included in the Registration Statement.

"**Applicable Time**" means [●]a/p.m., New York City, New York, time, on the date of this Agreement.

"**Company's knowledge**" and "**knowledge of the Company**" mean the actual knowledge of the executive officers of the Company after due inquiry.

"**Issuer Free Writing Prospectus**" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("**Rule 433**"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations) relating to the Public Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Public Securities or of the Offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"**Issuer General Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "*bona fide* electronic road show," as defined in Rule 433(h)(5) under the Securities Act (the "**Bona Fide Electronic Road Show**")), as evidenced by its being specified in <u>Schedule 3-B</u> hereto.

"**Issuer Limited Use Free Writing Prospectus**" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"**Pricing Disclosure Package**" means any Issuer General Use Free Writing Prospectus issued at or prior to the Applicable Time, the Pricing Prospectus and the information included on <u>Schedule 3-A</u> hereto, all considered together.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. <u>Pursuant to the Exchange Act</u>. The Company has filed with the Commission a Form 8-A (File No. [●]) providing for the registration pursuant to Section 12(b) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), of the Ordinary Shares. The registration of the Ordinary Shares under the Exchange Act has been declared effective by the Commission on or prior to the date hereof. The Company has taken no action designed to, or likely to have the effect of, terminating the registration of the Ordinary Shares under the Exchange Act, nor has the Company received any notification that the Commission is contemplating terminating such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Stock Exchange Listing</u>. The Ordinary Shares have been approved for listing on The Nasdaq Capital Market (the "**Exchange**"), subject only to official notice of issuance, and the Company has taken no action designed to, or likely to have the effect of, delisting the Ordinary Shares from the Exchange, nor has the Company received any notification that the Exchange is contemplating terminating such listing except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>No Stop Orders, etc</u>. Neither the Commission nor any state regulatory authority has issued any order preventing or suspending the use of the Registration Statement, any Preliminary Prospectus or the Prospectus or has instituted or, to the Company's knowledge, threatened to institute, any proceedings with respect to such an order. The Company has complied with each request (if any) from the Commission for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Disclosures in Registration Statement</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;2.4.1. <u>Compliance with Securities Act and 10b-5 Representation</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;(i) At the time of effectiveness of the Registration Statement (or at the time of any post-effective amendment to the Registration Statement) and at all times subsequent thereto up to the Closing Date and the Option Closing Date, if any, the Registration Statement, the Preliminary Prospectus and the Prospectus do and will contain all material statements that are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations, and did or will, in all material respects, conform to the requirements of the Securities Act and the Securities Act Regulations. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus, including the prospectus filed as part of the Registration Statement as originally filed or as part of any amendment or supplement thereto, and the Prospectus, at the time each was filed with the Commission, complied in all material respects with the requirements of the Securities Act and the Securities Act Regulations. Each Preliminary Prospectus delivered to the Underwriters for use in connection with this Offering and the Prospectus was or will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to the Commission's EDGAR filing system ("**EDGAR**"), except to the extent permitted by Regulation S-T promulgated under the Securities Act ("**Regulation S-T**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Neither the Registration Statement nor any amendment thereto, at its effective time, as of the Applicable Time, at the Closing Date or at any Option Closing Date (if any), contained, contains or will contain an untrue statement of a material fact or omitted, omits or will omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Pricing Disclosure Package, as of the Applicable Time, at the Closing Date and at any Option Closing Date (if any), did not, does not and will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and each Issuer Limited Use Free Writing Prospectus does not conflict in any material respect with the information contained in the Registration Statement, any Preliminary Prospectus, the Pricing Prospectus or the Prospectus, and each such Issuer Limited Use Free Writing Prospectus, as supplemented by and taken together with the Pricing Prospectus as of the Applicable Time, did not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to statements made or statements omitted in reliance upon and in conformity with written information furnished to the Company with respect to the Underwriters by the Representative expressly for use in the Registration Statement, the Pricing Prospectus or the Prospectus or any amendment thereof or supplement thereto. The parties acknowledge and agree that such information provided by or on behalf of any Underwriter consists solely of the following: the names of the Underwriters, the information with respect to stabilizing transactions contained in the section "Underwriting - Commissions and Expenses", the section "Underwriting - Price Stabilization, Short Positions, and Penalty Bids" and the number of Firm Shares to be purchased by each Underwriter. (the "**Underwriters' Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Neither the Prospectus nor any amendment or supplement thereto, as of its issue date, at the time of any filing with the Commission pursuant to Rule 424(b), at the Closing Date or at any Option Closing Date, included, includes or will include an untrue statement of a material fact or omitted, omits or will omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.2. <u>Disclosure of Agreements</u>. The agreements and documents described in the Registration Statement, the Pricing Disclosure Package and the Prospectus conform in all material respects to the descriptions thereof contained therein and there are no agreements or other documents required by the Securities Act and the Securities Act Regulations to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus or to be filed with the Commission as exhibits to the Registration Statement, that have not been so described or filed. Each agreement or other instrument (however characterized or described) to which the Company is a party or by which it or any of its properties is or may be bound or affected and that is (i) referred to in the Registration Statement, the Pricing Disclosure Package and the Prospectus; or (ii) material to the Company's business, has been duly authorized and validly executed by the Company, is in full force and effect in all material respects and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company and, to the Company's knowledge, the other parties thereto, in accordance with its terms, except (x) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (y) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (z) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. Other than as disclosed in the Prospectus, none of such agreements or instruments has been assigned by the Company, and neither the Company nor, to the Company's knowledge, any other party is in default thereunder and, to the Company's knowledge, no event has occurred that, with the lapse of time or the giving of notice, or both, would constitute a default thereunder except for such defaults that would not reasonably be expected to result in a Material Adverse Change (as defined in Section 2.5.1 below). To the best of the Company's knowledge, performance by the Company of the material provisions of such agreements or instruments will not result in a violation of any existing applicable law, rule, regulation, judgment, order or decree of any governmental or regulatory agency, authority, body, entity or court, domestic or foreign, having jurisdiction over the Company or any of its assets or businesses (each, a "**Governmental Entity**"), including, without limitation, those relating to environmental laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.3. <u>Prior Securities Transactions</u>. No securities of the Company have been sold by the Company or by or on behalf of, or for the benefit of, any person or persons controlling, controlled by or under common control with the Company, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Preliminary Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.4. <u>Regulations</u>. The disclosures in the Registration Statement, the Pricing Disclosure Package and the Prospectus concerning the effects of material applicable federal, state, local and any applicable foreign laws, rules and regulations relating to the Offering and the Company's business as currently conducted or contemplated are correct and complete in all material respects and no other such laws, rules or regulations are required to be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus which are not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.5. <u>No Other Distribution of Offering Materials.</u> The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the Offering other than any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Prospectus and other materials, if any, permitted under the Securities Act and consistent with Section 3.2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Changes After Dates in Registration Statement</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;2.5.1. <u>No Material Adverse Change</u>. Since the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except as otherwise specifically stated therein: (i) there has been no material adverse change in the condition, financial or otherwise, results of operations, business, assets or prospects of the Company and its Subsidiaries (as defined below) taken as a whole, nor, to the Company's knowledge, any change or development that, individually or in the aggregate, would have a material adverse effect on the condition (financial or otherwise), results of operations, business, assets or prospects of the Company and its Subsidiaries taken as a whole (a "**Material Adverse Change**"); (ii) there have been no material transactions entered into by the Company or its Subsidiaries, other than as contemplated pursuant to this Agreement; and (iii) no executive officer or director of the Company has resigned from any position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.2. <u>Recent Securities Transactions, etc</u>. Subsequent to the respective dates as of which information is given in the Registration Statement, the Pricing Disclosure Package and the Prospectus, and except as may otherwise be indicated or contemplated herein or disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not: (i) issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money; or (ii) declared or paid any dividend or made any other distribution on or in respect to its capital stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Disclosures in Commission Filings</u>. None of the Company's filings with, or other documents furnished to, the Commission contained any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply to the Underwriters' Information. The Company has made all filings with the Commission required under the Exchange Act and the rules and regulations of the Commission promulgated thereunder (the "**Exchange Act Regulations**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Independent Accountants</u>. OneStop Assurance PAC (the "**Auditor**"), whose report is filed with the Commission as part of the Registration Statement, the Pricing Disclosure Package and the Prospectus, is an independent registered public accounting firm as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board ("**PCAOB**"), including the rules and regulations promulgated by such entity. To the Company's knowledge, after reasonable inquiry, the Auditor is currently registered and in good standing with the PCAOB. The Auditor has not, during the periods covered by the financial statements included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, provided to the Company any non-audit services, within the meaning of such term in Section 10A(g) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. <u>Financial Statements, etc</u>. The financial statements, including the notes thereto and supporting schedules (if any) included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, fairly present the financial condition, the results of operations and the cash flows of the Company at the dates and for the periods to which they apply; and such financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("**GAAP**"), consistently applied throughout the periods involved (provided that unaudited interim financial statements are subject to year-end audit adjustments that are not expected to be material in the aggregate and do not contain all footnotes required by GAAP); and the supporting schedules, if any, included in the Registration Statement present fairly the information required to be stated therein. Except as included therein, no other historical or pro forma financial statements or supporting schedules are required to be included in the Registration Statement, the Pricing Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. The "as adjusted" financial information and the related notes, if any, included in the Registration Statement, the Pricing Disclosure Package and the Prospectus have been properly compiled and prepared in accordance with the applicable requirements of the Securities Act and the Securities Act Regulations and present fairly the information shown therein, and, in the judgment of the Company, the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. All disclosures contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission), if any, materially comply with Regulation G of the Exchange Act and Item 10(e) of Regulation S-K of the Securities Act, to the extent applicable. The Registration Statement, the Pricing Disclosure Package and the Prospectus disclose all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on the Company's financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, (a) since the date of the last balance sheet included in the Registration Statement, the Pricing Disclosure Package and the Prospectus, neither the Company nor any of its direct or indirect subsidiaries, including each entity disclosed or described in the Registration Statement, the Pricing Disclosure Package and the Prospectus as being a subsidiary of the Company (each, a "**Subsidiary**" and, collectively, the "**Subsidiaries**"), has incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions other than in the ordinary course of business; (b) the Company has not declared or paid any dividends or made any distribution of any kind with respect to its capital stock; (c) there has not been any change in the capital stock of the Company or any of its Subsidiaries, or, other than in the ordinary course of business, any grants under any stock compensation plan; and (d) there has not been any Material Adverse Change in the Company's long-term or short-term debt. The Company represents that it has no direct or indirect Subsidiaries other than those listed in Exhibit 21.1 to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. <u>Authorized Shares; Options, etc</u>. The Company had, at the date or dates indicated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the duly authorized, issued and outstanding shares as set forth therein. Based on the assumptions stated in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company will have on the Closing Date or on the Option Closing Date, as the case may be, the adjusted share structure set forth therein. Except as set forth in, or contemplated by, the Registration Statement, the Pricing Disclosure Package and the Prospectus, on the Effective Date, as of the Applicable Time and on the Closing Date and any Option Closing Date there will be no share options, warrants or other rights to purchase or otherwise acquire any authorized, but unissued Ordinary Shares or any security convertible into Ordinary Shares, or any contracts or commitments to issue or sell any Ordinary Shares or any such options, warrants, rights or convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. <u>Valid Issuance of Securities, etc.</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;2.10.1. <u>Outstanding Securities</u>. All issued and outstanding securities of the Company issued prior to the transactions contemplated by this Agreement have been duly authorized and validly issued and are fully paid and non-assessable; except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the holders thereof have no contractual rights of rescission or the ability to require the Company to repurchase such securities, and are not subject to personal liability by reason of being such holders; and none of such securities were issued in violation of the preemptive rights, rights of first refusal or rights of participation of any holders of any security of the Company or similar contractual rights granted by the Company. The authorized Ordinary Shares conform in all material respects to all statements relating thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus. Prior to the date hereof, all offers and sales of the outstanding Ordinary Shares, options, warrants and other rights to purchase or exchange such securities for the Ordinary Shares were at all relevant times either registered under the Securities Act and the applicable state securities or "blue sky" laws or based in part on the representations and warranties of the purchasers of such Ordinary Shares, or were sold to non-U.S. residents outside of the United States and exempt from such registration requirements. The description of the Company's share option, share bonus and other share plans or arrangements, and the options or other rights granted thereunder, as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, accurately and fairly present, in all material respects, the information required to be shown with respect to such plans, arrangements, options and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10.2. <u>Securities Sold Pursuant to this Agreement</u>. The Public Securities have been duly authorized for issuance and sale and, when issued and paid for, will be validly issued, fully paid and non-assessable; the holders thereof will not be subject to personal liability by reason of being such holders; the Public Securities are not and will not be subject to the preemptive rights of any holders of any security of the Company or similar contractual rights granted by the Company; and all corporate action required to be taken for the authorization, issuance and sale of the Public Securities has been duly and validly taken. The Public Securities conform in all material respects to all statements with respect thereto contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. <u>Registration Rights of Third Parties</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no holders of any securities of the Company or any options, warrants, rights or other securities exercisable for or convertible or exchangeable into securities of the Company have the right to require the Company to register any such securities of the Company under the Securities Act or to include any such securities in the Registration Statement or any other registration statement to be filed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. <u>Validity and Binding Effect of Agreements</u>. This Agreement has been duly and validly authorized by the Company, and, when executed and delivered by the Company, will constitute the legal valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except in each case: (i) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally; (ii) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; and (iii) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. <u>No Conflicts, etc</u>. The execution, delivery and performance by the Company of this Agreement and all other documents ancillary hereto and thereto, the consummation by the Company of the transactions herein and therein contemplated and the compliance by the Company with the terms hereof and thereof do not and will not, with or without the giving of notice or the lapse of time or both: (i) result in any violation of the provisions of the Company's Memorandum and Articles of Association (as amended or restated from time to time, the "**M&A**"); (ii) result in a breach or violation of, or conflict with any of the terms and provisions of, or constitute a default under, or result in the creation, modification, termination or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or any other agreement or instrument to which the Company is a party or as to which any property of the Company is subject; or (iii) violate any applicable law, rule, regulation, judgment, order or decree of any Governmental Entity as of the date hereof, except, in the case of (ii) or (iii), for those breaches, violations or conflicts which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. <u>No Defaults; Violations</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no default exists in the due performance and observance of any term, covenant or condition of any license, contract, indenture, mortgage, deed of trust, note, loan or credit agreement, or any other agreement or instrument evidencing an obligation for borrowed money, or any other material agreement or instrument to which the Company is a party or by which the Company may be bound or to which any of the properties or assets of the Company is subject, except, in each case, for those defaults which (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change. The Company is not in violation of any franchise, license, permit, applicable law, rule, regulation, judgment, order or decree of any Governmental Entity, except, in each case, for those violations which (individually and in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. <u>Corporate Power; Licenses; Consents</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;2.15.1. <u>Conduct of Business</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has all requisite corporate power and authority, and has all necessary consents, authorizations, approvals, licenses, certificates, clearances, permits and orders and supplements and amendments thereto (collectively, "**Authorizations**") of and from all Governmental Entities required as of the date hereof for the Company to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, except, in each case, where the failure to have such Authorizations (individually or in the aggregate) would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15.2. <u>Transactions Contemplated Herein</u>. The Company has all corporate power and authority to enter into this Agreement and to carry out the provisions and conditions hereof and thereof, and all Authorizations required in connection therewith have been obtained. No Authorization of, and no filing with, any Governmental Entity, or another body is required for the valid issuance, sale and delivery of the Public Securities and the consummation of the transactions and agreements contemplated by this Agreement and as contemplated by the Registration Statement, the Pricing Disclosure Package and the Prospectus, except with respect to applicable federal and state securities or blue-sky laws, the rules of The Nasdaq Stock Market, LLC and the rules and regulations of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. <u>D&O Questionnaires</u>. All information contained in the questionnaires (the "**Questionnaires**") completed by each of the Company's directors and officers prior to the Offering (the "**Insiders**") as supplemented by all information concerning the Company's directors and officers set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus provided to the Representative and its counsel, is, to the knowledge of the Company, true and correct and the Company has not become aware of any information which would cause the information disclosed in the Questionnaires to become inaccurate, incorrect or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. <u>Litigation; Governmental Proceedings</u>. There is no action, suit, proceeding, inquiry, arbitration, investigation, litigation or governmental proceeding pending or, to the Company's knowledge, threatened, against, or involving the Company or, to the Company's knowledge, any executive officer or director which has not been disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, or in connection with the Company's listing application for the listing of the Public Securities on the Exchange, and is required to be disclosed therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. <u>Good Standing</u>. The Company has been duly incorporated and is validly existing as a British Virgin Islands business company limited by shares and is in good standing under the laws of the British Virgin Islands, as of the date hereof. The Company is duly qualified to do business and is in good standing as a foreign corporation in each other jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to be so qualified or in good standing, individually or in the aggregate, would not have or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. <u>Insurance</u>. (i) On the Closing Date, the Company will carry or will be entitled to the benefits of insurance (including, without limitation, directors' and officers' insurance), with reputable insurers, in such amounts and covering such risks which the Company believes are adequate, and all such insurance is in full force and effect, except for directors' and officers' liability insurance which the Company will obtain within a reasonable time subsequent to the Closing and except where the failure to maintain such insurance would not have or reasonably be expected to result in Material Adverse Change. The Company has no reason to believe that it will not be able (i) to renew its existing insurance coverage as and when such policies expire or (ii) to obtain comparable coverage from similar institutions as may be necessary or appropriate to conduct its business as now conducted and at a cost that would not reasonably be expected to result in a Material Adverse Change. (ii) The Company is and will be, for the duration of this Agreement, entitled to the benefits of insurance with reputable insurers, in such amounts deemed adequate by the Company to cover any payments the Company is or may be obligated to make under this Agreement, including, without limitation, any indemnity payments. Such insurance policies will be in form and substance satisfactory to the Representative and the Representative will be included in such insurance as an insured party or co-defendant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 <u>Transactions Affecting Disclosure to FINRA</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;2.20.1. <u>Finder's Fees</u>. Except as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there are no claims, payments, arrangements, agreements or understandings relating to the payment of a finder's, consulting or origination fee by the Company or, to the Company's knowledge, any Insider with respect to the sale of the Public Securities hereunder or any other arrangements, agreements or understandings of the Company or, to the Company's knowledge, any of its shareholders that may affect the Underwriters' compensation, as determined by FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.2. <u>Payments Within Twelve (12) Months</u>. Except as disclosed in writing to the Representative or as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company has not made any direct or indirect payments in connection with the Offering (in cash, securities or otherwise) to: (i) any person, as a finder's fee, consulting fee or otherwise, in consideration of such person raising capital for the Company or introducing to the Company persons who raised or provided capital to the Company; (ii) any FINRA member; or (iii) any person or entity that has any direct or indirect affiliation or association with any FINRA member, within the twelve (12) months prior to the Effective Date, other than the payment to the Underwriters as provided hereunder in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.3. <u>Use of Proceeds</u>. None of the net proceeds of the Offering will be paid by the Company to any participating FINRA member or its affiliates, except as specifically authorized herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.4. <u>FINRA Affiliation</u>. There is no (i) officer or director of the Company; (ii) to the Company's knowledge, beneficial owner of 10% or more of any class of the Company's securities; or (iii) to the Company's knowledge, beneficial owner of the Company's unregistered equity securities, who acquired any equity securities of the Company during the 180-day period immediately preceding the filing of the Registration Statement that is an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20.5. <u>Information</u>. All information provided by the Company in its FINRA questionnaire to counsel to the Underwriters specifically for use in connection with its public offering system ("**Public Offering System**") filings (and related disclosure) with FINRA is true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. <u>Foreign Corrupt Practices Act</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company or any of its Subsidiaries or any other person acting on behalf of the Company or any of its Subsidiaries, has, directly or indirectly, given or agreed to give any money, gift or similar benefit (other than legal price concessions to customers in the Ordinary course of business) to any customer, supplier, employee or agent of a customer or supplier, or official or employee of any Governmental Entity (domestic or foreign) or any political party or candidate for office (domestic or foreign) or other person who was, is, or may be in a position to help or hinder the business of the Company (or assist it in connection with any actual or proposed transaction) that (i) might subject the Company to any damage or penalty in any civil, criminal or governmental litigation or proceeding; (ii) if not given in the past, might have had a Material Adverse Change; or (iii) if not continued in the future, might adversely affect the assets, business, operations or prospects of the Company. The Company has taken reasonable steps to ensure that its accounting controls and procedures are sufficient to cause the Company to comply in all material respects with the Foreign Corrupt Practices Act of 1977, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. <u>Compliance with OFAC</u>. None of the Company and its Subsidiaries or, to the Company's knowledge, any director, officer, agent, employee or affiliate of the Company and its Subsidiaries or any other person acting on behalf of the Company and its Subsidiaries, is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury ("**OFAC**"), and the Company will not, directly or indirectly, use the proceeds of the Offering hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 <u>Money Laundering Laws</u>. The operations of the Company and its Subsidiaries are and have been conducted at all times in material compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, including the Money Laundering Control Act of 1986, as amended, the Anti-Money Laundering Regulations of the British Virgin Islands, and any related or similar money laundering statutes, rules, regulations or guidelines, issued, administered or enforced by any Governmental Entity (collectively, "**Money Laundering Laws**"); and no action, suit or proceeding by or before any Governmental Entity involving the Company with respect to Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 <u>Officers' Certificate</u>. Any certificate signed by any duly authorized officer of the Company and delivered to the Representative or to counsel to the Underwriters on the Closing Date or on the Option Closing Date shall be deemed a representation and warranty by the Company to the Underwriters as to the matters covered thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. <u>Lock-Up Agreements</u>. Schedule 4 hereto contains a complete and accurate list of the Company's officers, directors and each owner of 5% or more of the Company's outstanding Ordinary Shares (or securities convertible, exchangeable or exercisable into Ordinary Shares) (collectively, the "**Lock-Up Parties**"). The Company has caused each of the Lock-Up Parties to deliver to the Representative an executed Lock-Up Agreement, substantially in the forms of <u>Exhibit A hereto</u> **(**the "**Lock-Up Agreements**"), prior to the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. <u>Subsidiaries</u>. Each of the direct and indirect Subsidiaries of the Company is duly organized or incorporated as applicable and in good standing under the laws of its place of organization or incorporation, and each such Subsidiary is in good standing in each jurisdiction in which its ownership or lease of property or the conduct of business requires such qualification, except where the failure to qualify would not have a Material Adverse Change on the assets, business or operations of the Company and its Subsidiaries taken as a whole. The Company's ownership and control of each Subsidiary is as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. <u>Related Party Transactions</u>. There are no business relationships or related party transactions involving the Company or any other person required to be described in the Registration Statement, the Pricing Disclosure Package and the Prospectus that have not been described as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. <u>Board of Directors</u>. The Board of Directors of the Company is comprised of the persons set forth under the heading of the Pricing Prospectus and the Prospectus captioned "Management." The qualifications of the persons serving as board members and the overall composition of the board comply with the Exchange Act, the Exchange Act Regulations, the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder (the "**Sarbanes-Oxley Act**") applicable to the Company and the listing rules of the Exchange. At least one member of the Audit Committee of the Board of Directors of the Company qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange. In addition, at least a majority of the persons serving on the Board of Directors qualify as "independent," as defined under the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. <u>Sarbanes-Oxley Compliance</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;2.29.1. <u>Disclosure Controls</u>. The Company has developed disclosure controls and procedures that will comply in all material respects with Rule 13a-15 or 15d-15 under the Exchange Act Regulations, and such controls and procedures will be effective to ensure that all material information concerning the Company will be made known on a timely basis to the individuals responsible for the preparation of the Company's Exchange Act filings and other public disclosure documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29.2. <u>Compliance</u>. The Company is and at the Applicable Time and on the Closing Date will be, in material compliance with the provisions of the Sarbanes-Oxley Act applicable to it, and has implemented or will implement such programs and has taken reasonable steps to ensure the Company's future compliance (not later than the relevant statutory and regulatory deadlines therefor) with all of the material provisions of the Sarbanes-Oxley Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. <u>Accounting Controls</u>. The Company and its Subsidiaries are in the process of establishing systems of "internal control over financial reporting" (as defined under Rules 13a-15 and 15d-15 under the Exchange Act Regulations) that will comply in all material respects with the requirements of the Exchange Act and have been designed by, or under the supervision of, their respective principal executive and principal financial officers, or persons performing similar functions, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, including, but not limited to, internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company is not aware of any material weaknesses in its internal controls. The Company's auditors and the Audit Committee of the Board of Directors of the Company have been advised of: (i) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are known to the Company's management and that have adversely affected or are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and (ii) any fraud known to the Company's management, whether or not material, that involves management or other employees who have a significant role in the Company's internal controls over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. <u>No Investment Company Status</u>. The Company is not and, after giving effect to the Offering and the application of the net proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an "investment company," as defined in the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. <u>No Labor Disputes</u>. No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is threatened. The Company is not aware that any key employee or significant group of employees of the Company plans to terminate employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. <u>Intellectual Property Rights</u>. The Company and each of its Subsidiaries owns or possesses or has valid rights to use all patents, patent applications, trademarks, service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses, inventions, trade secrets and similar rights ("**Intellectual Property Rights**") described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and necessary for the conduct of the business of the Company and each of its Subsidiaries as currently carried on and as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus. To the knowledge of the Company and except as may be disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no action or use by the Company or any of its Subsidiaries necessary for the conduct of its business as currently carried on and as described in the Registration Statement and the Prospectus will involve or give rise to any infringement of, or license or similar fees for, any Intellectual Property Rights of others. Neither the Company nor any of its Subsidiaries has received any notice alleging any such infringement, fee or conflict with asserted Intellectual Property Rights of others. Except as would not reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change (i) to the knowledge of the Company, there is no infringement, misappropriation or violation by third parties of any of the Intellectual Property Rights owned by the Company; (ii) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging the rights of the Company in or to any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim, that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iii) the Intellectual Property Rights owned by the Company and, to the knowledge of the Company, the Intellectual Property Rights licensed to the Company have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part, and there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others challenging the validity or scope of any such Intellectual Property Rights, and the Company is unaware of any facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims in this Section 2.33, reasonably be expected to result in a Material Adverse Change; (iv) there is no pending or, to the Company's knowledge, threatened action, suit, proceeding or claim by others that the Company infringes, misappropriates or otherwise violates any Intellectual Property Rights or other proprietary rights of others, the Company has not received any written notice of such claim and the Company is unaware of any other facts which would form a reasonable basis for any such claim that would, individually or in the aggregate, together with any other claims referred to in this Section 2.33, reasonably be expected to result in a Material Adverse Change; and (v) to the Company's knowledge, no employee of the Company is in or has ever been in violation in any material respect of any term of any employment contract, patent disclosure agreement, invention assignment agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee's employment with the Company, or actions undertaken by the employee while employed by the Company and could reasonably be expected to result, individually or in the aggregate, in a Material Adverse Change. To the Company's knowledge, all material technical information developed by and belonging to the Company that has not been patented has been kept confidential. The Company is not a party to or bound by any options, licenses or agreements with respect to the Intellectual Property Rights of any other person or entity that are required to be set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus and are not described therein. To the knowledge of the Company, none of the technology employed by the Company has been obtained or is knowingly being used by the Company in violation of any contractual obligation binding on the Company or, to the Company's knowledge, any of its officers, directors or employees, or otherwise in violation of the rights of any persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34. <u>Taxes</u>. Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Change, each of the Company and its Subsidiaries has: (i) filed all returns (as hereinafter defined) required to be filed with taxing authorities prior to the date hereof or has duly obtained extensions of time for the filing thereof; and (ii) paid all taxes (as hereinafter defined) shown as due on such returns that were filed and has paid all taxes imposed on or assessed against the Company or any of its Subsidiaries. The provisions for taxes payable, if any, shown on the financial statements filed with or as part of the Registration Statement are sufficient for all accrued and unpaid taxes, whether or not disputed, and for all periods to and including the dates of such consolidated financial statements. Except as disclosed in the Registration Statement and the Prospectus, (i) no issues have been raised (and are currently pending) by any taxing authority in connection with any of the returns or taxes asserted as due from the Company or its Subsidiaries; and (ii) no waivers of statutes of limitation with respect to the returns or collection of taxes have been given by or requested from the Company or its Subsidiaries. There are no tax liens against the assets, properties or business of the Company or its Subsidiaries other than liens for taxes not yet delinquent or being contested in good faith by appropriate proceedings and for which reserves in accordance with GAAP have been established in the Company's books and records. The term "**taxes**" means all federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto. The term "**returns**" means all returns, declarations, reports, statements and other documents required to be filed in respect to taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35. <u>ERISA Compliance</u>. The Company is not incorporated in the United States, has no U.S. employees and is not subject to the Employee Retirement Income Security Act of 1974, as amended, and the regulations and published interpretations thereunder (collectively, "**ERISA**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36. <u>Compliance with Laws</u>. Each of the Company and each Subsidiary: (i) is and at all times has been in compliance with all statutes, rules or regulations applicable to the business of the Company as currently conducted ("**Applicable Laws**"), except as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Change; (ii) has not received any warning letter or other correspondence or notice from any Governmental Entity alleging or asserting noncompliance with any Applicable Laws or any Authorizations; (iii) possesses all material Authorizations and such Authorizations are valid and in full force and effect and are not in material violation of any term of any such Authorizations; (iv) has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any Governmental Entity or third party alleging that any activity conducted by the Company is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Entity or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding; (v) has not received notice that any Governmental Entity has taken, is taking or intends to take action to limit, suspend, modify or revoke any Authorizations and has no knowledge that any such Governmental Entity is considering such action; and (vi) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations and all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct in all material respects on the date filed (or were corrected or supplemented by a subsequent submission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37. <u>Emerging Growth Company</u>. From the time of the initial submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly in or through any person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "**Emerging Growth Company**"). "**Testing-the-Waters Communication**" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act. The Company has not (i) alone engaged in any Testing-the-Waters Communications, other than Testing-the-Waters Communications with the written consent of the Representative and with entities that are qualified institutional buyers within the meaning of Rule 144A under the Securities Act or institutions that are accredited investors within the meaning of Rule 501 under the Securities Act and (ii) authorized anyone other than the Representative to engage in Testing-the-Waters Communications. The Company confirms that the Representative has been authorized to act on its behalf in undertaking Testing-the-Waters Communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38. <u>Environmental Laws</u>. To the Company's knowledge, the Company is in compliance with all foreign, federal, state and local rules, laws and regulations relating to the use, treatment, storage and disposal of hazardous or toxic substances or waste and protection of health and safety or the environment which are applicable to its business ("**Environmental Laws**"), except where the failure to comply would not, singularly or in the aggregate, result in a Material Adverse Change. To the Company's knowledge, there has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission or other release of any kind of toxic or other wastes or other hazardous substances by, due to or caused by the Company (or, to the Company's knowledge, any other entity for whose acts or omissions the Company is or may otherwise be liable) upon any of the property now or previously owned or leased by the Company, in violation of any law, statute, ordinance, rule, regulation, order, judgment, decree or permit or which would, under any law, statute, ordinance, rule (including rule of common law), regulation, order, judgment, decree or permit, give rise to any liability, except for any violation or liability which would not have, singularly or in the aggregate with all such violations and liabilities, a Material Adverse Change; and there has been no disposal, discharge, emission or other release of any kind onto such property or into the environment surrounding such property of any toxic or other wastes or other hazardous substances with respect to which the Company has knowledge, except for any such disposal, discharge, emission or other release of any kind which would not have, singularly or in the aggregate with all such discharges and other releases, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39. <u>Title to Property</u>. Except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus, the Company and its Subsidiaries have good and marketable title in fee simple to, or have valid rights to lease or otherwise use, all items of real or personal property which are material to the business of the Company and its Subsidiaries taken as a whole, in each case free and clear of all liens, encumbrances, security interests, claims and defects that do not, singly or in the aggregate, materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company or its Subsidiaries; and all of the leases and subleases material to the business of the Company and its Subsidiaries, considered as one enterprise, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, are in full force and effect, and neither the Company nor any Subsidiary has received any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or any Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40. <u>Contracts Affecting Capital</u>. There are no transactions, arrangements or other relationships between and/or among the Company, any of its affiliates (as such term is defined in Rule 405 under the Securities Act) and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity, that could reasonably be expected to materially affect the Company's or its Subsidiaries' liquidity or the availability of or requirements for their capital resources required to be described or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus which have not been described or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41. <u>Loans to Directors or Officers</u>. There are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or indebtedness by the Company or its Subsidiaries to or for the benefit of any of the officers or directors of the Company, its Subsidiaries or any of their respective family members, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42. <u>Ineligible Issuer</u>. At the time of filing the Registration Statement and any post-effective amendment thereto, at the Effective Date and at the time of any amendment thereto, at the earliest time thereafter that the Company or an Underwriter made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Public Securities and at the Effective Date, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43. <u>Smaller Reporting Company</u>. [RESERVED].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44. <u>Industry Data</u>. The statistical and market-related data included in each of the Registration Statement, the Pricing Disclosure Package and the Prospectus are based on or derived from sources that the Company reasonably and in good faith believes are reliable and accurate or represent the Company's good faith estimates that are made on the basis of data derived from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45. <u>Electronic Road Show</u>. If the Company makes available a Bona Fide Electronic Road Show, it shall be in compliance with Rule 433(d)(8)(ii) of the Securities Act Regulations such that no filing of any "road show" (as defined in Rule 433(h) of the Securities Act Regulations) is required in connection with the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46. <u>Margin Securities</u>. The Company owns no "margin securities" as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System (the "**Federal Reserve Board**"), and none of the proceeds of Offering will be used, directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Ordinary Shares to be considered a "purpose credit" within the meanings of Regulation T, U or X of the Federal Reserve Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47. <u>Dividends and Distributions</u>. Except as disclosed in the Pricing Disclosure Package, Registration Statement and the Prospectus, no Subsidiary of the Company is currently prohibited or restricted, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48. <u>Forward-Looking Statements</u>. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act) contained in the Registration Statement, the Pricing Disclosure Package or the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49. <u>Integration</u>. Neither the Company nor any of its affiliates, nor any person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the Offering to be integrated with prior offerings by the Company for purposes of the Securities Act that would require the registration of any such securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50. <u>Confidentiality and Non-Competition</u>. To the Company's knowledge, no director, officer, key employee or consultant of the Company or any Subsidiary is subject to any confidentiality, non-disclosure, non-competition agreement or non-solicitation agreement with any employer (other than the Company) or prior employer that could materially affect his or her ability to be and act in his or her respective capacity with the Company or such Subsidiary or reasonably be expected to result in a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51. <u>Corporate Records</u>. The minute books of the Company have been made available to the Representative and counsel to the Underwriters and such books (i) contain minutes of all material meetings and actions of the Board of Directors (including each board committee) and shareholders of the Company; and (ii) reflect all material transactions referred to in such minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52. <u>Diligence Materials</u>. The Company has provided to the Representative and counsel to the Underwriters all materials required or necessary to respond in all material respects to the diligence request submitted to the Company or its counsel by the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53. <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders (without the consent of the Representative) has taken, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54. <u>No Relationships with Customers and Suppliers</u>. No relationship, direct or indirect, exists between or among the Company on the one hand, and the directors, officers, 5% or greater shareholders, customers or suppliers of the Company or any of the Company's affiliates on the other hand, which is required to be described in the Pricing Disclosure Package and the Prospectus or a document incorporated by reference therein and which is not so described.

3. <u>Covenants of the Company</u>. The Company covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Amendments to Registration Statement</u>. The Company shall deliver to the Representative, prior to filing, any amendment or supplement to the Registration Statement or Prospectus proposed to be filed after the Effective Date and not file any such amendment or supplement to which the Representative shall reasonably object in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Federal Securities Laws</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;3.2.1. <u>Compliance</u>. The Company, subject to Section 3.2.2, shall comply in all material respects with the requirements of Rule 430A of the Securities Act Regulations, and will notify the Representative promptly, and confirm the notice in writing, (i) when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed; (ii) of its receipt of any comments from the Commission; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or for additional information; (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or any post-effective amendment or of any order preventing or suspending the use of any Preliminary Prospectus or the Prospectus, or of the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any proceedings for any of such purposes or of any examination pursuant to Section 8(d) or 8(e) of the Securities Act concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding under Section 8A of the Securities Act in connection with the Offering of the Public Securities. The Company shall effect all filings required under Rule 424(b) of the Securities Act Regulations, in the manner and within the time period required by Rule 424(b), and shall take such steps as it deems necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule 424(b) was received for filing by the Commission and, in the event that it was not, it will promptly file such prospectus. The Company shall use its commercially reasonable efforts to prevent the issuance of any stop order, prevention or suspension and, if any such order is issued, to obtain the lifting thereof at the earliest possible moment.

&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. <u>Continued Compliance</u>. The Company shall comply in all material respects with the Securities Act, the Securities Act Regulations, the Exchange Act and the Exchange Act Regulations so as to permit the completion of the distribution of the Public Securities as contemplated in this Agreement and in the Registration Statement, the Pricing Disclosure Package and the Prospectus. If at any time when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations ("**Rule 172**"), would be) required by the Securities Act to be delivered in connection with sales of the Public Securities, any event shall occur or condition shall exist as a result of which it is necessary, in the opinion of counsel to the Company or to the underwriters, to (i) amend the Registration Statement in order that the Registration Statement will not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) amend or supplement the Pricing Disclosure Package or the Prospectus in order that the Pricing Disclosure Package or the Prospectus, as the case may be, will not include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein not misleading in the light of the circumstances existing at the time it is delivered to a purchaser or (iii) amend the Registration Statement or amend or supplement the Pricing Disclosure Package or the Prospectus, as the case may be, in order to comply with the requirements of the Securities Act or the Securities Act Regulations, the Company will promptly (A) give the Representative notice of such event; (B) prepare any amendment or supplement as may be necessary to correct such statement or omission or to make the Registration Statement, the Pricing Disclosure Package or the Prospectus comply with such requirements and, a reasonable amount of time prior to any proposed filing or use, furnish the Representative with copies of any such amendment or supplement; and (C) file with the Commission any such amendment or supplement; provided that the Company shall not file or use any such amendment or supplement to which the Representative or counsel to the Underwriters shall reasonably object. The Company will furnish to the Underwriters such number of copies of such amendment or supplement as the Underwriters may reasonably request. The Company will give the Representative notice of any filings made pursuant to the Exchange Act or the Exchange Act Regulations within two (2) Business Days prior to the Applicable Time. The Company shall give the Representative notice of its intention to make any such filing from the Applicable Time until the later of the Closing Date and the exercise in full or expiration of the Over-Allotment Option specified in Section 1.2 hereof and will furnish the Representative with copies of the related document(s) a reasonable amount of time prior to such proposed filing, as the case may be, and will not file or use any such document to which the Representative or Representative's counsel shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. <u>Exchange Act Registration</u>. The Company shall use its commercially reasonable efforts to maintain the registration of the Ordinary Shares under the Exchange Act (except in connection with a going-private transaction) for a period of three years from the Effective Date, or until the Company is liquidated or is acquired, if earlier. For a period of three years from the Effective Date, the Company shall not deregister any of the Ordinary Shares under the Exchange Act without prior notice to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. <u>Free Writing Prospectuses</u>. The Company agrees that, unless it obtains the prior written consent of the Representative, it shall not make any offer relating to the Public Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; provided that the Representative shall be deemed to have consented to each Issuer General Use Free Writing Prospectus set forth in <u>Schedule 3-B</u>. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Representative as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Representative and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. <u>Testing-the-Waters Communications</u>. If at any time following the distribution of any Testing-the-Waters Communication that is a written communication within the meaning of Rule 405 of the Securities Act Regulations (a "**Written Testing-the-Waters Communication**") there occurred or occurs an event or development as a result of which such Written Testing-the-Waters Communication included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company shall promptly notify the Representative and shall promptly amend or supplement, at its own expense, such Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Delivery to the Underwriters of Registration Statements</u>. The Company has delivered or made available or shall deliver or make available to the Representative and counsel to the Underwriters, without charge, signed copies of the Registration Statement as originally filed and each amendment thereto (including exhibits filed therewith) and signed copies of all consents and certificates of experts, and will also deliver to each Underwriter, without charge, a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) upon receipt of a written request therefor from such Underwriter. The copies of the Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Delivery to the Underwriters of Prospectuses</u>. The Company has delivered or made available or will deliver or make available to each Underwriter, without charge, as many copies of each Preliminary Prospectus as such Underwriter reasonably requested, and the Company hereby consents to the use of such copies for purposes permitted by the Securities Act. The Company will furnish to each Underwriter, without charge, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172 of the Securities Act Regulations, would be) required to be delivered under the Securities Act, such number of copies of the Prospectus (as amended or supplemented) as such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Effectiveness and Events Requiring Notice to the Representative</u>. The Company shall use its commercially reasonable efforts to cause the Registration Statement to remain effective with a current prospectus for at least nine (9) months after the Applicable Time, and shall notify the Representative promptly and confirm the notice in writing: (i) of the effectiveness of the Registration Statement and any amendment thereto; (ii) of the issuance by the Commission of any stop order or of the initiation, or the threatening, of any proceeding for that purpose; (iii) of the issuance by any state securities commission of any proceedings for the suspension of the qualification of the Public Securities for offering or sale in any jurisdiction or of the initiation, or the threatening, of any proceeding for that purpose; (iv) of the submission via EDGAR to the Commission for filing of any amendment or supplement to the Registration Statement or Prospectus; (v) of the receipt of any comments or request for any additional information from the Commission; and (vi) of the occurrence of any event during the period described in this Section 3.5 that, in the reasonable judgment of the Company, makes any statement of a material fact made in the Registration Statement, the Pricing Disclosure Package or the Prospectus untrue or that requires the making of any changes in (A) the Registration Statement in order to make the statements therein not misleading; or (B) in the Pricing Disclosure Package or the Prospectus in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. If the Commission or any state securities commission shall enter a stop order or suspend such qualification at any time, the Company shall use its commercially reasonable efforts to obtain promptly the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Review of Financial Statements.</u> For a period of three (3) years after the date of this Agreement, the Company, at its expense, shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for each of the three fiscal quarters immediately preceding the announcement of any quarterly financial information, or if it provides announcements only of its semi-annual financial statement, then it shall cause its regularly engaged independent registered public accounting firm to review (but not audit) the Company's financial statements for the non-year end semi-annual announcement immediately preceding the announcement of such financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Listing</u>. The Company shall use its commercially reasonable efforts to maintain the listing of the Ordinary Shares (including the Firm Shares and the Option Shares) on the Exchange for at least three (3) years from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>PCAOB Firm; Investor Relations Firm</u>. As of the Effective Date, the Company shall have retained: (i) an independent PCAOB registered public accounting firm reasonably acceptable to the Representative, which will have responsibility for the review, audit and certification of the financial statements and the financial exhibits, which shall initially be OneStop Assurance PAC, or another PCAOB accounting firm reasonably acceptable to the Representative, for at least three (3) years from the date of this Agreement; and (ii) a financial public relations firm reasonably acceptable to the Representative and the Company which firm shall be experienced in assisting issuers in initial public offerings of securities and in their relations with their security holders for at least one (1) year from the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Reports to the Representative</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;3.9.1. <u>Periodic Reports, etc</u>. For a period of three (3) years after the date of this Agreement, the Company shall furnish or make available to the Representative copies of such financial statements and other periodic and special reports as the Company from time to time furnishes generally to holders of any class of its securities and also promptly furnish to the Representative: (i) a copy of each periodic report the Company shall be required to file with the Commission under the Exchange Act and the Exchange Act Regulations; (ii) a copy of every press release and every news item and article with respect to the Company or its affairs released by the Company; (iii) a copy of each Report on Form 6-K prepared and filed by the Company; (iv) a copy of each registration statement filed by the Company under the Securities Act; (v) a copy of each report or other communication furnished to shareholders; and (vi) such additional documents and information with respect to the Company and the affairs of any future subsidiaries of the Company as the Representative may from time to time reasonably request. Documents filed with the Commission via its EDGAR system shall be deemed to have been delivered to the Representative pursuant to this Section 3.9.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2. <u>Transfer Agent; Transfer Sheets</u>. For a period of three (3) years after the date of this Agreement, the Company shall retain a transfer agent and registrar in the United States reasonably acceptable to the Representative (the "**Transfer Agent**") and shall furnish to the Representative at the Company's sole cost and expense such transfer sheets of the Company's securities as the Representative may reasonably request, including the daily and monthly consolidated transfer sheets of the Transfer Agent and DTC. [ ] is acceptable to the Representative to act as Transfer Agent for the Ordinary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3. <u>Trading Reports</u>. For a period of three (3) years after the date of this Agreement, during such time as the Public Securities are listed on the Exchange, the Company shall provide to the Representative, at the Company's expense, such reports published by the Exchange relating to price trading of the Public Securities, as the Representative shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Payment of Expenses</u>. The Company hereby agrees to pay on each of the Closing Date and the Option Closing Date, if any, to the extent not paid at the Closing Date, or upon demand if there is no Closing, all expenses related to the Offering or otherwise incident to the performance of the obligations of the Company under this Agreement, including, but not limited to: (i) all filing fees and communication expenses relating to the registration of the Ordinary Shares to be sold in the Offering (including the Option Shares) with the Commission; (ii) all Public Offering System filing fees associated with the review of the Offering by FINRA; (iii) all fees and expenses relating to the listing of such Public Securities on the Exchange and such other stock exchange or exchanges as the Company and the Representative may together determine, including any fees charged by DTC; (iv) all fees, expenses and disbursements relating to background checks of the Company's officers and directors; (v) all fees, expenses and disbursements relating to the registration, qualification or exemption of the Public Securities under the securities laws of such states or foreign jurisdictions as the Representative may reasonably designate; (vi) the costs of all mailing and printing of the underwriting documents (including, without limitation, the Underwriting Agreement, any Blue Sky Surveys and, if appropriate, any Agreement Among Underwriters, Selected Dealers' Agreement, Underwriters' Questionnaire and Power of Attorney), Registration Statements, Prospectuses and all amendments, supplements and exhibits thereto and as many preliminary and final Prospectuses as the Representative may reasonably deem necessary; (vii) the costs and expenses of a public relations firm; (viii) the costs of preparing, printing and delivering certificates representing the Public Securities; (ix) fees and expenses of the transfer agent for the Ordinary Shares; (x) stock transfer and/or stamp taxes, if any, payable upon the transfer of securities from the Company to the Underwriters; (xi) the costs associated with post-Closing advertising of the Offering in the national editions of the *Wall Street Journal* and *New York Times* and the costs associated with bound volumes of the public offering materials as well as commemorative mementos and lucite tombstones, each of which the Company or its designee shall provide within a reasonable time after the Closing Date in such quantities as the Representative may reasonably request; (xii) the fees and expenses of the Company's accountants; (xiii) the fees and expenses of the Company's legal counsel and other agents and representatives; (xiv) the fees and expenses of counsel to the Underwriters; (xv) translation cost for due diligence purposes, the reasonable cost for roadshow meetings and the preparation of a power point presentation; and (xvi) the Underwriters' actual accountable expenses for the Offering, including, without limitation, expenses related to the "road show." Notwithstanding the foregoing, the Company's obligations to reimburse the Representative for any out-of-pocket expenses actually incurred as set forth in the preceding sentence shall not exceed $155,000 in the aggregate (including but not limited to travel, communication, third party expenses, etc., the legal fees and disbursements of counsel to the Underwriters and road show expenses as described therein) provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement). For the sake of clarity, it is understood and agreed that the Company shall be responsible for the Representative's fees and disbursements detailed in this Section irrespective of whether the Offering is consummated whether or not there is a Closing. Additionally, the Company has provided an accountable expense deposit of $35,000 (the "**Advance**"). The Advance shall be applied towards out-of-pocket expenses set forth herein and any portion of the Advance shall be returned to the Company to the extent not actually incurred in accordance with FINRA Rule 5110(g)(4)(A). The Representative may deduct from the net proceeds of the Offering payable to the Company on the Closing Date, or the Option Closing Date, if any, the expenses set forth herein to be paid by the Company to the Underwriters. In addition, the Company hereby agrees to pay the Representative a non-accountable expense allowance computed at the rate of one and one-half percent (1.5%) of the gross proceeds of the Public Securities sold in the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>Application of Net Proceeds</u>. The Company shall apply the net proceeds from the Offering received by it in a manner consistent with the application thereof described under the caption "Use of Proceeds" in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>Delivery of Earnings Statements to Security Holders</u>. The Company shall make generally available to its security holders as soon as practicable, but not later than the first day of the fifteenth (15<sup>th</sup>) full calendar month following the date of this Agreement, an earnings statement (which need not be certified by an independent registered public accounting firm unless required by the Securities Act or the Securities Act Regulations, but which shall satisfy the provisions of Rule 158(a) under Section 11(a) of the Securities Act) covering a period of at least twelve (12) consecutive months beginning after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <u>Stabilization</u>. Neither the Company nor, to its knowledge, any of its employees, directors or shareholders has taken or shall take, directly or indirectly, any action designed to or that has constituted or that might reasonably be expected to cause or result in, under Regulation M of the Exchange Act, or otherwise, stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <u>Internal Controls</u>. The Company shall maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary in order to permit preparation of financial statements in accordance with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15. <u>Accountants</u>. As of the date of this Agreement, the Company has retained an independent registered public accounting firm, as required by the Securities Act and the Securities Act Regulations and the Public Company Accounting Oversight Board, reasonably acceptable to the Representative, and the Company shall continue to retain a nationally recognized independent registered public accounting firm for a period of at least three (3) years after the date of this Agreement. The Representative acknowledges that the Auditor is acceptable to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16. <u>FINRA</u>. For a period of 60 days from the later of the Closing Date or the Option Closing Date, the Company shall advise the Representative (who shall make an appropriate filing with FINRA) if it is or becomes aware that (i) any officer or director of the Company, (ii) any beneficial owner of 10% or more of any class of the Company's securities or (iii) any beneficial owner of the Company's unregistered equity securities which were acquired during the 180 days immediately preceding the filing of the Registration Statement is or becomes an affiliate or associated person of a FINRA member participating in the Offering (as determined in accordance with the rules and regulations of FINRA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17. <u>No Fiduciary Duties</u>. The Company acknowledges and agrees that the Underwriters' responsibility to the Company is solely contractual in nature and that none of the Underwriters or their affiliates or any selling agent shall be deemed to be acting in a fiduciary capacity, or otherwise owes any fiduciary duty to the Company or any of its affiliates in connection with the Offering and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18. <u>Company Lock-Up Agreements</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;3.18.1. <u>Restriction on Sales of Shares</u>. The Company, on behalf of itself and any successor entity, agrees that, without the prior written consent of the Representative, it will not, for a period of twelve (12) months from the Closing, (i) 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, directly or indirectly, any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (ii) file or cause to be filed any registration statement with the Commission relating to the offering of any shares of the Company or any securities convertible into or exercisable or exchangeable for shares of the Company; (iii) complete any offering of debt securities of the Company without notice to the Representative, other than entering into a line of credit or senior credit facility with a traditional bank or other lending institution; or (iv) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the Company, whether any such transaction described in clause (i), (ii), (iii) or (iv) above is to be settled by delivery of shares of the Company or such other securities, in cash or otherwise. The restrictions contained in this Section 3.18.1 shall not apply to the Ordinary Shares to be sold hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18.2. <u>Lock-Up Agreements</u>.

The Company's directors and officers and any other holder of five percent (5%) or more of the outstanding Ordinary Shares (or securities convertible, exchangeable or exercisable into Ordinary Shares), as of the effective date of the Registration Statement as set forth in <u>Schedule 4</u> hereto, will enter into customary "lock-up" agreements in favor of the Representative pursuant to which such persons and entities will agree, for a period of at least six (6) months from the Closing Date (the "Lock-up Period") that they will neither offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any securities of the Company without the Representative 's prior written consent; Provided, however, that the Lock-up Period for officers, directors and affiliates of the Company shall be twelve (12) months from the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19. <u>Release of Insider and Shareholder Lock-up Period</u>. If the Representative, in its sole discretion, agrees to release or waive the restrictions set forth in the Lock-Up Agreements described in Section 3.18.2 hereof for an officer or director of the Company and provides the Company with notice of the impending release or waiver at least three (3) Business Days before the effective date of the release or waiver, the Company agrees to announce the impending release or waiver by a press release substantially in the form of <u>Exhibit B</u> hereto through a major news service at least two (2) Business Days before the effective date of the release or waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20. <u>Blue Sky Qualifications</u>. The Company shall use its commercially reasonable efforts, in cooperation with the Underwriters, if necessary, to qualify the Public Securities for offering and sale under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Representative may reasonably designate and to maintain such qualifications in effect so long as required to complete the distribution of the Public Securities; provided, however, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21. <u>Reporting Requirements</u>. The Company, during the period when a prospectus relating to the Public Securities is (or, but for the exception afforded by Rule 172, would be) required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations. Additionally, the Company shall report the use of proceeds from the issuance of the Public Securities as may be required under Rule 463 under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22. <u>Emerging Growth Company Status</u>. The Company shall promptly notify the Representative if the Company ceases to be an Emerging Growth Company at any time prior to the later of (i) completion of the distribution of the Public Securities within the meaning of the Securities Act and (ii) fifteen (15) days following the completion of the Lock-Up Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23. <u>Press Releases</u>. Prior to the Closing Date and any Option Closing Date, the Company shall not issue any press release or other communication directly or indirectly or hold any press conference with respect to the Company, its condition, financial or otherwise, or earnings, business affairs or business prospects (except for routine oral marketing communications in the ordinary course of business and consistent with the past practices of the Company and of which the Representative is notified), without the prior written consent of the Representative, which consent shall not be unreasonably withheld, unless in the judgment of the Company and its counsel, and after notification to the Representative, such press release or communication is required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24. <u>Sarbanes-Oxley</u>. The Company shall at all times comply in all material respects with all applicable provisions of the Sarbanes-Oxley Act in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 <u>Corporation Records Service</u>. As of the date hereof and for a period of three (3) years from the Closing Date, the Company shall have registered and shall continue to maintain its registration with the Corporation Records Service (including annual report information) published by the Standard & Poor's Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.26 Tail Financing</u>. If within 12 months from the effective date of termination or expiration of the Engagement Period, the Company's securities are sold by the Company or any of its affiliates in a transaction or series of transactions with any person whom the Representative directly or indirectly introduced to the Company in which the Representative did not act as at least exclusive lead U.S. underwriter or lead placement agent to the Company or its affiliate, as applicable, then the Company shall pay the Representative, at the time of each such sale, a cash fee in the amount equal to seven percent (7.0%) of the gross proceeds received by the Company from each such sale, provided that payment of any such fee shall at all times be in compliance with FINRA Rule 5110(g)(5)(B). The Company may also terminate the Engagement Period for Cause, and in such case the Company will not be responsible for paying for the fee as contemplated under this Section 3.26 in compliance with FINRA Rule 5110(g)(5)(B).

"Cause" means, in each case as reasonably determined by the other party, (i) general incompetence or non-performance, (ii) failure to fulfill the applicable party's obligations under this Agreement including the performance of the services in a manner reasonably acceptable to the other party, (iii) gross negligence or willful misconduct. If the Company believes that the Representative has engaged in Cause, it must first notify the Representative in writing of the facts and circumstances supporting such assertion(s) and allow the Representative twenty (20) days to cure such alleged defaults.

"Engagement Period" means the period beginning on April 30, 2025 and terminable on the earlier of (i) the Closing Date; or (ii) 27 months after December 31, 2026 (such date, the "First Termination Date"), provided, however, that the Engagement Letter is only terminable after the First Termination Date upon 45 days' advance written notice by either the Company or the Representative.

4. <u>Conditions of Underwriters' Obligations</u>. The obligations of the Underwriters to purchase and pay for the Public Securities, as provided herein, shall be subject to (i) the continuing accuracy of the representations and warranties of the Company as of the date hereof and as of each of the Closing Date and the Option Closing Date, if any; (ii) the accuracy of the statements of officers of the Company made pursuant to the provisions hereof; (iii) the performance by the Company of its obligations hereunder; and (iv) the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Regulatory Matters</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;4.1.1. <u>Effectiveness of Registration Statement; Rule 430A Information</u>. The Registration Statement shall have become effective not later than 5:30 p.m., New York City, New York, time, on the date of this Agreement or such later date and time as shall be consented to in writing by the Representative, and, at each of the Closing Date and any Option Closing Date, no stop order suspending the effectiveness of the Registration Statement or any post-effective amendment thereto shall have been issued by the Commission under the Securities Act, no order preventing or suspending the use of any Preliminary Prospectus or the Prospectus shall have been issued and no proceedings for any of those purposes shall have been instituted or are pending or, to the Company's knowledge, contemplated by the Commission. The Company has complied with each request (if any) from the Commission for additional information. A prospectus containing the Rule 430A Information shall have been filed with the Commission in the manner and within the time frame required by Rule 424(b) under the Securities Act Regulations or a post-effective amendment providing such information shall have been filed with, and declared effective by, the Commission in accordance with the requirements of Rule 430A under the Securities Act Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2. <u>FINRA Clearance</u>. On or before the date of this Agreement, the Representative shall have received clearance from FINRA as to the amount of compensation allowable or payable to the Underwriters as described in the 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;4.1.3. <u>Exchange Clearance</u>. On the Closing Date, the Firm Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance. On the first Option Closing Date (if any), the Option Shares shall have been approved for listing on the Exchange, subject only to official notice of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Company Counsel Matters</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;4.2.1. Closing Date Opinion of Counsel. On the Closing Date, the Representative shall have received (i) the opinion of Concord & Sage PC, United States counsel to the Company ("U.S. Counsel"); (ii) the opinion of Boughton Law Corporation, Canada counsel to the Company; (iii) the opinion of Harney Westwood & Riegels, Cayman Island counsel to the Company and (iv) a written statement providing certain "10b-5" negative assurances, of U.S. Counsel, all dated the Closing Date and addressed to the Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2. <u>Option Closing Date Opinions of Counsel</u>. On the Option Closing Date, if any, the Representative shall have received the opinions of counsel listed in Section 4.2.1, dated the Option Closing Date, addressed to the Representative and in form and substance satisfactory to the Representative, confirming as of the Option Closing Date, the statements made by such counsel in their respective opinions and negative assurance statement delivered on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Comfort Letters</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;4.3.1. <u>Cold Comfort Letter</u>. At the time this Agreement is executed, the Representative shall have received a cold comfort letter from the Auditor containing statements and information of the type customarily included in accountants' comfort letters with respect to the financial statements and certain financial information contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus, addressed to the Representative as representative of the Underwriters and in form and substance satisfactory to the Underwriters, dated as of the date 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;4.3.2. <u>Bring-down Comfort Letter</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received from the Auditor a letter, dated as of the Closing Date or the Option Closing Date, as applicable, to the effect that the Auditor reaffirms the statements made in the letter furnished pursuant to Section 4.3.1, except that the specified date referred to shall be a date not more than three (3) Business Days prior to the Closing Date or the Option Closing Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Officers' Certificates</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;4.4.1. <u>Officers' Certificate</u>. The Company shall have furnished to the Representative a certificate, dated the Closing Date and any Option Closing Date (if such date is other than the Closing Date), of its Chief Executive Officer and its Chief Financial Officer stating on behalf of the Company and not in an individual capacity that (i) such officers have carefully examined the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus and the Prospectus, they believe that the Registration Statement and each amendment thereto after the Effective Date, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date) did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and the Pricing Disclosure Package, as of the Applicable Time and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), any Issuer Free Writing Prospectus as of its date and as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the Prospectus and each amendment or supplement thereto after the Effective Date, as of the respective date thereof and as of the Closing Date, did not include any untrue statement of a material fact and did not omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (ii) since the Effective Date of the Registration Statement, no event has occurred which should have been set forth in a supplement or amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus; (iii) to the best of their knowledge after reasonable investigation, as of the Closing Date (or any Option Closing Date if such date is other than the Closing Date), the representations and warranties of the Company in this Agreement are true and correct and the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date (or any Option Closing Date if such date is other than the Closing Date); and (iv) there has not been, subsequent to the date of the most recent audited financial statements included in the Pricing Disclosure Package, a Material Adverse Change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.2. <u>Secretary's Certificate</u>. At each of the Closing Date and the Option Closing Date, if any, the Representative shall have received a certificate of the Company signed by the Secretary of the Company, dated the Closing Date or the Option Closing Date, as the case may be, respectively, certifying on behalf of the Company and not in an individual capacity: (i) that the M&A is true and complete, has not been amended or modified and is in full force and effect; (ii) that the resolutions of the Company's Board of Directors relating to the Offering are in full force and effect and have not been modified or rescinded; and (iii) as to the incumbency of the officers of the Company who have signed the certificates set forth in Section 4.4.1. The documents referred to in such certificate shall be attached to such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>No Material Changes</u>. Prior to and on each of the Closing Date and each Option Closing Date, if any: (i) there shall have been no Material Adverse Change in the condition, financial or otherwise, business or prospects of the Company from the date of this Agreement; (ii) no action, suit or proceeding, at law or in equity, shall have been pending or, to the knowledge of the Company, threatened against the Company or any Insider before or by any court or federal or state commission, board or other administrative agency wherein an unfavorable decision, ruling or finding may reasonably be expected to cause a Material Adverse Change, except as set forth in the Registration Statement, the Pricing Disclosure Package and the Prospectus; (iii) no stop order shall have been issued by the Commission under the Securities Act and no proceedings therefor shall have been initiated or threatened by the Commission; and (iv) the Registration Statement, the Pricing Disclosure Package and the Prospectus and any amendments or supplements thereto shall contain all material statements which are required to be stated therein in accordance with the Securities Act and the Securities Act Regulations and shall conform in all material respects to the requirements of the Securities Act and the Securities Act Regulations, and neither the Registration Statement, the Pricing Disclosure Package nor the Prospectus nor any amendment or supplement thereto shall contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>No Material Misstatement or Omission</u>. The Underwriters shall not have discovered and disclosed to the Company on or prior to the Closing Date and any Option Closing Date that the Registration Statement or any amendment or supplement thereto contains an untrue statement of a fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of such counsel, is material and is required to be stated therein or is necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, or that the Registration Statement, the Pricing Disclosure Package, any Issuer Free Writing Prospectus or the Prospectus or any amendment or supplement thereto contains an untrue statement of fact which, in the opinion of Representative Counsel, is material or omits to state any fact which, in the opinion of Representative Counsel, is material and is necessary in order to make the statements, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Corporate Proceedings</u>. All corporate proceedings and other legal matters incident to the authorization, form and validity of each of this Agreement, the Public Securities, the Registration Statement, the Pricing Disclosure Package, each Issuer Free Writing Prospectus, if any, and the Prospectus and all other legal matters relating to this Agreement, and the transactions contemplated hereby and thereby shall be reasonably satisfactory in all material respects to counsel to the Underwriters, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. <u>Delivery of Agreements</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;4.8.1. <u>Lock-Up Agreements</u>. On or before the date of this Agreement, the Company shall have delivered to the Representative executed copies of the Lock-Up Agreements from each of the persons listed in <u>Schedule 4</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. <u>Additional Documents</u>. At the Closing Date and at each Option Closing Date (if any) counsel to the Underwriters shall have been furnished with such documents as they may reasonably require for the purpose of enabling counsel to the Underwriters to deliver an opinion to the Underwriters, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and all proceedings taken by the Company in connection with the issuance and sale of the Public Securities as herein contemplated shall be satisfactory in form and substance to the Representative and counsel to the Underwriters.

5. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Indemnification of the Underwriters</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;5.1.1. <u>General</u>. The Company shall indemnify and hold harmless each Underwriter, its affiliates and each of its and their respective directors, officers, members, employees, representatives, partners, shareholders, affiliates, counsel and agents and each person, if any, who controls any such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Underwriter Indemnified Parties**," and each an "**Underwriter Indemnified Party**"), against any and all loss, liability, claim, damage and expense whatsoever (including but not limited to any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, between any of the Underwriter Indemnified Parties and any third party, or otherwise) to which they or any of them may become subject under the Securities Act, the Exchange Act or any other statute or at common law or otherwise or under the laws of foreign countries, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in (i) the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus (as from time to time each may be amended and supplemented); (ii) any materials or information provided to investors by, or with the approval of, the Company in connection with the marketing of the Offering, including any "road show" or investor presentations made to investors by the Company (whether in person or electronically); or (iii) any application or other document or written communication (in this Section 5, collectively called "**application**") executed by the Company or based upon written information furnished by the Company in any jurisdiction in order to qualify the Public Securities under the securities laws thereof or filed with the Commission, any state securities commission or agency, the Exchange or any other national securities exchange; or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, unless such statement or omission was made in reliance upon, and in conformity with, the Underwriters' Information. With respect to any untrue statement or omission or alleged untrue statement or omission made in the Registration Statement, the Pricing Disclosure Package, the Preliminary Prospectus, the Prospectus or any Issuer Free Writing Prospectus, the indemnity agreement contained in this Section 5.1.1 shall not inure to the benefit of any Underwriter Indemnified Party to the extent that any loss, liability, claim, damage or expense of such Underwriter Indemnified Party results from the fact that a copy of the Prospectus was not given or sent to the person asserting any such loss, liability, claim or damage at or prior to the written confirmation of sale of the Public Securities to such person as required by the Securities Act and the Securities Act Regulations, and if the untrue statement or omission has been corrected in the Prospectus, unless such failure to deliver the Prospectus was a result of non-compliance by the Company with its obligations under Section 3.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2. <u>Procedure</u>. If any action is brought against an Underwriter Indemnified Party in respect of which indemnity may be sought against the Company pursuant to Section 5.1.1, such Underwriter Indemnified Party shall promptly notify the Company in writing of the institution of such action and the Company shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense of such action, including the employment and fees of counsel (subject to the reasonable approval of such Underwriter Indemnified Party) and payment of actual expenses. Such Underwriter Indemnified Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter Indemnified Party unless (i) the employment of such counsel at the expense of the Company shall have been authorized in writing by the Company in connection with the defense of such action; or (ii) the Company shall not have employed counsel to have charge of the defense of such action; or (iii) such indemnified party or parties shall have been advised by its counsel that there may be defenses available to it or them which are different from or additional to those available to the Company (in which case the Company shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events the reasonable fees and expenses of not more than one additional firm of attorneys selected by the Underwriter Indemnified Parties who are party to such action (in addition to local counsel) shall be borne by the Company. Notwithstanding anything to the contrary contained herein, if any Underwriter Indemnified Party shall assume the defense of such action as provided above, the Company shall have the right to approve the terms of any settlement of such action, which approval shall not be unreasonably withheld, conditioned or delayed. 5.2. <u>Indemnification of the Company</u>. Each Underwriter, severally and not jointly, shall indemnify and hold harmless the Company, its directors and officers and persons who control the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively the "**Company Indemnified Parties**" and each a "**Company Indemnified Party**") against any and all loss, liability, claim, damage and expense described in the foregoing indemnity from the Company to the several Underwriters, as incurred, but only with respect to such losses, liabilities, claims, damages and expenses (or actions in respect thereof) which arise out of or are based upon untrue statements or omissions made in the Registration Statement, any Preliminary Prospectus, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or in any application, in reliance upon, and in strict conformity with, the Underwriters' Information. In case any action shall be brought against the Company or any other person so indemnified based on any Preliminary Prospectus, the Registration Statement, the Pricing Disclosure Package or Prospectus or any amendment or supplement thereto or any application, and in respect of which indemnity may be sought against any Underwriter, such Underwriter shall have the rights and duties given to the Company, and the Company and each other person so indemnified shall have the rights and duties given to the several Underwriters by the provisions of Section 5.1.2. The Company agrees promptly to notify the Representative of the commencement of any litigation or proceedings against the Company or any of its officers, directors or any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, in connection with the issuance and sale of the Public Securities or in connection with the Registration Statement, the Pricing Disclosure Package, the Prospectus or any Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Contribution</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;5.3.1. <u>Contribution Rights</u>. If the indemnification provided for in this Section 5 shall for any reason be unavailable to or insufficient to hold harmless an indemnified party under Section 5.1 or 5.2 in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Company, on the one hand, and each of the Underwriters, on the other hand, from the Offering; or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, on the one hand, and the Underwriters, on the other, with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Company, on the one hand, and the Underwriters, on the other, with respect to such Offering of the Ordinary Shares shall be deemed to be in the same proportion as the total proceeds from the Offering purchased under this Agreement (before deducting expenses) received by the Company bear to the total underwriting discount and commissions received by the Underwriters in connection with the Offering, in each case as set forth in the table on the cover page of the Prospectus. The relative fault of the Company, on the one hand, and the Underwriters, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company, on the one hand, or the Underwriters, on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement, omission, act or failure to act; provided that the parties hereto agree that the written information furnished to the Company through the Representative by or on behalf of any Underwriter for use in any Preliminary Prospectus, any Registration Statement or the Prospectus, or in any amendment or supplement thereto, consists solely of the Underwriters' Information. The Company and the Underwriters agree that it would not be just and equitable if contributions pursuant to this Section 5.3.1 were to be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage, expense, liability, action, investigation or proceeding referred to above in this Section 5.3.1 shall be deemed to include, for purposes of this Section 5.3.1, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. Notwithstanding the provisions of this Section 5.3.1 no Underwriter shall be required to contribute any amount in excess of the total discount and commission received by such Underwriter in connection with the Offering. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.2. <u>Contribution Procedure</u>. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party ("**contributing party**"), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. The Underwriters' obligations to contribute as provided in this Section 5.3 are several and in proportion to their respective underwriting obligation, and not joint.

6. <u>Default by an Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Default Not Exceeding 10% of Firm Shares or Option Shares</u>. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder, and if the number of the Firm Shares or Option Shares with respect to which such default relates does not exceed in the aggregate 10% of the number of Firm Shares or Option Shares that all Underwriters have agreed to purchase hereunder, then such Firm Shares or Option Shares to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Default Exceeding 10% of Firm Shares or Option Shares</u>. In the event that the default addressed in Section 6.1 relates to more than 10% of the Firm Shares or Option Shares, the Representative may in its discretion arrange for itself or for another party or parties to purchase such Firm Shares or Option Shares to which such default relates on the terms contained herein. If, within one (1) Business Day after such default relating to more than 10% of the Firm Shares or Option Shares, the Representative does not arrange for the purchase of such Firm Shares or Option Shares, then the Company shall be entitled to a further period of one (1) Business Day within which to procure another party or parties satisfactory to the Representative to purchase said Firm Shares or Option Shares on such terms. In the event that neither the Representative nor the Company arrange for the purchase of the Firm Shares or Option Shares to which a default relates as provided in this Section 6, this Agreement will automatically be terminated by the Representative or the Company without liability on the part of the Company (except as provided in Sections 3.10 and 8.3 hereof with respect to the Underwriter's expenses), or the several Underwriters; provided, however, that if such default occurs with respect to the Option Shares, this Agreement will not terminate as to the Firm Shares; and provided, further, that nothing herein shall relieve a defaulting Underwriter of its liability, if any, to the other Underwriters and to the Company for damages occasioned by its default hereunder. For the avoidance of doubt, nothing contained in this Section shall excuse a default by the Representative (in its capacity as an Underwriter) in its obligations to purchase the Firm Shares or the Option Shares, if the Over-Allotment Option is exercised hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Postponement of Closing Date</u>. In the event that the Firm Shares or Option Shares to which the default relates are to be purchased by the non-defaulting Underwriters, or are to be purchased by another party or parties as aforesaid, the Representative or the Company shall have the right to postpone the Closing Date or Option Closing Date for a reasonable period, but not in any event exceeding five (5) Business Days, in order to effect whatever changes may thereby be made necessary in the Registration Statement, the Pricing Disclosure Package or the Prospectus or in any other documents and arrangements, and the Company agrees to file promptly any amendment to the Registration Statement, the Pricing Disclosure Package or the Prospectus that in the opinion of counsel to the Underwriters may thereby be made necessary. The term "**Underwriter**" as used in this Agreement shall include any party substituted under this Section 6 with like effect as if it had originally been a party to this Agreement with respect to such Firm Shares or Option Shares.

7. <u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Board Composition and Board Designations</u>. The Company shall ensure that: (i) the qualifications of the persons serving as members of the Board of Directors and the overall composition of the Board of Directors comply with the Sarbanes-Oxley Act, the Exchange Act and the listing rules of the Exchange or any other national securities exchange, as the case may be, in the event the Company seeks to have its Public Securities listed on another exchange or quoted on an automated quotation system; and (ii) if applicable, at least one member of the Audit Committee of the Board of Directors qualifies as an "audit committee financial expert," as such term is defined under Regulation S-K and the listing rules of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Prohibition on Press Releases and Public Announcements</u>. The Company shall not issue press releases or engage in any other publicity, without the Representative's prior written consent, for a period ending at 5:00 p.m., New York City, New York, time, on the first (1<sup>st</sup>) Business Day following the fortieth (40<sup>th</sup>) day after the Closing Date, other than normal and customary releases issued in the ordinary course of the Company's business. The Company covenants to adhere to all "gun jumping" and "quiet period" rules and regulations of the Commission prior to, during and following the filing of the Registration Statement and the consummation of the Offering.

8. <u>Effective Date of this Agreement and Termination Thereof</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Effective Date</u>. This Agreement shall become effective when both the Company and the Representative have executed the same and delivered counterparts of such signatures to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Termination</u>. The Representative shall have the right to terminate this Agreement at any time prior to any Closing Date, (i) if any domestic or international event or act or occurrence has materially disrupted, or in the Representative's reasonable opinion will in the immediate future materially disrupt, general securities markets in the United States; or (ii) if trading on the New York Stock Exchange or the Nasdaq Stock Market LLC shall have been suspended or materially limited, or minimum or maximum prices for trading shall have been fixed, or maximum ranges for prices for securities shall have been required by FINRA or by order of the Commission or any other government authority having jurisdiction; or (iii) if the United States shall have become involved in a new war or an escalation in major hostilities; or (iv) if a banking moratorium has been declared by a New York State or federal authority; or (v) if a moratorium on foreign exchange trading has been declared which materially adversely impacts the United States securities markets; or (vi) if the Company shall have sustained a material loss by fire, flood, accident, hurricane, earthquake, theft, sabotage or other calamity or malicious act which, whether or not such loss shall have been insured, will, in the Representative's opinion, make it inadvisable to proceed with the delivery of the Firm Shares or Option Shares; or (vii) if the Company is in material breach of any of its representations, warranties or covenants hereunder; or (viii) if the Representative shall have become aware after the date hereof of a Material Adverse Change, or an adverse material change in general market conditions as in the Representative's judgment would make it impracticable to proceed with the offering, sale and/or delivery of the Public Securities or to enforce contracts made by the Underwriters for the sale of the Public Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. <u>Expenses</u>. Notwithstanding anything to the contrary in this Agreement, except in the case of a default by the Underwriters pursuant to Section 6.2 above, in the event that this Agreement shall not be carried out for any reason whatsoever, within the time specified herein or any extensions thereof pursuant to the terms herein, the Company shall be obligated to pay to the Underwriters their actual and accountable out-of-pocket expenses related to the transactions contemplated herein then due and payable up to $200,000 less amounts previously advanced, and upon demand the Company shall pay the full amount thereof to the Representative on behalf of the Underwriters and the Representative shall return any portion of the Advance not used to pay its accountable out-of-pocket expenses actually incurred; provided, however, that such expense cap in no way limits or impairs the indemnification and contribution provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4. <u>Survival of Indemnification</u>. Notwithstanding any contrary provision contained in this Agreement, any election hereunder or any termination of this Agreement, and whether or not this Agreement is otherwise carried out, the provisions of Section 5 shall remain in full force and effect and shall not be in any way affected by, such election or termination or failure to carry out the terms of this Agreement or any part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5. <u>Representations, Warranties, Agreements to Survive</u>. All representations, warranties and agreements contained in this Agreement (except for Section 6.2) or in certificates of officers of the Company submitted pursuant hereto, shall remain operative and in full force and effect regardless of (i) any investigation made by or on behalf of any Underwriter or its affiliates or selling agents, any person controlling any Underwriter, its officers or directors or any person controlling the Company; or (ii) delivery of and payment for the Public Securities.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Notices</u>. All communications hereunder, except as herein otherwise specifically provided, shall be in writing and shall be mailed (registered or certified mail, return receipt requested), personally delivered or sent by facsimile transmission or electronic mail and confirmed and shall be deemed given when so delivered or faxed and confirmed or if mailed, two (2) days after such mailing.

If to the Representative:

Joseph Stone Capital, LLC

585 Stewart Avenue, Unit L60-C

Garden City, New York 11530

Attn: Damian Maggio

Cathy Cao

Email: ccao@ josephstonecapital.com

&nbsp;&nbsp;&nbsp;&nbsp;dmaggio@josephstonecapital.com

Fax No.: 516-267-7011

with a copy (which shall not constitute notice) to:

Sichenzia Ross Ference Carmel LLP

1185 Avenue of the Americas, 31st Floor

New York, NY

Attn: Ross Carmel, Esq.

Email: rcarmel@srfc.law

Fax No.: 212-930-9725

If to the Company:<sup>1</sup>

Club Versante Group Limited

Suite 1205, 8400 West Road,

Richmond BC V6X 0S7

Canada

Attn:

Email:

Fax No.:

with a copy (which shall not constitute notice) to:

Concord & Sage PC

1360 Valley Vista Dr Suite 140

Diamond Bar, California

Attn:

Email:

Fax No.:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Headings</u>. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Amendment</u>. This Agreement may only be amended by a written instrument executed by each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Entire Agreement</u>. This Agreement (together with the other agreements and documents being delivered pursuant to or in connection with this Agreement) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof and thereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Binding Effect</u>. This Agreement shall inure solely to the benefit of the parties hereto and the indemnified parties referred to in Section 5 and their respective successors, heirs and assigns, and shall be binding upon each of them, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Agreement or any provisions herein contained. The term "successors and assigns" shall not include a purchaser, in its capacity as such, of securities from any of the Underwriters.

<sup>1</sup> NTD: Company to confirm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Governing Law; Consent to Jurisdiction; Trial by Jury</u>. This Agreement shall be governed by and construed and enforced in accordance with the law of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Agreement shall be brought and enforced in the Supreme Court of the State of New York sitting in the County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 9.1 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company agrees that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefor. The Company (on its behalf and, to the extent permitted by applicable law, on behalf of its shareholders and affiliates) and each of the Underwriters hereby irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Execution in Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Delivery of a signed counterpart of this Agreement by facsimile or email/pdf transmission shall constitute valid and sufficient delivery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Waiver, etc</u>. The failure of any of the parties hereto to at any time enforce any of the provisions of this Agreement shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Agreement or any provision hereof or the right of any of the parties hereto to thereafter enforce each and every provision of this Agreement. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Agreement shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

**[Signature Page Follows]**

If the foregoing correctly sets forth the understanding between the Underwriters and the Company, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between us.

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| |
|:---|
| Very truly yours, |
| **Club versanta group LIMITED** |
| By: |
| Name: |
| Title: |

---

Confirmed as of the date first written above, on behalf of itself and as Representative of the several Underwriters named on <u>Schedule 1</u> hereto:

---

| | |
|:---|:---|
| **JOSEPH STONE CAPITAL, LLC** | **JOSEPH STONE CAPITAL, LLC** |
| By: |  |
| Name: | Damian Maggio |
| Title: | Chief Executive Officer |

---

*[Signature Page]*

**CLUB VERSANTA GROUP LIMITED UNDERWRITING AGREEMENT**

**<u>SCHEDULE 1</u>**

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Total Number of**<br> **Firm Shares**<br> **to be Purchased** | **Number of Option Shares to be<br> Purchased if the Over-Allotment<br> Option is Fully Exercised** |
| Joseph Stone Capital, LLC | [●] |  |
|  | [●] |  |
| **TOTAL** | [●] |  |

---

**<u>SCHEDULE 3-A</u>**

**Pricing Information**

Number of Firm Shares: [●]

Number of Option Shares: [●]

Public Offering Price per Firm Share: $[●]

Public Offering Price per Option Share: $[●]

Underwriting Discount per Firm Share: $[●]

Underwriting Discount per Option Share: $[●]

Proceeds to Company per Firm Share (before expenses): $[●]

Proceeds to Company per Option Share (before expenses): $[●]

**<u>SCHEDULE 3-B</u>**

**Issuer General Use Free Writing Prospectuses**

Free Writing Prospectus filed with the SEC on [●]and linked to here: [●]

**<u>SCHEDULE 4</u>**

**List of Lock-Up Parties<sup>2</sup>**

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| | |
|:---|:---|
| **Name** | **Lock-Up Period in Months** |

---

<sup>2</sup> NTD: Company counsel to provide.

**<u>EXHIBIT A</u>**

**Form of Lock-Up Agreement** 

[●], 2025

Joseph Stone Capital, LLC

29 Broadway, 18<sup>th</sup> Floor

New York, NY 10006

Attention: Damian Maggio

Ladies and Gentlemen:

This Lock-Up Agreement (this "**Agreement**") is being delivered to Joseph Stone Capital, LLC (the "**Underwriter**") in connection with the proposed Underwriting Agreement (the "**Underwriting Agreement**") between Club Versante Group Limited, an exempted company with limited liabilities incorporated under the laws of the Cayman Island (the "**Company**"), and the Underwriter, relating to the proposed public offering (the "**Offering**") of Ordinary shares, no par value (the "**Ordinary Shares**"), of the Company.

In order to induce the Underwriter to continue its efforts in connection with the Offering, and in light of the benefits that the offering of the Ordinary Shares will confer upon the undersigned in its capacity as a shareholder and/or an officer, director or employee of the Company, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with the Underwriter that, during the period beginning on and including the date of this Agreement through and including the date that is [6][12]<sup>3</sup> months after the commencement date of the trading of the Ordinary Shares (the "**Lock-Up Period**"), the undersigned will not, without the prior written consent of Underwriter, directly or indirectly, (i) offer, sell, assign, transfer, pledge, contract to sell, encumber, grant any option for the sale of, or otherwise dispose of, or announce the intention to otherwise dispose of, any Ordinary Shares now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition (including, without limitation, Ordinary Shares which may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations promulgated under the Securities Act of 1933, as amended, and as the same may be amended or supplemented on or after the date hereof from time to time (the "**Securities Act**") (such shares, the "**Beneficially Owned Shares**") or securities convertible into or exercisable or exchangeable for Ordinary Shares, (ii) enter into any swap, hedge or similar agreement or arrangement that transfers in whole or in part, the economic risk of ownership of the Beneficially Owned Shares or securities convertible into or exercisable or exchangeable for Ordinary Shares, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, or (iii) engage in any short selling of the Ordinary Shares.

<sup>3</sup> NTD: Use 12 months for officers, directors and affiliates.

If (i) during the last 17 days of the Lock-Up Period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the Lock-Up Period, the Company announces that it will release earnings results or becomes aware that material news or a material event will occur during the 16-day period beginning on the last day of the Lock-Up Period, the restrictions imposed by this Agreement shall continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release or the occurrence of such material news or material event, as applicable, unless the Underwriter waives, in writing, such extension.

If the undersigned is an officer or director of the Company, (i) Underwriter agrees that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a transfer of Ordinary Shares, Underwriter will notify the Company of the impending release or waiver, and (ii) the Company has agreed in the Underwriting Agreement to announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted by Underwriter hereunder to any such officer or director shall only be effective two business days after the publication date of such press release; provided, that such press release is not a condition to the release of the aforementioned lock-up provisions due to the expiration of the Lock-Up Period. The provisions of this paragraph will also not apply if (a) the release or waiver is effected solely to permit a transfer not for consideration and (b) the transferee has agreed in writing to be bound by the same terms described in this Agreement to the extent and for the duration that such terms remain in effect at the time of such transfer.

The restrictions set forth in the immediately preceding paragraph shall not apply to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any transfers made by the undersigned: (a) as a bona fide gift to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned's immediate family, (b) by will or intestate succession upon the death of the undersigned, (c) as a bona fide gift to a charity or educational institution, or (d) if the undersigned is or was an officer, director or employee of the Company, to the Company pursuant to the Company's right of repurchase upon termination of the undersigned's service with the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfers consented to, in writing by Underwriter; provided however, that in the case of any transfer described in clause (i) above, it shall be a condition to the transfer that the transferee executes and delivers to the Representative of the Underwriters, acting on behalf of the Underwriters, not later than one business day prior to such transfer, a written agreement, in substantially the form of this Agreement (it being understood that any references to "immediate family" in the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory in form and substance to Underwriter. For purposes of this paragraph, "immediate family" shall mean a spouse, child, grandchild or other lineal descendant (including by adoption), father, mother, brother or sister of the undersigned.

The undersigned further agrees that (i) it will not, during the Lock-Up Period, make any demand or request for or exercise any right with respect to the registration under the Securities Act of any Ordinary Shares or other Beneficially Owned Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or other Beneficially Owned Shares, and (ii) the Company may, with respect to any Ordinary Shares or other Beneficially Owned Shares or any securities convertible into or exercisable or exchangeable for Ordinary Shares or other Beneficially Owned Shares owned or held (of record or beneficially) by the undersigned, cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect to such securities during the Lock-Up Period.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Agreement and that this Agreement has been duly authorized (if the undersigned is not a natural person), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned. This Agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

This Agreement shall automatically terminate upon the earliest to occur, if any, of (1) either the Underwriter, on the one hand, or the Company, on the other hand, advising the other in writing, they have determined not to proceed with the Offering, (2) termination of the Underwriting Agreement before the sale of any Ordinary Shares, (3) the withdrawal of the Registration Statement, or (4) the Offering has not closed by the termination date of the Offering or such other date as may be agreed as the final date of the Offering if the Company and the Underwriter extend the Offering.

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

---

| |
|:---|
| Very truly yours, |
| (Name - Please Print) |
| (Signature) |
| (Name of Signatory, in the case of entities - Please Print) |
| (Title of Signatory, in the case of entities - Please Print) |
| Address: |

---

# of Ordinary Shares Held by Signatory:  

**<u>EXHIBIT B</u>**

**Form of Press Release**

**CLUB VERSANTA GROUP LIMITED [●], 202[●]** 

Club Versante Group Limited (the "**Company**") announced today that Joseph Stone Capital, LLC, acting as representative for the underwriters in the Company's recent public offering of **[●]** of the Company's Ordinary Shares, is [waiving] [releasing] a lock-up restriction with respect to **[●]** Ordinary Shares held by [certain officers or directors] [an officer or director] of the Company. The [waiver] [release] will take effect on **[●]**, 20**[●]**, and the securities may be sold on or after such date.

**This press release is not an offer or sale of the securities in the United States or in any other jurisdiction where such offer or sale is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act of 1933, as amended.**

## Exhibit 3.1

**Exhibit 3.1**

Company No.: 420673

![](ex3-1_001.jpg)

THE COMPANIES ACT (AS REVISED)

OF THE CAYMAN ISLANDS

COMPANY LIMITED BY SHARES

MEMORANDUM AND ARTICLES

OF ASSOCIATION

OF

**Club Versante Group Limited**

*Incorporated as an Exempted Company in the Cayman Islands*

 

*on the 9th day of April, 2025*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

 

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

---

| | |
|:---|:---|
| 1 | The name of the Company is **Club Versante Group Limited.** |

---

---

| | |
|:---|:---|
| 2 | The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time 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 US$50,000.00 divided into 50,000 shares of a par value of US$1.00 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 Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

2 <br> *Auth Code: E31867044734* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

WE, the subscriber to this Memorandum of Association, wish to be formed into a company pursuant to this Memorandum of Association, and we agree to take the number of shares shown opposite our name.

Dated this 9th day of April, 2025.

---

| | |
|:---|:---|
| **Signature and Address of Subscriber** | **Shares Taken** |
| McGrath Tonner Corporate Services Limited | One (1) |

---

Genesis Building, 5<sup>th</sup> Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

---

| |
|:---|
| acting by: |
| /s/ Brian Shum |
| Brian Shum |

---

---

| |
|:---|
| /s/ Benjamin Tonner |
| Benjamin Tonner |
| Witness to the above signature |

---

3 <br> *Auth Code: E31867044734* <br> *www.verify.gov.ky*

---

| | |
|:---|:---|
| ![](ex3-1_004.jpg) | ![](ex3-1_003.jpg) |
|  | ***EXEMPTED** Company Registered and* |
|  | *filed as No. 420673 On 09-Apr-2025* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
|  | *Assistant Registrar* |

---

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**ARTICLES OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

---

| | |
|:---|:---|
| **1** | **Interpretation** |

---

1.1 In the Articles Table A in the First Schedule to the Companies Act does not apply and, unless there is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Companies Act**" | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |
| "**Company**" | means the above named company. |
| "**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 Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |
| "**Member**" | has the same meaning as in the Companies Act. |

---

1 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

---

| | |
|:---|:---|
| "**Memorandum**" | means the memorandum of association of 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. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Companies Act 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. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Share**" | means a share in the Company and includes a fraction of a share in the Company. |
| "**Special Resolution**" | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal or natural
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of representing or reproducing words
in visible form, including in the form of an Electronic Record;

2 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may" shall be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall be construed as references
to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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.

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 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

3 Issue of Shares

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 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 Dividend or other distribution, 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
Companies Act and the Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer of that Share.

3.2 The Company shall not issue Shares to bearer.

4 Register of Members

4.1 The Company shall maintain or cause to be maintained the Register of Members in accordance with the Companies
Act.

4.2 The Directors may determine that the Company shall maintain one or more branch registers of Members in
accordance with the Companies Act. 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.

5 Closing Register of Members or Fixing Record Date

5.1 For the purpose of determining Members entitled to notice of, or to vote at any meeting of Members or
any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order to make a determination
of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers for a stated period
which shall not in any case exceed forty days.

5.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix in advance or arrears
a date as the record date for any such determination of Members 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.

4 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

5.3 If the Register of Members is not so closed and 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.

6 Certificates for Shares

6.1 A Member shall only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be 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.

6.2 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.

6.3 If a share certificate is defaced, worn out, lost or destroyed, it may be renewed
on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating
evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 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.

7 Transfer of Shares

7.1 Subject to Article 3.1, Shares are transferable subject to the consent of the Directors who may, in
 their absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse to register a transfer they shall notify
the transferee within two months of such refusal.

5 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

7.2 The instrument of transfer of any Share shall be in writing and shall be executed by or on behalf of the
transferor (and if the Directors so require, signed by or on behalf of the transferee). The transferor shall be deemed to remain the holder
of a Share until the name of the transferee is entered in the Register of Members.

8 Redemption, Repurchase and Surrender of Shares

8.1 Subject to the provisions of the Companies Act 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. The redemption of such Shares shall be effected
in such manner and upon such other terms as the Company may, by Special Resolution, determine before the issue of the Shares.

8.2 Subject to the provisions of the Companies Act, 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 The Company may make a payment in respect of the redemption or purchase of its own Shares in any manner
permitted by the Companies Act, including out of capital.

8.4 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).

6 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

10 Variation of Rights of Shares

10.1 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 (unless otherwise provided by the terms of issue of the Shares of that class) 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 have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent
in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution passed
by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the
avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to
obtain consent from the holders of Shares of the relevant class. 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 in person or by proxy may demand a poll.

10.2 For the purposes of a separate class meeting, the Directors may treat two or more or all the classes of
Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the same way by the proposals
under consideration, but in any other case shall treat them as separate classes of Shares.

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.

11 Commission on Sale of Shares

The Company may, in so far as the Companies Act 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 Companies Act) any other rights in respect of any Share other than an absolute right to the entirety thereof in the holder.

7 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

13 Lien on Shares

13.1 The Company shall have a first and paramount lien on all Shares (whether fully paid-up or not) registered
in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to or with the Company (whether
presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether a Member or not, but the
Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article. The registration of a
transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien on a Share shall also extend to
any amount payable in respect of that Share.

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.

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 his nominee shall be registered as the
holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of the purchase money, nor shall
his title to the Shares be affected by any irregularity or invalidity in the 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 costs, shall be applied in payment
of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for
sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the
sale.

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.

8 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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.

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 shall entitle the Member paying such amount
to any portion of a Dividend or other 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.

9 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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.

15.5 A certificate in writing under the hand of one Director or officer of the Company
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.

10 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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.

17 Amendments of Memorandum and Articles of Association and Alteration of Capital

17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert that stock into
paid-up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

11 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

17.2 All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital.

17.3 Subject to the provisions of the Companies Act and the provisions of the Articles
as regards the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters
specified therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

18 Offices and Places of Business

Subject to the provisions of the Companies Act, 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.

19.2 The Company may, but shall not (unless required by the Companies Act) 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. Any annual general meeting
shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed by them, it shall be
held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the morning. At these meetings the report
of the Directors (if any) shall be presented.

12 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

19.3 The Directors may call general meetings, and they shall on a Members' requisition forthwith proceed to
convene an extraordinary general meeting of the Company.

19.4 A Members' requisition is a requisition of Members holding at the date of deposit of the requisition not
less than ten per cent. in par value of the issued Shares which as at that date carry the right to vote at general meetings of the Company.

19.5 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.

19.6 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 from the date of the deposit of the Members' requisition duly proceed to convene a general meeting to be
held within a further twenty-one days, the requisitionists, or any of them representing more than one- half of the total voting rights
of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall be held no later than the day
which falls three months after the expiration of the said twenty-one day period.

19.7 A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

20 Notice of General Meetings

20.1 At least five clear days' notice shall be given of any general meeting. Every notice shall specify the
place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting and shall be
given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided that a general
meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the provisions of
the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members having a right
to attend and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving that right.

20.2 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.

13 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

21 Proceedings at General Meetings

21.1 No business shall be transacted at any general meeting unless a quorum is present. Two Members being individuals
present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy shall be
a quorum unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall be that one Member
present in person or by proxy or (in the case of a corporation or other non- natural person) by its duly authorised representative or
proxy.

21.2 A person may participate at a general meeting by conference telephone or other
communications equipment by means of which all the persons participating in the meeting can communicate with each other. Participation
by a person in a general meeting in this manner is treated as presence in person 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 at the same time and/or place or to such other day, time and/or
place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour from the time appointed
for the meeting to commence, the Members present shall be a quorum.

21.5 The Directors may, at any time prior to the time appointed for the meeting to commence,
appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment, the chairman,
if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if he 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 chairman of the meeting.

21.6 If no Director is willing to act as chairman 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 chairman of the meeting.

14 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

21.7 The chairman 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, 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.

21.8 When a general meeting is adjourned for thirty days or more, notice of the adjourned meeting shall be
given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned meeting.

21.9 A resolution put to the vote of the meeting shall be decided on a show of hands
unless before, or on the declaration of the result of, the show of hands, the chairman demands a poll, or any other Member or Members
collectively present in person or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative
or proxy) and holding at least ten per cent. in par value of the Shares giving a right to attend and vote at the meeting demand a poll.

21.10 Unless a poll is duly demanded and the demand is not withdrawn a declaration by the chairman that a resolution
has been carried or carried unanimously, or by a particular majority, or lost or not carried by a particular majority, an entry to that
effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof of the number or proportion
of the votes recorded in favour of or against such resolution.

21.11 The demand for a poll may be withdrawn.

21.12 Except on a poll demanded on the election of a chairman or on a question of adjournment,
a poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting
at which the poll was demanded.

21.13 A poll demanded on the election of a chairman 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 chairman 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, whether on a show of hands or on a poll, the chairman shall be entitled
to a second or casting vote.

15 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

---

| | |
|:---|:---|
| 22 | Votes of Members |

---

22.1 Subject to any rights or restrictions attached to any Shares, on a show of hands every Member who (being
an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by its duly authorised representative
or by proxy, shall have one vote and on a poll every Member present in any such manner shall have one vote for every Share of which he
is the holder.

22.2 In the case of joint holders the vote of the senior holder who tenders a vote, whether in person or by
proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or proxy), shall be accepted
to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in which the names of the holders
stand in the Register of Members.

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 nor unless all calls or other monies then payable by him in respect of Shares have been paid.

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 chairman whose decision shall
be final and conclusive.

22.6 On a poll or on a show of hands 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
state which proxy is entitled to vote on a show of hands and shall specify the number of Shares in respect of which each proxy is entitled
to exercise the related votes.

22.7 On a poll, a Member holding more than one Share need not cast the votes in respect of his 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 him, a proxy appointed under one
or more instruments may vote a Share or some or all of the Shares in respect of which he 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 he is appointed.

16 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

---

| | |
|:---|:---|
| 23 | Proxies |

---

23.1 The instrument appointing a proxy shall be in writing and shall be executed under the hand of the appointor
or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non- natural person, under the hand of its
duly authorised representative. A proxy need not be a Member.

23.2 The Directors may, in the notice convening any meeting or adjourned meeting, or
in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and
the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the
proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors
in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing
a proxy 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.

The chairman may in any event at his 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 chairman, shall be invalid.

23.3 The instrument appointing a proxy may be in any usual or common form (or such other form as the Directors
may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked. An instrument
appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

23.4 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.

17 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

24 Corporate Members

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.

---

| | |
|:---|:---|
| 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

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

27 Powers of Directors

27.1 Subject to the provisions of the Companies Act, 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.

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.

18 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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.

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 The Directors may appoint any person to be a Director, either to fill a 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.

29 Vacation of Office of Director

The office of a Director shall be vacated if:

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt, without being represented
by proxy or an alternate Director appointed by him) from three consecutive meetings of the board of Directors without special leave of
absence from the Directors, and the Directors pass a resolution that he has by reason of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that he
should be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened
and held in accordance with the Articles or by a resolution in writing signed by all of the other Directors.

19 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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 if there are two or more Directors, and shall be one if there is only one Director. A person who holds office as
an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also acts as an alternate Director
shall, if his appointor is not present, count twice towards the quorum.

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, the chairman shall
have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor to a separate
vote on behalf of his appointor in addition to his own vote.

30.3 A person may participate in a meeting of the Directors or committee of Directors by conference telephone
or other communications equipment by means of which all the persons participating in the meeting can 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 chairman is located at the start of the meeting.

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 (an alternate Director being entitled
to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being entitled to sign such resolution
both on behalf of his appointer and in his capacity as a Director) 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.

30.5 A Director or alternate Director may, or other officer of the Company on the direction of a Director or
alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director and alternate Director
which notice shall set forth the general nature of the business to be considered unless notice is waived by all the Directors (or their
alternates) 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 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.

20 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

30.7 The Directors may elect a chairman of their board and determine the period for which he is to hold office;
but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the time appointed for
the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting.

30.8 All acts done by any meeting of the Directors or of a committee of the Directors (including any person
acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect in the appointment
of any Director or alternate 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 or alternate
Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A Director but not an alternate 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 Presumption of Assent

A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action.

32 Directors' Interests

32.1 A Director or alternate 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.

21 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

32.2 A Director or alternate Director may act by himself or by, through or on behalf of his firm in a professional
capacity for the Company and he or his firm shall be entitled to remuneration for professional services as if he were not a Director or
alternate Director.

32.3 A Director or alternate Director may be or become a director or other officer of
or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting
party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits
received by him as a director or officer of, or from his interest in, such other company.

32.4 No person shall be disqualified from the office of Director or alternate Director
or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or
any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way
interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable
to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such
Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director
in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested provided that the nature
of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its
consideration and any vote thereon.

32.5 A general notice that a Director or alternate Director is a shareholder, director, officer or employee
of any specified firm or company and is to be regarded as interested in any transaction with such firm or company shall be sufficient
disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest, and after such
general notice it shall not be necessary to give special notice relating to any particular transaction.

---

| | |
|:---|:---|
| 33 | Minutes |

---

The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate Directors present at each meeting.

22 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

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. They may also delegate to any managing director or any Director holding any other
executive office such of their powers, authorities and discretions as they consider desirable to be exercised by him provided that an
alternate Director may not act as managing director and the appointment of a managing director shall be revoked forthwith if he ceases
to be a Director. 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.

34.3 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.

34.4 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.

34.5 The Directors may appoint such officers of the Company (including, for the avoidance of doubt and without
limitation, any secretary) 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 of the Company may be removed by resolution
of the Directors or Members. An officer of the Company may vacate his office at any time if he gives notice in writing to the Company
that he resigns his office.

23 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

35 Alternate Directors

35.1 Any Director (but not an alternate Director) may by writing appoint any other Director, or any other person
willing to act, to be an alternate Director and by writing may remove from office an alternate Director so appointed by him.

35.2 An alternate Director shall be entitled to receive notice of all meetings of Directors and of all meetings
of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the Director appointing
him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions of his appointor
as a Director in his absence.

35.3 An alternate Director shall cease to be an alternate Director if his appointor
ceases to be a Director.

35.4 Any appointment or removal of an alternate Director shall be by notice to the Company signed by the Director
making or revoking the appointment or in any other manner approved by the Directors.

35.5 Subject to the provisions of the Articles, an alternate Director shall be deemed
for all purposes to be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent
of the Director appointing him.

36 No Minimum Shareholding

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

37 Remuneration of Directors

37.1 The remuneration to be paid to the Directors, if any, shall be such remuneration as the Directors shall
determine. 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.

24 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

37.2 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.

---

| | |
|:---|:---|
| 38 | Seal |

---

38.1 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 of the Company or other person appointed by the Directors
for the purpose.

38.2 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.

38.3 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.

39 Dividends, Distributions and Reserve

39.1 Subject to the Companies Act 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 the Companies Act.

25 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

39.2 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.

39.3 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.

39.4 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.

39.5 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.

39.6 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.

39.7 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.

39.8 No Dividend or other distribution shall bear interest against the Company.

39.9 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.

26 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

40 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.

41 Books of Account

41.1 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.

41.2 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 Companies Act or authorised by the Directors or by the Company in general meeting.

27 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

41.3 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.

---

| | |
|:---|:---|
| 42 | Audit |

---

42.1 The Directors may appoint an Auditor of the Company who shall hold office on such
terms as the Directors determine.

42.2 Every Auditor of the Company shall have a right of access at all times to the books
and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information
and explanation as may be necessary for the performance of the duties of the Auditor.

42.3 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.

---

| | |
|:---|:---|
| 43 | Notices |

---

43.1 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 or to his address as shown in the Register of Members
(or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country
to another, is to be sent by airmail.

43.2 Where a notice is sent by courier, service of the notice shall be deemed to be effected by delivery of
the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays or Sundays or public
holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service of the notice shall
be deemed to be effected by properly addressing, pre paying and posting a letter containing 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. Where a notice is sent by 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. Where a notice is given by e-mail service shall be deemed to be effected by transmitting
the e-mail to the e- mail address provided by the intended recipient and shall be deemed to have been received on the same day that it
was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

28 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

43.3 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 or bankruptcy 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 at the address supplied for that purpose by the persons claiming to be so entitled, or at the option
of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy had not occurred.

43.4 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 his 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.

44 Winding Up

44.1 If the Company shall be wound up the liquidator shall 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:

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

29 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

44.2 If the Company shall be wound up the liquidator may, subject to the rights attaching to any Shares and
with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, divide amongst the Members
in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same kind or not) and
may for that purpose value any assets and determine how the division shall be carried out as between the Members or different classes
of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the
benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to accept
any asset upon which there is a liability.

45 Indemnity and Insurance

45.1 Every Director and officer of the Company (which for the avoidance of doubt, shall not include auditors
of the Company), together with every former Director and former officer of the Company (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 actual fraud or wilful
default. 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 actual fraud or wilful default under this Article unless or until a court of competent
jurisdiction shall have made a finding to that effect.

45.2 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.

30 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

45.3 The Directors, on behalf of the Company, may purchase and maintain insurance for the benefit of any Director
or other officer of the Company 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.

46 Financial Year

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.

47 Transfer by Way of Continuation

If the Company is exempted as defined in the Companies Act, it shall, subject to the provisions of the Companies Act 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.

48 Mergers and Consolidations

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

49 Cayman Islands Data Protection

49.1 The Company is a "data controller" for the purposes of the Data Protection
Act, 2017 (as amended) of the Cayman Islands (the **DPA**). By virtue
of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following information
relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors, members and/or beneficial
owner(s)): name, residential address, email address, corporate contact information, other contact information, date of birth, place of
birth, passport or other national identifier details, national insurance or social security number, tax identification,
bank account details and information regarding assets, income, employment and source of funds.

31 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the constitutional
documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money laundering and
counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests from governmental,
regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal Data may be transferred,
including to manage and administer the Company, to send updates, information and notices to Members or otherwise correspond with Members
regarding the Company, to seek professional advice, including legal advice, to meet accounting, tax reporting and audit obligations, to
manage risk and operations and to maintain internal records.

49.3 The Company transfers Personal Data to certain third parties who process the Personal Data on the Company's
behalf, including third party service providers that it appoints or engages to assist with the Company's management, operation, administration
and legal, governance and regulatory compliance. In certain circumstances, the Company may be required by law or regulation to transfer
Personal Data and other information with respect to one or more Member(s) to governmental, regulatory, tax and law enforcement authorities.
They may, in turn, exchange this information with other governmental, regulatory, tax and law enforcement authorities (including in jurisdictions
other than the Cayman Islands).

32 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

---

| |
|:---|
| ![](ex3-1_003.jpg) |
| ***EXEMPTED** Company Registered and* |
| *filed as No. 420673 On 09-Apr-2025* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ex3-1_002.jpg) |
| *Assistant Registrar* |

---

Dated this 9th day of April, 2025.

McGrath Tonner Corporate Services Limited

Genesis Building, 5th Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

---

| |
|:---|
| acting by: |
| /s/ Brian Shum |
| Brian Shum |

---

---

| |
|:---|
| /s/ Benjamin Tonner |
| Benjamin Tonner |
| Witness to the above signature |

---

33 <br> *Auth Code: E87964810054* <br> *www.verify.gov.ky*

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES ACT (AS REVISED) <br> OF THE CAYMAN ISLANDS<br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

<br> **MEMORANDUM AND ARTICLES OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

(Adopted by a special resolution dated on 16th July, 2025)

**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS <br> COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

<br> **OF**

**Club Versante Group Limited**

(Adopted by a special resolution dated on 16th July, 2025)

---

| | |
|:---|:---|
| 1 | The name of the Company is **Club Versante Group Limited.** |

---

2 The registered office of the Company shall be situated at the offices of McGrath Tonner Corporate Services Limited, Genesis Building, 5th Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other place in the Cayman Islands as the Directors may from time to time 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 US$50,000.00 divided into 500,000,000 shares of a par value of US$0.0001 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 Memorandum of Association bear the respective meanings given to them in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)<br> OF THE CAYMAN ISLANDS COMPANY <br> LIMITED BY SHARES**

**AMENDED AND RESTATED<br> ARTICLES OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

(Adopted by a special resolution dated on 16th July, 2025)

1 Interpretation

1.1 In the Articles Table A in the First Schedule to the Companies Act does not apply
and, unless there is something in the subject or context inconsistent therewith:

---

| | |
|:---|:---|
| "**Articles**" | means these articles of association of the Company. |
| "**Auditor**" | means the person for the time being performing the duties of auditor of the Company (if any). |
| "**Companies Act**" | means the Companies Act of the Cayman Islands and any amendment or other statutory modification thereof and, where in these Articles any provision of the Companies Act is referred to, the reference is to that provision as modified by any law for the time being in force. |
| "**Company**" | means the above named company. |
| "**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 Record**" | has the same meaning as in the Electronic Transactions Act. |
| "**Electronic Transactions Act**" | means the Electronic Transactions Act (2003 Revision) of the Cayman Islands. |
| "**Member**" | has the same meaning as in the Companies Act. |

---

---

| | |
|:---|:---|
| "**Memorandum**" | means the memorandum of association of 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. |
| "**Register of Members**" | means the register of Members maintained in accordance with the Companies Act 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. |
| "**Seal**" | means the common seal of the Company and includes every duplicate seal. |
| "**Share**" | means a share in the Company and includes a fraction of a share in the Company. |
| "**Special Resolution**" | has the same meaning as in the Companies Act, and includes a unanimous written resolution. |
| "**Subscriber**" | means the subscriber to the Memorandum. |
| "**Treasury Share**" | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act. |

---

1.2 In the Articles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender include the feminine gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) words importing persons include corporations as well as any other legal or natural
person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "written" and "in writing" include all modes of representing
or reproducing words in visible form, including in the form of an Electronic Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "shall" shall be construed as imperative and "may" shall
be construed as permissive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to provisions of any law, act or regulation shall be construed as references
to those provisions as amended, modified, re-enacted or replaced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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. 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) headings are inserted for reference only and shall be ignored in construing the
Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) sections 8 and 19(3) of the Electronic Transactions Act shall not apply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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.

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

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 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 Dividend or other distribution,
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 Companies Act and the Articles) vary such rights. Notwithstanding the foregoing, the Subscriber shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue one Share to itself;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) transfer that Share by an instrument of transfer to any person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) update the Register of Members in respect of the issue and transfer of that Share.

3.2 The Company shall not issue Shares to bearer.

4 Register of Members

4.1 The Company shall maintain or cause to be maintained the Register of Members in
accordance with the Companies Act.

4.2 The Directors may determine that the Company shall maintain one or more branch registers
of Members in accordance with the Companies Act. 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.

5 Closing Register of Members or Fixing Record Date

5.1 For the purpose of determining Members entitled to notice of, or to vote at any
meeting of Members or any adjournment thereof, or Members entitled to receive payment of any Dividend or other distribution, or in order
to make a determination of Members for any other purpose, the Directors may provide that the Register of Members shall be closed for transfers
for a stated period which shall not in any case exceed forty days.

5.2 In lieu of, or apart from, closing the Register of Members, the Directors may fix
in advance or arrears a date as the record date for any such determination of Members 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.

5.3 If the Register of Members is not so closed and 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.

6 Certificates for Shares

6.1 A Member shall only be entitled to a share certificate if the Directors resolve
that share certificates shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine.
Share certificates shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates
to be issued with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be 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.

6.2 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.

6.3 If a share certificate is defaced, worn out, lost or destroyed, it may be renewed
on such terms (if any) as to evidence and indemnity and on the payment of such expenses reasonably incurred by the Company in investigating
evidence, as the Directors may prescribe, and (in the case of defacement or wearing out) upon delivery of the old certificate.

6.4 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.

7 Transfer of Shares

7.1 Subject to Article 3.1, Shares are transferable subject to the consent of the Directors who may, in
 their absolute discretion, decline to register any transfer of Shares without giving any reason. If the Directors refuse to register a transfer
they shall notify the transferee within two months of such refusal.

7.2 The instrument of transfer of any Share shall be in writing and shall be executed
by or on behalf of the transferor (and if the Directors so require, signed by or on behalf of the transferee). The transferor shall be
deemed to remain the holder of a Share until the name of the transferee is entered in the Register of Members.

8 Redemption, Repurchase and Surrender of Shares

8.1 Subject to the provisions of the Companies Act 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. The redemption of such Shares shall be effected
in such manner and upon such other terms as the Company may, by Special Resolution, determine before the issue of the Shares.

8.2 Subject to the provisions of the Companies Act, 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 The Company may make a payment in respect of the redemption or purchase of its
own Shares in any manner permitted by the Companies Act, including out of capital.

8.4 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).

10 Variation of Rights of Shares

10.1 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 (unless otherwise provided by the terms of issue of the Shares of that class) 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 have a material adverse effect upon such rights; otherwise, any such variation shall be made only with the consent
in writing of the holders of not less than two thirds of the issued Shares of that class, or with the sanction of a resolution passed
by a majority of not less than two thirds of the votes cast at a separate meeting of the holders of the Shares of that class. For the
avoidance of doubt, the Directors reserve the right, notwithstanding that any such variation may not have a material adverse effect, to
obtain consent from the holders of Shares of the relevant class. 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 in person or by proxy may demand a poll.

10.2 For the purposes of a separate class meeting, the Directors may treat two or more
or all the classes of Shares as forming one class of Shares if the Directors consider that such class of Shares would be affected in the
same way by the proposals under consideration, but in any other case shall treat them as separate classes of Shares.

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.

11 Commission on Sale of Shares

The Company may, in so far as the Companies Act 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 Companies Act) 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 all Shares (whether fully
paid-up or not) registered in the name of a Member (whether solely or jointly with others) for all debts, liabilities or engagements to
or with the Company (whether presently payable or not) by such Member or his estate, either alone or jointly with any other person, whether
a Member or not, but the Directors may at any time declare any Share to be wholly or in part exempt from the provisions of this Article.
The registration of a transfer of any such Share shall operate as a waiver of the Company's lien thereon. The Company's lien
on a Share shall also extend to any amount payable in respect of that Share.

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.

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 his nominee
shall be registered as the holder of the Shares comprised in any such transfer, and he shall not be bound to see to the application of
the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity in the 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 costs, shall be applied in payment
of such part of the amount in respect of which the lien exists as is presently payable and any balance shall (subject to a like lien for
sums not presently payable as existed upon the Shares before the sale) be paid to the person entitled to the Shares at the date of the
sale.

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.

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 shall entitle the Member paying such amount
to any portion of a Dividend or other 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.

15.5 A certificate in writing under the hand of one Director or officer of the Company
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.

17 Amendments of Memorandum and Articles of Association and Alteration of Capital

17.1 The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of larger amount
than its existing Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) convert all or any of its paid-up Shares into stock, and reconvert that stock
into paid-up Shares of any denomination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

17.2 All new Shares created in accordance with the provisions of the preceding Article
shall be subject to the same provisions of the Articles with reference to the payment of calls, liens, transfer, transmission, forfeiture
and otherwise as the Shares in the original share capital.

17.3 Subject to the provisions of the Companies Act and the provisions of the Articles
as regards the matters to be dealt with by Ordinary Resolution, the Company may by Special Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) alter or add to the Articles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) alter or add to the Memorandum with respect to any objects, powers or other matters
specified therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reduce its share capital or any capital redemption reserve fund.

18 Offices and Places of Business

Subject to the provisions of the Companies Act, 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 All general meetings other than annual general meetings shall be called extraordinary
general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 The Company may, but shall not (unless required by the Companies Act) 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.
Any annual general meeting shall be held at such time and place as the Directors shall appoint and if no other time and place is prescribed
by them, it shall be held at the Registered Office on the second Wednesday in December of each year at ten o'clock in the morning.
At these meetings the report of the Directors (if any) shall be presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3 The Directors may call general meetings, and they shall on a Members' requisition
forthwith proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4 A Members' requisition is a requisition of Members holding at the date of
deposit of the requisition not less than ten per cent. in par value of the issued Shares which as at that date carry the right to vote
at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.5 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.6 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 from the date of the deposit of the Members' requisition duly proceed
to convene a general meeting to be held within a further twenty-one days, the requisitionists, or any of them representing more than one-
half of the total voting rights of all of the requisitionists, may themselves convene a general meeting, but any meeting so convened shall
be held no later than the day which falls three months after the expiration of the said twenty-one day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.7 A general meeting convened as aforesaid by requisitionists shall be convened in
the same manner as nearly as possible as that in which general meetings are to be convened by Directors.

20 Notice of General Meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1 At least five clear days' notice shall be given of any general meeting. Every
notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general
meeting and shall be given in the manner hereinafter mentioned or in such other manner if any as may be prescribed by the Company, provided
that a general meeting of the Company shall, whether or not the notice specified in this Article has been given and whether or not the
provisions of the Articles regarding general meetings have been complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by all of the Members entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by a majority in number of the Members
having a right to attend and vote at the meeting, together holding not less than ninety five per cent. in par value of the Shares giving
that right.

20.2 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.

21 Proceedings at General Meetings

21.1 No business shall be transacted at any general meeting unless a quorum is present.
Two Members being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative
or proxy shall be a quorum unless the Company has only one Member entitled to vote at such general meeting in which case the quorum shall
be that one Member present in person or by proxy or (in the case of a corporation or other non- natural person) by its duly authorised
representative or proxy.

21.2 A person may participate at a general meeting by conference telephone or other communications
equipment by means of which all the persons participating in the meeting can communicate with each other. Participation by a person in
a general meeting in this manner is treated as presence in person 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 at the same time and/or place or to such
other day, time and/or place as the Directors may determine, and if at the adjourned meeting a quorum is not present within half an hour
from the time appointed for the meeting to commence, the Members present shall be a quorum.

21.5 The Directors may, at any time prior to the time appointed for the meeting to
commence, appoint any person to act as chairman of a general meeting of the Company or, if the Directors do not make any such appointment,
the chairman, if any, of the board of Directors shall preside as chairman at such general meeting. If there is no such chairman, or if
he 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 chairman of the meeting.

21.6 If no Director is willing to act as chairman 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 chairman of the meeting.

21.7 The chairman 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, 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.

21.8 When a general meeting is adjourned for thirty days or more, notice of the adjourned
meeting shall be given as in the case of an original meeting. Otherwise it shall not be necessary to give any such notice of an adjourned
meeting.

21.9 A resolution put to the vote of the meeting shall be decided on a show of hands unless
before, or on the declaration of the result of, the show of hands, the chairman demands a poll, or any other Member or Members collectively
present in person or by proxy (or in the case of a corporation or other non-natural person, by its duly authorised representative or proxy)
and holding at least ten per cent. in par value of the Shares giving a right to attend and vote at the meeting demand a poll.

21.10 Unless a poll is duly demanded and the demand is not withdrawn a declaration by
the chairman that a resolution has been carried or carried unanimously, or by a particular majority, or lost or not carried by a particular
majority, an entry to that effect in the minutes of the proceedings of the meeting shall be conclusive evidence of that fact without proof
of the number or proportion of the votes recorded in favour of or against such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.11 The demand for a poll may be withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12 Except on a poll demanded on the election of a chairman or on a question of adjournment,
a poll shall be taken as the chairman directs, and the result of the poll shall be deemed to be the resolution of the general meeting
at which the poll was demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 A poll demanded on the election of a chairman 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 chairman 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 In the case of an equality of votes, whether on a show of hands or on a poll,
the chairman shall be entitled to a second or casting vote.

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| 22 | Votes of Members |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1 Subject to any rights or restrictions attached to any Shares, on a show of hands
every Member who (being an individual) is present in person or by proxy or, if a corporation or other non-natural person is present by
its duly authorised representative or by proxy, shall have one vote and on a poll every Member present in any such manner shall have one
vote for every Share of which he is the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2 In the case of joint holders the vote of the senior holder who tenders a vote,
whether in person or by proxy (or, in the case of a corporation or other non-natural person, by its duly authorised representative or
proxy), shall be accepted to the exclusion of the votes of the other joint holders, and seniority shall be determined by the order in
which the names of the holders stand in the Register of Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 nor unless all calls or other monies then payable by him in respect of Shares have been
paid.

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 chairman whose decision shall
be final and conclusive.

22.6 On a poll or on a show of hands 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 state which proxy is entitled to vote on a show of hands and shall specify the number of Shares in
respect of which each proxy is entitled to exercise the related votes.

22.7 On a poll, a Member holding more than one Share need not cast the votes in respect
of his 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 him, a proxy appointed
under one or more instruments may vote a Share or some or all of the Shares in respect of which he 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 he is appointed.

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| 23 | Proxies |

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23.1 The instrument appointing a proxy shall be in writing and shall be executed under
the hand of the appointor or of his attorney duly authorised in writing, or, if the appointor is a corporation or other non- natural person,
under the hand of its duly authorised representative. A proxy need not be a Member.

23.2 The Directors may, in the notice convening any meeting or adjourned meeting, or
in an instrument of proxy sent out by the Company, specify the manner by which the instrument appointing a proxy shall be deposited and
the place and the time (being not later than the time appointed for the commencement of the meeting or adjourned meeting to which the
proxy relates) at which the instrument appointing a proxy shall be deposited. In the absence of any such direction from the Directors
in the notice convening any meeting or adjourned meeting or in an instrument of proxy sent out by the Company, the instrument appointing
a proxy 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.

The chairman may in any event at his 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 chairman, shall be invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3 The instrument appointing a proxy may be in any usual or common form (or such other
form as the Directors may approve) and may be expressed to be for a particular meeting or any adjournment thereof or generally until revoked.
An instrument appointing a proxy shall be deemed to include the power to demand or join or concur in demanding a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.4 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.

24 Corporate Members

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.

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| 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

There shall be a board of Directors consisting of not less than one person (exclusive of alternate Directors) provided however that the Company may by Ordinary Resolution increase or reduce the limits in the number of Directors. The first Directors of the Company shall be determined in writing by, or appointed by a resolution of, the Subscriber.

27 Powers of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.1 Subject to the provisions of the Companies Act, 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.

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.

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 The Directors may appoint any person to be a Director, either to fill a 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.

29 Vacation of Office of Director

The office of a Director shall be vacated if:

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Director absents himself (for the avoidance of doubt, without being represented
by proxy or an alternate Director appointed by him) from three consecutive meetings of the board of Directors without special leave of
absence from the Directors, and the Directors pass a resolution that he has by reason of such absence vacated office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Director dies, becomes bankrupt or makes any arrangement or composition with
his creditors generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Director is found to be or becomes of unsound mind; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of the other Directors (being not less than two in number) determine that
he should be removed as a Director, either by a resolution passed by all of the other Directors at a meeting of the Directors duly convened
and held in accordance with the Articles or by a resolution in writing signed by all of the other Directors.

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 if there are two or more Directors, and shall be one if there is only one Director. A
person who holds office as an alternate Director shall, if his appointor is not present, be counted in the quorum. A Director who also
acts as an alternate Director shall, if his appointor is not present, count twice towards the quorum.

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, the
chairman shall have a second or casting vote. A Director who is also an alternate Director shall be entitled in the absence of his appointor
to a separate vote on behalf of his appointor in addition to his own vote.

30.3 A person may participate in a meeting of the Directors or committee of Directors
by conference telephone or other communications equipment by means of which all the persons participating in the meeting can 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 chairman is located at the
start of the meeting.

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 (an alternate
Director being entitled to sign such a resolution on behalf of his appointor and if such alternate Director is also a Director, being
entitled to sign such resolution both on behalf of his appointer and in his capacity as a Director) 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.

30.5 A Director or alternate Director may, or other officer of the Company on the direction
of a Director or alternate Director shall, call a meeting of the Directors by at least two days' notice in writing to every Director
and alternate Director which notice shall set forth the general nature of the business to be considered unless notice is waived by all
the Directors (or their alternates) 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 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.

30.7 The Directors may elect a chairman of their board and determine the period for which
he is to hold office; but if no such chairman is elected, or if at any meeting the chairman is not present within five minutes after the
time appointed for the meeting to commence, the Directors present may choose one of their number to be chairman of the meeting.

30.8 All acts done by any meeting of the Directors or of a committee of the Directors
(including any person acting as an alternate Director) shall, notwithstanding that it is afterwards discovered that there was some defect
in the appointment of any Director or alternate 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
or alternate Director and/or had not vacated their office and/or had been entitled to vote, as the case may be.

30.9 A Director but not an alternate 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 Presumption of Assent

A Director or alternate Director who is present at a meeting of the board of Directors at which action on any Company matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Director or alternate Director who voted in favour of such action.

32 Directors' Interests

32.1 A Director or alternate 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 or alternate Director may act by himself or by, through or on behalf
of his firm in a professional capacity for the Company and he or his firm shall be entitled to remuneration for professional services
as if he were not a Director or alternate Director.

32.3 A Director or alternate Director may be or become a director or other officer
of or otherwise interested in any company promoted by the Company or in which the Company may be interested as a shareholder, a contracting
party or otherwise, and no such Director or alternate Director shall be accountable to the Company for any remuneration or other benefits
received by him as a director or officer of, or from his interest in, such other company.

32.4 No person shall be disqualified from the office of Director or alternate Director
or prevented by such office from contracting with the Company, either as vendor, purchaser or otherwise, nor shall any such contract or
any contract or transaction entered into by or on behalf of the Company in which any Director or alternate Director shall be in any way
interested be or be liable to be avoided, nor shall any Director or alternate Director so contracting or being so interested be liable
to account to the Company for any profit realised by or arising in connection with any such contract or transaction by reason of such
Director or alternate Director holding office or of the fiduciary relationship thereby established. A Director (or his alternate Director
in his absence) shall be at liberty to vote in respect of any contract or transaction in which he is interested provided that the nature
of the interest of any Director or alternate Director in any such contract or transaction shall be disclosed by him at or prior to its
consideration and any vote thereon.

32.5 A general notice that a Director or alternate Director is a shareholder, director,
officer or employee of any specified firm or company and is to be regarded as interested in any transaction with such firm or company
shall be sufficient disclosure for the purposes of voting on a resolution in respect of a contract or transaction in which he has an interest,
and after such general notice it shall not be necessary to give special notice relating to any particular transaction.

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| 33 | Minutes |

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The Directors shall cause minutes to be made in books kept for the purpose of all appointments of officers made by the Directors, all proceedings at meetings of the Company or the holders of any class of Shares and of the Directors, and of committees of the Directors, including the names of the Directors or alternate 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. They may also delegate to any managing director or any
Director holding any other executive office such of their powers, authorities and discretions as they consider desirable to be exercised
by him provided that an alternate Director may not act as managing director and the appointment of a managing director shall be revoked
forthwith if he ceases to be a Director. 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.

34.3 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.

34.4 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.

34.5 The Directors may appoint such officers of the Company (including, for the avoidance
of doubt and without limitation, any secretary) 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 of the Company may be removed by resolution
of the Directors or Members. An officer of the Company may vacate his office at any time if he gives notice in writing to the Company
that he resigns his office.

35 Alternate Directors

35.1 Any Director (but not an alternate Director) may by writing appoint any other
Director, or any other person willing to act, to be an alternate Director and by writing may remove from office an alternate Director
so appointed by him.

35.2 An alternate Director shall be entitled to receive notice of all meetings of Directors
and of all meetings of committees of Directors of which his appointor is a member, to attend and vote at every such meeting at which the
Director appointing him is not personally present, to sign any written resolution of the Directors, and generally to perform all the functions
of his appointor as a Director in his absence.

35.3 An alternate Director shall cease to be an alternate Director if his appointor
ceases to be a Director.

35.4 Any appointment or removal of an alternate Director shall be by notice to the
Company signed by the Director making or revoking the appointment or in any other manner approved by the Directors.

35.5 Subject to the provisions of the Articles, an alternate Director shall be deemed
for all purposes to be a Director and shall alone be responsible for his own acts and defaults and shall not be deemed to be the agent
of the Director appointing him.

36 No Minimum Shareholding

The Company in general meeting may fix a minimum shareholding required to be held by a Director, but unless and until such a shareholding qualification is fixed a Director is not required to hold Shares.

37 Remuneration of Directors

37.1 The remuneration to be paid to the Directors, if any, shall be such remuneration
as the Directors shall determine. 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.

37.2 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.

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| | |
|:---|:---|
| 38 | Seal |

---

38.1 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 of the Company or other person
appointed by the Directors for the purpose.

38.2 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.

38.3 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.

39 Dividends, Distributions and Reserve

39.1 Subject to the Companies Act 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 the Companies Act.

39.2 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.

39.3 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.

39.4 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.

39.5 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.

39.6 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.

39.7 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.

39.8 No Dividend or other distribution shall bear interest against the Company.

39.9 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.

40 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.

41 Books of Account

41.1 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.

41.2 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 Companies Act or authorised by the Directors or by the Company in general meeting.

41.3 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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| | |
|:---|:---|
| 42 | Audit |

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42.1 The Directors may appoint an Auditor of the Company who shall hold office on such
terms as the Directors determine.

42.2 Every Auditor of the Company shall have a right of access at all times to the books
and accounts and vouchers of the Company and shall be entitled to require from the Directors and officers of the Company such information
and explanation as may be necessary for the performance of the duties of the Auditor.

42.3 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.

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| | |
|:---|:---|
| 43 | Notices |

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43.1 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 or to his address as shown in the Register of Members
(or where the notice is given by e-mail by sending it to the e-mail address provided by such Member). Any notice, if posted from one country
to another, is to be sent by airmail.

43.2 Where a notice is sent by courier, service of the notice shall be deemed to be
effected by delivery of the notice to a courier company, and shall be deemed to have been received on the third day (not including Saturdays
or Sundays or public holidays) following the day on which the notice was delivered to the courier. Where a notice is sent by post, service
of the notice shall be deemed to be effected by properly addressing, pre paying and posting a letter containing 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. Where a notice is sent by 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. Where a notice is given by e-mail service shall be deemed to be effected by transmitting
the e-mail to the e-mail address provided by the intended recipient and shall be deemed to have been received on the same day that it
was sent, and it shall not be necessary for the receipt of the e-mail to be acknowledged by the recipient.

43.3 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 or bankruptcy 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 at the address supplied for that purpose by the persons claiming to be so entitled,
or at the option of the Company by giving the notice in any manner in which the same might have been given if the death or bankruptcy
had not occurred.

43.4 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 his 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.

44 Winding Up

44.1 If the Company shall be wound up the liquidator shall 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:

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

44.2 If the Company shall be wound up the liquidator may, subject to the rights attaching
to any Shares and with the sanction of a Special Resolution of the Company and any other sanction required by the Companies Act, divide
amongst the Members in kind the whole or any part of the assets of the Company (whether such assets shall consist of property of the same
kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the Members or different
classes of Members. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trusts
for the benefit of the Members as the liquidator, with the like sanction, shall think fit, but so that no Member shall be compelled to
accept any asset upon which there is a liability.

45 Indemnity and Insurance

45.1 Every Director and officer of the Company (which for the avoidance of doubt, shall
not include auditors of the Company), together with every former Director and former officer of the Company (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 actual fraud or wilful
default. 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 actual fraud or wilful default under this Article unless or until a court of competent
jurisdiction shall have made a finding to that effect.

45.2 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.

45.3 The Directors, on behalf of the Company, may purchase and maintain insurance for
the benefit of any Director or other officer of the Company 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.

46 Financial Year

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.

47 Transfer by Way of Continuation

If the Company is exempted as defined in the Companies Act, it shall, subject to the provisions of the Companies Act 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.

48 Mergers and Consolidations

The Company shall, with the approval of a Special Resolution, have the power to merge or consolidate with one or more constituent companies (as defined in the Companies Act), upon such terms as the Directors may determine.

49 Cayman Islands Data Protection

49.1 The Company is a "data controller" for the purposes of the Data Protection
Act, 2017 (as amended) of the Cayman Islands (the **DPA**). By virtue
of subscribing for and holding Shares in the Company, Members provide the Company with certain information (**Personal Data**) that constitutes "personal data" under the DPA. Personal Data includes, without limitation, the following
information relating to a Member and/or any natural person(s) connected with a Member (such as a Member's individual directors,
members and/or beneficial owner(s)): name, residential address, email address, corporate contact information, other contact information,
date of birth, place of birth, passport or other national identifier details, national insurance or social security number, tax
identification, bank account details and information regarding assets, income, employment and source of funds.

49.2 The Company processes such Personal Data for the purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) performing contractual rights and obligations (including under the constitutional
documents of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) complying with legal or regulatory obligations (including those relating to anti-money
laundering and counter-terrorist financing, preventing and detecting fraud, sanctions, automatic exchange of tax information, requests
from governmental, regulatory, tax and law enforcement authorities, beneficial ownership and maintaining statutory registers); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the legitimate interests pursued by the Company or third parties to whom Personal
Data may be transferred, including to manage and administer the Company, to send updates, information and notices to Members or otherwise
correspond with Members regarding the Company, to seek professional advice, including legal advice, to meet accounting, tax reporting
and audit obligations, to manage risk and operations and to maintain internal records.

49.3 The Company transfers Personal Data to certain third parties who process the Personal
Data on the Company's behalf, including third party service providers that it appoints or engages to assist with the Company's
management, operation, administration and legal, governance and regulatory compliance. In certain circumstances, the Company may be required
by law or regulation to transfer Personal Data and other information with respect to one or more Member(s) to governmental, regulatory,
tax and law enforcement authorities. They may, in turn, exchange this information with other governmental, regulatory, tax and law enforcement
authorities (including in jurisdictions other than the Cayman Islands).

## Exhibit 3.3

**Exhibit 3.3**

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED<br> MEMORANDUM OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Shares)

1. The name of the Company is Club Versante Group Limited.

2. The Registered Office of the Company will be situated at the offices of McGrath Tonner Corporate Services
Limited, Genesis Building, 5<sup>th</sup> Floor, Genesis Close, PO Box 446, Cayman Islands, KY1-1106 or at such other location within
the Cayman Islands as the Directors may from time to time determine.

3. The objects for which the Company is established are unrestricted and the Company shall have full power
and authority to carry out any object not prohibited by the Companies Act or any other law of the Cayman Islands.

4. The Company shall have and be capable of exercising all the functions of a natural person of full capacity
irrespective of any question of corporate benefit as provided by the Companies Act.

5. The Company will not trade in the Cayman Islands with any person, firm or corporation except in furtherance
of the business of the Company carried on outside the Cayman Islands; provided that nothing in this section shall be construed as to prevent
the Company effecting and concluding contracts in the Cayman Islands, and exercising in the Cayman Islands all of its powers necessary
for the carrying on of its business outside the Cayman Islands.

6. The liability of each Shareholder is limited to the amount, if any, unpaid on the Shares held by such
Shareholder.

7. The authorised share capital of the Company is US$50,000 divided into 500,000,000 ordinary shares of par
value of US$0.0001 each. Subject to the Companies Act and the Articles, the Company shall have power to redeem or purchase any of its
Shares and to increase or reduce its authorised share capital and to sub-divide or consolidate the said Shares or any of them and to issue
all or any part of its capital whether original, redeemed, increased or reduced with or without any preference, priority, special privilege
or other rights or subject to any postponement of rights or to any conditions or restrictions whatsoever and so that unless the conditions
of issue shall otherwise expressly provide every issue of shares whether stated to be ordinary, preference or otherwise shall be subject
to the powers on the part of the Company hereinbefore provided.

8. The Company has the power contained in the Companies Act to deregister in the Cayman Islands and be registered
by way of continuation in some other jurisdiction.

9. Capitalised terms that are not defined in this Memorandum of Association bear the same meanings as those
given in the Articles of Association of the Company.

**THE COMPANIES ACT (AS REVISED)**

**OF THE CAYMAN ISLANDS**

**COMPANY LIMITED BY SHARES**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**Club Versante Group Limited**

(adopted by a Special Resolution passed on [●] and effective immediately prior to the completion of the initial public offering of the Shares)

**TABLE A**

The regulations contained or incorporated in Table A in the First Schedule of the Companies Act shall not apply to the Company and the following Articles shall comprise the Articles of Association of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In these Articles the following defined terms will have the meanings ascribed to them, if not inconsistent
with the subject or context:

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| | |
|:---|:---|
| **"Affiliate"** | means in respect of a Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, and (i) in the case of a natural person, shall include, without limitation, such person's spouse, parents, children, siblings, mother-in-law, father-in-law, brothers-in-law and sisters-in-law, whether by blood, marriage or adoption, a trust for the benefit of any of the foregoing, and a corporation, partnership or any other entity wholly or jointly owned by any of the foregoing, and (ii) in the case of an entity, shall include a partnership, a corporation or any other entity or any natural person which directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such entity. The term "control" shall mean the ownership, directly or indirectly, of shares possessing more than fifty per cent (50%) of the voting power of the corporation, partnership or other entity (other than, in the case of a corporation, securities having such power only by reason of the happening of a contingency), or having the power to control the management or elect a majority of members to the board of directors or equivalent decision-making body of such corporation, partnership or other entity; |
| **"Articles"** | means these articles of association of the Company, as amended, restated and/or substituted from time to time; |
| **"Board"** and **"Board of Directors"** and **"Directors"** | means the directors of the Company for the time being, or as the case may be, the directors assembled as a board or as a committee thereof; |
| **"Chairman"** | means the chairman of the Board of Directors; |

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| | |
|:---|:---|
| **"Class" or "Classes"** | means any class or classes of Shares as may from time to time be issued by the Company; |
| **"Commission"** | means the Securities and Exchange Commission of the United States of America or any other federal agency for the time being administering the Securities Act; |
| **"Communication Facilities"** | means video, video-conferencing, internet or online conferencing applications, telephone or tele-conferencing and/or any other video-communications, internet or online conferencing application or telecommunications facilities by means of which all Persons participating in a meeting are capable of hearing and being heard by each other; |
| **"Company"** | means Club Versante Group Limited, a Cayman Islands exempted company; |
| **"Companies Act"** | means the Companies Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Company's Website"** | means the main corporate/investor relations website of the Company, the address or domain name of which has been disclosed in any registration statement filed by the Company with the Commission in connection with its initial public offering of the Shares, or which has otherwise been notified to Shareholders; |
| **"Designated Stock Exchange"** | means the stock exchange in the United States on which any Shares are listed for trading; |
| **"Designated Stock Exchange Rules"** | means the relevant code, rules and regulations, as amended, from time to time, applicable as a result of the original and continued listing of any Shares on the Designated Stock Exchange; |
| **"electronic"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"electronic communication"** | means a communication sent by electronic means, including electronic posting to the Company's Website, transmission to any number, address or internet website (including the website of the Commission) or other electronic delivery methods as otherwise decided and approved by not less than a majority of the vote of the Board; |
| **"electronic record"** | has the meaning given to it in the Electronic Transactions Act and any amendment thereto or re-enactments thereof for the time being in force and includes every other law incorporated therewith or substituted therefor; |
| **"Electronic Transactions Act"** | means the Electronic Transactions Act (As Revised) of the Cayman Islands and any statutory amendment or re-enactment thereof; |
| **"Memorandum of Association"** | means the memorandum of association of the Company, as amended or substituted from time to time; |

---

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| | |
|:---|:---|
| **"Ordinary Resolution"** | means a resolution: |

---

(a) passed by a simple majority of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company held in accordance with these Articles (in computing the majority [when a poll is demanded] regard shall be had to the number of votes to which each Shareholder is entitled by these Articles); or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the resolution so adopted shall be the date on which the instrument, or the last of such instruments, if more than one, is executed;

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| | |
|:---|:---|
| **"Ordinary Share"** | means an ordinary share of a par value of US$[1.00] in the capital of the Company, designated as an Ordinary Share and having the rights provided for in these Articles; |
| **"paid up"** | means paid up as to the par value in respect of the issue of any Shares and includes credited as paid up; |
| **"Person"** | means any natural person, firm, company, joint venture, partnership, corporation, association or other entity (whether or not having a separate legal personality) or any of them as the context so requires; |
| **"Present"** | means, in respect of any Person, such Person's presence at a general meeting of Shareholders (or any meeting of the holders of any Class of Shares), which may be satisfied by means of such Person or, if a corporation or other non-natural Person, its duly authorised representative (or, in the case of any Shareholder, a proxy which has been validly appointed by such Shareholder in accordance with these Articles), being: (a) physically present at the meeting; or (b) in the case of any meeting at which Communication Facilities are permitted in accordance with these Articles, including any Virtual Meeting, connected by means of the use of such Communication Facilities; |
| **"Register"** | means the register of members of the Company maintained in accordance with the Companies Act; |
| **"Registered Office"** | means the registered office of the Company as required by the Companies Act; |
| **"Seal"** | means the common seal of the Company (if adopted) including any facsimile thereof; |
| **"Secretary"** | means any Person appointed by the Directors to perform any of the duties of the secretary of the Company; |
| **"Securities Act"** | means the Securities Act of 1933 of the United States of America, as amended, or any similar federal statute and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time; |

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| | |
|:---|:---|
| **"Share"** | means a share in the capital of the Company. All references to "Shares" herein shall be deemed to be Shares of any or all Classes as the context may require. For the avoidance of doubt in these Articles the expression "Share" shall include a fraction of a Share; |
| **"Shareholder"** | means a Person who is registered as the holder of one or more Shares in the Register; |
| **"Share Premium Account"** | means the share premium account established in accordance with these Articles and the Companies Act; |
| **"signed"** | means bearing a signature or representation of a signature affixed by mechanical means or an electronic symbol or process attached to or logically associated with an electronic communication and executed or adopted by a Person with the intent to sign the electronic communication; |
| **"Special Resolution"** | means a special resolution of the Company passed in accordance with the Companies Act, being a resolution: |

---

(a) passed by not less than two-thirds of the votes cast by such Shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy or, in the case of corporations, by their duly authorised representatives, at a general meeting of the Company of which notice specifying the intention to propose the resolution as a special resolution has been duly given; or

(b) approved in writing by all of the Shareholders entitled to vote at a general meeting of the Company in one or more instruments each signed by one or more of the Shareholders and the effective date of the special resolution so adopted shall be the date on which the instrument or the last of such instruments, if more than one, is executed;

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| | |
|:---|:---|
| **"Treasury Share"** | means a Share held in the name of the Company as a treasury share in accordance with the Companies Act; |
| **"United States"** | means the United States of America, its territories, its possessions and all areas subject to its jurisdiction; and |
| **"Virtual Meeting"** | means any general meeting of the Shareholders (or any meeting of the holders of any Class of Shares) at which the Shareholders (and any other permitted participants of such meeting, including without limitation the chairman of the meeting and any Directors) are permitted to attend and participate solely by means of Communication Facilities. |

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2. In these Articles, save where the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words importing the singular number shall include the plural number and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) words importing the masculine gender only shall include the feminine gender and any Person as the context
may require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the word "may" shall be construed as permissive and the word "shall" shall be
construed as imperative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reference to a dollar or dollars (or US$) and to a cent or cents is reference to dollars and cents of
the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to a statutory enactment shall include reference to any amendment or re-enactment thereof for
the time being in force;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reference to any determination by the Directors shall be construed as a determination by the Directors
in their sole and absolute discretion and shall be applicable either generally or in any particular case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any phrase introduced by the terms "including", "include" or "in particular"
or similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to "in writing" shall be construed as written or represented by any means reproducible
in writing, including any form of print, lithograph, email, facsimile, photograph or telex or represented by any other substitute or format
for storage or transmission for writing including in the form of an electronic record or partly one and partly another;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any requirements as to delivery under the Articles include delivery in the form of an electronic record
or an electronic communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any requirements as to execution or signature under the Articles, including the execution of the Articles
themselves, can be satisfied in the form of an electronic signature as defined in the Electronic Transactions Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Sections 8 and 19(3) of the Electronic Transactions Act shall not apply.

3. Subject to the last two preceding Articles, any words defined in the Companies Act shall, if not inconsistent
with the subject or context, bear the same meaning in these Articles.

**PRELIMINARY**

4. The business of the Company may be conducted as the Directors see fit.

5. The Registered Office shall be at such address in the Cayman Islands as the Directors may from time to
time determine. The Company may in addition establish and maintain such other offices and places of business and agencies in such places
as the Directors may from time to time determine.

6. The expenses incurred in the formation of the Company and in connection with the offer for subscription
and issue of Shares shall be paid by the Company. Such expenses may be amortised over such period as the Directors may determine and the
amount so paid shall be charged against income and/or capital in the accounts of the Company as the Directors shall determine.

7. The Directors shall keep, or cause to be kept, the Register at such place as the Directors may from time
to time determine and, in the absence of any such determination, the Register shall be kept at the Registered Office.

**SHARES**

8. Subject to these Articles and where applicable the Designated Stock Exchange Rules, all Shares for the
time being unissued shall be under the control of the Directors who may, in their absolute discretion and without the approval of the
Shareholders, cause the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue, allot, or otherwise dispose of Shares (including, without limitation, preferred shares) (whether
in certificated form or non-certificated form) to such Persons, in such manner, at such times and on such terms and having such rights
and being subject to such restrictions as they may from time to time determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) grant rights over Shares or other securities to be issued in one or more classes or series as they deem
necessary or appropriate and determine the designations, powers, preferences, privileges and other rights attaching to such Shares or
securities, including dividend rights, voting rights, conversion rights, terms of redemption and liquidation preferences, any or all of
which may be greater than the powers, preferences, privileges and rights associated with the then issued and outstanding Shares, at such
times and on such other terms as they think proper; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) grant options with respect to Shares and issue warrants or similar instruments with respect thereto, at
such times and on such terms and having such rights and being subject to such restrictions as they may from time to time determine.

9. The Directors may authorise the division of Shares into any number of Classes and the different Classes
shall be authorised, established and designated (or re-designated as the case may be) and the variations in the relative rights (including,
without limitation, voting, dividend and redemption rights), restrictions, preferences, privileges and payment obligations as between
the different Classes (if any) may be fixed and determined by the Directors or by an Ordinary Resolution. The Directors may issue Shares
with such preferred or other rights, all or any of which may be greater than the rights of Ordinary Shares, at such time and on such terms
as they may think appropriate. Notwithstanding Article 12, the Directors may issue from time to time, out of the authorised share
capital of the Company, series of preferred shares in their absolute discretion and without approval of the Shareholders; provided, however,
before any preferred shares of any such series are issued, the Directors may by resolution of Directors determine, with respect to any
series of preferred shares, the terms and rights of that series, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the designation of such series, the number of preferred shares to constitute such series and the subscription
price thereof if different from the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether the preferred shares of such series shall have voting rights, in addition to any voting rights
provided by law, and, if so, the terms of such voting rights, which may be general or limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the dividends, if any, payable on such series, whether any such dividends shall be cumulative, and, if
so, from what dates, the conditions and dates upon which such dividends shall be payable, and the preference or relation which such dividends
shall bear to the dividends payable on any shares of any other class or any other series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) whether the preferred shares of such series shall be subject to redemption by the Company, and, if so,
the times, prices and other conditions of such redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether the preferred shares of such series shall have any rights to receive any part of the assets available
for distribution amongst the Shareholders upon the liquidation of the Company, and, if so, the terms of such liquidation preference, and
the relation which such liquidation preference shall bear to the entitlements of the holders of shares of any other class or any other
series of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether the preferred shares of such series shall be subject to the operation of a retirement or sinking
fund and, if so, the extent to and manner in which any such retirement or sinking fund shall be applied to the purchase or redemption
of the preferred shares of such series for retirement or other corporate purposes and the terms and provisions relative to the operation
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the preferred shares of such series shall be convertible into, or exchangeable for, shares of
any other class or any other series of preferred shares or any other securities and, if so, the price or prices or the rate or rates of
conversion or exchange and the method, if any, of adjusting the same, and any other terms and conditions of conversion or exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the limitations and restrictions, if any, to be effective while any preferred shares of such series are
outstanding upon the payment of dividends or the making of other distributions on, and upon the purchase, redemption or other acquisition
by the Company of, the existing shares or shares of any other class of shares or any other series of preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the conditions or restrictions, if any, upon the creation of indebtedness of the Company or upon the issue
of any additional shares, including additional shares of such series or of any other class of shares or any other series of preferred
shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any other powers, preferences and relative, participating, optional and other special rights, and any
qualifications, limitations and restrictions thereof; and, for such purposes, the Directors may reserve an appropriate number of Shares
for the time being unissued. The Company shall not issue Shares to bearer.

10. The Company may insofar as may be permitted by law, pay a commission to any Person in consideration of
his subscribing or agreeing to subscribe whether absolutely or conditionally for any Shares. Such commissions may be satisfied by the
payment of cash or the lodgment of fully or partly paid-up Shares or partly in one way and partly in the other. The Company may also pay
such brokerage as may be lawful on any issue of Shares.

11. The Directors may refuse to accept any application for Shares, and may accept any application in whole
or in part, for any reason or for no reason.

**MODIFICATION OF RIGHTS**

12. Whenever the capital of the Company is divided into different Classes the rights attached to any such
Class may, subject to any rights or restrictions for the time being attached to any Class, only be materially and adversely varied
with the consent in writing of the holders of two-thirds of the issued Shares of that Class or with the sanction of a Special Resolution
passed at a separate meeting of the holders of the Shares of that Class. To every such separate meeting all the provisions of these Articles
relating to general meetings of the Company or to the proceedings thereat shall, *mutatis mutandis*, apply, except that the
necessary quorum shall be one or more Persons holding or representing by proxy at least [one-third] in nominal or par value amount of
the issued Shares of the relevant Class (but so that if at any adjourned meeting of such holders a quorum as above defined is not
Present, those Shareholders who are Present shall form a quorum) and that, subject to any rights or restrictions for the time being attached
to the Shares of that Class, every Shareholder of the Class shall on a poll have one vote for each Share of the Class held by
him. For the purposes of this Article the Directors may treat all the Classes or any two or more Classes as forming one Class if
they consider that all such Classes would be affected in the same way by the proposals under consideration, but in any other case shall
treat them as separate Classes.

13. The rights conferred upon the holders of the Shares of any Class issued with preferred or other rights
shall not, subject to any rights or restrictions for the time being attached to the Shares of that Class, be deemed to be materially and
adversely varied by, inter alia, the creation, allotment or issue of further Shares ranking *pari passu* with or subsequent
to them or the redemption or purchase of any Shares of any Class by the Company. The rights of the holders of Shares shall not be
deemed to be materially and adversely varied by the creation or issue of Shares with preferred or other rights including, without limitation,
the creation of Shares with enhanced or weighted voting rights.

**CERTIFICATES**

14. A Shareholder may only be entitled to a share certificate if the Directors resolve that share certificates
shall be issued. Share certificates representing Shares, if any, shall be in such form as the Directors may determine. Share certificates
shall be signed by one or more Directors or other person authorised by the Directors. The Directors may authorise certificates to be issued
with the authorised signature(s) affixed by mechanical process. All certificates for Shares shall be numbered or otherwise identified
and shall specify the Shares to which they relate. All certificates surrendered to the Company for transfer shall be cancelled and, subject
to these Articles, no new certificate shall be issued until the former certificate representing a like number of relevant Shares shall
have been surrendered and cancelled.

15. Every share certificate of the Company shall bear such legends as may be required under applicable laws,
including the Securities Act.

16. No certificate shall be issued representing shares of more than one class.

17. If a share certificate shall be damaged or defaced or alleged to have been lost, stolen or destroyed,
a new certificate representing the same Shares may be issued to the relevant Shareholder upon request, subject to delivery up of the old
certificate or (if alleged to have been lost, stolen or destroyed) compliance with such conditions as to evidence and indemnity and the
payment of out-of-pocket expenses of the Company in connection with the request as the Directors may think fit.

18. The Company shall not be bound to issue more than one certificate for Shares held jointly by more than
one person. In the event that Shares are held jointly by several Persons, any request may be made by any one of the joint holders and
if so made shall be binding on all of the joint holders.

**FRACTIONAL SHARES**

19. The Directors may issue fractions of a Share and, if so issued, a fraction of a Share shall be subject
to and carry the corresponding fraction of liabilities (whether with respect to nominal or par value, premium, contributions, calls or
otherwise), limitations, preferences, privileges, qualifications, restrictions, rights (including, without prejudice to the generality
of the foregoing, voting and participation rights) and other attributes of a whole Share. If more than one fraction of a Share of the
same Class is issued to or acquired by the same Shareholder such fractions shall be accumulated.

**LIEN**

20. The Company has a first and paramount lien on every Share (whether or not fully paid) for all amounts
(whether presently payable or not) payable at a fixed time or called in respect of that Share. The Company also has a first and paramount
lien on every Share registered in the name of a Person indebted or under liability to the Company (whether he is the sole registered holder
of a Share or one of two or more joint holders) for all amounts owing by him or his estate to the Company (whether or not presently payable).
The Directors may at any time declare a Share to be wholly or in part exempt from the provisions of this Article. The Company's
lien on a Share extends to any amount payable in respect of it, including but not limited to dividends.

21. The Company may sell, in such manner as the Directors in their absolute discretion think fit, any Share
on which the Company has a lien, but no sale shall be made unless an amount in respect of which the lien exists is presently payable nor
until the expiration of fourteen calendar days after a notice in writing, demanding payment of such part of the amount in respect of which
the lien exists as is presently payable, has been given to the registered holder for the time being of the Share, or the Persons entitled
thereto by reason of his death or bankruptcy.

22. For giving effect to any such sale the Directors may authorise a Person to transfer the Shares sold to
the purchaser thereof. The purchaser shall be registered as the holder of the Shares comprised in any such transfer and he shall not be
bound to see to the application of the purchase money, nor shall his title to the Shares be affected by any irregularity or invalidity
in the proceedings in reference to the sale.

23. The proceeds of the sale after deduction of expenses, fees and commissions incurred by the Company shall
be received by the Company and applied in payment of such part of the amount in respect of which the lien exists as is presently payable,
and the residue shall (subject to a like lien for sums not presently payable as existed upon the Shares prior to the sale) be paid to
the Person entitled to the Shares immediately prior to the sale.

**CALLS ON SHARES**

24. Subject to the terms of the allotment, the Directors may from time to time make calls upon the Shareholders
in respect of any moneys unpaid on their Shares, and each Shareholder shall (subject to receiving at least fourteen calendar days'
notice specifying the time or times of payment) pay to the Company at the time or times so specified the amount called on such Shares.
A call shall be deemed to have been made at the time when the resolution of the Directors authorising such call was passed.

25. The joint holders of a Share shall be jointly and severally liable to pay calls in respect thereof.

26. If a sum called in respect of a Share is not paid before or on the day appointed for payment thereof,
the Person from whom the sum is due shall pay interest upon the sum at the rate of eight percent per annum from the day appointed for
the payment thereof to the time of the actual payment, but the Directors shall be at liberty to waive payment of that interest wholly
or in part.

27. The provisions of these Articles as to the liability of joint holders and as to payment of interest shall
apply in the case of non-payment of any sum which, by the terms of issue of a Share, becomes payable at a fixed time, whether on account
of the amount of the Share, or by way of premium, as if the same had become payable by virtue of a call duly made and notified.

28. The Directors may make arrangements with respect to the issue of partly paid Shares for a difference between
the Shareholders, or the particular Shares, in the amount of calls to be paid and in the times of payment.

29. The Directors may, if they think fit, receive from any Shareholder willing to advance the same all or
any part of the moneys uncalled and unpaid upon any partly paid Shares held by him, and upon all or any of the moneys so advanced may
(until the same would, but for such advance, become presently payable) pay interest at such rate (not exceeding without the sanction of
an Ordinary Resolution, eight percent per annum) as may be agreed upon between the Shareholder paying the sum in advance and the Directors.
No such sum paid in advance of calls shall entitle the Shareholder paying such sum to any portion of a dividend declared in respect of
any period prior to the date upon which such sum would, but for such payment, become presently payable.

**FORFEITURE OF SHARES**

30. If a Shareholder fails to pay any call or instalment of a call in respect of partly paid Shares on the
day appointed for payment, the Directors may, at any time thereafter during such time as any part of such call or instalment remains unpaid,
serve a notice on him requiring payment of so much of the call or instalment as is unpaid, together with any interest which may have accrued.

31. The notice shall name a further day (not earlier than the expiration of fourteen calendar days from the
date of the notice) on or before which the payment required by the notice is to be made, and shall state that in the event of non-payment
at or before the time appointed, the Shares in respect of which the call was made will be liable to be forfeited.

32. If the requirements of any such notice as aforesaid are not complied with, any Share in respect of which
the notice has been given may at any time thereafter, before the payment required by notice has been made, be forfeited by a resolution
of the Directors to that effect.

33. A forfeited Share may be sold or otherwise disposed of on such terms and in such manner as the Directors
think fit, and at any time before a sale or disposition the forfeiture may be cancelled on such terms as the Directors think fit.

34. A Person whose Shares have been forfeited shall cease to be a Shareholder in respect of the forfeited
Shares, but shall, notwithstanding, remain liable to pay to the Company all moneys which at the date of forfeiture were payable by him
to the Company in respect of the Shares forfeited, but his liability shall cease if and when the Company receives payment in full of the
amount unpaid on the Shares forfeited.

35. A certificate in writing under the hand of a Director that a Share has been duly forfeited on a date stated
in the certificate shall be conclusive evidence of the facts in the declaration as against all Persons claiming to be entitled to the
Share.

36. The Company may receive the consideration, if any, given for a Share on any sale or disposition thereof
pursuant to the provisions of these Articles as to forfeiture and may execute a transfer of the Share in favour of the Person to whom
the Share is sold or disposed of and that Person shall be registered as the holder of the Share and shall not be bound to see to the application
of the purchase money, if any, nor shall his title to the Shares be affected by any irregularity or invalidity in the proceedings in reference
to the disposition or sale.

37. The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which
by the terms of issue of a Share becomes due and payable, whether on account of the amount of the Share, or by way of premium, as if the
same had been payable by virtue of a call duly made and notified.

**TRANSFER OF SHARES**

38. The instrument of transfer of any Share shall be in writing and in any usual or common form or such other
form as the Directors may, in their absolute discretion, approve and be executed by or on behalf of the transferor and if in respect of
a nil or partly paid up Share, or if so required by the Directors, shall also be executed on behalf of the transferee and shall be accompanied
by the certificate (if any) of the Shares to which it relates and such other evidence as the Directors may reasonably require to show
the right of the transferor to make the transfer. The transferor shall be deemed to remain a Shareholder until the name of the transferee
is entered in the Register in respect of the relevant Shares. Subject to these Articles, any Shareholder may transfer all or any of his
shares by an instrument of transfer in the usual or common form or in a form prescribed by the Designated Stock Exchange or in any other
form approved by the Board and may be under hand or, if the transferor or transferee is a clearing house or a central depository house
or its nominee(s), by hand or by machine imprinted signature or by such other manner of execution as the Board may approve from time to
time.

39. (a) The Directors may in their absolute discretion decline to register any transfer of Shares which is not
fully paid up or on which the Company has a lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Directors may also decline to register any transfer of any Share unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the instrument of transfer is lodged with the Company, accompanied by the certificate for the Shares to
which it relates and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the instrument of transfer is in respect of only one Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the instrument of transfer is properly stamped, if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of a transfer to joint holders, the number of joint holders to whom the Share is to be transferred
does not exceed four; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a fee of such maximum sum as the Designated Stock Exchange may determine to be payable, or such lesser
sum as the Board of Directors may from time to time require, is paid to the Company in respect thereof.

40. The registration of transfers may, after compliance with any notice required by the Designated Stock Exchange
Rules, be suspended and the Register closed at such times and for such periods as the Directors may, in their absolute discretion, from
time to time determine, provided always that such registration of transfer shall not be suspended nor the Register closed for more than
thirty calendar days in any calendar year.

41. All instruments of transfer that are registered shall be retained by the Company. If the Directors refuse
to register a transfer of any Shares, they shall within two calendar months after the date on which the transfer was lodged with the Company
send notice of the refusal to each of the transferor and the transferee.

**TRANSMISSION OF SHARES**

42. The legal personal representative of a deceased sole holder of a Share shall be the only Person recognised
by the Company as having any title to the Share. In the case of a Share registered in the name of two or more holders, the survivors or
survivor, or the legal personal representatives of the deceased survivor, shall be the only Person recognised by the Company as having
any title to the Share.

43. Any Person becoming entitled to a Share in consequence of the death or bankruptcy of a Shareholder shall,
upon such evidence being produced as may from time to time be required by the Directors, have the right either to be registered as a Shareholder
in respect of the Share or, instead of being registered himself, to make such transfer of the Share as the deceased or bankrupt Person
could have made; but the Directors shall, in either case, have the same right to decline or suspend registration as they would have had
in the case of a transfer of the Share by the deceased or bankrupt Person before the death or bankruptcy.

44. A Person becoming entitled to a Share by reason of the death or bankruptcy of a Shareholder shall be entitled
to the same dividends and other advantages to which he would be entitled if he were the registered Shareholder, except that he shall not,
before being registered as a Shareholder in respect of the Share, be entitled in respect of it to exercise any right conferred by membership
in relation to meetings of the Company, provided however, that the Directors may at any time give notice requiring any such Person to
elect either to be registered himself or to transfer the Share, and if the notice is not complied with within ninety calendar days, the
Directors may thereafter withhold payment of all dividends, bonuses or other monies payable in respect of the Share until the requirements
of the notice have been complied with.

**REGISTRATION OF EMPOWERING INSTRUMENTS**

45. The Company shall be entitled to charge a fee not exceeding one dollar (US$1.00) on the registration of
every probate, letters of administration, certificate of death or marriage, power of attorney, notice in lieu of distringas, or other
instrument.

**ALTERATION OF SHARE CAPITAL**

46. The Company may from time to time by Ordinary Resolution increase the share capital by such sum, to be
divided into Shares of such Classes and amount, as the resolution shall prescribe and with such rights, priorities and privileges annexed
thereto, as the Company in general meeting may determine.

47. The Company may by Ordinary Resolution:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase its share capital by new Shares of such amount as it thinks appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consolidate and divide all or any of its share capital into Shares of a larger amount than its existing
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) divide its Shares into several classes and without prejudice to any special rights previously conferred
on the holders of existing Shares attach thereto respectively any preferential, deferred, qualified or special rights, privileges, conditions
or such restrictions which in the absence of any such determination by the Company in general meeting, as the Directors may determine
provided always that, for the avoidance of doubt, where a Class of Shares has been authorised by the Company, no resolution of the Company
in general meeting is required for the issuance of Shares of that Class and the Directors may issue Shares of that Class and determine
such rights, privileges, conditions or restrictions attaching thereto as aforesaid, and further provided that where the Company issues
shares which do not carry voting rights, the words "non-voting" shall appear in the designation of such Shares and where the
equity capital includes shares with different voting rights, the designation of each Class of Shares, other than those with the most favourable
voting rights, must include the words "restricted voting" or "limited voting";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subdivide its Shares, or any of them, into Shares of an amount smaller than that fixed by the Memorandum,
provided that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced Share shall be
the same as it was in case of the Share from which the reduced Share is derived; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) cancel any Shares that, at the date of the passing of the resolution, have not been taken or agreed to
be taken by any Person and diminish the amount of its share capital by the amount of the Shares so cancelled.

48. All new Shares created in accordance with the provisions of the preceding Article shall be subject to
the same provisions of the Articles with reference to the payment of calls, Liens, transfer, transmission, forfeiture and otherwise as
the Shares in the original share capital. The Board may settle as it considers expedient any difficulty which arises in relation to any
consolidation and division under the preceding Article and in particular but without prejudice to the generality of the foregoing may
arrange for the sale of the shares representing fractions and the distribution of the net proceeds of sale (after deduction of the expenses
of such sale) in due proportion amongst the Shareholders who would have been entitled to the fractions, and for this purpose the Board
may authorise some person to transfer the shares representing fractions to their purchaser or resolve that such net proceeds be paid to
the Company for the Company's benefit. Such purchaser will not be bound to see to the application of the purchase money nor will
his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

49. The Company may by Special Resolution reduce its share capital and any capital redemption reserve in any
manner authorised by the Companies Act.

**REDEMPTION, PURCHASE AND SURRENDER OF SHARES**

50. Subject to the provisions of the Companies Act and these Articles, the Company may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue Shares that are to be redeemed or are liable to be redeemed at the option of the Shareholder or
the Company. The redemption of Shares shall be effected in such manner and upon such terms as may be determined, before the issue of such
Shares, by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) purchase its own Shares (including any redeemable Shares) on such terms and in such manner and terms as
have been approved by the Board, or are otherwise authorised by these Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a payment in respect of the redemption or purchase of its own Shares in any manner permitted by the
Companies Act, including out of capital.

51. The purchase of any Share shall not oblige the Company to purchase any other Share other than as may be
required pursuant to applicable law and any other contractual obligations of the Company.

52. The holder of the Shares being purchased shall be bound to deliver up to the Company the certificate(s) (if
any) thereof for cancellation and thereupon the Company shall pay to him the purchase or redemption monies or consideration in respect
thereof.

53. The Directors may accept the surrender for no consideration of any fully paid Share.

**TREASURY SHARES**

54. The Directors may, prior to the purchase, redemption or surrender of any Share, determine that such Share
shall be held as a Treasury Share.

55. The Directors may determine to cancel a Treasury Share or transfer a Treasury Share on such terms as they
think proper (including, without limitation, for nil consideration).

**GENERAL MEETINGS**

56. All general meetings other than annual general meetings shall be called extraordinary general meetings.

57. (a) The Company may (but shall not be obliged to) in each calendar year hold a general meeting as its annual general meeting and shall
specify the meeting as such in the notices calling it. The annual general meeting shall be held at such time and place as may be determined
by the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At these meetings the report of the Directors (if any) shall be presented.

58. (a) The Chairman or a majority of the Directors (acting by a resolution of the Board) may call general meetings,
and they shall on a Shareholders' requisition forthwith proceed to convene an extraordinary general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Shareholders' requisition is a requisition of Shareholders holding at the date of deposit of the
requisition Shares which carry in aggregate not less than [one-tenth (1/10)] of the total number of votes attaching to all issued and
outstanding Shares that as at the date of the deposit carry the right to vote at general meetings of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The requisition must state the objects of the meeting and must be signed by the requisitionists and deposited
at the Registered Office, and may consist of several documents in like form each signed by one or more requisitionists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If there are no Directors as at the date of the deposit of the Shareholders' requisition, or if
the Directors do not within twenty-one (21) calendar days from the date of the deposit of the requisition duly proceed to convene a general
meeting to be held within a further twenty-one (21) calendar days, the requisitionists, or any of them representing more than one-half
of the total voting rights of all of them, may themselves convene a general meeting, but any meeting so convened shall not be held after
the expiration of three calendar months after the expiration of the said twenty-one (21) calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A general meeting convened as aforesaid by requisitionists shall be convened in the same manner as nearly
as possible as that in which general meetings are to be convened by Directors.

**NOTICE OF GENERAL MEETINGS**

59. At least [ten (10)] clear days' notice shall be given for any general meeting. Every notice shall
be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and shall specify the place, the
day and the hour of the meeting and the general nature of the business and shall be given in the manner hereinafter mentioned or in such
other manner if any as may be prescribed by the Company, provided that a general meeting of the Company shall, whether or not the notice
specified in this Article has been given and whether or not the provisions of these Articles regarding general meetings have been
complied with, be deemed to have been duly convened if it is so agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an annual general meeting, by [all] the Shareholders (or their proxies) entitled to attend
and vote thereat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of an extraordinary general meeting, by holders of [two-thirds] of the Shareholders having
a right to attend and vote at the meeting Present or, in the case of a corporation or other non-natural person, represented by its duly
authorised representative or proxy.

60. The accidental omission to give notice of a meeting to or the non-receipt of a notice of a meeting by
any Shareholder shall not invalidate the proceedings at any meeting.

**PROCEEDINGS AT GENERAL MEETINGS**

61. No business except for the appointment of a chairman for the meeting shall be transacted at any general
meeting unless a quorum of Shareholders is Present at the time when the meeting proceeds to business. One or more Shareholders holding
Shares which carry in aggregate (or representing by proxy) not less than a majority of all votes attaching to all Shares in issue and
entitled to vote at such general meeting Present shall be a quorum for all purposes.

62. If within half an hour from the time appointed for the meeting a quorum is not Present, the meeting shall
be dissolved.

63. If the Directors wish to make this facility available for a specific general meeting or all general meetings
of the Company, attendance and participation in any general meeting of the Company may be by means of Communication Facilities. Without
limiting the generality of the foregoing, the Directors may determine that any general meeting may be held as a Virtual Meeting. The
notice of any general meeting at which Communication Facilities will be utilised (including any Virtual Meeting) must disclose the Communication
Facilities that will be used, including the procedures to be followed by any Shareholder or other participant of the meeting who wishes
to utilise such Communication Facilities for the purposes of attending and participating in such meeting, including attending and casting
any vote thereat.

64. The Chairman, if any, shall preside as chairman at every general meeting of the Company. If there is no
such Chairman, or if at any general meeting he is not Present within fifteen minutes after the time appointed for holding the meeting
or is unwilling to act as chairman of the meeting, any Director or Person nominated by the Directors shall preside as chairman of that
meeting, failing which the Shareholders Present shall choose any Person Present to be chairman of that meeting.

65. The chairman of any general meeting shall be entitled to attend and participate at any such general meeting
by means of Communication Facilities, and to act as the chairman of such general meeting, in which event the following provisions shall
apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The chairman of the meeting shall be deemed to be Present at the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Communication Facilities are interrupted or fail for any reason to enable the chairman of the meeting
to hear and be heard by all other Persons participating in the meeting, then the other Directors Present at the meeting shall choose another
Director Present to act as chairman of the meeting for the remainder of the meeting; provided that if no other Director is Present at
the meeting, or if all the Directors Present decline to take the chair, then the meeting shall be automatically adjourned to the same
day in the next week and at such time and place as shall be decided by the Board of Directors.

66. The chairman of any general meeting at which a quorum is Present may with the consent of the meeting (and
shall if so directed by the meeting) adjourn the meeting from time to time and from place to place, but no business shall be transacted
at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. When a meeting,
or adjourned meeting, is adjourned for fourteen calendar days or more, notice of the adjourned meeting shall be given as in the case of
an original meeting. Save as aforesaid it shall not be necessary to give any notice of an adjournment or of the business to be transacted
at an adjourned meeting.

67. The Directors may cancel or postpone any duly convened general meeting at any time prior to such meeting,
except for general meetings requisitioned by the Shareholders in accordance with these Articles, for any reason or for no reason, upon
notice in writing to Shareholders. A postponement may be for a stated period of any length or indefinitely as the Directors may determine.

68. At any general meeting a resolution put to the vote of the meeting shall be decided on a show of hands,
unless a poll is (before or on the declaration of the result of the show of hands) demanded, and unless a poll is so demanded, a declaration
by the chairman of the meeting that a resolution has, on a show of hands, been carried, or carried unanimously, or by a particular majority,
or lost, and an entry to that effect in the book of the proceedings of the Company, shall be conclusive evidence of the fact, without
proof of the number or proportion of the votes recorded in favour of, or against, that resolution. A poll may be demanded by (i) the chairman
of such meeting; (ii) at least three Shareholders Present in person or by proxy or (in the case of a Shareholder being a corporation)
by its duly authorised representative for the time being entitled to vote at the meeting; (iii) Shareholder(s) present in person or by
proxy or (in the case of a Shareholder being a corporation) by its duly authorised representative representing not less than one-tenth
of the total voting rights of all Shareholders having the right to vote at the meeting; and (iv) Shareholder(s) present in person or by
proxy or (in the case of a Shareholder being a corporation) by its duly authorised representative and holding Shares conferring a right
to vote at the meeting being Shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid
up on all Shares conferring that right.

69. If a poll is duly demanded it shall be taken in such manner as the chairman of the meeting directs, and
the result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded.

70. All questions submitted to a meeting shall be decided by an Ordinary Resolution except where a greater
majority is required by these Articles or by the Companies Act. In the case of an equality of votes, whether on a show of hands or on
a poll, the chairman of the meeting at which the show of hands takes place or at which the poll is demanded, shall be entitled to a second
or casting vote.

71. A poll demanded on the election of a chairman of the meeting or on a question of adjournment shall be
taken forthwith. A poll demanded on any other question shall be taken at such time as the chairman of the meeting directs.

**VOTES OF SHAREHOLDERS**

72. Subject to any rights and restrictions for the time being attached to any Share, on a show of hands every
Shareholder Present in person or represented by its duly authorised representative or proxy shall, at a general meeting of the Company,
each have one (1) vote and on a poll every Shareholder Present in person or represented by its duly authorised representative or proxy
shall have one (1) vote for each Ordinary Share of which such Shareholder is the holder.

73. In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy (or,
if a corporation or other non-natural person, by its duly authorised representative or proxy) shall be accepted to the exclusion of the
votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the Register.

74. Shares carrying the right to vote that are held by a Shareholder of unsound mind, or in respect of whom
an order has been made by any court having jurisdiction in lunacy, may be voted, [whether on a show of hands or on a poll], by his committee,
or other Person in the nature of a committee appointed by that court, and any such committee or other Person may vote in respect of such
Shares by proxy.

75. No Shareholder shall be entitled to vote at any general meeting of the Company unless all calls, if any,
or other sums presently payable by him in respect of Shares carrying the right to vote held by him have been paid.

76. On a poll votes may be given either personally or by proxy.

77. Each Shareholder, other than a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)),
may only appoint one proxy [on a show of hand]. The instrument appointing a proxy shall be in writing under the hand of the appointor
or of his attorney duly authorised in writing or, if the appointor is a corporation, either under Seal or under the hand of an officer
or attorney duly authorised. A proxy need not be a Shareholder.

78. An instrument appointing a proxy may be in any usual or common form or such other form as the Directors
may approve.

79. The instrument appointing a proxy shall be deposited at the Registered Office or at such other place as
is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not less than 48 hours before the time for holding the meeting or adjourned meeting at which the person
named in the instrument proposes to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a poll taken more than 48 hours after it is demanded, be deposited as aforesaid after the
poll has been demanded and not less than 24 hours before the time appointed for the taking of the poll; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where the poll is not taken forthwith but is taken not more than 48 hours after it was demanded be delivered
at the meeting at which the poll was demanded to the chairman or to the secretary or to any director;

provided that the Directors may in the notice convening the meeting, or in an instrument of proxy sent out by the Company, direct that the instrument appointing a proxy may be deposited at such other time (no later than the time for holding the meeting or adjourned meeting) at the Registered Office or at such other place as is specified for that purpose in the notice convening the meeting, or in any instrument of proxy sent out by the Company. The chairman of the meeting may in any event at his discretion direct that an instrument of proxy shall be deemed to have been duly deposited. An instrument of proxy that is not deposited in the manner permitted shall be invalid.

80. The instrument appointing a proxy shall be deemed to confer authority to demand or join in demanding a
poll.

81. A resolution in writing signed by all the Shareholders for the time being entitled to receive notice of
and to attend and vote at general meetings of the Company (or being corporations by their duly authorised representatives) shall be as
valid and effective as if the same had been passed at a general meeting of the Company duly convened and held.

**CORPORATIONS ACTING BY REPRESENTATIVES AT MEETINGS**

82. Any corporation which is a Shareholder or a Director may by resolution of its directors or other governing
body authorise such Person as it thinks fit to act as its representative at any meeting of the Company or of any meeting of holders of
a Class or of the Directors or of a committee of Directors, and the Person so authorised shall be entitled to exercise the same powers
on behalf of the corporation which he represents as that corporation could exercise if it were an individual Shareholder or Director.

**DEPOSITARY AND CLEARING HOUSES**

83. If a recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) is a Shareholder
of the Company it may, by resolution of its directors or other governing body or by power of attorney, authorise such Person(s) as
it thinks fit to act as its representative(s) at any general meeting of the Company or of any Class of Shareholders provided
that, if more than one Person is so authorised, the authorisation shall specify the number and Class of Shares in respect of which
each such Person is so authorised. A Person so authorised pursuant to this Article shall be entitled to exercise the same powers
on behalf of the recognised clearing house (or its nominee(s)) or depositary (or its nominee(s)) which he represents as that recognised
clearing house (or its nominee(s)) or depositary (or its nominee(s)) could exercise if it were an individual Shareholder holding the number
and Class of Shares specified in such authorisation[, including the right to vote individually on a show of hands].

**DIRECTORS**

84. (a) Unless otherwise determined by the Company in general meeting, the number of Directors shall not be less
than [two (2)] Directors, the exact number of Directors to be determined from time to time by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall elect and appoint a Chairman by a majority of the Directors then in office.
The period for which the Chairman will hold office will also be determined by a majority of all of the Directors then in office. The Chairman
shall preside as chairman at every meeting of the Board of Directors. To the extent the Chairman is not present at a meeting of the Board
of Directors within fifteen minutes after the time appointed for holding the same, the attending Directors may choose one of their number
to be the chairman of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may by Ordinary Resolution appoint any person to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board may, by the affirmative vote of a simple majority of the remaining Directors present and voting
at a Board meeting, appoint any person as a Director, to fill a casual vacancy on the Board or as an addition to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) An appointment of a Director may be on terms that the Director shall automatically retire from office
(unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event or after any specified
period in a written agreement between the Company and the Director, if any; but no such term shall be implied in the absence of express
provision. Any Director whose term of office expires shall be eligible for re-election at a meeting of the Shareholders or re-appointment
by the Board.

85. A Director may be removed from office by an Ordinary Resolution, notwithstanding anything in these Articles
or in any agreement between the Company and such Director (but without prejudice to any claim for damages under such agreement). A vacancy

vote of a simple majority of the remaining Directors present and voting at a Board meeting. The notice of any meeting at which a resolution
to remove a Director shall be proposed or voted upon must contain a statement of the intention to remove that Director and such notice
must be served on that Director not less than ten (10) calendar days before the meeting. Such Director is entitled to attend the
meeting and be heard on the motion for his removal.

86. The Board may, from time to time, and except as required by applicable law or Designated Stock Exchange
Rules, adopt, institute, amend, modify or revoke the corporate governance policies or initiatives of the Company and determine on various
corporate governance related matters of the Company as the Board shall determine by resolution of Directors from time to time.

87. A Director shall not be required to hold any Shares in the Company by way of qualification. A Director
who is not a Shareholder of the Company shall nevertheless be entitled to attend and speak at general meetings.

88. The remuneration of the Directors may be determined by the Directors or by Ordinary Resolution.

89. The Directors shall be entitled to be paid for their travelling, hotel and other expenses properly incurred
by them in going to, attending and returning from meetings of the Directors, or any committee of the Directors, or general meetings of
the Company, or otherwise in connection with the business of the Company, or to receive such fixed allowance in respect thereof as may
be determined by the Directors from time to time, or a combination partly of one such method and partly the other.

**ALTERNATE DIRECTOR OR PROXY**

90. Any Director may in writing appoint another Person to be his alternate and, save to the extent provided
otherwise in the form of appointment, such alternate shall have authority to sign written resolutions on behalf of the appointing Director,
but shall not be required to sign such written resolutions where they have been signed by the appointing director, and to act in such
Director's place at any meeting of the Directors at which the appointing Director is unable to be present. Every such alternate
shall be entitled to attend and vote at meetings of the Directors as a Director when the Director appointing him is not personally present
and where he is a Director to have a separate vote on behalf of the Director he is representing in addition to his own vote. A Director
may at any time in writing revoke the appointment of an alternate appointed by him. Such alternate shall be deemed for all purposes to
be a Director and shall not be deemed to be the agent of the Director appointing him. The remuneration of such alternate shall be payable
out of the remuneration of the Director appointing him and the proportion thereof shall be agreed between them.

91. Any Director may appoint any Person, whether or not a Director, to be the proxy of that Director to attend
and vote on his behalf, in accordance with instructions given by that Director, or in the absence of such instructions at the discretion
of the proxy, at a meeting or meetings of the Directors which that Director is unable to attend personally. The instrument appointing
the proxy shall be in writing under the hand of the appointing Director and shall be in any usual or common form or such other form as
the Directors may approve, and must be lodged with the chairman of the meeting of the Directors at which such proxy is to be used, or
first used, prior to the commencement of the meeting.

**POWERS AND DUTIES OF DIRECTORS**

92. Subject to the Companies Act, these Articles and any resolutions passed in a general meeting, the business
of the Company shall be managed by the Directors, who may pay all expenses incurred in setting up and registering the Company and may
exercise all powers of the Company. No resolution passed by the Company in general meeting shall invalidate any prior act of the Directors
that would have been valid if that resolution had not been passed.

93. Subject to these Articles, the Directors may from time to time appoint any natural person or corporation,
whether or not a Director to hold such office in the Company as the Directors may think necessary for the administration of the Company,
including but not limited to, chief executive officer, one or more other executive officers, president, one or more vice presidents, treasurer,
assistant treasurer, manager or controller, and for such term and at such remuneration (whether by way of salary or commission or participation
in profits or partly in one way and partly in another), and with such powers and duties as the Directors may think fit. Any natural person
or corporation so appointed by the Directors may be removed by the Directors. The Directors may also appoint one or more of their number
to the office of managing director upon like terms, but any such appointment shall ipso facto terminate if any managing director ceases
for any cause to be a Director, or if the Company by Ordinary Resolution resolves that his tenure of office be terminated.

94. The Directors may appoint any natural person or corporation to be a Secretary (and if need be an assistant
Secretary or assistant Secretaries) who shall hold office for such term, at such remuneration and upon such conditions and with such powers
as they think fit. Any Secretary or assistant Secretary so appointed by the Directors may be removed by the Directors or by the Company
by Ordinary Resolution.

95. The Directors may delegate any of their powers to committees consisting of such member or members of their
body as they think fit; any committee so formed shall in the exercise of the powers so delegated conform to any regulations that may be
imposed on it by the Directors.

96. The Directors may from time to time and at any time by power of attorney (whether under Seal or under
hand) or otherwise appoint any company, firm or Person or body of Persons, whether nominated directly or indirectly by the Directors,
to be the attorney or attorneys or authorised signatory (any such Person being an "Attorney" or "Authorised Signatory",
respectively) of the Company for such purposes and with such powers, authorities and discretion (not exceeding those vested in or exercisable
by the Directors under these Articles) and for such period and subject to such conditions as they may think fit, and any such power of
attorney or other appointment may contain such provisions for the protection and convenience of Persons dealing with any such Attorney
or Authorised Signatory as the Directors may think fit, and may also authorise any such Attorney or Authorised Signatory to delegate all
or any of the powers, authorities and discretion vested in him.

97. The Directors may from time to time provide for the management of the affairs of the Company in such manner
as they shall think fit and the provisions contained in the three next following Articles shall not limit the general powers conferred
by this Article.

98. The Directors from time to time and at any time may establish any committees, local boards or agencies
for managing any of the affairs of the Company and may appoint any natural person or corporation to be a member of such committees or
local boards and may appoint any managers or agents of the Company and may fix the remuneration of any such natural person or corporation.

99. The Directors from time to time and at any time may delegate to any such committee, local board, manager
or agent any of the powers, authorities and discretions for the time being vested in the Directors and may authorise the members for the
time being of any such local board, or any of them to fill any vacancies therein and to act notwithstanding vacancies and any such appointment
or delegation may be made on such terms and subject to such conditions as the Directors may think fit and the Directors may at any time
remove any natural person or corporation so appointed and may annul or vary any such delegation, but no Person dealing in good faith and
without notice of any such annulment or variation shall be affected thereby.

100. Any such delegates as aforesaid may be authorised by the Directors to sub-delegate all or any of the powers,
authorities, and discretion for the time being vested in them.

**BORROWING POWERS OF DIRECTORS**

101. The Directors may from time to time at their discretion exercise all the powers of the Company to raise
or borrow money and to mortgage or charge its undertaking, property and assets (present and future) and uncalled capital or any part thereof,
to issue debentures, debenture stock, bonds and other securities, whether outright or as collateral security for any debt, liability or
obligation of the Company or of any third party.

**THE SEAL**

102. The Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors
provided always that such authority may be given prior to or after the affixing of the Seal and if given after may be in general form
confirming a number of affixing of the Seal. The Seal shall be affixed in the presence of a Director or a Secretary (or an assistant Secretary)
or in the presence of any one or more Persons as the Directors may appoint for the purpose and every Person as aforesaid shall sign every
instrument to which the Seal is so affixed in their presence.

103. The Company may maintain a facsimile of the Seal in such countries or places as the Directors may appoint
and such facsimile Seal shall not be affixed to any instrument except by the authority of a resolution of the Directors provided always
that such authority may be given prior to or after the affixing of such facsimile Seal and if given after may be in general form confirming
a number of affixing of such facsimile Seal. The facsimile Seal shall be affixed in the presence of such Person or Persons as the Directors
shall for this purpose appoint and such Person or Persons as aforesaid shall sign every instrument to which the facsimile Seal is so affixed
in their presence and such affixing of the facsimile Seal and signing as aforesaid shall have the same meaning and effect as if the Seal
had been affixed in the presence of and the instrument signed by a Director or a Secretary (or an assistant Secretary) or in the presence
of any one or more Persons as the Directors may appoint for the purpose.

104. Notwithstanding the foregoing, a Secretary or any assistant Secretary shall have the authority to affix
the Seal, or the facsimile Seal, to any instrument for the purposes of attesting authenticity of the matter contained therein but which
does not create any obligation binding on the Company.

**DISQUALIFICATION OF DIRECTORS**

105. The office of Director shall be vacated, if the Director:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [becomes bankrupt or makes any arrangement or composition with his creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) dies or is found to be or becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resigns his office by notice in writing to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without special leave of absence from the Board, is absent from meetings of the Board for three consecutive
meetings and the Board resolves that his office be vacated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is prohibited by law from being a director; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is removed from office pursuant to any other provision of these Articles.]

**PROCEEDINGS OF DIRECTORS**

106. The Directors may meet together (either within or outside the Cayman Islands) for the despatch of business,
adjourn, and otherwise regulate their meetings and proceedings as they think fit. Questions arising at any meeting shall be decided by
a majority of votes. At any meeting of the Directors, each Director present in person or represented by his proxy or alternate shall be
entitled to one vote. In case of an equality of votes the chairman of the meeting shall have a second or casting vote. A Director may,
and a Secretary or assistant Secretary on the requisition of a Director shall, at any time summon a meeting of the Directors.

107. A Director may participate in any meeting of the Directors, or of any committee appointed by the Directors
of which such Director is a member, by means of telephone or similar communication equipment by way of which all Persons participating
in such meeting can communicate with each other and such participation shall be deemed to constitute presence in person at the meeting.

108. The quorum necessary for the transaction of the business of the Board may be fixed by the Directors, and
unless so fixed the presence of [two (2)] Directors then in office shall constitute a quorum. A Director represented by proxy or by an
alternate Director at any meeting shall be deemed to be present for the purposes of determining whether or not a quorum is present.

109. A Director who is in any way, whether directly or indirectly, interested in a contract or transaction
or proposed contract or transaction with the Company shall declare the nature of his interest at a meeting of the Directors. A general
notice given to the Directors by any Director to the effect that he is a member of any specified company or firm and is to be regarded
as interested in any contract or transaction which may thereafter be made with that company or firm shall be deemed a sufficient declaration
of interest in regard to any contract so made or transaction so consummated. Subject to the Designated Stock Exchange Rules and disqualification
by the chairman of the relevant Board meeting, a Director may vote in respect of any contract or transaction or proposed contract or transaction
notwithstanding that he may be interested therein and if he does so his vote shall be counted and he may be counted in the quorum at any
meeting of the Directors at which any such contract or transaction or proposed contract or transaction shall come before the meeting for
consideration.

110. A Director may hold any other office or place of profit under the Company (other than the office of auditor)
in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine
and no Director or intending Director shall be disqualified by his office from contracting with the Company either with regard to his
tenure of any such other office or place of profit or as vendor, purchaser or otherwise, nor shall any such contract or arrangement entered
into by or on behalf of the Company in which any Director is in any way interested be liable to be avoided, nor shall any Director so
contracting or being so interested be liable to account to the Company for any profit realised by any such contract or arrangement by
reason of such Director holding that office or of the fiduciary relation thereby established. A Director, notwithstanding his interest,
may be counted in the quorum present at any meeting of the Directors whereat he or any other Director is appointed to hold any such office
or place of profit under the Company or whereat the terms of any such appointment are arranged and he may vote on any such appointment
or arrangement.

111. Any Director may act by himself or through his firm in a professional capacity for the Company, and he
or his firm shall be entitled to remuneration for professional services as if he were not a Director; provided that nothing herein contained
shall authorise a Director or his firm to act as auditor to the Company.

112. The Directors shall cause minutes to be made for the purpose of recording:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all appointments of officers made by the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the names of the Directors present at each meeting of the Directors and of any committee of the Directors;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all resolutions and proceedings at all meetings of the Company, and of the Directors and of committees
of Directors.

113. When the chairman of a meeting of the Directors signs the minutes of such meeting the same shall be deemed
to have been duly held notwithstanding that all the Directors have not actually come together or that there may have been a technical
defect in the proceedings.

114. A resolution in writing signed by all the Directors or all the members of a committee of Directors entitled
to receive notice of a meeting of Directors or committee of Directors, as the case may be (an alternate Director, subject as provided
otherwise in the terms of appointment of the alternate Director, being entitled to sign such a resolution on behalf of his appointer),
shall be as valid and effectual as if it had been passed at a duly called and constituted meeting of Directors or committee of Directors,
as the case may be. When signed a resolution may consist of several documents each signed by one or more of the Directors or his duly
appointed alternate.

115. The continuing Directors may act notwithstanding any vacancy in their body but if and for so long as their
number is reduced below the number fixed by or pursuant to these Articles as the necessary quorum of Directors, the continuing Directors
may act for the purpose of increasing the number, or of summoning a general meeting of the Company, but for no other purpose.

116. Subject to any regulations imposed on it by the Directors, a committee appointed by the Directors may
elect a chairman of its meetings. If no such chairman is elected, or if at any meeting the chairman is not present within fifteen minutes
after the time appointed for holding the meeting, the committee members present may choose one of their number to be chairman of the meeting.

117. A committee appointed by the Directors may meet and adjourn as it thinks proper. Subject to any regulations
imposed on it by the Directors, questions arising at any meeting shall be determined by a majority of votes of the committee members present
and in case of an equality of votes the chairman shall have a second or casting vote.

118. All acts done by any meeting of the Directors or of a committee of Directors, or by any Person acting
as a Director, shall notwithstanding that it be afterwards discovered that there was some defect in the appointment of any such Director
or Person acting as aforesaid, or that they or any of them were disqualified, be as valid as if every such Person had been duly appointed
and was qualified to be a Director.

**PRESUMPTION OF ASSENT**

119. A Director who is present at a meeting of the Board of Directors at which an action on any Company matter
is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the meeting or unless
he shall file his written dissent from such action with the person acting as the chairman or secretary of the meeting before the adjournment
thereof or shall forward such dissent by registered post to such person immediately after the adjournment of the meeting. Such right to
dissent shall not apply to a Director who voted in favour of such action.

**DIVIDENDS**

120. Subject to any rights and restrictions for the time being attached to any Shares, the Directors may from
time to time declare dividends (including interim dividends) and other distributions on Shares in issue and authorise payment of the same
out of the funds of the Company lawfully available therefor.

121. Subject to any rights and restrictions for the time being attached to any Shares, the Company by Ordinary
Resolution may declare dividends, but no dividend shall exceed the amount recommended by the Directors.

122. The Directors may, before recommending or declaring any dividend, set aside out of the funds legally available
for distribution such sums as they think proper as a reserve or reserves which shall, in the absolute discretion of the Directors, be
applicable for meeting contingencies or for equalising dividends or for any other purpose to which those funds may be properly applied,
and pending such application may in the absolute discretion of the Directors, either be employed in the business of the Company or be
invested in such investments (other than Shares of the Company) as the Directors may from time to time think fit.

123. Any dividend payable in cash to the holder of Shares may be paid in any manner determined by the Directors.
If paid by cheque it will be sent by mail addressed to the holder at his address in the Register, or addressed to such person and at such
addresses as the holder may direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable
to the order of the holder or, in the case of joint holders, to the order of the holder whose name stands first on the Register in respect
of such Shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute
a good discharge to the Company.

124. The Directors may determine that a dividend shall be paid wholly or partly by the distribution of specific
assets (which may consist of the shares or securities of any other company) and may settle all questions concerning such distribution.
Without limiting the generality of the foregoing, the Directors may fix the value of such specific assets, may determine that cash payment
shall be made to some Shareholders in lieu of specific assets and may vest any such specific assets in trustees on such terms as the Directors
think fit.

125. Subject to any rights and restrictions for the time being attached to any Shares, all dividends shall
be declared and paid pro rata according to the amounts paid or credited as paid on the Shares during any portion or portions of the period
in respect of which the dividend is paid, but if and for so long as nothing is paid up on any of the Shares dividends may be declared
and paid according to the par value of the Shares. No amount paid on a Share in advance of calls shall, while carrying interest, be treated
for the purposes of this Article as paid on the Share.

126. The Board may deduct from any Dividend or other money payable to any Shareholder all sums of money (if
any) presently payable by him to the Company on account of calls, instalments or otherwise.

127. If several Persons are registered as joint holders of any Share, any of them may give effective receipts
for any dividend or other moneys payable on or in respect of the Share.

128. No dividend shall bear interest against the Company.

129. Any dividend unclaimed after a period of six calendar years from the date of declaration of such dividend
may be forfeited by the Board of Directors and, if so forfeited, shall revert to the Company.

**ACCOUNTS, AUDIT AND ANNUAL RETURN AND DECLARATION**

130. The books of account relating to the Company's affairs shall be kept in such manner as may be determined
from time to time by the Directors.

131. The books of account shall be kept at the Registered Office, or at such other place or places as the Directors
think fit, and shall always be open to the inspection of the Directors.

132. The Directors may from time to time determine whether and to what extent and at what times and places
and under what conditions or regulations the accounts and books of the Company or any of them shall be open to the inspection of Shareholders
not being Directors, and no Shareholder (not being a Director) shall have any right to inspect any account or book or document of the
Company except as conferred by law or authorised by the Directors[, provided that the Shareholders shall receive the annual audited financial
statements of the Company].

133. The accounts relating to the Company's affairs shall be audited in such manner and with such financial
year end as may be determined from time to time by the Directors or failing any determination as aforesaid shall not be audited.

134. The Directors may appoint an auditor of the Company who shall hold office until removed from office by
a resolution of the Directors and may fix his or their remuneration.

135. Every auditor of the Company shall have a right of access at all times to the books and accounts and vouchers
of the Company and shall be entitled to require from the Directors and officers of the Company such information and explanation as may
be necessary for the performance of the duties of the auditors.

136. The auditors shall, if so required by the Directors, make a report on the accounts of the Company during
their tenure of office at the next annual general meeting following their appointment, and at any time during their term of office, upon
request of the Directors or any general meeting of the Shareholders.

137. The Directors in each calendar year shall prepare, or cause to be prepared, an annual return and declaration
setting forth the particulars required by the Companies Act and deliver a copy thereof to the Registrar of Companies in the Cayman Islands.

**CAPITALISATION OF RESERVES**

138. Subject to the Companies Act, the Directors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to capitalise an amount standing to the credit of reserves (including a Share Premium Account,
capital redemption reserve and profit and loss account), which is available for distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appropriate the sum resolved to be capitalised to the Shareholders in proportion to the nominal amount
of Shares (whether or not fully paid) held by them respectively and apply that sum on their behalf in or towards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) paying up the amounts (if any) for the time being unpaid on Shares held by them respectively, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) paying up in full unissued Shares or debentures of a nominal amount equal to that sum,

and allot the Shares or debentures, credited as fully paid, to the Shareholders (or as they may direct) in those proportions, or partly in one way and partly in the other, but the Share Premium Account, the capital redemption reserve and profits which are not available for distribution may, for the purposes of this Article, only be applied in paying up unissued Shares to be allotted to Shareholders credited as fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make any arrangements they think fit to resolve a difficulty arising in the distribution of a capitalised
reserve and in particular, without limitation, where Shares or debentures become distributable in fractions the Directors may deal with
the fractions as they think fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) authorise a Person to enter (on behalf of all the Shareholders concerned) into an agreement with the Company
providing for either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the allotment to the Shareholders respectively, credited as fully paid, of Shares or debentures to which
they may be entitled on the capitalisation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the payment by the Company on behalf of the Shareholders (by the application of their respective proportions
of the reserves resolved to be capitalised) of the amounts or part of the amounts remaining unpaid on their existing Shares,

and any such agreement made under this authority being effective and binding on all those Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) generally do all acts and things required to give effect to the resolution.

139. Notwithstanding any provisions in these Articles and subject to the Companies Act, the Directors may resolve
to capitalise an amount standing to the credit of reserves (including the share premium account, capital redemption reserve and profit
and loss account) or otherwise available for distribution by applying such sum in paying up in full unissued Shares to be allotted and
issued to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) employees (including Directors) or service providers of the Company or its Affiliates upon exercise or
vesting of any options or awards granted under any share incentive scheme or employee benefit scheme or other arrangement which relates
to such persons that has been adopted or approved by the Directors or the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any trustee of any trust or administrator of any share incentive scheme or employee benefit scheme to
whom shares are to be allotted and issued by the Company in connection with the operation of any share incentive scheme or employee benefit
scheme or other arrangement which relates to such persons that has been adopted or approved by the Directors or Shareholders.

**SHARE PREMIUM ACCOUNT**

140. The Directors shall in accordance with the Companies Act establish a Share Premium Account and shall carry
to the credit of such account from time to time a sum equal to the amount or value of the premium paid on the issue of any Share.

141. There shall be debited to any Share Premium Account on the redemption or purchase of a Share the difference
between the nominal value of such Share and the redemption or purchase price provided always that at the discretion of the Directors such
sum may be paid out of the profits of the Company or, if permitted by the Companies Act, out of capital.

**NOTICES**

142. Except as otherwise provided in these Articles, any notice or document may be served by the Company or
by the Person entitled to give notice to any Shareholder either personally, or by posting it by airmail or a recognised courier service
in a prepaid letter addressed to such Shareholder at his address as appearing in the Register, or by electronic mail to any electronic
mail address such Shareholder may have specified in writing for the purpose of such service of notices, or by facsimile to any facsimile
number such Shareholder may have specified in writing for the purpose of such service of notices, or by placing it on the Company's
Website should the Directors deem it appropriate. In the case of joint holders of a Share, all notices shall be given to that one of the
joint holders whose name stands first in the Register in respect of the joint holding, and notice so given shall be sufficient notice
to all the joint holders.

143. Notices sent from one country to another shall be sent or forwarded by prepaid airmail or a recognised
courier service.

144. Any Shareholder Present at any meeting of the Company shall for all purposes be deemed to have received
due notice of such meeting and, where requisite, of the purposes for which such meeting was convened.

145. Any notice or other document, if served by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) post, shall be deemed to have been served five calendar days after the time when the letter containing
the same is posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) facsimile, shall be deemed to have been served upon production by the transmitting facsimile machine of
a report confirming transmission of the facsimile in full to the facsimile number of the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) recognised courier service, shall be deemed to have been served 48 hours after the time when the letter
containing the same is delivered to the courier service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) electronic means, shall be deemed to have been served immediately (i) upon the time of the transmission
to the electronic mail address supplied by the Shareholder to the Company or (ii) upon the time of its placement on the Company's
Website.

In proving service by post or courier service it shall be sufficient to prove that the letter containing the notice or documents was properly addressed and duly posted or delivered to the courier service.

146. Any notice or document delivered or sent by post to or left at the registered address of any Shareholder
in accordance with the terms of these Articles shall notwithstanding that such Shareholder be then dead or bankrupt, and whether or not
the Company has notice of his death or bankruptcy, be deemed to have been duly served in respect of any Share registered in the name of
such Shareholder as sole or joint holder, unless his name shall at the time of the service of the notice or document have been removed
from the Register as the holder of the Share, and such service shall for all purposes be deemed a sufficient service of such notice or
document on all Persons interested (whether jointly with or as claiming through or under him) in the Share.

147. Notice of every general meeting of the Company shall be given to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Shareholders holding Shares with the right to receive notice and who have supplied to the Company
an address for the giving of notices to them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) every Person entitled to a Share in consequence of the death or bankruptcy of a Shareholder, who but for
his death or bankruptcy would be entitled to receive notice of the meeting.

No other Person shall be entitled to receive notices of general meetings.

**INFORMATION**

148. Subject to the relevant laws, rules and regulations applicable to the Company, no Shareholder shall
be entitled to require discovery of any information in respect of any detail of the Company's trading or any information which is
or may be in the nature of a trade secret or secret process which may relate to the conduct of the business of the Company and which in
the opinion of the Board would not be in the interests of the Shareholders of the Company to communicate to the public.

149. Subject to due compliance with the relevant laws, rules and regulations applicable to the Company,
the Board shall be entitled to release or disclose any information in its possession, custody or control regarding the Company or its
affairs to any of its Shareholders including, without limitation, information contained in the Register and transfer books of the Company.

**INDEMNITY**

150. Every Director (including for the purposes of this Article any alternate Director appointed pursuant
to the provisions of these Articles), Secretary, assistant Secretary, or other officer for the time being and from time to time of the
Company (but not including the Company's auditors) and the personal representatives of the same (each an "Indemnified Person")
shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred
or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default or fraud,
in or about the conduct of the Company's business or affairs (including as a result of any mistake of judgment) or in the execution
or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil proceedings
concerning the Company or its affairs in any court whether in the Cayman Islands or elsewhere. To the extent permissible under applicable
laws, the Shareholders waive any claim or right of action that they may have, both individually and on the Company's behalf, against
any Director in relation to any action or failure to take action by such Director in the performance of his or her duties with or for
the Company, except in respect of any dishonesty, willful default or fraud of such Director.

151. No Indemnified Person shall be liable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the acts, receipts, neglects, defaults or omissions of any other Director or officer or agent of the
Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any loss on account of defect of title to any property of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) on account of the insufficiency of any security in or upon which any money of the Company shall be invested;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any loss incurred through any bank, broker or other similar Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for any loss occasioned by any negligence, default, breach of duty, breach of trust, error of judgement
or oversight on such Indemnified Person's part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for any loss, damage or misfortune whatsoever which may happen in or arise from the execution or discharge
of the duties, powers, authorities, or discretions of such Indemnified Person's office or in relation thereto;

unless the same shall happen through such Indemnified Person's own dishonesty, willful default or fraud.

**FINANCIAL YEAR**

152. Unless the Directors otherwise prescribe, the financial year of the Company shall end on [31 December] in
each calendar year and shall begin on [1 January] in each calendar year.

**NON-RECOGNITION OF TRUSTS**

153. No Person shall be recognised by the Company as holding any Share upon any trust and the Company shall
not, unless required by law, be bound by or be compelled in any way to recognise (even when having notice thereof) any equitable, contingent,
future or partial interest in any Share or (except only as otherwise provided by these Articles or as the Companies Act requires) any
other right in respect of any Share except an absolute right to the entirety thereof in each Shareholder registered in the Register.

**WINDING UP**

154. If the Company shall be wound up the liquidator may, with the sanction of a Special Resolution of the
Company and any other sanction required by the Companies Act, divide amongst the Shareholders in species or in kind the whole or any part
of the assets of the Company (whether they shall consist of property of the same kind or not) and may for that purpose value any assets
and determine how the division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may,
with the like sanction, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the Shareholders as
the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any asset upon which
there is a liability.

155. If the Company shall be wound up, and the assets available for distribution amongst the Shareholders shall
be insufficient to repay the whole of the share capital, such assets shall be distributed so that, as nearly as may be, the losses shall
be borne by the Shareholders in proportion to the par value of the Shares held by them. If in a winding up the assets available for distribution
amongst the Shareholders shall be more than sufficient to repay the whole of the share capital at the commencement of the winding up,
the surplus shall be distributed amongst the Shareholders in proportion to the par value of the Shares held by them at the commencement
of the winding up subject to a deduction from those Shares in respect of which there are monies due, of all monies payable to the Company
for unpaid calls or otherwise. This Article is without prejudice to the rights of the holders of Shares issued upon special terms
and conditions.

**AMENDMENT OF ARTICLES OF ASSOCIATION**

156. Subject to the Companies Act, the Company may at any time and from time to time by Special Resolution
alter or amend these Articles in whole or in part.

**CLOSING OF REGISTER OR FIXING RECORD DATE**

157. For the purpose of determining those Shareholders that are entitled to receive notice of, attend or vote
at any meeting of Shareholders or any adjournment thereof, or those Shareholders that are entitled to receive payment of any dividend,
or in order to make a determination as to who is a Shareholder for any other purpose, the Directors may provide that the Register shall
be closed for transfers for a stated period which shall not exceed in any case thirty calendar days in any calendar year.

158. In lieu of or apart from closing the Register, the Directors may fix in advance a date as the record date
for any such determination of those Shareholders that are entitled to receive notice of, attend or vote at a meeting of the Shareholders
and for the purpose of determining those Shareholders that are entitled to receive payment of any dividend the Directors may, at or within
ninety calendar days prior to the date of declaration of such dividend, fix a subsequent date as the record date for such determination.

159. If the Register is not so closed and no record date is fixed for the determination of those Shareholders
entitled to receive notice of, attend or vote at a meeting of Shareholders or those Shareholders that are entitled to receive payment
of a dividend, the date on which notice of the meeting is posted or the date on which the resolution of the Directors declaring such dividend
is adopted, as the case may be, shall be the record date for such determination of Shareholders. When a determination of those Shareholders
that are entitled to receive notice of, attend or vote at a meeting of Shareholders has been made as provided in this Article, such determination
shall apply to any adjournment thereof.

**REGISTRATION BY WAY OF CONTINUATION**

160. The Company may by Special Resolution resolve to be registered by way of continuation in a jurisdiction
outside the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing. In furtherance
of a resolution adopted pursuant to this Article, the Directors may cause an application to be made to the Registrar of Companies to deregister
the Company in the Cayman Islands or such other jurisdiction in which it is for the time being incorporated, registered or existing and
may cause all such further steps as they consider appropriate to be taken to effect the transfer by way of continuation of the Company.

**DISCLOSURE**

161. The Directors, or any service providers (including the officers, the Secretary and the registered office
provider of the Company) specifically authorised by the Directors, shall be entitled to disclose to any regulatory or judicial authority
any information regarding the affairs of the Company including without limitation information contained in the Register and books of the
Company.

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

NUMBER Club Versante Group Limited SHARES CERT.9999 INCORPORATED UNDER THE LAWS OF THE CAYMAN ISLANDS \*\*\*\*\*\*\*9,000,000,000\*\*\*\*\*\*\* CUSIP $0.0001 PAR VALUE ORDINARY SHARES ORDINARY SHARES THIS CERTIFIES THAT \* SPECIMEN \* Is The Owner of \* NINE BILLION AND 00/100 \* FULLY PAID AND NON-ASSESSABLE SHARES OF ORDINARY SHARES OF Club Versante Group Limited Transferable on the books of the Corporation in person or by duly authorized attorney upon surrender of this Certificate properly endorsed. This Certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar. Dated: COUNTERSIGNED AND REGISTERED: VSTOCK TRANSFER, LLC Transfer Agent and Registrar Chief Executive Officer By:____________________________ AUTHORIZED SIGNATURE

## Exhibit 5.1

**Exhibit 5.1**

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

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[date]

**DRAFT**

raymond.ng@harneys.com

+852 5806 7883

066193-0001-RLN

Club Versante Group Limited

Genesis Building, 5<sup>th</sup> Floor

Genesis Close, PO Box 446

Cayman Islands, KY1-1106

Dear Sir or Madam

**Club Versante Group Limited (the *Company*)**

We are attorneys-at-law qualified to practise in the Cayman Islands and have acted as Cayman Islands legal advisers to the Company in connection with the Company's registration statement on Form F-1 (the ***Registration Statement***), including all amendments or supplements thereto, and accompanying prospectus filed with the Securities and Exchange Commission (the ***Commission***) under the United States Securities Act of 1933, as amended (the ***Securities Act***), relating to the public offering of the ordinary shares of the Company (the ***Offering***) of [2,000,000] ordinary shares of par value US$[0.0001] each, including an option to issue up to aggregate of additional [300,000] ordinary shares of par value of US$[0.0001] each or 15% of the total number of the total number of ordinary shares to be offered by the Company pursuant to the Offering to cover the over-allotment option to be granted to the underwriters (collectively, the ***IPO Shares***).

We are furnishing this opinion as Exhibits 5.1, 8.1 and 23.2 to the Registration Statement.

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

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

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

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

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|:---|:---|
| 2 | **Authorised Share Capital**. Based on our review of the M&A (as defined in Schedule 1), the authorised share capital of the Company will be US$[50,000] divided into [500,000,000] ordinary shares of par value US$0.0001 each when the M&A is adopted. |

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

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|:---|:---|
| 3 | **Valid Issuance of IPO Shares.** The allotment and issue of the IPO Shares as contemplated by the Registration Statement have been duly authorised and the IPO Shares will, when allotted, issued and fully paid for in accordance with the Registration Statement, and when the names of the shareholders are entered in the register of members of the Company, be validly issued, fully paid and non-assessable. |

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|:---|:---|
| 4 | **Cayman Islands Law**. The statements under the headings "Material Income Tax Consideration – Cayman Islands Taxation", "Enforceability of Civil Liabilities", and "Description of Share Capital" in the prospectus forming part of the Registration Statement, to the extent that they constitute statements of Cayman Islands law, are accurate in all material respects as at the date of this opinion and such statements constitute our opinion. |

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This opinion is confined to the matters expressly opined on herein and given on the basis of the laws of the Cayman Islands as they are in force and applied by the Cayman Islands courts at the date of this opinion. We have made no investigation of, and express no opinion on, the laws of any other jurisdiction. We express no opinion as to matters of fact. Except as specifically stated herein, we make no comment with respect to any representations and warranties which may be made by or with respect to the Company in the Registration Statement. We express no opinion with respect to the commercial terms of the transactions the subject of this opinion.

In connection with the above opinion, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to this firm in the Registration Statement under the headings "Enforceability of Civil Liabilities", "Material Income Tax – 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 Securities Act or the Rules and Regulations of the Commission thereunder.

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

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

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

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**Schedule 1**

List of Documents Examined

1 A copy of the certificate of incorporation of the Company dated 9 April 2025.

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|:---|:---|
| 2 | A copy of the amended and restated memorandum and articles of association of the Company to be adopted by a special resolution of the Company (the ***M&A***). |

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3 A copy of the register of directors and officers and register of members of the Company provided to us on [-].

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| | |
|:---|:---|
| 4 | a copy of the written resolutions of the sole director of the Company dated [-] (the ***Resolutions***). |

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5 A copy of the certificate of good standing in respect of the Company issued by the Registrar of Companies dated [-].

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| | |
|:---|:---|
| 6 | A copy of the certificate issued by a director of the Company dated [-] 2025, a copy of which is attached hereto (the ***Director's Certificate***). |

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7 A copy of the Registration Statement filed with the Commission on [-] 2025.

(1 to 5 above are the ***Corporate Documents***, and 1 to 7 above are the ***Documents***).

**Schedule 2**

Assumptions

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| | |
|:---|:---|
| 1 | **Authenticity of Documents.** All original Documents are authentic, all signatures, initials and seals are genuine, and all copies of Documents are true and correct copies. |

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

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

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

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| | |
|:---|:---|
| 5 | **Resolutions**. The Resolutions have been duly executed by or on behalf of the sole director, and the signatures and initials thereon are those of a person or persons in whose name the Resolutions have been expressed to be signed. The Resolutions remain in full force and effect. |

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

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**Schedule 3**

Qualifications

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

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

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

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

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**Annex**

**Director's Certificate**

## Exhibit 10.1

**Exhibit 10.1**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement (this "**Agreement**") is entered into as of [DATE] by and between Club Versante Group Limited, a Cayman Islands company (the "**Company**"), and the undersigned, a director and/or an officer of the Company ("**Indemnitee**"), as applicable.

**RECITALS**

The Board of Directors of the Company (the "**Board of Directors**") has determined that the inability to attract and retain highly competent persons to serve the Company is detrimental to the best interests of the Company and its shareholders and that it is reasonable and necessary for the Company to provide adequate protection to such persons against risks of claims and actions against them arising out of their services to the corporation.

**AGREEMENT**

In consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

A. DEFINITIONS

The following terms shall have the meanings defined below:

***Expenses*** shall include, without limitation, damages, judgments, fines, penalties, settlements and costs, attorneys' fees and disbursements and costs of attachment or similar bond, investigations, and any other expenses paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding.

***Indemnifiable Event*** means any event or occurrence that takes place either before or after the execution of this Agreement, related to the fact that Indemnitee is or was a director or an officer of the Company, or is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture or other entity, or related to anything done or not done by Indemnitee in any such capacity, including, but not limited to neglect, breach of duty, error, misstatement, misleading statement or omission.

***Participant*** means a person who is a party to, or witness or participant (including on appeal) in, a Proceeding.

***Proceeding*** means any threatened, pending, or completed action, suit, arbitration or proceeding, or any inquiry, hearing or investigation, whether civil, criminal, administrative, investigative or other, including appeal, in which Indemnitee may be or may have been involved as a party or otherwise by reason of an Indemnifiable Event.

B. AGREEMENT TO INDEMNIFY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General Agreement</u>. In the event Indemnitee was, is, or becomes a Participant in, or is threatened to be made a Participant in, a Proceeding, the Company shall indemnify Indemnitee from and against any and all Expenses which Indemnitee incurs or becomes obligated to incur in connection with such Proceeding, to the fullest extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification of Expenses of Successful Party</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits in defense of any Proceeding or in defense of any claim, issue or matter in such Proceeding, the Company shall indemnify Indemnitee against all Expenses incurred in connection with such Proceeding or such claim, issue or matter, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of Expenses, but not for the total amount of Expenses, the Company shall indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>No Employment Rights</u>. Nothing in this Agreement is intended to create in Indemnitee any right to continued employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Contribution</u>. If the indemnification provided in this Agreement is unavailable and may not be paid to Indemnitee for any reason other than those set forth in Section B.4, then the Company shall contribute to the amount of Expenses paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is appropriate to reflect (i) the relative benefits received by the Company on the one hand and by Indemnitee on the other hand from the transaction or events from which such Proceeding arose, and (ii) the relative fault of the Company on the one hand and of Indemnitee on the other hand in connection with the events which resulted in such Expenses, as well as any other relevant equitable considerations. The relative fault of the Company on the one hand and of Indemnitee on the other hand shall be determined by reference to, among other things, the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses, judgments, fines or settlement amounts. The Company agrees that it would not be just and equitable if contribution pursuant to this Section B.5 were determined by pro rata allocation or any other method of allocation which does not take account of the foregoing equitable considerations.

C. INDEMNIFICATION PROCESS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Notice and Cooperation by</u> Indemnitee. Indemnitee shall, as a condition precedent to their right to be indemnified under this Agreement, give the Company notice in writing as soon as practicable of any claim made against Indemnitee for which indemnification will or could be sought under this Agreement, provided that the delay of Indemnitee to give notice hereunder shall not prejudice any of Indemnitee's rights hereunder, unless such delay results in the Company's forfeiture of substantive rights or defenses. Notice to the Company shall be given in accordance with Section F.7 below. If, at the time of receipt of such notice, the Company has directors' and officers' liability insurance policies in effect, the Company shall give prompt notice to its insurers of the Proceeding relating to the notice. The Company shall thereafter take all necessary and desirable actions to cause such insurers to pay, on behalf of Indemnitee, all Expenses payable as a result of such Proceeding. In addition, Indemnitee shall give the Company such information and cooperation as the Company may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnification Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Advancement of Expenses.* Indemnitee may submit a written request with reasonable particulars to the Company requesting that the Company advance to Indemnitee all Expenses that may be reasonably incurred in advance by Indemnitee in connection with a Proceeding. The Company shall, within 10 business days of receiving such a written request by Indemnitee, advance all requested Expenses to Indemnitee. Any excess of the advanced Expenses over the actual Expenses will be repaid to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Reimbursement of Expenses.* To the extent Indemnitee has not requested any advanced payment of Expenses from the Company, Indemnitee shall be entitled to receive reimbursement for the Expenses incurred in connection with a Proceeding from the Company immediately after Indemnitee makes a written request to the Company for reimbursement unless the Company refers the indemnification request to the Reviewing Party in compliance with Section C.2(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Determination by the Reviewing Party.* If the Company reasonably believes that it is not obligated under this Agreement to indemnify Indemnitee, the Company shall, within 10 days after Indemnitee's written request for an advancement or reimbursement of Expenses, notify Indemnitee that the request for advancement of Expenses or reimbursement of Expenses will be submitted to the Reviewing Party (as hereinafter defined). The Reviewing Party shall make a determination on the request within 30 days after Indemnitee's written request for an advancement or reimbursement of Expenses. Notwithstanding anything foregoing to the contrary, in the event the Reviewing Party informs the Company that Indemnitee is not entitled to indemnification in connection with a Proceeding under this Agreement or applicable law, the Company shall be entitled to be reimbursed by Indemnitee for all the Expenses previously advanced or otherwise paid to Indemnitee in connection with such Proceeding; provided, however, that Indemnitee may bring a suit to enforce their indemnification right in accordance with Section C.3 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Suit to Enforce Rights</u>. Regardless of any action by the Reviewing Party, if Indemnitee has not received full indemnification within 30 days after making a written demand in accordance with Section C.2 above or 50 days if the Company submits a request for advancement or reimbursement to the Reviewing Party under Section C.2(c) above, Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court of competent jurisdiction seeking a determination by the court or challenging any determination by the Reviewing Party or any aspect of this Agreement. Any determination by the Reviewing Party not challenged by Indemnitee and any judgment entered by the court shall be binding on the Company and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Assumption of Defense</u>. In the event the Company is obligated under this Agreement to advance or bear any Expenses for any Proceeding against Indemnitee, the Company shall be entitled to assume the defense of such Proceeding, with counsel approved by Indemnitee, upon delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding, unless (i) the employment of counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee shall have reasonably concluded, based on written advice of counsel, that there may be a conflict of interest of such counsel retained by the Company between the Company and Indemnitee in the conduct of any such defense, or (iii) the Company ceases or terminates the employment of such counsel with respect to the defense of such Proceeding, in any of which events the fees and expenses of Indemnitee's counsel shall be at the expense of the Company. At all times, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defense to Indemnification</u>, Burden of Proof and Presumptions. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement that it is not permissible under this Agreement or applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified under this Agreement, the burden of proving such a defense or determination shall be on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Settlement without Consent</u>. Neither party to this Agreement shall settle any Proceeding in any manner that would impose any damage, loss, penalty or limitation on Indemnitee without the other party's written consent. Neither the Company nor Indemnitee shall unreasonably withhold its consent to any proposed settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Company Participation</u>. Subject to Section B.5, the Company shall not be liable to indemnify Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense, conduct and/or settlement of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8. <u>Reviewing Party</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the Reviewing Party with respect to each indemnification request of Indemnitee that is referred by the Company pursuant to Section C.2(c) above shall be (A) the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined), or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, said Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee. If the Reviewing Party determines that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within 10 days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination under this Agreement of Indemnitee's entitlement to indemnification. Any reasonable costs or expenses (including reasonable attorneys' fees and disbursements) incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. "**Disinterested Director**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the determination of entitlement to indemnification is to be made by Independent Counsel, the Independent Counsel shall be selected as provided in this Section C.8(b). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors, in which event the proceeding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided, however,* that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "**Independent Counsel**" as defined in Section C.8(d) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written request for indemnification, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting under this Agreement, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section C.8(b), regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In making a determination with respect to entitlement to indemnification hereunder, the Reviewing Party shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement (with or without court approval), conviction, or upon a plea of *nolo contendere* or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Company and any other corporation, partnership, joint venture or other entity of which Indemnitee is or was serving at the written request of the Company as a director, officer, employee, agent or fiduciary, including financial statements, or on information supplied to Indemnitee by the officers and directors of the Company or such other corporation, partnership, joint venture or other entity in the course of their duties, or on the advice of legal counsel for the Company or such other corporation, partnership, joint venture or other entity or on information or records given or reports made to the Company or such other corporation, partnership, joint venture or other entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or such other corporation, partnership, joint venture or other entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company or such other corporation, partnership, joint venture or other entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. The provisions of this Section C.8(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

D. DIRECTOR AND OFFICER LIABILITY INSURANCE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Good Faith Determination</u>. The Company shall from time to time make the good faith determination whether or not it is practicable for the Company to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Company with coverage for losses incurred in connection with their services to the Company or to ensure the Company's performance of its indemnification obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Coverage of Indemnitee</u>. To the extent the Company maintains an insurance policy or policies providing directors' and officers' liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company's directors or officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Obligation</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain any director and officer insurance policy if the Company determines in good faith that such insurance is not reasonably available in the case that (i) premium costs for such insurance are disproportionate to the amount of coverage provided, or (ii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit.

E. NON-EXCLUSIVITY; U.S. FEDERAL PREEMPTION; TERM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Non-Exclusivity</u>. The indemnification provided by this Agreement shall not be deemed exclusive of any rights to which Indemnitee may be entitled under the Company's current memorandum and articles of association, as may be amended from time to time, applicable law or any written agreement between Indemnitee and the Company (including its subsidiaries and affiliates). The indemnification provided under this Agreement shall continue to be available to Indemnitee for any action taken or not taken while serving in an indemnified capacity even though Indemnitee may have ceased to serve in any such capacity at the time of any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>U.S. Federal Preemption</u>. Notwithstanding the foregoing, both the Company and Indemnitee acknowledge that in certain instances, U.S. federal law or public policy may override applicable law and prohibit the Company from indemnifying its directors and officers under this Agreement or otherwise. Such instances include, but are not limited to, the prohibition by the U.S. Securities and Exchange Commission (the "**SEC**") on indemnification for liabilities arising under certain U.S. federal securities laws. Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to undertake with the SEC an obligation to submit the question of indemnification to a court in certain circumstances for a determination of the Company's right under public policy to indemnify Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer and/or a director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding by reason of Indemnitee's former or current capacity at the Company, whether or not Indemnitee is acting or serving in any such capacity at the time any Expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as an officer and/or a director of the Company or any other enterprise at the Company's request.

F. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendment of this Agreement</u>. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided in this Agreement, no failure to exercise or any delay in exercising any right or remedy shall constitute a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subrogation</u>. In the event of payment to Indemnitee by the Company under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Assignment</u>; Binding Effect. Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party hereto without the prior written consent of the other party; except that the Company may, without such consent, assign all such rights and obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement. Notwithstanding the foregoing, this Agreement shall be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company's successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company) and assigns, as well as Indemnitee's spouses, heirs, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Severability and Construction</u>. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company's inability, pursuant to a court order, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. In addition, if any portion of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by applicable law. The parties hereto acknowledge that they each have opportunities to have their respective counsels review this Agreement. Accordingly, this Agreement shall be deemed to be the product of both of the parties hereto, and no ambiguity shall be construed in favor of or against either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Counterparts</u>. This Agreement may be executed in two counterparts, both of which taken together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Governing Law</u>. This agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York, without giving effect to conflicts of law provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notices</u>. All notices, demands, and other communications required or permitted under this Agreement shall be made in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed via postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

**Club Versante Group Limited** 

Attention: **Chief Executive Officer**

and to Indemnitee at their address last known to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Entire Agreement</u>. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof.

(Signature page follows)

IN WITNESS WHEREOF, the parties hereto execute this Agreement as of the date first written above.

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| |
|:---|
| **Club Versante Group Limited** |
| By: |
| Name: |
| Title: |
| **Indemnitee** |
| Signature: |
| Name: |

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[Signature Page to Indemnification Agreement]

## Exhibit 10.2

**Exhibit 10.2**

**CLUB VERSANTE GROUP LIMITED**

**Suite 1205**

**8400 West Road<br> Richmond BC V6X 0S7<br> Canada**

**[Date]**

**Re: Director Offer Letter** – **[Director Name]**

Dear [Director Name]:

CLUB VERSANTE GROUP LIMITED a Cayman Islands limited liability company (the "**Company**" or "**we**"), is pleased to offer you a position as director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as a Director in the Company. Should you choose to accept this position as a member of Board of Director, this letter agreement (the "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company's listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the Nasdaq Capital Market for a term of one year. Your term as a Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "**Board**") and upon re appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as Director (hereinafter, your "**Duties**"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Com</u>p<u>ensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Polic</u>y.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assi</u>g<u>nment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "**Confidential Information**" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentialit</u>y.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownershi</u>p.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, **"Inventions")** and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resi</u>g<u>nation</u>.** Your services as a Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as a Director for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governin</u>g <u>Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire A</u>g<u>reement; Amendment; Waiver; Counter</u>p<u>arts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>.** The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowled</u>g<u>ement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CLUB VERSANTE GROUP LIMITED** | **CLUB VERSANTE GROUP LIMITED** |
| By: |  |
|  | [Name in print] |
|  | [Title] |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| By: |  |
|  | [Director Name] |

---

## Exhibit 10.3

**Exhibit 10.3**

**CLUB VERSANTE GROUP LIMITED**

**Suite 1205**

**8400 West Road<br> Richmond BC V6X 0S7<br> Canada**

**[Date]**

**Re: Independent Director Offer Letter** – **[Director Name]**

Dear [Director Name]:

CLUB VERSANTE GROUP LIMITED a Cayman Islands limited liability company (the "**Company**" or "**we**"), is pleased to offer you a position as an independent director of the Company. We believe your background and experience will be a significant asset to the Company and we look forward to your participation as an Independent Director in the Company. Should you choose to accept this position as a member of Board of Director, this letter agreement (the "**Agreement**") shall constitute an agreement between you and the Company and contains all the terms and conditions relating to the services you agree to provide to the Company. Your appointment shall also be subject to the approval of Company's Board of Directors and/or Nomination and Compensation Committees and shall begin upon Company's listing on the Nasdaq Capital Market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Term</u>.** This Agreement is effective upon Company's listing on the Nasdaq Capital Market for a term of one year. Your term as an Independent Director shall continue subject to the provisions in Section 9 below or until your successor is duly elected and qualified. The position shall be up for re-appointment every year by the board of the Directors of the Company (the "**Board**") and upon re appointment, the terms and provisions of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Services</u>.** You shall render customary services as an Independent Director, [Chair/member] of the Nominating and Corporate Governance Committee, [Chair/member] of the Audit Committee and [Chair/member] of the Compensation Committee (hereinafter, your "**Duties**"). During the term of this Agreement, you may attend and participate at each meeting regarding the business and operation issues of the Company as regularly or specially called, via teleconference, video conference or in person. You shall consult with the members of the Board and committee (if any) regularly and as necessary via telephone, electronic mail or other forms of correspondence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3. <u>Services for Others</u>.** You shall be free to represent or perform services for other persons during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Com</u>p<u>ensation</u>.** As compensation for your services to the Company, you will receive upon execution of this Agreement a compensation of $[ ] for each calendar year of service under this Agreement on a pro-rated basis, payable on a quarterly basis.

You shall be reimbursed for reasonable expenses incurred by you in connection with the performance of your Duties (including travel expenses for in-person meetings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>D&O Insurance Polic</u>y.** During the term under this Agreement, the Company shall include you as an insured under its officers and directors insurance policy, if available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>No Assi</u>g<u>nment</u>.** Because of the personal nature of the services to be rendered by you, this Agreement may not be assigned by you without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Confidential Information; Non-Disclosure</u>.** In consideration of your access to certain Confidential Information (as defined below) of the Company, in connection with your business relationship with the Company, you hereby represent and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Definition</u>.** For purposes of this Agreement the term "**Confidential Information**" means: (i) any information which the Company possesses that has been created, discovered or developed by or for the Company, and which has or could have commercial value or utility in the business in which the Company is engaged; (ii) any information which is related to the business of the Company and is generally not known by non-Company personnel; and (iii) Confidential Information includes, without limitation, trade secrets and any information concerning products, processes, formulas, designs, inventions (whether or not patentable or registrable under copyright or similar laws, and whether or not reduced to practice), discoveries, concepts, ideas, improvements, techniques, methods, research, development and test results, specifications, data, know-how, software, formats, marketing plans, and analyses, business plans and analyses, strategies, forecasts, customer and supplier identities, characteristics and agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Exclusions</u>.** Notwithstanding the foregoing, the term Confidential Information shall not include: (i) any information which becomes generally available or is readily available to the public other than as a result of a breach of the confidentiality portions of this Agreement, or any other agreement requiring confidentiality between the Company and you; (ii) information received from a third party in rightful possession of such information who is not restricted from disclosing such information; (iii) information known by you prior to receipt of such information from the Company, which prior knowledge can be documented and (iv) information you are required to disclose pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however, that you shall first have given prior written notice to the Company and made a reasonable effort to obtain a protective order requiring that the Confidential Information not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Documents</u>.** You agree that, without the express written consent of the Company, you will not remove from the Company's premises, any notes, formulas, programs, data, records, machines or any other documents or items which in any manner contain or constitute Confidential Information, nor will you make reproductions or copies of same. You shall promptly return any such documents or items, along with any reproductions or copies to the Company upon the Company's demand, upon termination of this Agreement, or upon your termination or Resignation (as defined in Section 9 herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Confidentialit</u>y.** You agree that you will hold in trust and confidence all Confidential Information and will not disclose to others, directly or indirectly, any Confidential Information or anything relating to such information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company. You further agree that you will not use any Confidential Information without the prior written consent of the Company, except as may be necessary in the course of your business relationship with the Company, and that the provisions of this paragraph (d) shall survive termination of this Agreement. Notwithstanding the foregoing, you may disclose Confidential Information to your legal counsel and accounting advisors who have a need to know such information for accounting or tax purposes and who agree to be bound by the provisions of this paragraph (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Ownershi</u>p.** You agree that the Company shall own all right, title and interest (including patent rights, copyrights, trade secret rights, mask work rights, trademark rights, and all other intellectual and industrial property rights of any sort throughout the world) relating to any and all inventions (whether or not patentable), works of authorship, mask works, designations, designs, know how, ideas and information made or conceived or reduced to practice, in whole or in part, by you during the term of this Agreement and that arise out of your Duties (collectively, **"Inventions")** and you will promptly disclose and provide all Inventions to the Company. You agree to assist the Company, at its expense, to further evidence, record and perfect such assignments, and to perfect, obtain, maintain, enforce, and defend any rights assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Non-Solicitation</u>.** During the term of your appointment, you shall not solicit for employment any employee of the Company with whom you have had contact due to your appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Termination and Resi</u>g<u>nation</u>.** Your services as an Independent Director may be terminated for any or no reason by the determination of the Board. You may also terminate your services as an Independent Director for any or no reason by delivering your written notice of resignation to the Company ("**Resignation**"), and such Resignation shall be effective upon the time specified therein or, if no time is specified, upon receipt of the notice of resignation by the Company. Upon the effective date of the termination or Resignation, your right to compensation hereunder will terminate subject to the Company's obligations to pay you any compensation that you have already earned and to reimburse you for approved expenses already incurred in connection with your performance of your Duties as of the effective date of such termination or Resignation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Governin</u>g <u>Law; Arbitration</u>.** All questions with respect to the construction and/or enforcement of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York. All disputes with respect to this Agreement, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the American Arbitration Association at its New York office in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be New York law. The seat of arbitration shall be in New York. The number of arbitrators shall be one. The arbitration proceedings shall be conducted in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Entire A</u>g<u>reement; Amendment; Waiver; Counter</u>p<u>arts</u>.** This Agreement expresses the entire understanding with respect to the subject matter hereof and supersedes and terminates any prior oral or written agreements with respect to the subject matter hereof. Any term of this Agreement may be amended and observance of any term of this Agreement may be waived only with the written consent of the parties hereto. Waiver of any term or condition of this Agreement by any party shall not be construed as a waiver of any subsequent breach or failure of the same term or condition or waiver of any other term or condition of this Agreement. The failure of any party at any time to require performance by any other party of any provision of this Agreement shall not affect the right of any such party to require future performance of such provision or any other provision of this Agreement. This Agreement may be executed in separate counterparts each of which will be an original and all of which taken together will constitute one and the same agreement, and may be executed using facsimiles of signatures, and a facsimile of a signature shall be deemed to be the same, and equally enforceable, as an original of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Indemnification</u>.** The Company shall, to the maximum extent provided under applicable law, indemnify and hold you harmless from and against any expenses, including reasonable attorney's fees, judgments, fines, settlements and other legally permissible amounts ("**Losses**"), incurred in connection with any proceeding arising out of, or related to, your performance of your Duties, other than any such Losses incurred as a result of your gross negligence or willful misconduct. The Company shall advance to you any expenses, including reasonable attorneys' fees and costs of settlement, incurred in defending any such proceeding to the maximum extent permitted by applicable law. Such costs and expenses incurred by you in defense of any such proceeding shall be paid by the Company in advance of the final disposition of such proceeding promptly upon receipt by the Company of (a) written request for payment; (b) appropriate documentation evidencing the incurrence, amount and nature of the costs and expenses for which payment is being sought; and (c) an undertaking adequate under applicable law made by or on your behalf to repay the amounts so advanced if it shall ultimately be determined pursuant to any non-appealable judgment or settlement that you are not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Acknowled</u>g<u>ement</u>.** You accept this Agreement subject to all the terms and provisions of this Agreement. You agree to accept as binding, conclusive, and final all decisions or interpretations of the Board of Directors of the Company of any questions arising under this Agreement.

The Agreement has been executed and delivered by the undersigned and is made effective as of the date set first set forth above.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **CLUB VERSANTE GROUP LIMITED** | **CLUB VERSANTE GROUP LIMITED** |
| By: |  |
|  | [Name in print] |
|  | [Title] |

---

---

| | |
|:---|:---|
| **AGREED AND ACCEPTED:** | **AGREED AND ACCEPTED:** |
| By: |  |
|  | [Director Name] |

---

## Exhibit 10.4

**Exhibit 10.4**

**EMPLOYMENT AGREEMENT**

This EMPLOYMENT AGREEMENT (the "**Agreement**"), is entered into as of [DATE], by and between Club Versante Group Limited, a company incorporated and existing under the laws of Cayman Islands (the "**Company**"), and [ ], an individual (the "**Executive**"). The term "Company" as used herein with respect to all obligations of the Executive hereunder shall be deemed to include the Company and all of its direct or indirect parent companies, subsidiaries, affiliates, or subsidiaries or affiliates of its parent companies (collectively, the "**Group**").

**RECITALS**

The Company desires to employ the Executive and to assure itself of the services of the Executive during the term of Employment (as defined below).

The Executive desires to be employed by the Company during the term of Employment and upon the terms and conditions of this Agreement.

**AGREEMENT**

The parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. POSITION

The Executive hereby accepts a position of [ ] of the Company (the "**Employment**").

&nbsp;&nbsp;&nbsp;&nbsp;2. TERM

Subject to the terms and conditions of this Agreement, the initial term of the Employment shall be [ ] years, commencing on [ ] (the "**Effective Date**"), unless terminated earlier pursuant to the terms of this Agreement. Upon expiration of the [ ]-year term, the Employment shall be automatically extended for successive 1-year terms unless either party gives the other party hereto a 1-month prior written notice to terminate the Employment prior to the expiration of the then current term or unless terminated earlier pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;3. PROBATION

There is no probationary period.

&nbsp;&nbsp;&nbsp;&nbsp;4. DUTIES AND RESPONSIBILITIES

The Executive's duties at the Company will include all jobs assigned by the Company's board of directors (the "**Board**").

The Executive shall devote all of his/her working time, attention and skills to the performance of his/her duties at the Company and shall faithfully and diligently serve the Company in accordance with this Agreement, the Memorandum and Articles of Association of the Company, as may be amended from time to time (the "**Articles of Association**"), and the guidelines, policies and procedures of the Company approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;5. NO BREACH OF CONTRACT

The Executive shall use his/her best efforts to perform his/her duties hereunder. The Executive shall not, without prior consent of the Board, become an employee of any entity other than the Company and any subsidiary or affiliate of the Company, and shall not be concerned or interested in any business or entity that directly or indirectly competes with the Group (any such business or entity, a "**Competitor**"), provided that nothing in this clause shall preclude the Executive from holding shares or other securities of any Competitor that is listed on any securities exchange or recognized securities market anywhere, provided however, that the Executive shall notify the Company in writing prior to his/her obtaining a proposed interest in such shares or securities in a timely manner and with such details and particulars as the Company may reasonably require. The Company shall have the right to require the Executive to resign from any board or similar body which he/she may then serve if the Board reasonably determines, and notifies the Executive in writing that the Executive's service on such board or body interferes with the effective discharge of the Executive's duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company or any of its subsidiaries or affiliates.

The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive's duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound, except for agreements that are required to be entered into by and between the Executive and any member of the Group pursuant to applicable law of the jurisdiction where the Executive is based, if any; (ii) the Executive has no information (including, without limitation, confidential information and trade secrets) relating to any other person or entity which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his/her duties hereunder; and (iii) the Executive is not bound by any confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for other member(s) of the Group, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;6. LOCATION

The Executive will be based in [ ], until both parties hereto agree to change otherwise. The Executive acknowledges that he/she may be required to travel from time to time in the course of performing his/her duties for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;7. COMPENSATION AND BENEFITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Compensation</u>. The Executive's cash compensation (inclusive of any statutory social welfare
reserves that the Company may be required to set aside for the Executive under applicable law) shall be provided by the Company in a separate
schedule A attached hereto ()"**Schedule A**") or as specified in a separate agreement between the Executive and the Company's
designated subsidiary or affiliated entity, subject to annual review and adjustment by the Company or the compensation committee of the
Board. The cash compensation may be paid by the Company, a subsidiary or affiliated entity or a combination thereof, as designated by
the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Incentives</u>. To the extent the Company adopts and maintains a share incentive plan, the Executive
will be eligible to participate in such plan pursuant to the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Benefits</u>. The Executive is eligible for participation in any standard employee benefit plan of
the Company that currently exists or may be adopted by the Company in the future, including, but not limited to, any retirement plan,
life insurance plan, health insurance plan and travel/holiday plan.

&nbsp;&nbsp;&nbsp;&nbsp;8. TERMINATION OF THE AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>By the Company.</u> The Company may
 terminate the Employment for cause, at any time, without notice or remuneration, if the Executive
 (1) commits any serious or persistent breach or non-observance of the terms and conditions
 of the Employment; (2) is convicted of a criminal offence other than one which, in the opinion
 of the Board, does not affect the Executive's position as an employee of the Company,
 bearing in mind the nature of the Executive's duties and the capacity in which the
 Executive is employed; (3) willfully disobeys a lawful and reasonable order; (4) misconducts
 himself/herself and such conduct is inconsistent with the due and faithful discharge of the
 Executive's material duties hereunder; (5) is guilty of fraud or dishonesty; or (6)
 is habitually neglectful in his/her duties. The Company may terminate the Employment without
 cause at any time with a 1-month prior written notice to the Executive or by payment of 1
 month's salary in lieu of notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>By the Executive.</u> The Executive
 may terminate the Employment at any time with a 1-month prior written notice to the Company.
 In addition, the Executive may resign prior to the expiration of the Agreement if such resignation
 or an alternative arrangement with respect to the Employment is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Termination.</u> Any termination of the Executive's Employment under this Agreement
shall be communicated by written notice of termination from the terminating party to the other party in accordance with the provisions
of Section 20 below. The notice of termination shall indicate the specific provision(s) of this Agreement relied upon in effecting the
termination.

&nbsp;&nbsp;&nbsp;&nbsp;9. CONFIDENTIALITY AND NONDISCLOSURE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Confidentialit</u> y and Non-disclosure. The Executive hereby agrees at all times during the term of
his/her Employment and after termination of the Executive's Employment under this Agreement, to hold in the strictest confidence,
and not to use, except for the benefit of the Group, or to disclose to any person, corporation or other entity without written consent
of the Company, any Confidential Information. The Executive understands that "**Confidential Information**" means any proprietary
or confidential information of the Group, its affiliates, their clients, customers or partners, and the Group's licensors, including,
without limitation, technical data, trade secrets, research and development information, product plans, services, customer lists and customers
(including, but not limited to, customers of the Group on whom the Executive called or with whom the Executive became acquainted during
the term of his/her Employment), supplier lists and suppliers, software, developments, inventions, processes, formulas, technology, designs,
drawings, engineering, hardware configuration information, personnel information, marketing, finances, information about the suppliers,
joint ventures, licensors, licensees, distributors, and other persons with whom the Group does business, information regarding the skills
and compensation of other employees of the Group or other business information disclosed to the Executive by or obtained by the Executive
from the Group, its affiliates, or their clients, customers, or partners, either directly or indirectly, in writing, orally or by drawings
or observation of parts or equipment, if specifically indicated to be confidential or reasonably expected to be confidential. Notwithstanding
the foregoing, Confidential Information shall not include information that is generally available and known to the public through no fault
of the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Property</u>. The Executive understands that all documents (including computer records, facsimile
and e- mail) and materials created, received or transmitted in connection with his/her work or using the facilities of the Group are property
of the Group and subject to inspection by the Group, at any time. Upon termination of the Executive's Employment with the Company
(or at any other time when requested by the Company), the Executive will promptly deliver to the Company all documents and materials of
any nature pertaining to his/her work with the Company and will provide prompt written certification of his compliance with this Agreement.
Under no circumstances will the Executive have, following his/her termination, in his/her possession any property of the Group, or any
documents or materials or copies thereof containing any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Former Employer Information</u>. The Executive agrees that he/she has not and will not, during the
term of his/her employment, (i) improperly use or disclose any proprietary information or trade secrets of any former employer or other
person or entity with which the Executive has an agreement or duty to keep in confidence, or (ii) bring into the premises of the Group
any document or confidential or proprietary information belonging to such former employer, person or entity unless consented to in writing
by such former employer, person or entity. The Executive will indemnify the Group and hold it harmless from and against all claims, liabilities,
damages and expenses, including reasonable attorneys' fees and costs of suit, arising out of or in connection with any violation
of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Third Part</u> y Information. The Executive recognizes that the Group may have received, and in the
future may receive, from third parties their confidential or proprietary information subject to a duty on the Group's part to maintain
the confidentiality of such information and to use it only for certain limited purposes. The Executive agrees that the Executive owes
the Group and such third parties, during the Executive's Employment by the Company and thereafter, a duty to hold all such confidential
or proprietary information in the strictest confidence and not to disclose it to any person or firm and to use it in a manner consistent
with, and for the limited purposes permitted by, the Group's agreement with such third party.

This Section 9 shall survive the termination of this Agreement for any reason. In the event the Executive breaches this Section 9, the Company shall have right to seek remedies permissible under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;10. WITHHOLDING TAXES

Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable under or pursuant to this Agreement such national, provincial, local or any other income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;11. NOTIFICATION OF NEW EMPLOYER

In the event that the Executive leaves the employ of the Company, the Executive hereby grants consent to notification by the Company to his/her new employer about his/her rights and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;12. ASSIGNMENT

This Agreement is personal in its nature and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder; provided, however, that (i) the Company may assign or transfer this Agreement or any rights or obligations hereunder to any member of the Group without such consent, and (ii) in the event of a merger, consolidation, or transfer or sale of all or substantially all of the assets of the Company with or to any other individual(s) or entity, this Agreement shall, subject to the provisions hereof, be binding upon and inure to the benefit of such successor and such successor shall discharge and perform all the promises, covenants, duties, and obligations of the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;13. SEVERABILITY

If any provision of this Agreement or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of this Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;14. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement and understanding between the Executive and the Company regarding the terms of the Employment and supersedes all prior or contemporaneous oral or written agreements concerning such subject matter, other than any such agreement under any employment agreement entered into with a subsidiary of the Company at the request of the Company to the extent such agreement does not conflict with any of the provisions herein. The Executive acknowledges that he/she has not entered into this Agreement in reliance upon any representation, warranty or undertaking which is not set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;15. REPRESENTATIONS

The Executive hereby agrees to execute any proper oath or verify any proper document required to carry out the terms of this Agreement. The Executive hereby represents that the Executive's performance of all the terms of this Agreement will not breach any agreement to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to his/her Employment by the Company. The Executive has not entered into, and hereby agrees that he/she will not enter into, any oral or written agreement in conflict with this Section 15. The Executive represents that the Executive will consult his/her own consultants for tax advice and is not relying on the Company for any tax advice with respect to this Agreement or any provisions hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;16. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflict of laws.

&nbsp;&nbsp;&nbsp;&nbsp;17. ARBITRATION

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators in New York, New York, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator's award in any court having jurisdiction. Each party to this agreement agrees that it will not challenge the jurisdiction or venue provisions as provided in this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;18. AMENDMENT

This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which agreement is executed by both of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;19. WAIVER

Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;20. NOTICES

All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given and made if (i) sent by facsimile or email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party), (ii) delivered by hand, (iii) otherwise delivered against receipt therefor, or (iv) sent by a recognized courier with next-day or second-day delivery to the last known address of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;21. COUNTERPARTS

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;22. NO INTERPRETATION AGAINST DRAFTER

Each party recognizes that this Agreement is a legally binding contract and acknowledges that such party has had the opportunity to consult with legal counsel of choice. In any construction of the terms of this Agreement, the same shall not be construed against either party on the basis of that party being the drafter of such terms. The Executive agrees and acknowledges that he/she has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had ample opportunity to do so.

*[Remainder of this page has been intentionally left blank.]*

IN WITNESS WHEREOF, this Agreement has been executed as of the date first written above.

---

| |
|:---|
| **Club Versante Group Limited** |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **Executive** |
| Signature: |
| Name: |

---

*[Signature Page to Employment Agreement]*

**Schedule A**

Annual compensation is US$[ ].

## Exhibit 10.5

**Exhibit 10.5**

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## Exhibit 10.6

**Exhibit 10.6**

![](ex10-6_001.jpg)

![](ex10-6_002.jpg)

## Exhibit 10.7

**Exhibit 10.7**

**<u>LEASE SUMMARY</u>**

**THIS LEASE SUMMARY** is attached to and forms part of the Commercial Strata Lot Lease dated the 19<sup>th</sup> day of October, 2022.

BETWEEN:

**KANGALOO INVESTMENTS LTD.** 

688 50<sup>th</sup> Avenue SW

Vancouver, BC V6X 0S7

(the "**Landlord**")

AND:

**CLUB VERSANTE MANAGEMENT LTD.** 

#1205 – 8400 West Road

Richmond, BC V6X 0S7

(the "**Tenant**")

---

| | |
|:---|:---|
| **Article or Section** |  |
| 1.1(m) | Leased Premises:<br> #105 – 8400 West Road, Richmond, BC V6X 0S7 |
| 1.1(c) | Area of the Leased Premises:<br> Approximately 3,174 square feet |
| 1.1(e) | Commencement Date:<br> February 1, 2023 |
| 3.1 | Term:<br> 15 years from the Commencement Date |
| 3.2 | Renewal:<br> One option to renew for one further term of five years |
| 4.1(a) | Minimum Rent:<br> As noted below for lease years 1 to 15 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Lease Year** | **Rate per** <br> **Square** <br> **Foot**  | **Rate Per Annum** | **Per Month** |
| Year 1-5 | $42.00 | $133,308.00 plus applicable taxes | $11,109.00 plus applicable taxes |
| Year 6-10 | $44.00 | $139,656.00 plus applicable taxes | $11,638.00 plus applicable taxes |
| Year 11-15 | $46.00 | $146,004.00 plus applicable taxes | $12,167.00 plus applicable taxes |

---

---

| | |
|:---|:---|
| 4.6 | Deposit:<br> $24,439.80 |
| 5.1(a) | Use of Premises:<br> Restaurant and Bar |
| 7.1(a) | Parking Space:<br> 5 designated spaces and additional open commercial parking stalls to service the Building |
| 9.1(e) | Insurance Provisions:<br> Requirement to name Landlord as an additional insured |
| 18.1 | Landlord's Address for notice and rental payments:<br>**KANGALOO INVESTMENTS LTD.** <br> 688 50<sup>th</sup> Avenue SW<br> Vancouver, BC V6X 0S7<br>Attention: Yan Du<br>Tenant's address for notice:<br>**CLUB VERSANTE MANAGEMENT LTD.** <br> #1205 – 8400 West Road<br> Richmond, BC V6X 0S7<br>Attention: Mo Yeung Ching |
| 0 | Lease shall be completely carefree net lease for the Landlord |
| Schedule "A" | Description and Plan of Leased Premises |
| Schedule "B" | Procedures and Guidelines for Tenant's Work |

---

The articles, sections and schedules of this Lease identified above as articles, sections and schedules where references to particular Lease information initially appears. Each such reference will incorporate the applicable information from this Lease Summary.

---

| | | | |
|:---|:---|:---|:---|
| **KANGALOO INVESTMENTS LTD.** | **KANGALOO INVESTMENTS LTD.** | **CLUB VERSANTE MANAGEMENT LTD.** | **CLUB VERSANTE MANAGEMENT LTD.** |
| Per: | ![](ex10-7_001.jpg) | Per: | ![](ex10-7_002.jpg) |
|  | Authorized signatory |  | Authorized signatory |

---

Page **2** of **34**

**<u>COMMERCIAL STRATA LOT LEASE</u>**

THIS LEASE dated the 19<sup>th</sup> day of October, 2022.

BETWEEN:

**KANGALOO INVESTMENTS LTD.** 

688 50<sup>th</sup> Avenue SW

Vancouver, BC V6X 0S7

(the "**Landlord**")

AND:

**CLUB VERSANTE MANAGEMENT LTD.** 

#1205 – 8400 West Road

Richmond, BC V6X 0S7

(the "**Tenant**")

WHEREAS the Landlord has agreed to lease to the Tenant and the Tenant has agreed to lease certain premises located at #105 – 8400 West Road, Richmond, BC V6X 0S7, all upon the terms and conditions set forth herein:

**<u>ARTICLE 1 - DEFINITIONS</u>**

1.1 <u>DEFINITIONS</u> 

In this Lease (including this section) unless there is something in the context inconsistent therewith, the parties hereto agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Rental**" means all monies to be paid by the Tenant whether to the Landlord
or otherwise under this Lease except Minimum Rental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Architect**" means the architect for the Leased Premises from time to time named by
the Landlord and as
to any Architect's certificates provided for in this Lease, the decision of the Architect and his certificate shall bind the parties
hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Area of the Leased Premises**" means the square foot area of the Leased Premises being
approximately 3,174 square feet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Building**" means the building which contain all of the Strata Lots in the Strata Plan,
together with all improvements, machinery and equipment located therein, all as situate upon the Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Commencement Date**" means February 1, 2023;

Page **3** of **34**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Common Area Maintenance Costs**" means all strata and maintenance fees and special assessments
levied by the Strata Corporation in respect of the Leased Premises which the Strata Corporation is entitled to levy pursuant to the Strata
Property Act or the by-laws of the Strata Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Common Areas and Facilities**" means those areas and facilities that are common property
for the owners of all of the strata lots in the Strata Plan, including, without limitation, the roof including the roof membrane, exterior
walls, public walkways, the Parking Facility, sidewalks, landscaped areas and driveways;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Contaminants**" means any pollutants, contaminants, deleterious substances, underground
or aboveground tanks, asbestos materials, urea formaldehyde, dangerous substances or goods, hazardous, corrosive or toxic substances,
hazardous waste or waste of any kind or any other substance which is now or hereafter prohibited, controlled or regulated under Environmental
Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Cost of Insurance**" means the cost to the Landlord or others to take out rental insurance
in respect of the Leased Premises to the limits that the Landlord, acting reasonably, may from time to time determine, and any additional
insurance reasonably required by the Landlord's lender from time to time, but in any event excluding environmental insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Environmental Laws**" means any statutes, laws, regulations, orders, bylaws, standards,
guidelines, permits and other lawful requirements of any governmental authority having jurisdiction over the Leased Premises and the Building
now or hereafter in force relating in any way to the environment, health, occupational health and safety, product liability or transportation
of dangerous goods, including the principles of common law and equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Insurable Hazards**" means fire and those other perils for which insurance is available
and which in the opinion of the Strata Corporation should be protected by insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Lease**" means this Lease and all schedules attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Leased Premises**" means the premises situate and having a municipal address at Suite
#105 – 8400 West Road, Richmond, BC V6X 0S7, with the approximate location, as outlined in heavy black on the Plan annexed hereto
as Schedule "A";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Lease Year**" means a 12-month period commencing on the first day of January and ending
on the last day of December, provided that the first Lease Year will commence on the Commencement Date and end on the last day of December
of the following year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Minimum Rental**" means the minimum annual rental reserved hereunder payable by the Tenant as
set out in section 4.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Parking Facility**" means the parking located around the Building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Property**" means the lands situate in the City of Richmond, in the Province of British
Columbia and to be stratified by the registration of the Strata Plan and consists of the strata lots, limited common property, created
by the registration of the Strata Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Rental**" means Additional Rental and Minimum Rental;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Rental Taxes**" means any tax or duty charged upon the Landlord or the Tenant which
is levied, rated or assessed on the act of entering into this Lease or otherwise on account of this Lease or on the use or occupancy of
the Leased Premises or any portion thereof, or on the Rental
(except the Rental Taxes component thereof) payable under this Lease, whether existing as at the date hereof or hereafter charged by any
governmental authority, including without limitation, a goods and services tax imposed under Part IX of the *Excise Tax Act* (Canada),
a value added tax, a business transfer tax, a retail sales tax, a federal sales tax, an excise tax or duty, parking tax or any tax similar
to the foregoing, together with any penalty or interest assessed or imposed with respect to the foregoing taxes if not paid by the Tenant
as and when due, but excluding any income tax or capital tax of the Landlord;

Page **4** of **34**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Deposit**" means the amount of $24,439.80;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Special Equipment**" means any special equipment required by the Tenant to be installed
in the Leased Premises, including but not limited to telephone, computer and other special communications equipment and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Strata Corporation**" means the strata corporation which was formed under the Strata
Property Act upon the deposit of the Strata Plan dividing the Property into strata lots as constituted pursuant to the provisions of the
Strata Property Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Strata Plan**" is to be determined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Strata Property Act**" means the *Strata Property Act*, S.B.C. 1998, c. 43, or
any successor legislation governing strata property in British Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Taxes**" means the aggregate of all taxes, local improvement, or similar rates, duties,
assessments or charges, municipal realty taxes, water taxes, school taxes, capital taxes or any other taxes, rates, duties, assessments,
both general or special, or any rate, duty, assessment charge, or tax levied, charged, or assessed in lieu thereof by any Taxing Authority,
levied, or imposed upon or in respect of the Leased Premises or against the Landlord on account thereof by any Taxing Authority including,
without limiting the generality of the foregoing, sales taxes, parking taxes or other similar taxes but excluding taxes on the Landlord's
income and any tax which has been attracted by the Tenant's improvements and equipment or any Rental Taxes (both of which shall
be entirely for the account of the Tenant as otherwise provided in this Lease);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Tax Cost**" means the total, without duplication, of sums paid or payable by the Landlord
in respect of Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Taxing Authority**" means any duly constituted governmental authority whether federal,
provincial, municipal or otherwise legally empowered to impose taxes, rates, assessments, or charges or other charges in lieu thereof,
on, upon, or in respect of the Building or any part thereof including the rents and revenues derived therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Tenant's Work**" means the work to be performed by the Tenant at its cost and
expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Term**" means the term of this Lease set out in section 3.1 and any renewal or extension
thereof.

Page **5** of **34**

**<u>ARTICLE 2 - CONSTRUCTION AND FIXTURING OF LEASED PREMISES</u>**

2.1 <u>ACCEPTANCE OF LEASED PREMISES</u> 

The Tenant hereby accepts the Leased Premises on as "as is/where is" basis and acknowledges, confirms and agrees that any improvements in the Leased Premises will be left for completion by and on behalf of the Tenant, subject only to the existing improvements provided by the Developer.

2.2 <u>TENANT'S WORK</u> 

Any work or equipment shall be performed and supplied by the Tenant at its own cost and expense, and the Tenant covenants and agrees that it shall, in accordance with the requirements of the relevant government authorities, if any and with the procedures set out in Schedule "B" and subject to the provisions of ARTICLE 10 respecting obtaining the consent of the Landlord, fully equip the Leased Premises with all trade equipment, lighting fixtures, furniture, operating equipment including any Special Equipment the Tenant may require, furnishings, fixtures, floor coverings, heating, ventilating and airconditioning equipment, and any other equipment necessary for the proper operation of the Tenant's business and that installation shall be completed without damage to the structure of the Leased Premises or to the heating, ventilating, air-conditioning, sprinklers, plumbing, electrical, and other mechanical systems of the Building.

2.3 <u>TENANT'S TRADE FIXTURES AND FIXTURES</u> 

The Tenant agrees that any alterations, additions, improvements, and fixtures made to or installed upon or in the Leased Premises at the expense of the Tenant other than unattached moveable trade fixtures, shall remain upon and be surrendered to the Landlord with the Leased Premises as part thereof upon the expiration or earlier termination of this Lease and shall become the absolute property of the Landlord. The Tenant represents and warrants that it will have legal and beneficial title to such alterations, additions, improvements, and fixtures and that such title will pass to the Landlord free and clear of all leases, liens, mortgages, charges, security interests, and encumbrances. If the Landlord shall by notice in writing require the Tenant to remove any such alterations, additions, improvements, or fixtures at the expiration or earlier termination of this Lease, the Tenant shall so remove same and shall make good and repair any damage or injury caused to the Leased Premises resulting from that installation and removal, reasonable wear and tear only excepted. In any event, except as aforesaid, the Tenant covenants and agrees to restore the Leased Premises to the state in which they were prior to commencing any of the Tenant's Work, reasonable wear and tear excepted.

2.4 <u>PRIME CONTRACTOR</u> 

Where the Tenant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during the Term, performs or coordinates its own work in connection with any improvements to the Leased
Premises; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supplies, without limitation, labour, tools, machinery, equipment, and supervision necessary to carry
out the work referred to in (a) above,

the Tenant will, and agrees, that it will be named as the "Prime Contractor" (for purposes of the *Workers Compensation Act*, R.S.B.C. 1996, c. 492 and regulations under it as the same may be modified, amended, or replaced from time to time) for the purpose of carrying out the performance or coordination of the work referred to in (a) or (b) above. The Tenant covenants and agrees that in its capacity as the Prime Contractor it will take all steps and measures necessary to fulfil the obligations, functions, and duties of a "prime contractor" in compliance with all applicable laws. Where the term "Prime Contractor" is used in this clause it will mean and refer to the Tenant.

Page **6** of **34**

Notwithstanding anything else contained in this Lease, the Prime Contractor hereby covenants to indemnify and save harmless the Landlord and its respective employees, servants, agents, successors, and assigns from and against all manner of actions, causes of action, suits, damages, loss, costs, claims, fines, penalties, and demands of any nature whatsoever relating to loss or damage arising from the Prime Contractor's construction of the work referred to in (a) or (b) above including, without limitation, loss or liability for any administrative fines and penalties under Workers' Compensation legislation in British Columbia.

At all times during the construction of the work referred to in (a) or (b) above, the Prime Contractor will at its own expense procure and carry, or cause to be procured and carried and paid for, full workers' compensation coverage in respect of all workers, employees, servants, and others engaged in or upon any work. At all times the Prime Contractor will indemnify and save harmless the Landlord, its employees, servants, agents, successors, and assigns from and against all damages, costs, claims, suits, judgments, and demands that the Landlord may incur as a result of any default by the Prime Contractor of its obligation to ensure that the full workers' compensation coverage is maintained. The Prime Contractor will further ensure that no amount of the workers' compensation coverage is left unpaid so as to create a lien on the Premises, the Lands, or the Development. The Tenant will be in default under the Lease if the workers' compensation coverage required under this clause is not in place on or before the date the Prime Contractor commences construction of the work referred to in (a) or (b) above, the proof and sufficiency of which will be required by the Landlord.

2.5 <u>SIGNAGE</u> 

Throughout the Term, the Tenant shall be entitled to install and maintain suitable signage on the exterior of the Building, provided such signage, including the design, location and construction complies with the requirements of all municipal by-laws and the requirements of the Strata Corporation. The Tenant shall submit details of any proposed signage to the Landlord for approval, such approval not to be unreasonably withheld or delayed. The Tenant shall obtain the prior written approval of the Landlord prior to displaying any signage.

At the expiry or sooner determination of the Term, all signs shall be removed at the request of the Landlord, by the Tenant and the Tenant shall make good any damage to the Leased Premises or Building caused by that removal.

**<u>ARTICLE 3 - DEMISE AND TERM</u>**

3.1 <u>DEMISE AND TERM</u> 

The Landlord does hereby demise and lease unto the Tenant the Leased Premises TO HAVE AND TO HOLD for and during a term of 15 years (the "**Term**") commencing on the Commencement Date of February 1, 2023 and terminating on the January 31, 2038. The Tenant shall be entitled, for the benefit of the Leased Premises, to enjoy, subject to the provisions set out in this Lease, the use in common with others entitled thereto of the Common Areas and Facilities.

3.2 <u>RENEWAL</u> 

If the Tenant duly and punctually observes and performs the covenants, agreements, conditions, and provisos in this Lease on the part of the Tenant to be observed and performed, the Landlord shall at the expiration of the Term, at the cost of the Tenant and at the Tenant's written request delivered to the Landlord in the manner provided in this Lease not earlier than nine months and not later than six months prior to the expiration of the Term, grant to the Tenant, One option to renew the Term of this Lease for one further five year period (the "**Renewal Term**").

Page **7** of **34**

The Minimum Rental for the Renewal Term shall be the then-fair market rent for the Leased Premises, being the rent which would be paid for the Leased Premises in their then-current condition (including all leasehold improvements thereto) or in whatever condition the Landlord is entitled to require the Tenant to leave the Leased Premises at the expiration of the Term or the Renewal Term, as the case may be, whichever condition would result in higher rent, as between persons dealing in good faith and at arm's length and without regard to any restrictive covenants as to use. If the Landlord and the Tenant have not mutually agreed on the amount of the Minimum Rental three months prior to the commencement of a Renewal Term, then Minimum Rental shall be decided by binding arbitration within the provisions of the *Arbitration Act*, R.S.B.C. 1996, c. 55, provided that the annual Minimum Rental payable during the Renewal Term shall not be less than the annual Minimum Rental payable during the last year of the Term. For no more than three months until the Minimum Rental has been determined as provided herein, the Tenant shall pay Minimum Rent based on 120% of the Minimum Rental payable during the last month of the Term and upon the determination of the Minimum Rental the Landlord and the Tenant shall make the appropriate adjustments without interest.

The exercise of the rights of renewal are solely within the control of the Tenant, and nothing contained in this Lease obligates or requires the Landlord to remind the Tenant to exercise the rights of renewal. The Landlord's acceptance of any future rent for the Renewal Term shall in no way be deemed a waiver of the Tenant's requirement to give notice within the time limit set out in this section 3.2 for renewing the Term or the Renewal Term.

**<u>ARTICLE 4 - RENTAL</u>**

4.1 <u>RENTAL</u> 

The Tenant covenants and agrees to pay to the Landlord, or as the Landlord may in writing direct, in lawful money of Canada, without any set-off, compensation or deduction whatsoever, except as specifically set forth in this Lease, on the days and at the times hereinafter specified, Rental which shall include the aggregate of the sums required to be paid by sections 4.1(a) and (b), inclusive:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Minimum Rental</u> 

Throughout the Term, the Tenant shall pay Minimum Rental equal to the annual sum of the following amounts:

---

| | | |
|:---|:---|:---|
| **Lease Year** | **Rate Per Annum** | **Per Month** |
| Year 1-5 | $133,308.00 plus applicable taxes | $11,109.00 plus applicable taxes |
| Year 6-10 | $139,656.00 plus applicable taxes | $11,638.00 plus applicable taxes |
| Year 11-15 | $146,004.00 plus applicable taxes | $12,167.00 plus applicable taxes |

---

plus applicable taxes, payable in equal consecutive monthly instalments on the first day of each month, in advance, commencing on February 1, 2023 and continuing on the first day of each and every month thereafter up to and including January 1, 2038.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Rental</u> 

The Tenant shall pay Additional Rent comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Common Area Maintenance Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Cost of Insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Tax Cost.

The Tenant covenants and agrees that the Tenant will deliver to the Landlord prior to the commencement of each Lease Year a series of post-dated cheques each in the amount of the monthly instalments of Minimum Rental plus applicable taxes and Additional Rental for that Lease Year.

4.2 <u>PAYMENT OF RENTAL</u> 

The Tenant shall pay the first month's Rental in advance and the amount paid for the first month's Rental shall be applied to that Rental on the Commencement Date and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where the Commencement Date is the first day of a month, that instalment shall be in respect of that month;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where the Commencement Date is not the first day of a calendar month, Rental for the period from the Commencement
Date to the first day of the next ensuing calendar month shall be prorated on a per diem basis and paid on the first day of that month
and the instalment of Minimum Rental paid upon the Commencement Date shall be in respect of the Minimum Rental for the first full calendar
month of the Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thereafter in either case subsequently monthly instalments shall each be in advance on the first day of
each ensuing calendar month during the Term.

4.3 <u>ADDITIONAL RENTAL PAYMENTS</u> 

The amount of Additional Rental under section 4.1(b) which the Tenant is to pay shall be estimated or re-estimated by the Landlord for any period that the Landlord may determine and the Tenant shall pay to the Landlord that amount in monthly instalments in advance during that period on dates and at the times for payment of Minimum Rental that are provided for in this Lease and at the end of the period for which these estimated payments have been made, the Tenant shall be advised of the actual amount required to be paid as Additional Rental under section 4.1(b) and if necessary a cash adjustment shall thereupon be made between the parties.

Additional Rent is payable in equally consecutive monthly instalments on the first day of each month in advance, commencing on the February 1, 2023 (the "Possession Date") and continuing on the first day of each and every month thereafter during the Lease Term, up to and including January 1, 2038.

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4.4 <u>REPORTING OF COSTS</u> 

Within 90 days after the end of each Lease Year, the Landlord shall furnish to the Tenant a statement of the actual cost during that Lease Year of those items comprised in Additional Rental as set out in section 4.1(b) and the Tenant's portion thereof determined under this section 4.4 and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the amount payable by the Tenant as shown on that statement is greater or less than the Additional
Rental paid by the Tenant to the Landlord under section 4.1(b) the proper adjustment shall be made within 30 days after delivery of the
statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment made by the Landlord or made by the Tenant to the Landlord in respect of any adjustment made
hereunder, shall be without prejudice to the right of the Landlord or the Tenant to claim a readjustment.

4.5 <u>RENTAL FOR IRREGULAR PERIODS</u> 

All Rental reserved herein shall be deemed to accrue from day to day, and if for any reason it shall become necessary to calculate Rental for irregular periods of less than one year an appropriate prorata adjustment shall be made on a daily basis in order to compute Rental for that irregular period.

4.6 <u>DEPOSIT</u> 

The Tenant has deposited with the Landlord or, forthwith following execution and delivery of this Lease by the Landlord, will deposit the Deposit which shall be paid by way of bank draft in the amount of $24,439.80. The Deposit will be applied towards the Minimum Rental, including all applicable taxes, for the first month of the Term, with the remainder of the Deposit, to be held by the Landlord as security for the faithful performance by the Tenant of all of the provisions of this Lease to be performed or observed by the Tenant. If the Tenant fails to pay Rental or otherwise defaults with respect to any provision of this Lease, the Landlord may use, apply or retain all or any portion of the Security Deposit for the payment of any Rent in default, or for the payment of any other expense which the Landlord may incur by reason of the Tenant's default, or to compensate the Landlord for any loss or damage which the Landlord may suffer thereby. If the Landlord so uses or applies all or any portion of the Security Deposit, the Tenant will within 10 days after demand therefor deposit cash with the Landlord in an amount sufficient to restore the Security Deposit to the full amount thereof. The Landlord will not be required to keep the Security Deposit separate from its general accounts. If the Tenant performs all of the Tenant's obligations hereunder, the Security Deposit, or so much thereof as has not been applied by the Landlord, will be reimbursed to the Tenant within 15 calendar days of the expiry of the primary lease term, as noted above, without interest or other increment for its use. No trust relationship is created herein between the Landlord and the Tenant with respect to the Security Deposit.

**<u>ARTICLE 5 - CONDUCT OF BUSINESS</u>**

5.1 <u>USE OF LEASED PREMISES</u> 

The Tenant covenants with the Landlord that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Operation of Business</u> 

The Tenant shall not use or occupy the Leased Premises or any part thereof for any purpose other than the operation of a restaurant and bar, offering such related services as would normally be found in a business of this type and operating as "CLUB VERSANTE", but excluding any uses which are prohibited pursuant to section 5.1(b). The Tenant will deliver notice to the Landlord if the use is changed from the use set out above. The Tenant shall operate its business in accordance with all applicable laws, bylaws and ordinances and the Tenant shall be solely responsible for obtaining all governmental and non governmental approvals required for the licensing, construction, start up and operation of the proposed business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Prohibited Uses</u> 

The Tenant shall not, at any time, use or permit to be used the Leased Premises or any part thereof for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale of used or surplus articles, salvage, insurance salvage stock, bankrupt stock, fire sale stock,
or for any auction or as a pawn shop;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any business which would in the Landlord's opinion: (A) be commonly associated with any fraudulent or
deceptive advertising or selling procedures; (B) because of the merchandise being sold or the merchandising or pricing methods adopted
would tend to lower the character or reputation of the Property; (C) be objectionable, obscene, lewd or in bad taste; or (D) be a nuisance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any fire, bulk, bankruptcy or liquidation sale, or any other special sale that in the Landlord's opinion
suggests that business operations are to be discontinued from the Leased Premises, other than a special sale such as is incidental to
the normal routine of the Tenant's business with its regular customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the sale of, or other dealing with, any Contaminants except if and so long as approved by the Landlord
in writing (which approval may be withdrawn at any time notwithstanding any provision of this Lease) and whenever such approval is given,
such sale thereof or other dealing therewith shall be only in accordance with the written directions of, and conditions imposed by, the
Landlord from time to time, and in accordance with any laws or regulations of any authority having jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other use not permitted under the zoning and development by-laws of the City of Richmond or the by-laws,
rules and regulations of the Strata Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Nuisance</u> 

The Tenant shall not carry on or perform or suffer or permit to be carried on, performed or suffered on the Leased Premises any business practice or act or engage in any activity which may be deemed a nuisance or a menace or which in any way may injure the Building, the Property, or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Not to Affect Landlord's Insurance</u> 

In respect of the insurance of the Landlord, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tenant shall not upon the Leased Premises do or permit to be done, or omit to do, anything which shall
cause or have the effect of causing the rate of insurance upon the Leased Premises to be increased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the insurance rate shall be increased by reason of action by the Tenant, the Tenant shall pay to the
Landlord as Additional Rental the amount by which the insurance premiums shall be so increased;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Tenant shall not store or permit to be stored upon or in the Leased Premises anything that is not
used by the Tenant in connection with its use of the Leased Premises as specified in section 5.1(a) nor anything of a dangerous, inflammable
or explosive nature, except in full compliance with all applicable laws, nor anything which would have the effect of increasing the Landlord's
insurance costs or of leading to the cancellation of that insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is agreed that if any insurance policy upon the Leased Premises or the Building shall be cancelled
by the insurer by reason of the use and occupation of the Leased Premises or any part thereof by the Tenant or by any assignee, subtenant,
concessionaire, or licensee of the Tenant, or by anyone permitted by the Tenant to be upon the Leased Premises, any of which is not rectified
by the Tenant promptly after notice from the Landlord to do so, the Landlord may at its option terminate this Lease by notice in writing
of that termination, and thereupon Rental shall be apportioned and paid in full to the date of that notice of termination of this Lease,
and the Tenant shall immediately deliver up vacant possession of the Leased Premises to the Landlord, provided that the Landlord may at
its option and at the expense of the Tenant enter upon the Leased Premises and rectify the situation causing that cancellation or rate
increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Strata Corporation By-Laws</u> 

The Tenant shall promptly comply at its expense with all by-laws, rules and regulations of the Strata Corporation, if any, and with respect to the powers and authorities of the Strata Corporation, the Tenant herein stands in the same position as the Landlord and is liable to the Strata Corporation for damages to the common property, is subject to the by-laws and resolutions of the Strata Corporation as they may be from time to time and is subject to the remedies of the Strata Corporation as may be enforced against the Landlord.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Strata Property Act Voting Rights</u> 

Notwithstanding the provisions of the Strata Property Act or such successor legislation as may be enacted in substitution therefor, the Landlord and the Tenant agree that nothing herein shall be deemed to operate as an assignment by the Landlord to the Tenant of the rights, powers and obligations of the Landlord as owner, under the said Strata Property Act, including but not limited to voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Environmental</u> 

The Tenant covenants and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not to use or permit to be used all or any part of the Leased Premises for the sale, storage, manufacture,
disposal, handling, treatment, use or any other dealing with any Contaminants, except in full compliance with all applicable Environmental
Laws, without the prior written consent of the Landlord, which may be unreasonably withheld. Without limiting the generality of the foregoing,
the Tenant shall in no event use, and does not plan or intend to use, the Leased Premises to dispose of, handle or treat any Contaminants
in a manner that, in whole or in part, would cause the Building or any adjacent property to become a contaminated site under Environmental
Laws;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to strictly comply, and cause any person for whom it is in law responsible to comply, with all Environmental
Laws regarding the use and occupancy of the Leased Premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to promptly provide to the Landlord a copy of any environmental site investigation, assessment, audit
or report relating to the Building conducted by or for the Tenant at any time before, during or after the Term (or any renewal thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to maintain all environmental site investigations, assessments, audits and reports relating to the Building
in strict confidence and not to disclose their terms or existence to any third party (including, without limitation, any governmental
authority) except as required by law, to the Tenant's professional advisors and lenders on a need to know basis or with the prior
written consent of the Landlord, which consent may be unreasonably withheld;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to promptly provide to the Landlord on request such written authorizations as the Landlord may require
from time to time to make inquiries of any governmental authorities regarding the Tenant's compliance with Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to promptly notify the Landlord in writing of any release of a Contaminant or any other occurrence or
condition at the Building or any adjacent property which could contaminate the Building or subject the Landlord or the Tenant to any fines,
penalties, orders, investigations or proceedings under Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) on the expiry or earlier termination of this Lease or at any time if requested by the Landlord or required
by any governmental authority pursuant to Environmental Laws, to remove from the Leased Premises all Contaminants, and to remediate any
contamination of the Building or any adjacent property resulting from Contaminants, in either case brought onto, used at or released from
the Leased Premises by the Tenant or any person for whom it is in law responsible. The Tenant shall perform these obligations promptly
at its own cost and in accordance with Environmental Laws. All such Contaminants shall remain the property of the Tenant, notwithstanding
any rule of law or other provision of this Lease to the contrary and notwithstanding the degree of their affixation to the Leased Premises
or the Building; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to indemnify the Landlord and its directors, officers, shareholders, employees, agents, successors and
assigns, from any and all liabilities, actions, damages, claims, remediation cost recovery claims, losses, costs, orders, fines, penalties
and expenses whatsoever (including all consulting and legal fees and expenses on a solicitor-client basis and the cost of remediation
of the Building and any adjacent property) arising from or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) any breach of or non-compliance with the provisions of this Article by the Tenant; 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) any release or alleged release of any Contaminants at or from the Leased Premises related to or as a result
of any act or omission of the Tenant or any person for whom it is in law responsible, from the date of possession of the Leased Premises
by Tenant.

The obligations of the Tenant under this ARTICLE 5 shall survive the expiry or earlier termination of this Lease. The obligations of the Tenant under this Article are in addition to, and shall not limit, the obligations of the Tenant contained in other provisions of this Lease.

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5.2 <u>LANDLORD'S SPECIAL REMEDIES</u> 

The Tenant acknowledges that all its covenants and obligations set out in section 5.1 hereof are covenants and obligations designed for the mutual benefit and protection of all tenants in the Building.

If the Tenant shall be in breach of any of these covenants or obligations or shall fail to observe or perform any of them then without prejudice to any other right or remedy which the Landlord may have under the terms of this Lease or otherwise at law or equity, the Landlord shall have the right to bring action in any court of competent jurisdiction against the Tenant for a judgment or order directing the Tenant to remedy that breach and to observe and perform that covenant or obligation.

5.3 <u>ENVIRONMENTAL OBLIGATIONS AND INDEMNITY OF LANDLORD</u> 

The Landlord represents and warrants that to the best of its knowledge there are no Contaminants in, under or about the Leased Premises or the Common Areas. The Landlord shall strictly comply with all Environmental Laws relating to the Leased Premises and the Common Areas and shall use reasonable commercial efforts to cause the Strata Corporation to strictly comply with all Environmental Laws relating to the Leased Premises and the Common Areas. The Landlord hereby agrees to indemnify the Tenant, its directors, officers, shareholders, employees, agents, successors and assigns, from any and all liabilities, actions, damages, claims, remediation cost recovery claims, losses, costs, orders, fines, penalties and expenses whatsoever (including all consulting and legal fees and expenses on a solicitorclient basis and the cost of any remediation of the Leased Premises, the Common Areas and any adjacent property) arising or in connection with any release or alleged release of any Contaminants at or from the Leased Premises or the Common Areas which was not caused by any act or omission of the Tenant or persons for whom it is at law responsible, and which occurred after the Landlord became the owner of the Leased Premises.

**<u>ARTICLE 6 - REPAIRS</u>**

6.1 <u>TENANT'S REPAIRS</u> 

The Tenant covenants with the Landlord that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Tenant shall at all times during the Term hereof at its own cost and expense, repair, maintain and
keep all equipment and fixtures in the Leased Premises in good order and repair and, save and except any heating, ventilation and air
condition equipment not installed by the Tenant, replace them when necessary, as a careful owner would do, including, but without limitation,
the floor, exterior and interior doors, windows, window frames and mullions, plate glass, glass partitions, within the Leased Premises,
and any improvements now or hereafter made to the Leased Premises, and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tenant shall be exempted for repairs for reasonable wear and tear and repairs for which the Landlord
is responsible under section 6.7, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) as provided for in section 6.2; 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) provided that if repairs, replacements or rebuilding, including rectifying any damage and destruction
under sections 6.2 and 6.3, by the Landlord are required
as a result of the negligent act or omission of the Tenant, its contractors, agents or employees, the Tenant shall pay the Landlord on
demand the cost of those repairs as Additional Rental; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Tenant shall perform maintenance, effect repairs and replacements, and decorate at its own cost and
expense as and when necessary or reasonably required to do so by the Landlord; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Tenant shall install, operate, repair and maintain any Special Equipment at its sole cost and expense,
at the Leased Premises.

6.2 <u>LANDLORD'S EXAMINATION OF LEASED PREMISES</u> 

The Tenant covenants and agrees that the Landlord and any employee, servant or agent of the Landlord shall be entitled, at any reasonable time during normal business hours (provided the Landlord has provided the Tenant with reasonable written notice of its intention to enter the Leased Premises) and during any emergency (without prior notice), from time to time, to enter and examine the state of maintenance, repair, decoration, and order of the Leased Premises, all equipment and fixtures within the Leased Premises and any improvements now or hereafter made to the Leased Premises, and the Landlord may give notice to the Tenant requiring that the Tenant perform the maintenance or effect the repairs, replacements, or decorations that may be found necessary from that examination, but the failure of the Landlord to give any notice shall not relieve the Tenant from its obligation to maintain, repair, decorate, and keep the Leased Premises and appurtenances in good order and repair as set out in section 6.1 and to make the replacements that may be necessary.

6.3 <u>REPAIRS BY DESIGNATED TRADESMEN</u> 

The Tenant shall, when necessary, and whether upon receipt of notice from the Landlord or not, effect and pay for the maintenance, repairs, replacements, or decoration that is the responsibility of the Tenant under section 6.1 and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no maintenance, repairs, or replacements, to the structure, any perimeter wall, the sprinkler system,
the heating, ventilating, air-conditioning, plumbing, electrical or mechanical equipment (excluding any systems or equipment installed
by the Tenant), or the concrete floor shall be made without the prior written consent of the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of the heating, ventilating and air conditioning equipment (excluding any systems or equipment
installed by the Tenant):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the equipment malfunctions the Tenant shall immediately notify the Landlord in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Landlord will provide tradesmen to regularly maintain and service the equipment, and to complete necessary
repairs or cause the Strata Corporation to complete such necessary repairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all costs associated with maintenance and service and any repair will be for the account of the Tenant,
and will be payable immediately upon receipt by the Tenant of an invoice for such service, maintenance or repair;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all monies owed by the Tenant under this section 6.3 shall be considered Additional Rental due and payable
to the Landlord hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Landlord shall have the same rights and remedies and may take the same steps for recovery thereof
as for Additional Rental in arrears.

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6.4 <u>REPAIR AT END OF TERM</u> 

At the end of the Term (unless the Term is terminated earlier as provided by this Article 6) the Tenant shall deliver to the Landlord vacant possession of the Leased Premises in the condition in which the Tenant is required to maintain the Leased Premises, subject to reasonable wear and tear.

6.5 <u>FEE FOR SUPERVISION</u> 

Should the Landlord deem it necessary to undertake any repairs or to do anything which is required to be undertaken or done by the Tenant under this Lease and the Tenant has failed to carry out such repairs after receiving ten days notice in writing from the Landlord requiring such repairs to be done, then the Tenant shall pay to the Landlord as a fee for supervision or carrying out the Tenant's obligation an amount equal to 15% of the monies expended or of the cost of repairs or other work carried out by or under the supervision of the Landlord, which amount shall be in addition to the cost of that work or monies expended for which the Tenant shall also reimburse the Landlord.

6.6 <u>LANDLORD'S RIGHT TO ENTER FOR REPAIRS</u> 

The Tenant covenants and agrees that the agents and representatives of the Landlord shall have the right to enter the Leased Premises, upon 10 days prior notice, to make alterations or repairs as they shall deem necessary for the safety or preservation or proper administration or improvement of the Leased Premises and of the Building, and of any premises adjoining the Leased Premises, at such times as the Tenant, acting reasonably, may agree, having regard to the need to minimize interruption of the Tenant's business, except in the case of emergency when no notice shall be required.

6.7 <u>LANDLORD'S REPAIRS</u> 

Notwithstanding any other provision of this Lease, the Tenant acknowledges and agrees that the Strata Corporation shall, in accordance with the Strata Property Act, be responsible for all structural repairs to the Building, including repairs to the roof, foundations and bearing structure of the Building and repairs of damage to the Building caused by perils against which the Strata Corporation shall be obligated to insure. Provided, however, the Landlord shall, in its capacity as the owner of the Leased Premises, use all reasonable commercial efforts to cause the Strata Corporation to make repairs to the Leased Premises and the Building as required pursuant to the Strata Property Act.

6.8 <u>DAMAGE OR DESTRUCTION</u> 

Subject to the Strata Corporation's rights pursuant to section 159 of the Strata Property Act, if the Leased Premises or any part thereof shall at any time during the Term be destroyed or damaged or if any part of the Common Areas shall at any time during the Term be damaged in such a way that vehicular access to the Leased Premises is prohibited, then, the Landlord will use reasonable commercial efforts to cause the Strata Corporation to promptly repair or rebuild the Leased Premises that were so damaged and in such event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Minimum Rental hereby reserved, or if the Tenant elects to use any undamaged portion of the Leased
Premises then a proportionate part thereof having regard to the portion of the Leased Premises not so used by the Tenant, shall be suspended
and abated until the Strata Corporation shall have rebuilt, repaired, or made fit the Leased Premises and the Common Areas for the purpose
of the Tenant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the term "Leased Premises" for the purposes of this section 6.8, shall not be deemed to include
the improvements installed in the Leased Premises by the Tenant.

Page **16** of **34**

6.9 <u>TERMINATION</u> 

If the Strata Corporation shall fail to complete the work of repair or reconstruction referred to in section 6.8 within a period of 90 days after the occurrence of that damage to or destruction of the Leased Premises or Common Areas, then the Landlord shall have the right to give to the Tenant notice of termination of this Lease, and thereupon, subject to payment of any monies then due by the Tenant to the Landlord hereunder, this Lease shall immediately cease and determine, but if the Strata Corporation's failure to complete the work of repair or reconstruction within that period of 90 days is due solely to some event, cause, or circumstance beyond the reasonable control of the Strata Corporation (not including any financial cause), then that period of 90 days shall be extended by the number of days that the Strata Corporation shall be delayed by that event, cause, or circumstance. However, if the Leased Premises are damaged and the Strata Corporation has not repaired them within 180 days of the event that caused that destruction, the Tenant may nonetheless terminate this Lease upon written notice to the Landlord.

6.10 <u>TENANT'S OBLIGATION TO REPAIR</u> 

Subject to sections 6.8 and 6.9, the Tenant, in accordance with its obligations to repair as provided herein, shall repair any damage to the Leased Premises with all reasonable diligence, but to the extent that any part of the Leased Premises is not reasonably capable of such use and occupancy by reason of damage which the Tenant is obligated to repair hereunder, any abatement of rent to which the Tenant is otherwise entitled hereunder shall not extend later than the time by which, in the reasonable opinion of the Landlord, repairs by the Tenant ought to have been completed with reasonable diligence.

6.11 <u>ELECTION OF STRATA CORPORATION</u> 

The Tenant acknowledges, consents and agrees that nothing contained in this Article 6 shall obligate the Strata Corporation to rebuild the Building or any part thereof and if the Strata Corporation shall elect to rebuild, then it may make any changes, alterations, modifications, adaptations or extensions in, to, or of the original buildings or structures forming part of the Building that in the sole discretion of the Strata Corporation it shall see fit and the Strata Corporation, if it elects to rebuild, shall rebuild in accordance with all by-laws and regulations applicable to the Property and the proposed building at that time and in accordance with the provisions of the Strata Property Act.

**<u>ARTICLE 7 - COMMON AREAS</u>**

7.1 <u>TENANT'S COVENANTS</u> 

The Tenant covenants with the Landlord that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tenant's Use of Parking Areas</u> 

The Tenant, its employees, suppliers and other persons having business with the Tenant shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be prohibited from parking vehicles and loading or unloading of vehicles in any part of the Parking
Facility not specifically designated for the Tenant's use by the Landlord or the Strata Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) abide by the regulations that may from time to time be established by the Strata Corporation with respect
to the Common Areas; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if requested by the Landlord, the Tenant shall supply its employees' automobile licence numbers
to the Landlord.

The Tenant shall be entitled to usage of 5 designated spaces as well as the open commercial parking stalls located within the Parking Facility. The 5 designated spaces shall be provided to the Tenant for the Tenant's exclusive use, free of charge for the duration of the primary lease term. The open commercial parking stalls shall be available as paid parking through an independent parking rental company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Common Areas and Facilities</u> 

Notwithstanding anything to the contrary contained in this Lease, the Tenant acknowledges and agrees that all Common Areas and Facilities, shall at all times be under the exclusive management, use and control of the Strata Corporation. The Tenant's use thereof shall be subject to the rules, regulations and by-laws imposed by the Strata Corporation from time to time.

7.2 <u>LANDLORD'S COVENANTS</u> 

The Landlord covenants with the Tenant that the Landlord shall, in its capacity as the owner of the Leased Premises, use all reasonable efforts to cause the Strata Corporation to maintain the Parking Facility as required by law.

**<u>ARTICLE 8 - ASSIGNMENT, SUBLETTING</u>**

8.1 <u>TENANT'S COVENANTS</u> 

The Tenant covenants with the Landlord that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Not to Assign</u> 

The rights of the Tenant under this Lease shall not be transferred, assigned, sold, or mortgaged and the Tenant shall not sublet the whole or any part of the Leased Premises nor grant any concession or license within or with respect to the Leased Premises (any of which is herein referred to as a "**Transfer**") to any party without in any case the prior written consent of the Landlord, which consent the Landlord may not unreasonably withhold, provided that it will be reasonable for the Landlord to withhold its consent if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed transferee, assignee, or sublessee, or the principal or principals of the transferee, assignee
or sublessee, in the case of a corporation, is, in the reasonable opinion of the Landlord, not experienced enough in the operation of
the business for which the Leased Premises are hereby demised so as to prejudice the Landlord's position hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the transferee, assignee or sublessee, or the principal or principals of the transferee, assignee, or
sublessee, is, in the opinion of the Landlord, not financially sound enough to be responsible for the obligations being assumed hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the transferee, assignee, or sublessee is a corporation, then an indemnifier or indemnifiers satisfactory
to the Landlord and whose financial position is satisfactory to the Landlord acting reasonably, do not execute indemnities in form and
substance satisfactory to the Landlord; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the transferee, assignee, or sublessee does not execute a covenant in favour of the Landlord, in form
and content satisfactory to the Landlord whereby it or they will fully perform all of the obligations of the Tenant hereunder;

provided that in any event the Landlord in granting or withholding consent may consider the background and status and business history of the proposed assignee, sublessee or occupant. The Landlord shall not be obliged to consider any request for or notice to approve any proposed Transfer except upon the Tenant delivering to the Landlord, in advance, a sum not to exceed $2,500.00 on account of the Landlord's cost of reviewing such request for consent and documenting the proposed transfer, assignment, mortgage or sublease. All such documentation will be prepared by the Landlord's solicitors.

8.2 For purposes of clarity, the word "Transfer" shall
mean and include any transfer, assignment, or sale to related party of the Tenant as part of a corporate reorganization or to a party
who acquires a majority of the assets of the Tenant in British Columbia.

The Tenant shall not permit any business to be operated in or from the Leased Premises except as set out in section 5.1(a).

8.3 <u>TENANT TO REMAIN LIABLE</u> 

Notwithstanding any consent being given by the Landlord and any transfer, assignment, sale, mortgaging or subleasing being effected, the original Tenant hereunder shall remain bound to the Landlord for the fulfillment of all of the covenants, agreements, conditions and provisos herein contained, on the part of the Tenant for only the then existing Term or any renewal term the option for which has been exercised by the Tenant.

8.4 <u>CHANGE IN CONTROL OF TENANT</u> 

Except as specifically set forth in section 8.1, if the Tenant herein is a private corporation or is not a reporting corporation and if by sale or other disposition of its securities the control of the beneficial ownership of the voting shares of that corporation is changed at any time during the Term, such sale or other disposition shall be deemed an assignment of this Lease under section 8.1 and the Landlord's consent as set forth in that section shall be required.

**<u>ARTICLE 9 - INSURANCE</u>**

9.1 <u>TENANT TO INSURE</u> 

The Tenant covenants with the Landlord that it shall take out, and keep in force during the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all risk property and boiler and machinery (if applicable) insurance in respect of the Tenant's
stock in trade, furniture and fixtures and such other property in or forming part of the Leased Premises (fixed improvements) to the full
replacement cost value. The property insurance is to include business interruption insurance for a 12 month period including rents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comprehensive general liability insurance including bodily injury, and property damage on an occurrence
basis with respect to the business carried on as in or from the Tenant's Leased Premises and Tenant's use and occupancy thereof.
The limit of such insurance shall be for not less than $5,000,000.00 inclusive limits per occurrence or such higher limits as may be reasonably
required by the Landlord from time to time. This insurance shall name the
Landlord as an additional insured, shall include a cross liability clause and severability of interest clauses, tenants legal liability
insurance in the amount of $5,000,000.00;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) plate glass insurance on all internal and external glass within or fronting the Leased Premises; however,
notwithstanding the foregoing, the Tenant may elect to self-insure for the insurance described in this 9.1(c); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such other insurance of the Leased Premises and business conducted therefrom as would be carried by a
prudent operator of Leased Premises similar in use, type and location and as otherwise reasonably required by the Landlord from time to
time, excluding any requirement for environmental insurance,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) and that the following shall apply with respect to all insurance policies which the Tenant is required
to take out and keep in force hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the liability policy shall name the Landlord as an additional insured as its interests may appear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the property and boiler machinery policy shall provide that the insurer shall not have any right of subrogation
against the Landlord on account of any loss or damage covered by that insurance or on account of payments made to discharge claims against
or liabilities of the Landlord or Tenant covered by that insurance, to the extent set forth in section 9.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost or premium for each and every policy shall be paid by the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Tenant shall notify the Landlord in writing of any cancellation thereof or any material change therein;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Tenant agrees, at the request of the Landlord, to provide the Landlord with insurance certificates
as evidence of the existence of the insurance policies described herein.

9.2 <u>LANDLORD TO INSURE</u> 

The Landlord covenants and agrees with the Tenant that throughout the Term and any renewal, it shall take all reasonable steps to cause the Strata Corporation to maintain all such insurance, in such amounts and on such terms, as the Strata Corporation may be required to maintain, from time to time, under the Strata Property Act.

**<u>ARTICLE 10 - TENANT'S ALTERATIONS</u>**

10.1 <u>PAINTING AND DECORATIONS</u> 

The Tenant may at any time and from time to time at its expense, paint and decorate the interior of the Leased Premises with the prior written consent of the Landlord and may make any changes, alterations, additions, and improvements in and to the Leased Premises that shall in the judgment of the Tenant better adapt the Leased Premises for the purpose of its business, and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no changes, alterations, additions or improvements to the structure, any perimeter wall, the sprinkler
system, the heating, ventilating, air-conditioning, plumbing, electrical, or mechanical equipment (to the extent that such system or equipment
serves the Building and not just the Leased Premises) or the concrete floor or the roof (subject to section 10.3) shall be made without
the prior written consent of the Landlord or the Strata Corporation, if applicable, and without the use of contractors or other qualified
workers designated or approved by the Landlord in writing;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) changes, alterations, additions and improvements, whether structural or otherwise, shall comply with all
applicable statutes, regulations or by-laws of any municipal, provincial, or other governmental authority and all bylaws, rules and regulations
of the Strata Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all work performed by the Tenant within the Leased Premises shall be completed with new or high quality
materials. Materials and workmanship shall be of a uniformly high quality and used and/or performed in accordance with the very best standards
of practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any damage to the Leased Premises or the Property (including, but not limited to, the Building) caused
by the Tenant or any of its employees, contractors, sub-contractors or workmen shall be repaired forthwith by and at the expense of the
Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Tenant shall pay to the Landlord the amount of the increase for any insurance coverage or Taxes to
the extent that that increase is directly attributable to any action by the Tenant under this section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the insurance shall not thereby be made liable to avoidance or cancellation by the insurer by reason of
any changes, alterations, additions, or improvements.

10.2 <u>LANDLORD'S PROPERTY</u> 

Subject to the Landlord's right to require the Leased Premises to be restored under section 2.3, at the end of the Term all changes, alterations, additions, and improvements made to or installed upon or in the Leased Premises whether made under this Article 10 or otherwise and which in any manner are attached in, to, on or under the floors, walls, or ceilings shall remain upon and be surrendered to the Landlord with the Leased Premises as a part thereof, without disturbance, molestation, or injury and shall be and become the absolute property of the Landlord without any payment or indemnity by the Landlord to the Tenant, subject to the Tenant's right to remove its equipment, howsoever affixed, if it so desires, as set forth in section 2.3, and subject to its right to remove fixtures that it installed, if it so desires, as set forth in section 7.1.

10.3 <u>PROHIBITIONS RE ROOF</u> 

The Tenant and its employees, agents, or representatives are expressly prohibited from entering upon the roof of the Building except with the express consent of, and subject to any conditions of, both the Landlord and the Strata Corporation.

10.4 <u>NO LIENS</u> 

The Tenant covenants with the Landlord that it shall not permit, do, or cause anything to be done to the Leased Premises during the period of construction and fixturing of the Leased Premises or at any other time which would allow any lien, lis pendens, judgment, or certificate of any court or any mortgage, charge, or encumbrance of any nature whatsoever, to be imposed or to remain upon the Leased Premises or the Building. In the event of the registration of any lien, or other encumbrance, the Tenant will, at its own expense, immediately cause the same to be discharged and if the Tenant does not immediately discharge such lien, or encumbrance, the Landlord may pay such lien or encumbrance and the Tenant will pay to the Landlord on demand the amount so paid and all of the Landlord's costs in connection therewith.

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**<u>ARTICLE 11 - PUBLIC UTILITIES, TAXES, ETC.</u>**

11.1 <u>PUBLIC UTILITIES, METERS, BUSINESS TAX, AND MACHINERY</u> 

The Tenant shall be solely responsible for and shall promptly pay all charges for lighting, heating, ventilating and air conditioning the Leased Premises and all water, gas, electricity, telephone and other utilities used or consumed in the Leased Premises. If there are no separate meters for measuring the consumption of such utilities, the Tenant shall pay to the Landlord, in advance, by monthly instalments as Additional Rental, such amount as may be reasonably estimated by the Landlord from time to time as the cost of such utilities for the Leased Premises, taking into account the specific use of the Leased Premises by the Tenant. In the event of any dispute between the Landlord and the Tenant as to the amount of such utility costs, the opinion of the Landlord shall be final and binding on the Landlord and Tenant. In no event shall the Landlord be liable for, nor have any obligation with respect to, an interruption or failure in the supply of such utilities or services to the Leased Premises whether supplied by the Landlord or others but shall take all reasonable steps to rectify any interruptions on the Common Areas and Facilities.

The Tenant covenants with the Landlord that the Tenant shall pay promptly before any fine, penalty, interest or cost may be added thereto for the non-payment thereof for its gas, other fuel and electricity, water, and other similar utilities consumed on the Leased Premises if separately metered and not included in the costs set out in section 4.1(b), for its telephones, for all business taxes, licence fees, rates, charges, garbage, and other similar services and levies of any nature or kind levied or assessed upon or in respect of or in relation to the Tenant, the business carried on by the Tenant, or the properties, fixtures, machinery, equipment, improvements or apparatus of the Tenant installed in the Leased Premises.

11.2 <u>PAYMENT OF TAXES</u> 

Subject to the rights which the Landlord has at law to contest Taxes, and except to the extent that the Tenant has paid Taxes directly to the City of Richmond, the Landlord covenants with the Tenant to pay all Taxes and the Tenant covenants with the Landlord to pay its Taxes as provided herein and the Tenant further covenants and agrees to pay any Rental Taxes levied on rents collected or revenues received by the Landlord or rents paid by the Tenant. The Tenant, at its cost, may contest the Taxes upon prior written notice to the Landlord and may defer payment of any Taxes that it is so contesting if such deferment does not impair any transfer or encumbering of the Leased Premises by the Landlord.

After the commencement of the Term of this Lease and prior to the commencement of each fiscal period determined by the Landlord thereafter which commences during the Term, the Landlord may reasonably estimate the amount of Taxes, if any, or any instalment on account thereof, to become due on any date during the ensuing fiscal period or (if applicable) portion thereof, as the case may be, and the amount thereof which will be payable by the Tenant, and notify the Tenant in writing of such estimate. If the Tenant has overpaid such proportion of the Taxes, the Landlord shall promptly refund any excess paid, but if any balance remains unpaid, the Landlord shall fix monthly instalments for the then-remaining balance of such fiscal period or portion thereof such that, after giving credit for instalments paid by the Tenant hereunder in respect of such calendar year, the entire Taxes will be fully payable prior to the time the Landlord is obliged to pay the Taxes. If for any reason the amount of the Taxes is not finally determined within such fiscal period or portion thereof, the parties shall make the appropriate readjustment in cash when such amount becomes finally determined. The Landlord and the Tenant acknowledge that Taxes in respect of the Leased Premises may be payable during the course of a year as prepayment for the Taxes accruing due in respect of such year, and if the Term ends during a year, then the appropriate adjustment will be made. Any report of the Landlord's accountant as to the Taxes shall be conclusive as to the amount thereof for any period to which such report relates.

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11.3 <u>PENALTIES</u> 

If the Tenant is in breach of its obligations under this Article 11 and such breach gives rise to any fine, penalty, interest or cost being added to Taxes or other amounts payable by the Tenant under this part, the Tenant agrees to pay such fine, penalty, interest or cost within 10 days after written notice thereof is given to the Tenant by the Landlord requiring the Tenant to make such payment.

11.4 <u>RENTAL TAXES</u> 

The Tenant covenants to pay, as and when they fall due, all Rental Taxes to the Landlord or directly to the applicable government authority if legislation so requires.

11.5 <u>INDEMNITY</u> 

The Tenant covenants and agrees with the Landlord that the Tenant shall during the Term, indemnify and keep indemnified the Landlord in respect of all loss, costs, charges and expenses occasioned by or arising from the non-payment of any and every tax, rate, assessment, charge, expense or fee payable by the Tenant pursuant to sections 11.1, 11.2, 11.3, or 11.4.

11.6 <u>TIME FOR PAYMENT</u> 

The Tenant acknowledges that the Landlord shall have the right to collect Taxes and Cost of Insurance on a monthly pre-estimate basis pursuant to the provisions of subsection 4.3 hereof, provided however, that if as of the due date for payment of Taxes or Cost of Insurance the amounts therefore paid by the Tenant are less than the amount payable by the Tenant, the Tenant shall within 5 days following notice from the Landlord pay to the Landlord such deficiency.

**<u>ARTICLE 12 - EXCLUSION OF LIABILITY AND INDEMNITY</u>**

12.1 <u>MUTUAL AGREEMENT</u> 

It is agreed between the Landlord and Tenant that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tenant's Property</u> 

The Landlord, its agents, servants and employees, shall not be liable for damage or injury to any property of the Tenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Personal or Consequential Damages</u> 

The Landlord, its agents, servants, and employees shall not be liable nor responsible in any way for any personal or consequential injury of any nature whatsoever that may be suffered or sustained by the Tenant or any employee, agent, customer, invitee, or licensee of the Tenant or any other person who may be upon the Leased Premises or for any loss of or damage or injury to any property belonging to the Tenant or to its employees or to any other persons while that property is on the Leased Premises and, in particular, but not limiting the generality of the foregoing, the Landlord shall not be liable for any damage or damages of any nature whatsoever to any that property caused:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the failure, by reason of a breakdown or other cause, to supply adequate drainage, snow or ice removal;
or

Page **23** of **34**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of the interruption of any public utility or service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of steam, water, rain, or snow which may leak into, issue, or flow from any part of the Building;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) from the water, steam, sprinkler, or drainage pipes, or plumbing works of the Building; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) from any other place or quarter or for any damage caused by anything done or omitted by any tenant of
the Building,

but the Landlord shall use reasonable efforts to cause the Strata Corporation to remedy that condition, failure or interruption of service when not directly or indirectly attributable to the Tenant, after notice, when it is within the power and obligation of the Landlord so to do and the Tenant shall not be entitled to any abatement of Rental in respect of that condition, failure or interruption of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Landlord Entering Leased Premises</u> 

The Landlord, its agents, servants, employees, or contractors shall not be liable for any damage suffered to the Leased Premises or the contents thereof by reason of the Landlord, its agents, employees, or contractors entering upon the Leased Premises to undertake any examination thereof or any work therein or in the case of any emergency.

12.2 <u>INDEMNIFICATION</u> 

Notwithstanding any other terms, covenants and conditions in this Lease including, without limitation, the Landlord's obligations to cause the Strata Corporation to repair, the Tenant covenants and agrees with the Landlord to indemnify and save harmless the Landlord in its capacity as Landlord (except to the extent that the Strata Corporation is required to carry insurance under this Lease) from and against any and all liabilities, claims, damages, costs, losses, suits or actions of any nature whatsoever resulting from or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) breach, violation or non-performance of any covenant, agreement, condition, or proviso in this Lease set
out and contained on the part of the Tenant to be fulfilled, kept, observed and performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any damage to or loss of property of any third party caused or contributed to by the use and occupation
of the Leased Premises or any part thereof during the Term by the Tenant or those for whom it is in law responsible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any injury or damage to any person or persons including death resulting at any time therefrom, caused
or contributed to by the use and occupation of the Leased Premises or any part thereof during the Term by the Tenant or those for whom
it is in law responsible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any damages for personal discomfort or illness resulting from the operation or nonoperation of the Leased
Premises ventilation and/or air conditioning system or of any other equipment or machinery in the Leased Premises or the interruption
of any public utility caused or contributed to by the Tenant or those for whom it is in law responsible; and

Page **24** of **34**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any injury or damage not specified above to the person or property of the Tenant, its agents, servants
or employees, or any other person entering upon the Leased Premises under express or implied invitation by the Tenant, where the injury
or damage is caused or contributed to by the Tenant or those for whom it is in law responsible.

If the Landlord shall, without fault on its part, be made a party to any litigation commenced by or against the Tenant relating to the matters set forth in section 12.2(a) to (e), inclusive, then the Tenant shall protect, indemnify and hold the Landlord harmless and shall pay any and all costs, expenses and reasonable legal fees incurred or paid by the Landlord in connection with such litigation.

12.3 <u>SURVIVAL OF INDEMNITIES</u> 

The obligations of the parties under indemnities contained in this Lease shall, with respect to liability for any matter arising during the Term and prior to the expiration or any termination of this Lease, survive the expiration or any termination of this Lease.

**<u>ARTICLE 13 - LANDLORD'S RIGHTS AND REMEDIES</u>**

13.1 <u>DEFAULT</u> 

If and whenever:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Rental hereby reserved, or any part thereof, shall not be paid on the day appointed for payment thereof
and remains unpaid five days after the Landlord has delivered written notice of such breach to the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there is a breach or non-observance or non-performance of any of the covenants, agreements, conditions,
provisos, or rules and regulations on the part of the Tenant to be kept, observed or performed which is not cured within 30 days after
the Landlord has delivered written notice of such breach to the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if, without the written consent of the Landlord, the Leased Premises shall be used by any person other than
the Tenant, the Tenant's permitted assigns or permitted sublessees or for any Purpose other than that for which the Leased Premises
were let and such breach is not cured within 30 days after the Landlord has delivered written notice of such breach to the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if, without the written consent of the Landlord, the Tenant, at any time during the Term, removes or attempts
to remove any goods, chattels or fixtures from the Leased Premises other than in the ordinary course of business, without prior notice
to the Landlord;

PROVIDED HOWEVER THAT the Landlord shall not be required to give written notice of default or to permit the cure periods provided above if the Landlord has been required to issue two notices of default in the past 12 month period;

then and in every case, it shall be lawful for the Landlord at its discretion any time thereafter to enter into and upon the Leased Premises or any part thereof in the name of the whole and the same to have again, repossess, and enjoy as of its former estate, notwithstanding anything in this Lease contained to the contrary, and the Term and this Lease shall immediately upon such re-entering become forfeited and void, at the Landlord's option, provided however, that this shall be wholly without prejudice to the right of the Landlord to recover arrears of rent or damages for any antecedent breach of covenant on the part of the Tenant and provided further, the Landlord may subsequently recover from the Tenant all losses, damages, costs (including, but without limitation, legal costs on a solicitor client basis) and expenses whatsoever suffered by reason of this Lease having been prematurely determined.

Page **25** of **34**

13.2 <u>BANKRUPTCY OR INSOLVENCY</u> 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Term hereof or any of the goods and chattels of the Tenant shall be at any time seized in execution
or attachment by any creditor of the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a receiver or receiver manager is appointed in respect of any property of the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Tenant shall make any assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Tenant shall become bankrupt or insolvent or take the benefit of any act now or hereafter in force
for bankrupt or insolvent debtors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Tenant is a corporation and any order shall be made for the winding up of the Tenant, or other termination
of the corporate existence of the Tenant,

then in any of those cases, without limiting the remedies available to the Landlord, but subject always to applicable insolvency laws in effect at that time, the Landlord may exercise any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Lease shall, at the sole discretion of the Landlord, cease and determine; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Term shall, at the sole discretion of the Landlord, immediately become forfeited and void; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the then current month's Rental and the next ensuing three months' Minimum Rental shall immediately
become due and be paid; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Landlord may immediately claim the monies set out in section 13.1(a) together with any arrears then
unpaid and any other monies owing to the Landlord by the Tenant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Landlord may without notice or any form of legal process immediately reenter upon and take possession
of the Leased Premises and become the owner of and remove the Tenant's effects therefrom,

the whole without prejudice to and under reserve of, all other rights, remedies, and recourses of the Landlord.

13.3 <u>PAYMENT OF LANDLORD'S EXPENSES</u> 

If at any time an action is brought for recovery of possession of the Leased Premises, or the recovery of Rental or any part thereof, or because of a breach by act or omission of any covenant herein contained on the part of the Tenant, and a breach is established, the Tenant shall pay to the Landlord all reasonable expenses incurred by the Landlord in the enforcement of its rights and remedies hereunder.

Page **26** of **34**

13.4 <u>LANDLORD'S RIGHT TO RELET</u> 

In case of vacancy and in case the Leased Premises shall be deserted or vacated or in the event the Landlord has re-entered the Leased Premises under section 13.1, the Landlord shall have the right if it thinks fit to enter the Leased Premises as the agent of the Tenant either by force or otherwise without being liable to any prosecution therefor and to relet the Leased Premises as the agent of and at the risk of the Tenant and to receive the Rental therefor.

13.5 <u>RIGHT OF LANDLORD TO PERFORM TENANT'S COVENANTS</u> 

If at any time, and so often as it shall happen, the Tenant shall make default in the observance or performance of any covenant herein contained on its part to be observed or performed, which has not been cured by the Tenant within 30 days of notice of default from the Landlord, then the Landlord may, but shall not be obligated so to do, without waiving or releasing the Tenant from its obligations under this Lease, itself observe and perform the covenant or covenants in respect of which the Tenant has made default or make payment of the monies the Tenant has failed to pay and the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all costs and expenses incurred by the Landlord in the observance or performance of that covenant or covenants
including, but not limiting the generality of the foregoing, legal costs as between solicitor and client and any monies so paid by the
Landlord shall, with interest thereon from the date of the incurring of those costs or expenses or payments, of monies at a rate equal
to 6% per annum above the prevailing prime rate then being published by the Landlord's bankers, be a charge on the Leased Premises
in favour of the Landlord in priority to the interest of the Tenant hereunder and of any person claiming through or under the Tenant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all those costs, expenses and monies and interest thereon shall be payable immediately by the Tenant to
the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Tenant covenants to pay the monies immediately on demand by the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the monies shall be treated as Additional Rental due and payable to the Landlord hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Landlord shall have the same rights and remedies and may take the same steps for recovery thereof
as for the recovery of Additional Rental in arrears.

13.6 <u>INTEREST</u> 

The Tenant shall pay to the Landlord interest at a rate equal to 6% per annum above the prevailing prime rate then being published by the Landlord's bankers, on all payments of Rental and other sums required to be made under this Lease which have become overdue so long as those payments remain unpaid.

13.7 <u>RIGHT OF LANDLORD TO SEIZE</u> 

The Tenant waives and renounces the benefit of any present or future law taking away or limiting the Landlord's rights against the property of the Tenant and notwithstanding any law, the Landlord may seize and sell all the Tenant's goods and property, which at any time have been located within the Leased Premises whether within the Leased Premises or not, and apply the proceeds of that sale upon Rental outstanding and upon the costs of the seizure and sale in the same manner as might have been done if that law had not been passed, but if the Tenant leaves the Leased Premises, leaving any Rental unpaid, the Landlord, in addition to any remedy otherwise provided by law, may seize and sell the goods and property of the Tenant at any place to which the Tenant or any other person may have removed them, in the same manner as if those goods and property had remained upon the Leased Premises.

Page **27** of **34**

13.8 <u>NON-WAIVER</u> 

No condoning, excusing or overlooking by the Landlord of any default, breach, or nonobservance by the Tenant at any time or times in respect of any covenant, proviso, or condition herein contained shall operate as a waiver of the Landlord's rights hereunder in respect of any default, breach, or non-observance, or so as to defeat or affect in any way the rights of the Landlord herein in respect of such default, breach or non-observance. Except only as expressly waived in writing, no waiver shall be inferred from or implied by anything done or omitted to be done by the Landlord including, but not limited to, the subsequent acceptance by the Landlord of any payment on account of rent or any other monies due by the Tenant hereunder, regardless of the Landlord's knowledge of any preceding or continuing default, breach or non-observance by the Tenant of any covenant, proviso, or condition herein contained at the time of acceptance of such payment, and the Tenant hereby agrees that the acceptance by the Landlord of any such payment shall not operate as a waiver of any such preceding or continuing default, breach or non-observance by the Tenant.

13.9 <u>REMEDIES CUMULATIVE</u> 

All rights and remedies of the Landlord in this Lease contained shall be cumulative and not alternative.

**<u>ARTICLE 14 - MORTGAGES AND ASSIGNMENTS BY LANDLORD</u>**

14.1 <u>SALE OR FINANCING OF LEASED PREMISES</u> 

The rights of the Landlord under this Lease may be mortgaged, charged, transferred, or assigned to a purchaser or to a mortgagee or trustee for bond holders and in the event of a sale or of default by the Landlord under any mortgage, trust deed, or trust indenture and the purchaser, mortgagee, or trustee, as the case may be, duly entering into possession of the Leased Premises, the Tenant agrees to attorn to and become the Tenant of that purchaser, mortgagee or trustee under the terms of this Lease.

14.2 <u>SUBORDINATION</u> 

This Lease will be subject and subordinate to all mortgages, trust deeds, or trust indentures which may now or at any time hereafter affect in whole or in part the Leased Premises and whether or not that mortgage, trust deed, or trust indenture shall affect only the Leased Premises or shall be a blanket mortgage, trust deed, or trust indenture affecting other premises as well.

In confirmation of any subordination and agreement to attorn, the Tenant shall execute promptly upon request by the Landlord any accurate and reasonable certificate, instruments, or postponement or attornment or other instruments which may from time to time be requested to give effect hereto.

14.3 <u>OFFSET STATEMENTS</u> 

Within 20 days after request therefor by the Landlord, in the event of any sale, assignment, hypothecation or mortgaging of the Leased Premises or the Building by the Landlord, the Tenant shall deliver a certificate in an accurate and reasonable form required by the Landlord to any proposed mortgagee or purchaser, or to the Landlord, certifying that this Lease is in full force and effect and that there are no defaults, offsets, or prepayments thereto, (if that be the case).

Page **28** of **34**

14.4 <u>REGISTRATION</u> 

The Tenant acknowledges the confidential nature of this Lease and agrees with the Landlord not to register or apply to register this Lease.

14.5 <u>SALE AND ASSIGNMENT BY LANDLORD</u> 

In the event of the sale by the Landlord of the Leased Premises and the assignment by the Landlord of all of its rights and obligations under this Lease or any interest of the Landlord hereunder, the Landlord shall, without further written agreement, be freed and relieved of liability upon the covenants and obligations of the Landlord hereunder whether arising before or after such sale, lease or assignment and the Tenant shall, from time to time at the request of the Landlord, certify or acknowledge to any mortgagee, purchaser, lessee, or assignee or proposed mortgagee, purchaser, lessee or assignee, the status and validity of this Lease, and the state of the Landlord's and Tenant's account hereunder.

**<u>ARTICLE 15 - OVERHOLDING TENANT</u>**

15.1 <u>NO TACIT RENEWAL</u> 

If the Tenant remains in possession of the Leased Premises after the end of the Term and without the execution and delivery of a new lease, there shall be no tacit renewal of this Lease or the Term hereby granted, and the Tenant shall be deemed to be occupying the Leased Premises as a Tenant from month to month, at a monthly rent payable in advance on the first day of each month equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 150% of the Minimum Rental payable during the last month of the Term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1/12 of the Additional Rental, payable under section 4.1(b) for the Lease Year immediately preceding the
last Lease Year of the Term, and otherwise upon the same covenants, agreements, conditions, and provisos as are set out in this Lease
insofar as they are applicable to a monthly tenancy.

**<u>ARTICLE 16 - LANDLORD'S COVENANTS</u>**

16.1 <u>LANDLORD'S COVENANTS</u> 

The Landlord covenants with the Tenant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Quiet Enjoyment</u> 

Subject to section 16.2, that if the Tenant pays the Rental hereby reserved and performs the covenants and agreements herein on its part contained, it shall and may peaceably possess and enjoy the Leased Premises for the Term hereby granted without any interruption or disturbance from the Landlord or any other person or persons lawfully claiming by, from, or under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance by Strata Corporation</u> 

The Landlord shall use reasonable commercial efforts to cause the Strata Corporation to perform, prudently and in a timely manner, the obligations to be performed by the Strata Corporation under the *Strata Property Act* and to maintain the Building and the Common Areas in a first class manner.

Page **29** of **34**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Voting</u> 

The Landlord hereby agrees to exercise its vote so as to be consistent with the provisions of this Lease and will not exercise its vote in favour of any bylaw that would restrict the Tenant's rights under this lease, including without limitation, any restriction on the operation of the Tenant's business in the Leased Premises or the Tenant's use of the Common Areas.

16.2 <u>LANDLORD'S REPRESENTATIONS & WARRANTIES</u> 

The Landlord represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Landlord is the registered and beneficial owner of the estate in fee simple in and to the Leased Premises;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the best of the Landlord's information and belief, there are no restrictive covenants, and the
Landlord will not, during the Term or any renewal term, grant any restrictive covenants, which could in any way restrict the use of the
Leased Premises by the Tenant for the use of the Premises as set forth in section 5.1(a).

16.3 <u>EXCEPTION</u> 

Notwithstanding anything in this Lease, the Landlord shall bear no responsibility for any inconvenience, damage, loss or nuisance suffered by the Tenant as a direct result of a decision, voted on by the Strata Corporation in relation to the Building or the Leased Premises which may adversely affect the Tenant or its business conducted from the Leased Premises, except to the extent that the Landlord has not complied with its obligations with respect to voting as set forth in section 16.1(c), provided that this shall not limit any remedies available to the Tenant pursuant to section 7.1.

**<u>ARTICLE 17 - LEGAL RELATIONSHIP</u>**

17.1 <u>NO PARTNERSHIP</u> 

It is understood and agreed that nothing contained in this Lease nor in any acts of the parties hereto shall be deemed to create any relationship between the parties hereto other than the relationship of Landlord and Tenant.

17.2 <u>SEVERAL TENANTS</u> 

Should the Tenant comprise two or more persons, each of them, and not one for the other or others, shall be jointly and severally bound with the other or others for the due performance of the obligations of the Tenant hereunder and references to the Landlord and the Tenant shall be read with the changes in gender that may be appropriate and, when appropriate, the singular shall mean the plural and vice versa.

17.3 <u>SUCCESSORS, ETC.</u> 

Subject to the provisions of this Lease respecting assignment by the Tenant, this Lease shall inure to the benefit of and be binding upon the Landlord, its successors, and assigns and the heirs, executors, administrators and other personal legal representatives, successors, and permitted assigns of the Tenant.

Page **30** of **34**

**<u>ARTICLE 18 - NOTICE</u>**

18.1 <u>NOTICE</u> 

Any notice, demand, request, consent, or objection required or contemplated to be given or made by any provision of this Lease shall be given or made in writing and either delivered personally or sent by facsimile or sent by registered mail, postage prepaid, addressed to the Landlord at:

**KANGALOO INVESTMENTS LTD.** 

688 50<sup>th</sup> Avenue SW

Vancouver, BC V6P 1A3

Attention: Yan Du

or addressed to the Tenant at the Leased Premises:

**CLUB VERSANTE MANAGEMENT LTD.**

#1205 – 8400 West Road

Richmond, BC V6X 0S7

Attention: Mo Yeung Ching

or to any other address of which either party may from time to time notify the other in writing.

The time of giving or making any notice, demand, request, consent, or objection shall be, if delivered, when delivered, if sent by facsimile, on the date sent, and if mailed, then on the fifth business day after the day of the mailing thereof, provided that if mailed should there be between the time of mailing and the actual receipt of the notice, a mail strike, slow-down or other labour dispute which might affect delivery of that notice, then that notice shall only be effective if actually delivered.

If in this Lease two or more persons are named as Tenant any notice, demand, request, consent, or objection shall be sufficiently given or made if and when the same shall be given to any one of those persons.

All payments required to be made by this Lease shall be addressed as provided for in this Article 18 unless otherwise directed by the Landlord.

**<u>ARTICLE 19 - GENERAL CONDITIONS</u>**

19.1 <u>GARBAGE, DEBRIS</u> 

No debris, garbage, trash or refuse shall be placed or left, or be permitted to be placed or left in, on, or upon any part of the Building outside of the Leased Premises, but shall be deposited by the Tenant in areas and at times and in a manner specifically designated by the Landlord from time to time.

Should any of the items herein mentioned be of a perishable nature the same shall be kept in a properly refrigerated area provided at its cost by the Tenant.

19.2 <u>COMPLIANCE WITH LAWS</u> 

At the sole cost and expense of the Tenant, the Leased Premises shall be kept by the Tenant in a clean and sanitary condition in accordance with all municipal, federal and provincial laws, by-laws, rules, regulations and requirements, whether or not in force at the date hereof and in accordance with all directions, rules and regulations of the health officer, fire marshal, building inspector, or other proper officers or agencies (whether municipal, federal, or provincial) having jurisdiction.

If the Tenant fails to comply with the foregoing provisions of this Article 19 the Landlord may rectify the situation and collect the expense for that work from the Tenant in the same manner as arrears of Additional Rental.

Page **31** of **34**

19.3 <u>NUISANCE</u> 

The Tenant shall not use or permit any part of the Leased Premises to be used in any manner as to cause a nuisance nor to cause or permit annoying noises or vibrations or offensive odours which would constitute a nuisance.

**<u>ARTICLE 20 - MISCELLANEOUS</u>**

20.1 <u>SHOWING LEASED PREMISES AND SIGNAGE</u> 

The Landlord may at any time within 180 days before the end of the Term enter the Leased Premises and bring others at all reasonable hours, and upon reasonable notice to the Tenant, for the purpose of offering the Leased Premises for rent. In addition, the Landlord shall have the right within the six months prior to the expiration of the Term, to place upon the Leased Premises, a notice of reasonable dimensions and reasonably placed so as not to interfere with the business of the Tenant, stating that the Leased Premises are for sale or to let and the Tenant shall not remove or obscure such notice or permit the same to be removed or obscured.

20.2 <u>TIME OF THE ESSENCE</u> 

Time shall be of the essence of this Lease.

20.3 <u>CAPTIONS</u> 

The headings appearing in this Lease have been inserted as a matter of convenience and for reference only and in no way define, limit, or enlarge the scope or meaning of this Lease or any provision hereof.

20.4 <u>GOVERNING LAW</u> 

This Lease shall be construed and governed by the laws of the Province of British Columbia.

20.5 <u>SEVERABILITY</u> 

All of the provisions of this Lease shall be construed as covenants and agreements as though the words importing those covenants and agreements were used in each separate section. Should any provision of this Lease or its conditions be illegal or not enforceable, it or they shall be considered separate and several from the Lease and its remaining provisions or conditions shall remain in force and be binding upon the parties hereto as though the alleged or unenforceable provision or condition had never been included.

20.6 <u>TENANT ACKNOWLEDGEMENTS</u> 

The Tenant acknowledges that there have been no representations made by the Landlord which are not set out in this Lease.

Page **32** of **34**

20.7 <u>ENTIRE AGREEMENT</u> 

This Lease constitutes the entire agreement between the Landlord and the Tenant and replaces any previous versions entered into by the parties and may not be modified except as herein explicitly provided or except by subsequent agreement in writing duly signed by the Landlord and the Tenant.

20.8 <u>NET LEASE</u> 

Except as shall be otherwise provided in the specific provisions contained in this Lease, the Tenant acknowledges and agrees that it is intended that this Lease shall be a completely carefree net lease for the Landlord, and that the Landlord shall not be responsible during the Term for any costs, charges, expenses and outlays of any nature whatsoever arising from or relating to the Leased Premises, and the Tenant shall pay all charges, impositions, and costs of every nature and kind relating to the Leased Premises whether or not referred to herein and whether or not within the contemplation of the Landlord and the Tenant and the Tenant covenants with the Landlord accordingly.

20.9 <u>UNAVOIDABLE DELAY</u> 

If the Landlord or the Tenant (herein, the "**Delayed Party**") shall be delayed, hindered or prevented from the performance of any of its covenants under this Lease by any cause not within the control of the Delayed Party (excluding lack of finances of the Delayed Party), the performance of the covenant shall be excused for the period during which performance is rendered impossible and the time for performance thereof shall be extended accordingly; but no such delay shall excuse the Tenant from the prompt payment of any Rental amounts or excuse the Landlord from the prompt payment of any amounts owing to the Tenant or excuse either party from any of its other obligations under this Lease which do not relate to the matter affected by the Unavoidable Delay.

20.10 <u>LIMITATION OF RECOURSE</u> 

Notwithstanding any other provision contained in this Lease, the obligations of, and rights against, the Landlord under this Lease shall be enforced against, and recourse hereunder shall be had only after judgment and only against, the right, title and interest of the Landlord from time to time in, and the Landlord's revenues accrued from, the Leased Premises. No recourse shall be had, judgment issued or execution or other process levied against, the Landlord (except only to the extent necessary for enforcement under the first sentence of this section) or against any other assets or revenues of the Landlord.

20.11 <u>COUNTERPARTS</u> 

This Lease may be executed in any number of counterparts with the same effect as if all of the parties hereto had signed the same agreement and all counterparts will be construed together and constitute one and the same instrument. Delivery to each party hereto may be affected by personal delivery or by facsimile transmission or electronically transmitted copies of the executed document in portable document format (PDF).

*[Signature page to follow]* 

Page **33** of **34**

IN WITNESS WHEREOF the parties have executed this Lease as of the date first above written.

---

| | |
|:---|:---|
| **KANGALOO INVESTMENTS LTD.** | **KANGALOO INVESTMENTS LTD.** |
| Per: | ![](ex10-7_001.jpg) |
|  | Authorized Signatory |
| **CLUB VERSANTE MANAGEMENT LTD.** | **CLUB VERSANTE MANAGEMENT LTD.** |
| Per: | ![](ex10-7_002.jpg) |
|  | Authorized Signatory |

---

Page **34** of **34**

**SCHEDULE "A"** 

**<u>DESCRIPTION AND PLAN OF LEASED PREMISES</u>**

Description of Leased Premises:

That portion of the Building, being the retail strata lot outlined in heavy black as shown below.

**SCHEDULE "B"** 

**<u>PROCEDURES AND GUIDELINES FOR TENANT'S WORK</u>**

Subject to such further requirements of the Strata Corporation, prior to securing the necessary permits, the

Tenant shall prepare and submit to the Landlord or to the Landlord's architect for approval with respect to structural and exterior matters, copies of the Tenant's drawings and plans and specifications (the "**Plans**") showing details of the identification signs, electrical wiring, plumbing, sprinklers and other fire detection devices, heating, ventilating and air-conditioning, reflected ceiling plan, under floor electrical or mechanical, if any, floor plans and complete interior finishing schedules and any other items that the Landlord or the Landlord's Architect may require.

The Plans shall show all of the above matters in sufficient detail so as to permit the Landlord or the Landlord's Architect to properly evaluate same.

The Tenant shall make all reasonable changes required by the Landlord to the Plans in order to conform to the overall plans and specifications of the Landlord for the Building.

Immediately upon receipt of approval by the Tenant from the Landlord of the Plans, or of the Plans as revised by the Tenant pursuant to the Landlord's direction aforesaid, the Tenant shall commence its work forthwith and proceed diligently to complete same.

Prior to undertaking any Tenant's work in the Leased Premises, the Tenant shall secure all necessary authorizations, permits and licenses from all authorities having jurisdiction, and shall carry appropriate insurance on the Leased Premises in accordance with the terms and conditions of the Lease, and shall submit satisfactory proof to the Landlord of all such permits, authorizations and insurance coverage. The Tenant shall ensure that a copy of the Plans approved by the City of Richmond are delivered to the Landlord.

All work done by the Tenant shall be completed in a good and workmanlike manner in accordance with the Plans as approved by the Landlord and to the Landlord's satisfaction, and shall utilize new or high quality materials and shall conform to all statutes, regulations or by-laws of any municipal, provincial or other authority. All work to be done by the Tenant shall meet the base building targeted LEED Silver equivalent requirements, including but not limited to compliance with interior finishes meeting low VOC requirements, flooring finishes meeting FloorScore/Carpet and Rug Institute Greenlabel Plus, composite wood products with no added urea-formaldehyde, water efficient washroom fixtures and commissioning requirements.

The Tenant shall require all such contractors and sub-contractors to carry adequate liability insurance and, in any event, to a minimum of not less than $3,000,000.00 each occurrence. The Tenant shall not impose or permit to be imposed upon the floor areas of the Leased Premises a working load which would cause structural damage to the floor.

The Tenant shall, during the construction of the Tenant's work, maintain the Leased Premises in a clean and orderly condition, properly removing unused construction materials, merchandise, equipment and debris and shall maintain the Common Areas of all such construction material and debris.

Temporary electrical power, lighting, water, heat or other services required by the Tenant within the Leased Premises during construction will be the Tenant's responsibility and at his expense.

## Exhibit 10.8

**Exhibit 10.8**

**LEASE**

**Between**

**1322956 B.C. LTD.**

**(the "Landlord")**

**And**

**Club Versante Management Ltd.**

**(the "Tenant")**

**Units 110**, **115 & 605 – 8400 West Road, Richmond, British Columbia**

**(the "Premises")**

**Lease**

*Re: **Units 110, 115 & 605 – 8400 West Road, Richmond, British Columbia***

**Table of Contents**

---

| | | |
|:---|:---|:---|
| ARTICLE 1 — BASIC TERMS, DEFINITIONS | ARTICLE 1 — BASIC TERMS, DEFINITIONS | 4.0 |
| 1.1 | Basic Terms | 4.0 |
| 1.2 | Definitions | 6.0 |
| ARTICLE 2 — DEMISE AND TERM | ARTICLE 2 — DEMISE AND TERM | 8.0 |
| 2.1 | Demise | 8.0 |
| 2.2 | Rentable Area | 8.0 |
| 2.3 | Term | 8.0 |
| 2.4 | Overholding | 9.0 |
| ARTICLE 3 — RENT | ARTICLE 3 — RENT | 9.0 |
| 3.1 | Covenant to Pay, Net Lease | 9.0 |
| 3.2 | Rental Taxes | 9.0 |
| 3.3 | Payment Method | 9.0 |
| 3.4 | Deposit. | 10.0 |
| 3.5 | Rent Past Due | 10.0 |
| 3.6 | Partial Periods | 10.0 |
| ARTICLE 4 — BASIC RENT | ARTICLE 4 — BASIC RENT | 10.0 |
| 4.1 | Basic Rent | 10.0 |
| ARTICLE 5 — ADDITIONAL RENT | ARTICLE 5 — ADDITIONAL RENT | 10.0 |
| 5.1 | Additional Rent. | 10.0 |
| 5.2 | Realty Taxes | 11.0 |
| 5.3 | Business and Other Taxes | 11.0 |
| 5.4 | Landlord's Insurance Costs | 12.0 |
| 5.5 | Annual Readjustment of Additional Rent | 12.0 |
| ARTICLE 6 — UTILITIES AND BUILDING SYSTEMS | ARTICLE 6 — UTILITIES AND BUILDING SYSTEMS | 13.0 |
| 6.1 | Payment for Utilities | 13.0 |
| 6.2 | Additional Utilities | 13.0 |
| 6.3 | No Overloading | 13.0 |
| 6.4 | No Liability | 13.0 |
| 6.5 | Building Systems | 13.0 |
| ARTICLE 7 — CONTROL AND OPERATION BY LANDLORD | ARTICLE 7 — CONTROL AND OPERATION BY LANDLORD | 14.0 |
| 7.1 | Building Operation and Repair | 14.0 |
| 7.2 | Use of Common Areas. | 14.0 |
| 7.3 | Control of Common Areas and Building | 14.0 |
| 7.4 | Rules and Regulations, Bylaws and Easements | 15.0 |
| ARTICLE 8 — USE OF PREMISES | ARTICLE 8 — USE OF PREMISES | 15.0 |
| 8.1 | Use of the Premises | 15.0 |
| 8.2 | Conduct of Business | 15.0 |
| 8.3 | Observance of Law | 16.0 |
| 8.4 | Waste, Nuisance, Overloading | 16.0 |
| ARTICLE 9 — Strata Matters | ARTICLE 9 — Strata Matters | 17.0 |
| 9.1 | Deemed Destruction | 17.0 |
| 9.2 | Implied Easements | 17.0 |
| 9.3 | Common Area Access | 17.0 |
| 9.4 | Common Area Alterations | 17.0 |
| 9.5 | Easements | 18.0 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE 10 — MAINTENANCE, REPAIRS AND ALTERATIONS OF PREMISES | ARTICLE 10 — MAINTENANCE, REPAIRS AND ALTERATIONS OF PREMISES | 18.0 |
| 10.1 | Tenant's Obligations | 18.0 |
| 10.2 | Landlord's Obligations | 18.0 |
| 10.3 | Inspection and Repair on Notice | 18.0 |
| 10.4 | Alterations | 19.0 |
| 10.5 | Signs | 19.0 |
| 10.6 | Construction Liens | 20.0 |
| 10.7 | Removal of Improvements and Fixtures | 20.0 |
| 10.8 | Surrender of Premises | 21.0 |
| ARTICLE 11 — INSURANCE AND INDEMNITY | ARTICLE 11 — INSURANCE AND INDEMNITY | 21.0 |
| 11.1 | Tenant's Insurance | 21.0 |
| 11.2 | Landlord's Insurance | 22.0 |
| 11.3 | Increase of Landlord's Premiums | 22.0 |
| 11.4 | Tenant Indemnity | 23.0 |
| 11.5 | Mutual Release | 23.0 |
| ARTICLE 12 — ASSIGNMENT AND SUBLETTING | ARTICLE 12 — ASSIGNMENT AND SUBLETTING | 24.0 |
| 12.1 | Assignment, Subletting | 24.0 |
| 12.2 | Landlord's Consent | 24.0 |
| 12.3 | Requests for Consent | 25.0 |
| 12.4 | Change of Control | 26.0 |
| 12.5 | No Advertising | 26.0 |
| 12.6 | Assignment by Landlord | 26.0 |
| 12.7 | Status Certificate | 26.0 |
| 12.8 | Subordination and Non-Disturbance | 27.0 |
| ARTICLE 13 — QUIET ENJOYMENT | ARTICLE 13 — QUIET ENJOYMENT | 27.0 |
| 13.1 | Quiet Enjoyment | 27.0 |
| ARTICLE 14 — DAMAGE AND DESTRUCTION | ARTICLE 14 — DAMAGE AND DESTRUCTION | 27.0 |
| 14.1 | Damage or Destruction to Premises | 27.0 |
| 14.2 | Rights to Termination | 27.0 |
| 14.3 | Certificate Conclusive | 28.0 |
| 14.4 | Landlord's Work | 28.0 |
| 14.5 | Expropriation | 28.0 |
| ARTICLE 15 — DEFAULT | ARTICLE 15 — DEFAULT | 29.0 |
| 15.1 | Default and Right to Re-enter | 29.0 |
| 15.2 | Default and Remedies | 30.0 |
| 15.3 | Distress | 31.0 |
| 15.4 | Costs | 31.0 |
| 15.5 | Remedies Cumulative | 31.0 |
| ARTICLE 16 — GENERAL | ARTICLE 16 — GENERAL | 32.0 |
| 16.1 | Entry | 32.0 |
| 16.2 | Force Majeure | 32.0 |
| 16.3 | Effect of Waiver or Forbearance | 32.0 |
| 16.4 | Notices | 33.0 |
| 16.5 | Registration | 33.0 |
| 16.6 | Number, Gender, Effect of Headings | 33.0 |
| 16.7 | Severability, Subdivision Control | 33.0 |
| 16.8 | Entire Agreement | 34.0 |
| 16.9 | Successors and Assigns | 34.0 |
| 16.10 | Confidentiality and Personal Information | 34.0 |
| 16.11 | Counterpart | 34.0 |

---

---

| | |
|:---|:---|
| Schedule "A" | PLAN OF PREMISES |
| Schedule "B" | LEGAL DESCRIPTION |
| Schedule "C" | EXTENSION RIGHTS |
| Schedule "D" | STRATA RID |

---

**Lease**

***Units 110, 115 & 605 – 8400 West Road, Richmond, British Columbia***

THIS LEASE made the _1 st_ day of Sep, 2021,

BETWEEN:

**1322956 B.C. LTD.** (Incorporation

No. BC1322956), a company duly incorporation pursuant to the laws of the Province of British Columbia, with a registered and records office at 1205-8400 west road Richmond British Columbia, V6X0S7

(the "**Landlord**")

AND

**Club Versante Management LTD.** (Incorporation No. BC0987253, a company duly incorporation pursuant to the laws of the Province of British Columbia, with a registered office at Suite 500 – North Tower, 5811 Cooney Road, Richmond, British Columbia, V6X 3M1

(the "**Tenant**")

WITNESSETH AS FOLLOWS:

**ARTICLE 1 — BASIC TERMS, DEFINITIONS**

1.1 Basic Terms

(a) *Landlord*: 1322956 BC LTD. <br> *Address*: 1205-8400 West Road Richmond BC V6X0S7

(b) *Tenant*: Club Versante Management LTD. <br> *Address*: 5811 Cooney Road, Richmond, British Columbia, V6X 3M1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Property*: the Lands municipally known as 8400
West Road, Richmond, British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Premises: *that portion of the Property illustrated in Schedule "A" and municipally known as Units 110, 115 & 605 – 8400 West Road, Richmond, British Columbia and legally described as in Schedule "B".* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Rentable Area of Premises*: 10 , 300
square feet, as per Section 2.2

 

(f) *Term*: 10 years, subject to Sections 2.3 and Section 2.4 <br> *Commencement Date*: Oct 15, 2021, subject to Section 2.4

*End of Term:* October 14, 2031, subject to Section 2.4

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| | | | | |
|:---|:---|:---|:---|:---|
| (g) | *Basic Rent (Section 4.1)*: | *Basic Rent (Section 4.1)*: | *Basic Rent (Section 4.1)*: | *Basic Rent (Section 4.1)*: |
|  | ***Period*** | ***Per Sq. Ft./Year*** | ***Per Year*** | ***Per Month*** |
|  | October 15, 2021 to | $50.00 | $170000.00 | 14166.67 |
|  | October 14, 2031 |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Permitted Use (Section 8.1):* Commercial Use

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Rent Deposit*: in accordance
with Section 3.4, the sum of $42,500.00 plus Goods and Services Tax ("GST"), shall be applied to Rent and Rental Taxes as
they first come due hereunder in accordance with Section 3.4; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Possession Date*: as defined
in Section 1.2(n).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Parking*: FOUR (4) parking stalls
available for the exclusive use of the Tenant and the Tenant's invitees are as follows:

P2 - Parking Stall Nos. 50,51,52,53

on the common property of the Strata Plan (the "**Parking**"). The use of the Parking shall be subject to any bylaws, rules and regulations that the Landlord and the Strata Corporation may from time to time establish; and the easements registered against title to the Strata Plan which set out restrictions relating to the use of the Parking.

 

*Extension Rights, if any:* set out in Schedule C, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) *Fixturing Period:* Three months
commencing on October 15 2021 to Jan 14, 2022

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| | |
|:---|:---|
| (m) | Schedules forming part of this Lease: |
|  | Schedule "A" PLAN OF PREMISES |
|  | Schedule "B" LEGAL DESCRIPTION |

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(n) Schedule "C" EXTENSION RIGHTS <br> Schedule "D" STRATA RIDER

1.2 Definitions

In this Lease, unless there is something in the subject matter or context inconsistent therewith, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Additional Rent**" means any payments on
account of Strata Charges, the Landlord's insurance, payments on account of Realty Taxes, payments for utilities, and all other
amounts, excluding Basic Rent and Rental Taxes, payable by the Tenant in accordance with the terms of this Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Basic Rent**" means the basic rent payable
by the Tenant pursuant to Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Building**" means the building on the Strata
Plan in which the Premises is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Building Systems**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the HVAC System and all other systems, services, installations and facilities from time to time
 installed in or servicing the Premises (or any portion thereof) including, but not limited to, the elevators and escalators and the
 following systems, services, installations and facilities: mechanical (including plumbing, sprinkler, drainage and sewage),
 electrical and other utilities, lighting, sprinkler, life safety (including fire prevention, communications,
 security and surveillance), computer (including environmental, security and lighting control), ice and snow
 melting, refuse removal, window washing, and music; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all machinery, appliances, equipment, apparatus, components, computer software and appurtenances forming
part of or used for or in connection with any of such systems, services, installations and facilities including, but not limited to, boilers,
motors, generators, fans, pumps, pipes, conduits, ducts, valves, wiring, meters and controls, and the structures and shafts housing and
enclosing any of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Commencement Date**" is defined in
Section 1.1(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Common Areas**" means so much of the Property
for the time being comprised in the Strata Plan that is not comprised in any strata lot on the Strata Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Event of Default**" is defined in Section
15.1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Fixturing Period**" means the period, if
any, set out in Section 1.1(m) granted to the Tenant for possession prior to the Commencement Date for the purpose of fixturing and improving
the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**HVAC System**" means all interior climate
control (including heating, ventilating and air-conditioning) systems, installations, equipment and facilities in or servicing the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Lands**" means the lands described in Schedule
"B" and all rights and easements which are or may hereafter be appurtenant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Leasehold Improvements**" means all fixtures,
improvements, installations, alterations and additions from time to time made, erected or installed by or on behalf of the Tenant or
any former occupant of the Premises, including doors, hardware, partitions (including moveable partitions) and wall-to-wall carpeting,
but excluding trade fixtures and furniture and equipment not in the nature of fixtures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Mortgage**" means
any mortgage or other security against the Premises and/or the Landlord's interest in this Lease, from time to time.

(m) "**Mortgagee**" means
the holder of any Mortgage from time to time. "**Possession Date**" means September 01, 2021.

(n) "**Premises**" means
the lands and premises identified in Section 1.1(d) and having the Rentable Area as set out in Section 1.1(e), and all rights and easements
appurtenant thereto.

(o) "**Possession Date**" means September 01, 2021.

(p) "**Property**" means
the development comprised of the lands and premises (including the improvements, buildings, fixtures and equipment, whether chattels or
fixtures, but not including tenants' fixtures, improvements or chattels) from time to time situate on the Lands described in Schedule
"B", municipally known as 8400 West Road, Richmond, British Columbia.

(q) "**Realty Taxes**" means all real property taxes, rates, duties and assessments
 (including local improvement rates), impost charges or levies, whether general or special, that are levied, charged or assessed from
 time to time by any lawful authority, whether federal, provincial, municipal, school or otherwise, and any taxes payable by the
 Landlord which are imposed in lieu of, or in addition to, any such real property taxes, whether of the foregoing character or not,
 and whether or not in existence at the commencement of the Term, and any such real property taxes levied or assessed against the
 Landlord on account of its ownership of the Premises or its interest therein, but specifically excluding any taxes assessed on the
 income of the Landlord.

(r) "**Rent**" means all
Basic Rent and Additional Rent.

(s) "**Rentable Area of the Premises**" means
the area of the Premises in square feet as listed in Section 1.1(e).

(t) "**Rental Taxes**" means any and all
taxes or duties imposed on the Landlord or the Tenant measured by or based in whole or in part on the Rent payable under the Lease,
whether existing at the date of this Lease or hereinafter imposed by any governmental authority, including, without limitation,
Goods and Services Tax, value added tax, business transfer tax, retail sales tax, federal sales tax, excise taxes or duties, or any
tax similar to any of the foregoing.

(u) **"Parking**" has the meaning as defined
in Section 1.1(k).

(v) **"Strata Charges**" means all amounts from time to time assessed or levied by the
 Strata Corporation pursuant to its powers under the *Strata Property Act* then in force and pursuant to its powers under its
 rules, regulations and by-laws then in force, on the Landlord or on the Tenant in respect of the Premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Strata Corporation**" means The Owners,
Strata Plan EPS5802 and the Council of that Strata Corporation.

(x) "**Strata Plan**" means Strata Plan EPS5802,
being all of the commercial strata lots and common property shown on the Strata Plan, including the strata lot which comprises the Premises.

(y) "**Term**" means the period specified in
Section 1.1(f) and, where the context requires, any renewal, extension or overholding thereof.

(z) "**Transfer** "
means an assignment of this Lease in whole or in part, a sublease of all or any part of the Premises, any transaction whereby the
rights of the Tenant under this Lease or to the Premises are transferred to another person, any transaction by which any right of
use or occupancy of all or any part of the Premises is shared with or conferred on any person, any mortgage, charge or encumbrance
of this Lease or the Premises or any part thereof, or any transaction or occurrence whatsoever which has changed or will change the
identity of the person having lawful use or occupancy of any part of the Premises.

(aa) "**Transferee**" means
any person or entity to whom a Transfer is or is to be made.

**ARTICLE 2 — DEMISE AND TERM**

2.1 Demise

In consideration of the rents, covenants and agreements hereinafter reserved and contained on the part of the Tenant to be paid, observed and performed, the Landlord demises and leases to the Tenant and the Tenant rents from the Landlord the Premises. The Tenant accepts the Premises on an "as is" "where is" basis.

2.2 Rentable Area

Notwithstanding anything to the contrary herein, the Rentable Area of the Premises is deemed to be 3400 square feet as set out in Section 1.1(e), and Basic Rent shall be calculated and paid based on the Rentable Area of the Premises.

2.3 Term

The Term shall commence on the Commencement Date and shall run for the period set out in Section 1.1(f) and end on the date set out in Section 1.1(f), unless terminated earlier pursuant to the provisions of this Lease.

2.4 Overholding

If at the expiration of the initial Term or any subsequent renewal or extension thereof, the Tenant shall continue to occupy the Premises without further written agreement, there shall be no tacit renewal of this Lease, and the tenancy of the Tenant thereafter shall be from month to month only, and may be terminated by either party on one (1) month notice. Rent shall be payable in advance on the first day of each month equal to the sum of one hundred and fifty percent (150%) of the monthly instalment of Basic Rent payable during the last year of the Term and one-twelfth (1/12) of all Additional Rent charges provided for herein, determined in the same manner as if the Lease had been renewed, and all terms and conditions of this Lease shall, so far as applicable, apply to such monthly tenancy.

2.5 Fixturing Period

During the Fixturing Period provided for herein, all terms and conditions of this Lease shall apply, except the Tenant shall not be responsible for the payment of Basic Rent or Additional Rent, save and except the Tenant will be responsible for the payment of utilities.

**ARTICLE 3 — RENT**

3.1 Covenant to Pay, Net Lease

The Tenant covenants to pay Rent as provided in this Lease. It is the intention of the parties that the Rent provided to be paid shall be net to the Landlord and clear of all taxes, costs and charges arising from or relating to the Premises and that the Tenant shall pay, as Additional Rent, all charges, impositions and expenses of every nature and kind relating to the Premises (except the Landlord's income taxes, and except as otherwise specifically provided) in the manner hereinafter provided, and the Tenant covenants with the Landlord accordingly.

3.2 Rental Taxes

The Tenant will pay to the Landlord the Rental Taxes assessed on: (a) the Rent; (b) the Landlord; and/or (c) the Tenant pursuant to the laws, rules and regulations governing the administration of the Rental Taxes by the authority having jurisdiction, and as such may be amended from time to time during the Term of this Lease or any extension thereof. The Rental Taxes shall not be deemed to be Additional Rent under this Lease, but may be recovered by the Landlord as though they were Additional Rent.

3.3 Payment Method

The Landlord may at any time, and from time to time, require the Tenant to provide to the Landlord either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a series of monthly postdated cheques, each cheque in the amount of the monthly instalment of Rent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) authorization and documentation required to automatically debit the Tenant's bank account for such amounts.

In the event of any change in the estimates of Additional Rent, the Landlord may require a new series of monthly postdated cheques or new documentation (as applicable).

3.4 Deposit

Any deposit in the Landlord's hands at the beginning of the Term shall be held by the Landlord without interest. The amount of the Rent Deposit described in Section 1.1(h) shall be applied to Rent and Rental Taxes as they fall due under this Lease.

3.5 Rent Past Due

If the Tenant fails to pay any Rent when the same is due and payable, such unpaid amount shall bear interest at the rate of twelve percent (12%) per annum (calculated monthly at the rate of one and one percent (1.0%)), such interest to be calculated from the time such Rent becomes due until paid by the Tenant.

3.6 Partial Periods

If the Term commences on any day other than the first day of the month or ends on any day other than the last day of the month, Rent for the fractions of a month at the commencement and at the end of the Term shall be calculated on a pro rata basis and shall be payable on the first day of the partial month.

**ARTICLE 4 — BASIC RENT**

4.1 Basic Rent

The Tenant covenants and agrees to pay, from and after the Fixturing Period, to the Landlord at the office of the Landlord, or to such other person or at such other location as the Landlord shall direct by notice in writing, in lawful money of Canada, without any prior demand therefor and without any deduction, abatement or set-off whatsoever as annual Basic Rent, the sum(s) set out in Section 1.1(g) of this Lease in equal monthly instalments in advance in the amounts set out in Section 1.1(g), on the ninth (9<sup>th</sup>) day of each and every month during the Term.

**ARTICLE 5 — ADDITIONAL RENT**

5.1 Additional Rent

(1) In addition to the Basic Rent reserved in favour of the Landlord, the Tenant shall, throughout the Term, pay to the Landlord
or as otherwise provided in this Lease, in lawful money of Canada, without any deduction, abatement or set-off whatsoever, as Additional
Rent, the following costs incurred and attributable to the Premises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Strata Charges, unless the Tenant pays such Strata
Charges directly to the Strata Corporation;

(b) the costs of the Landlord's insurance as provided
herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Realty Taxes levied, rated, charged or assessed on
or in relation to the Premises;

(d) all charges, costs, accounts and any other sums payable
by reason of the supply of utilities and services to the Premises; and

(e) all other sums, amounts, costs, cost escalations and charges
specified in this Lease to be payable by the Tenant.

(2) All of the payments set out in this
Lease (other than Rental Taxes) shall constitute Basic Rent or Additional Rent, and shall be deemed to be and shall be paid as rent, whether
or not any payment is payable to the Landlord or otherwise, and whether or not paid as compensation to the Landlord for expenses to which
it has been put. The Landlord has all the rights against the Tenant for default in payment of Additional Rent that it has against the
Tenant for default in payment of Basic Rent.

5.2 Realty Taxes

The Tenant shall pay to the Landlord, as Additional Rent, all Realty Taxes levied, rated, charged or assessed throughout the Term, on or in relation to the Premises, or any part thereof, in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) payment shall be due in equal monthly
instalments over each calendar year or such shorter period as required such that the Landlord will have in its hands an amount sufficient
to pay each instalment of Realty Taxes when due to the taxing authorities. Prior to the commencement of each year, the Landlord shall
estimate the amount of such equal monthly instalments and notify the Tenant in writing of such estimate. From time to time during the
year, the Landlord may re-estimate the amounts payable for such year, in which event the Landlord shall notify the Tenant in writing of
such re-estimate and fix monthly instalments for the remaining balance of such year; and

(b) if the Landlord so directs,
the Tenant shall pay Realty Taxes directly to the taxing authorities. In that event, the Tenant shall make payment, on or before the
due date, of each instalment and shall provide to the Landlord, on demand, evidence of payment in the form of receipted bills.

5.3 Business and Other Taxes

In each and every year during the Term, the Tenant shall pay as Additional Rent, discharge within fifteen (15) days after they become due, and indemnify the Landlord from and against payment of, and any interest or penalty in respect of, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every tax, licence fee, rate, duty and assessment of every kind with respect to any business carried on
by the Tenant in the Premises or by any subtenant, licensee, concessionaire or franchisee or anyone else, or in respect of the use or
occupancy of the Premises by the Tenant, its subtenants, licensees, concessionaires or franchisees, or anyone else (other than such taxes
as income, profits or similar taxes assessed on the income of the Landlord); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Realty Taxes in respect of tenant's fixtures, Leasehold Improvements, equipment or facilities
on or about the Premises, and any Realty Taxes occurring as a result of any reason peculiar to the Tenant.

5.4 Landlord's Insurance Costs

The Tenant shall pay to the Landlord as Additional Rent all costs of the Landlord in maintaining its insurance as contemplated herein in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment shall be due in equal monthly instalments, over each calendar year or such shorter period as required,
such that the Landlord will have in its hands an amount sufficient to pay its insurance invoices. Prior to the commencement of each year,
the Landlord shall estimate the amount of such equal monthly instalments and notify the Tenant in writing of such estimate. From time
to time during the year, the Landlord may re-estimate the amounts payable for such year, in which event the Landlord shall notify the
Tenant in writing of such re-estimate and fix monthly instalments for the remaining balance of such year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Landlord so directs, the tenant shall reimburse the Landlord for the cost of insurance on demand.

5.5 Annual Readjustment of Additional Rent

As soon as practicable after the expiration of each year, the Landlord shall make a final determination of the Realty Taxes and the other estimated Additional Rent based on the actual costs incurred therefor by the Landlord and shall notify the Tenant of such determination, providing reasonable details as to the breakdown and calculation thereof. If there has been a shortfall in the amounts payable by the Tenant for such period, the Tenant shall pay such shortfall within twenty (20) days after delivery of the Landlord's notice. Any overpayment may be paid by the Landlord to the Tenant without interest, or credited to the Tenant's account and held by the Landlord without interest, to be applied to payments falling due under this Lease. In the event of any dispute, the report of the Landlord's auditor or accountant as to the Additional Rent shall be conclusive as to the amount thereof for any period to which such report relates. Neither the Landlord nor the Tenant may claim any adjustment on account of Additional Rent for any fiscal period more than two (2) years after the date of delivery of the statement for such period.

**ARTICLE 6 — UTILITIES AND BUILDING SYSTEMS**

6.1 Payment for Utilities

The Tenant shall pay promptly when due all charges, costs, accounts and any other sums payable by reason of the supply of the utilities and services to the Premises. The Tenant shall contract with and pay the supplier directly, unless such arrangements have been made by the Strata Corporation. The Tenant shall immediately advise the Landlord of any installations, appliances or machines used by the Tenant which consume or are likely to consume large amounts of electricity or other utilities and, on request, shall promptly provide the Landlord with a list of all installations, appliances and machines used in the Premises.

6.2 Additional Utilities

The Tenant shall make arrangements, at its own cost and expense, directly with the utility or service supplier in respect of any utilities and services not supplied by the Landlord or the Strata Corporation. The Tenant, at its own cost and expense, shall procure each and every permit, licence or other authorization required, and shall comply with the provisions of Article 10 of this Lease pertaining to any work required in respect of such additional utilities and services.

6.3 No Overloading

The Tenant will not install any equipment which would exceed or overload the capacity of the utility facilities in the Premises, Common Areas or Building or the electrical wiring and service in the Premises, Common Areas or Building, and agrees that if any equipment installed by the Tenant shall require additional utility facilities, such facilities shall be installed, if available, subject to prior written approval of the Strata Corporation (if necessary) and the Landlord, (which approval may not be unreasonably withheld) of such installations, at the Tenant's sole cost and expense in accordance with plans and specifications to be approved in advance in writing by the Landlord and if necessary, the Strata Corporation.

6.4 No Liability

In no event shall the Landlord be liable for any injury to the Tenant, its employees, agents or invitees, or to the Premises, or to any property of the Tenant or anyone else, for any loss of profits or business interruption, indirect or consequential damages, or for any other costs, losses or damages of whatsoever kind arising from any interruption or failure in the supply of any utility or service to the Premises, Building or Common Areas.

6.5 Building Systems

The Tenant shall, throughout the Term, operate, maintain, repair, replace and regulate the Building Systems in such a manner as to maintain reasonable conditions of temperature and humidity within the Premises and so as to maintain the Building Systems in a good and working order.

**ARTICLE 7 — CONTROL AND OPERATION BY LANDLORD**

7.1 Building Operation and Repair

The Landlord shall (or shall cause the Strata Corporation to) operate, maintain and repair the Building, any Building Systems serving the Premises that are not the Tenant's responsibility under Section 6.5 and any other service facilities not within or exclusively serving the Premises, to the extent required to keep the Building, equipment and facilities in a state of good repair and maintenance in accordance with normal property management standards for a similar building in the vicinity. For greater certainty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Landlord's obligations shall
not extend to any matters that are the responsibility of the Tenant herein; and

(b) the Landlord shall (or shall cause
the Strata Corporation to) promptly make all repairs to the structural components of the Building including, without limitation, the roof
(including the roof membrane), interior concrete slab floors and exterior walls.

7.2 Use of Common Areas

The Tenant shall have the right of non-exclusive use, in common with others entitled thereto, for their proper and intended purposes, of those portions of the Common Areas on the Strata Plan intended for common use by tenants of the Building, provided that such use by the Tenant shall always be subject to such reasonable Rules and Regulations as the Landlord may from time to time determine; the bylaws, rules and regulations of the Strata Corporation; and the easements charging the lands within the Strata Plan. The Tenant and the employees of the Tenant and persons lawfully requiring communication with the Tenant shall have access to the Building only in accordance with the Landlord's Rules and Regulations; the bylaws, rules and regulations of the Strata Corporation; the easements charging the lands within the Strata Plan; and other security requirements of the Landlord and the Strata Corporation.

7.3 Control of Common Areas and Building

(1) The Tenant acknowledges that the Common Areas shall at all times be subject to the exclusive management
and control of the Strata Corporation, and that the Strata Corporation may, in its operation of the Building, do any or all of the following:
regulate, acting reasonably, all aspects of loading and unloading and delivery and shipping, and all aspects of garbage collection and
disposal; designate employee parking areas or prohibit the Tenant and its employees from parking in or on certain areas on the Strata
Plan; and do and perform such other acts in and to the Building as, using good business judgment, the Strata Corporation determines to
be advisable for the proper operation of the Building.

(2) The Landlord has no liability for any diminution or alteration of the Common Areas that occurs as a
 result of the Strata Corporation's exercise of its rights. The Tenant shall not be entitled to compensation or a reduction or
 abatement of Rent for such diminution or alteration. Further, no such diminution
or alteration of the Common Areas shall be deemed to be a constructive or actual eviction of the Tenant or a default by the Landlord of
any obligation for quiet enjoyment contained in this Lease or provided at law.

**7.4** Rules and Regulations,
Bylaws and Easements

The Tenant and its employees and all persons visiting or doing business with it on the Premises shall be bound by and shall observe:

(1) the Landlord's Rules and Regulations as may be established and amended by the Landlord from time
to time, of which notice in writing shall be given to the Tenant. All such Rules and Regulations shall be deemed to be incorporated into
and form part of this Lease;

(2) the bylaws, rules and regulations of the Strata Corporation as may be established and amended from time
to time; and

(3) the terms of the easements charging the lands within the Strata Plan, as they apply to the strata lot
comprising the Premises.

**ARTICLE 8 — USE OF PREMISES**

8.1 Use of the Premises

The Tenant acknowledges that the Premises will be used solely for the purpose set out in Section 1.1(h), and for no other purpose.

8.2 Conduct of Business

(1) The Tenant shall, throughout the Term, conduct continuously and actively the business set out in Section
1.1(h) in the Premises during Normal Business Hours and at no other time.

(2) In the conduct by the Tenant of its business at the Premises, the Tenant shall: operate its business in
a manner which is in keeping with the theme and nature of the entire Property; supply and maintain, or cause to be installed and maintained,
adequate water, gas, sewage and electrical services within the Premises where the same are required for the proper operation thereof;
and keep any show windows lighted and properly furnished with displays of a first-rate quality and arrangement during such hours as the
Landlord may reasonably require.

(3) Without limiting the generality of the foregoing or any other provision of this Lease, the Tenant shall neither use nor permit
any part of the Premises to be used for or in connection with any of the following: the sale of second-hand goods, surplus articles, insurance
salvage stock, fire sale stock, any damaged or defective merchandise, liquidation stock, bankruptcy stock or other distress or "end-of-line"
stock; the sale of out-of-style, job lot, low quality or any inferior merchandise; any auction; a liquidation sale, bankruptcy sale, "going-out-of-business"
sale, "moving" sale, "lease expiry" sale or any other similar sale; any "fire" sale, "smoke
damage" sale or any other type of sale following or referring to any type of damage; an order office, a mail order office, or a
store for the sale of merchandise through catalogues; or any vending machines or other coin-operated machines, entertainment or games
machines or any other mechanical or electrical serving or dispensing machines or devices whatsoever unless expressly permitted in writing
by the Landlord, in its sole discretion.

8.3 Observance of Law

The Tenant shall, at its own expense, comply with all laws, by-laws, ordinances, regulations and directives of the Strata Corporation and any public authority having jurisdiction affecting the Premises or the use or occupation thereof including, without limitation, police, fire and health regulations and requirements of the fire insurance underwriters. Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) where, during the Term, the Tenant
has, through its use or occupancy of the Premises, caused or permitted a release of a contaminant at, from or to the Premises, the Tenant
shall immediately clean up such contaminant from the Premises, and any affected areas, at the Tenant's expense;

(b) on the termination of the Lease for
any reason, the Tenant shall remove, at its expense, any contaminant or contamination which, through the Tenant's use or occupancy
of the Premises, it has brought to or created at the Premises; and

(c) the Tenant shall, at the Tenant's
expense, comply with all environmental laws in respect of its use and occupation of the Premises, and the Tenant shall indemnify and save
harmless the Landlord from and against any liabilities that the Landlord may suffer as a result of the Tenant's violation of any
environmental laws in respect of the Tenant's use and occupation of the Premises.

8.4 Waste, Nuisance, Overloading

The Tenant shall not do or suffer any waste, damage, disfiguration or injury to the Property, Premises, Building or Common Areas, nor permit or suffer any overloading of the floors, roof deck, walls or any other part of the Property, Premises, Building or Common Areas, and shall not use or permit to be used any part of the Property, Premises, Building or Common Areas for any illegal or unlawful purpose or any dangerous, noxious or offensive trade or business, and shall not cause or permit any nuisance in, at or on the Property, Premises, Building or Common Areas. The Tenant shall also keep the Common Areas free from obstruction and free from the Tenant's waste or other property.

**ARTICLE 9 — Strata Matters**

9.1 Deemed Destruction

If the Premises and the Building or either of them are deemed destroyed either by Special Resolution of the owners of the Strata Corporation or by Court declaration pursuant to the *Strata Property Act*, the Term of this Lease and the Tenant's liability for Rent shall end as of the date of the deemed destruction and the Tenant shall vacate the Premises and surrender them to the Landlord, and the Tenant shall deliver to the Landlord or the Strata Corporation such consent or release as is required by the Registrar of the appropriate Land Title Office in order to release the interests of the Tenant in the Premises and permit an entry of the notice of the destruction to be made on the relevant strata plan.

9.2 Implied Easements

The Tenant acknowledges and agrees that the Premises are subject and entitled to the implied easements and ancillary rights and obligations set out in the *Strata Property Act*.

9.3 Common Area Access

During Normal Business Hours, the Landlord will permit the Tenant and the Tenant's employees and visitors to have the use, in common with others, of the portions of the Common Areas required to access the Premises, including the main entrance and the stairways, corridors and elevators leading to the Premises. At times other than Normal Business Hours, the Tenant and the Tenant's employees and visitors shall have access to the Building and to the Premises and the use of the elevators accessing the Premises by way of security access cards and in accordance with the rules and regulations of the Landlord and the Strata Corporation, as established by the Landlord and the Strata Corporation from time to time.

9.4 Common Area Alterations

The Landlord and the Strata Corporation shall have the right to decorate, make additions to and/or improvements or installations in and/or repairs to the Building and/or the Common Areas and in relation to any such additions, improvements, installations, or repairs, the Landlord or the Strata Corporation may cause such reasonable obstructions of and interference with the use or enjoyment of the Building, and/or the Common Areas as may be reasonably necessary for the purposes aforesaid and may interrupt or suspend the supply of electricity, water or other services when reasonably necessary and until said additions, improvements, installations, or repairs shall have been completed and there shall be no abatement in Rent unless the Tenant is unable to reasonably conduct its business operations from the Premises during the period of such additions, improvements, installations or repairs, nor shall the Landlord or the Strata Corporation be liable by reason thereof provided that all such additions, improvements, installations or repairs shall be made expeditiously as reasonably possible.

9.5 Easements

The Tenant acknowledges that the use and occupation of the strata lot comprising the Premises and the Common Areas are subject to certain easements registered against title to the strata lots within the Strata Plan, and the Tenant covenants and agrees not to cause the Landlord to breach any of the Landlord's obligations under said easements.

**ARTICLE 10 — MAINTENANCE, REPAIRS AND ALTERATIONS OF PREMISES**

10.1 Tenant's Obligations

(1) The Tenant covenants to keep the Premises in a good and reasonable state of repair consistent with the
general standards applicable to buildings of a similar nature in the vicinity of the Premises.

(2) The Tenant shall not be responsible for any items that are within the Landlord's obligations pursuant
to Section 10.2 of this Lease.

(3) The obligations of the Tenant include, without limitation, snow removal and pest control for the Premises,
maintenance of the Premises, painting and decorating.

(4) The Tenant shall promptly effect all repairs to the Property, Building, Common Areas or Premises necessitated
by the Tenant's negligence or wilful misconduct or the negligence or wilful misconduct of the Tenant's agents, servants, contractors,
invitees, employees or others for whom the Tenant is in law responsible.

(5) The Tenant shall promptly advise the Landlord and the Strata Corporation of any damage to or dangerous
condition in the Property, Building, Common Areas or Premises that the Tenant becomes aware of.

10.2 Landlord's Obligations

The Landlord covenants to maintain and repair, or as a member of the Strata Corporation, to cause the Strata Corporation to maintain and repair, the structure and exterior of the Premises and the Common Areas.

10.3 Inspection and Repair on Notice

(1) The Landlord or the Strata Corporation or their respective servants, agents and contractors shall be entitled to enter
on the Premises at any time without notice for the purpose of making emergency repairs, and during Normal Business Hours, on reasonable
prior written notice, for the purpose of inspecting and making repairs, alterations or improvements to the Premises, or for the purpose
of having access to the under floor ducts, or to the access panels to mechanical shafts (which the Tenant agrees not to obstruct). The
Tenant shall not be entitled to compensation for any inconvenience, nuisance or discomfort occasioned thereby.

(2) The Landlord or the Strata Corporation,
or their respective servants, agents and contractors may, at any time and from time to time, on reasonable prior written notice, enter
on the Premises to remove any article or remedy any condition which, in the opinion of the Landlord or Strata Corporation, would likely
lead to the cancellation of any policy of insurance. The Landlord will take reasonable precautions and attempt to schedule such work so
as not to unreasonably interfere with the operation of the Tenant's business and to minimize interference with the Tenant's
use and enjoyment of the Premises.

10.4 Alterations

(1) The Tenant will not make or erect
in or to the Premises any installations, alterations, additions or partitions without first submitting drawings and specifications to
the Landlord and obtaining the Landlord's prior written consent, which the Landlord shall not unreasonably withhold. The Tenant
must further obtain the Landlord's prior written consent to any change or changes in such drawings and specifications.

(2) The Tenant will pay to the Landlord
the Landlord's reasonable out-of-pocket costs of having its architects approve such drawings and specifications and any changes.

(3) Such work shall be performed by qualified
contractors engaged by the Tenant (and approved by the Landlord), but in each case only under a written contract approved in writing by
the Landlord and subject to all reasonable conditions which the Landlord may impose, provided nevertheless that the Landlord may, at its
option, require that the Landlord's contractors be engaged for any structural, mechanical or electrical work.

(4) The Tenant shall submit to the Landlord's
reasonable supervision over construction and promptly pay to the Landlord's or the Tenant's contractors, as the case may be,
when due, the cost of all such work and of all materials, labour and services involved therein and of all decoration and all changes to
the Premises, its equipment or services, necessitated thereby.

(5) The Tenant shall also, at its expense,
obtain any necessary permits, consents and approvals from the City of Richmond and/or the Strata Corporation prior to making such alterations
in or to the Premises and the Tenant shall make such alterations in accordance with the requirements of the City of Richmond and the Strata
Corporation.

**10.5** Signs

(1) The Tenant shall, at its own expense,
be permitted to install a sign on the exterior of the Premises, subject to the Landlord's approval as to size, location, design,
type and method of installation, which approval shall not be unreasonably withheld, and such installation shall be in accordance with
any sign guidelines established by the Landlord from time to time.

(2) The Tenant shall not install or otherwise
display any additional sign on any part of the outside of the Premises of that is visible from the outside of the Premises without the
prior consent of the Landlord, not to be unreasonably withheld.

(3) The Tenant shall also, at its expense,
obtain any necessary permits, consents and approvals from the City of Richmond and/or the Strata Corporation prior to installing any such
sign, and the Tenant shall at its own expense, install, maintain, insure and remove such sign in accordance with the requirements of the
City of Richmond and the Strata Corporation.

10.6 Construction
Liens

If any construction or other lien or order for the payment of money shall be filed against the Premises or any part of the Strata Plan by reason of or arising out of any labour or material furnished to the Tenant or to anyone claiming through the Tenant, the Tenant, within five (5) days after receipt of notice of the filing thereof, shall cause the same to be discharged by bonding, deposit, payment, court order or otherwise. The Tenant shall defend all suits to enforce such liens or orders against the Tenant, at the Tenant's sole expense. The Tenant indemnifies the Landlord against any expense or damage incurred as a result of such liens or orders.

10.7 Removal of Improvements and Fixtures

(1) All Leasehold Improvements shall immediately on their placement become the Landlord's property,
without compensation to the Tenant. Except as otherwise agreed by the Landlord in writing, no Leasehold Improvements or trade fixtures
shall be removed from the Premises by the Tenant, either during or on the expiry or earlier termination of the Term except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Tenant may, during the Term, in
the usual course of its business, remove its trade fixtures, provided that the Tenant is not in default under this Lease, and at the end
of the Term, the Tenant shall remove its trade fixtures; and

(b) the Tenant shall, at its sole cost,
remove such of the Leasehold Improvements as the Landlord shall require to be removed, such removal to be completed on or before the end
of the Term.

(2) The Tenant shall, at its own expense, repair any damage caused to the Premises, common Area or the Building
by the Leasehold Improvements or trade fixtures or the removal thereof. In the event that the Tenant fails to remove its trade fixtures
prior to the expiry or earlier termination of the Term, such trade fixtures shall, at the option of the Landlord, become the property
of the Landlord and may be removed from the Premises and sold or disposed of by the Landlord in such manner as it deems advisable. For
greater certainty, the Tenant's trade fixtures shall not include any Building Systems or light fixtures. Notwithstanding anything
in this Lease, the Landlord shall be under no obligation to repair or maintain the Tenant's installations.

10.8 Surrender of Premises

At the expiration or earlier termination of this Lease, the Tenant shall peaceably surrender and give up to the Landlord vacant possession of the Premises in the same condition and state of repair as the Tenant is required to maintain the Premises throughout the Term and in accordance with its obligations in Section 10.7.

**ARTICLE 11 — INSURANCE AND INDEMNITY**

11.1 Tenant's Insurance

(1) The Tenant shall, at its sole cost and expense, take out and maintain in full force and effect, at all times throughout the Term,
the following insurance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "All Risks" insurance
on property of every description and kind owned by the Tenant, or for which the Tenant is legally liable, or which is installed by or
on behalf of the Tenant, within the Premises or on the Property, including, without limitation, stock-in-trade, furniture, equipment,
partitions, trade fixtures and Leasehold Improvements, in an amount not less than the full replacement cost thereof from time to time;

(b) general liability and property
damage insurance, including personal liability, contractual liability, tenants' legal liability, non-owned automobile
liability, and owners' and contractors' protective insurance coverage with respect to the Premises, which coverage shall
include the business operations conducted by the Tenant and any other person on the Premises. Such policies shall be written on a
comprehensive basis with coverage for any one occurrence or claim of not less than five million dollars ($5,000,000) or such higher
limits as the Landlord may reasonably require from time to time;

(c) when applicable, broad form comprehensive
boiler and machinery insurance on a blanket repair and replacement basis, with limits for each accident in an amount not less than the
full replacement costs of the property, with respect to all boilers and machinery owned or operated by the Tenant or by others (other
than the Landlord) on behalf of the Tenant in the Premises or relating to or serving the Premises;

(d) business interruption insurance in
an amount sufficient to cover the Tenant's Rent for a period of not less than twelve (12) months;

(e) plate glass insurance with respect
to all glass windows and glass doors in or on the Premises for the full replacement value thereof; and

(f) such other forms of insurance as may
be reasonably required by the Landlord, the Strata Corporation and any Mortgagee from time to time.

(2) All such insurance shall be with insurers and shall be on such terms and conditions as the Landlord reasonably approves. The insurance
described in Sections 11.1(1)(a) and 11.1(1)(c) shall name as loss payee
the Landlord and anyone else with an interest in the Premises from time to time designated in writing by the Landlord, and shall provide
that any proceeds recoverable in the event of damage to Leasehold Improvements shall be payable to the Landlord. The insurance described
in Sections 11.1(1)(b) and 11.1(1)(d) shall name as an additional insured the Landlord and anyone else with an interest in the Premises
from time to time designated in writing by the Landlord. The Landlord agrees to make available such proceeds toward repair or replacement
of the insured property if this Lease is not terminated pursuant to the terms of this Lease. All public liability insurance shall contain
a provision for cross-liability or severability of interest as between the Landlord and the Tenant.

(3) All of the foregoing property policies
shall contain a waiver of any right of subrogation or recourse by the Tenant's insurers against the Landlord or the Landlord's
mortgagees, their contractors, agents and employees, whether or not any loss is caused by the act, omission or negligence of the Landlord,
its mortgagees, their contractors, agents or employees. The Tenant shall obtain from the insurers under such policies undertakings to
notify the Landlord in writing at least thirty (30) days prior to any cancellation thereof. The Tenant shall furnish to the Landlord on
written request, certificates of all such policies. The Tenant agrees that if it fails to take out or to keep in force such insurance
or if it fails to provide a certificate of every policy and evidence of continuation of coverage as herein provided, the Landlord shall
have the right to take out such insurance and pay the premium therefor and, in such event, the Tenant shall pay to the Landlord the amount
paid as premium plus fifteen percent (15%), which payment shall be deemed to be Additional Rent payable on the first day of the next month
following payment by the Landlord.

11.2 Landlord's
Insurance

To the extent that such insurance is not maintained by the Strata Corporation, the Landlord shall provide and maintain insurance on the Premises against loss, damage or destruction caused by fire and extended perils under a standard extended form of fire insurance policy in such amounts and on such terms and conditions as would be carried by a prudent owner of a similar building, having regard to the size, age and location of the Premises. The amount of insurance to be obtained shall be determined at the sole discretion of the Landlord. The Landlord may maintain such other insurance in respect of the Premises and its operation and management as the Landlord determines, acting reasonably. The Tenant shall not be an insured under the policies with respect to the Landlord's insurance, nor shall it be deemed to have any insurable interest in the property covered by such policies, or any other right or interest in such policies or their proceeds.

11.3 Increase of Landlord's Premiums

(1) The Tenant covenants not to do or omit or permit to be done or omitted upon the Premises or the Common Areas anything
whereby any policy of insurance effected by the Strata Corporation, Landlord or the Tenant pursuant to this Lease may be invalidated,
or the coverage thereunder reduced, and will immediately upon notice from the Landlord remedy the condition giving rise to
the invalidation or threatened invalidation or reduction in coverage and in default the Landlord may at its option either cancel this
Lease or enter the Premises and remedy the condition, and the costs occasioned thereby shall be paid to the Landlord by the Tenant immediately
on demand.

(2) If the occupancy of the Premises, the conduct of
business in the Premises, or any acts or omissions of the Tenant in the Premises, the Common Areas, the Building or any part thereof
causes or results in any increase in premiums for the insurance carried from time to time by the Landlord or the Strata Corporation
with respect to the Premises, the Tenant shall pay any such increase in premiums as Additional Rent forthwith after invoices for
such additional premiums are rendered by the Landlord. In determining whether increased premiums are caused by or result from
the use and occupancy of the Premises, a schedule issued by the organization computing the insurance rate on the Premises showing
the various components of such rate shall be conclusive evidence of the several items and charges which make up such rate. The
Tenant shall comply promptly with all requirements and recommendations of the Landlord or the Strata Corporation's insurer, or
of any insurer now or hereafter in effect, pertaining to or affecting the Premises.

11.4 Tenant Indemnity

The Tenant shall indemnify the Landlord and save it harmless from any and all losses or claims, actions, demands, liabilities and expenses in connection with loss of life, personal injury and/or damage to or loss of property:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) arising out of any occurrence in or about the Premises;

(b) occasioned or caused wholly or in part by any act or omission
of the Tenant or anyone for whom it is in law responsible; or

(c) arising from any breach by the Tenant of any provision
of this Lease.

11.5 Mutual
Release

(1) Each of the Landlord and the Tenant releases the other and waives all claims against the other and those
for whom the other is in law responsible with respect to occurrences insured against or required to be insured against by the releasing
party, whether any such claims arise as a result of the negligence or otherwise of the other or those for whom it is in law responsible,
subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such release and waiver shall be effective only to the extent of proceeds of insurance received by the
releasing party or proceeds which would have been received if the releasing party had obtained all insurance required to be obtained by
it under this Lease (whichever is greater) and, for this purpose, deductible amounts under the Tenant's insurance (but not the Landlord's)
shall be deemed to be proceeds of insurance received; and

(b) to the extent that both parties have insurance or are required to have insurance for any occurrence, the
Tenant's insurance shall be primary.

(2) Notwithstanding the foregoing or anything else herein contained, in no event, whether or not the result
of the wilful act or the gross negligence of the Landlord, its agents, officers, employees or others for whom it is legally responsible,
and irrespective of any insurance that may or may not be carried or required to be carried, shall the Landlord be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) damage to property of the Tenant or
others located on the Premises;

(b) any injury or damage to persons or
property resulting from fire, explosion, steam, water, rain, snow or gas which may leak into or issue or flow from any part of the Premises
or from the water, steam or drainage pipes or plumbing works of the Premises or from any other place or quarter;

(c) any damage caused by or attributable
to the condition or arrangement of any electrical or other wiring; or

(d) any indirect or consequential damages
suffered by the Tenant.

**ARTICLE 12 — ASSIGNMENT AND SUBLETTING**

12.1 Assignment, Subletting

The Tenant shall not effect any Transfer without the prior written consent of the Landlord, whose consent may be arbitrarily withheld. No consent to any Transfer shall relieve the Tenant from its obligation to pay Rent and to perform all of the covenants, terms and conditions herein contained. In the event of a Transfer, the Landlord may collect Rent or sums on account of Rent from the Transferee and apply the net amount collected to the Rent payable hereunder, but no such Transfer or collection or acceptance of the Transferee as tenant, shall be deemed to be a waiver of this covenant.

12.2 Landlord's Consent

(1) If the Tenant desires to effect a Transfer, then and so often as such event shall occur, the Tenant shall make its request to the
Landlord in writing. The Tenant's request shall contain the information required by Section 12.3 of this Lease. The Landlord
shall, within fourteen (14) days after receipt of such request, notify the Tenant in writing either that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Landlord consents or does not consent, as the case may be; or

(b) the Landlord elects to cancel and terminate this Lease if the request is to assign the Lease or to sublet
or otherwise transfer all of the Premises or, if the request is to sublet or otherwise transfer a portion of the Premises only, to cancel
and terminate this Lease with respect to such portion.

(2) If the Landlord elects to cancel this Lease as aforesaid and so advises the Tenant in writing, the Tenant shall then notify
the Landlord in writing within fifteen (15) days thereafter of the Tenant's intention either to refrain from such Transfer or to
accept the cancellation of the Lease (in whole or in part, as the case may be). Failure of the Tenant to deliver notice to the Landlord
within such fifteen (15) day period advising of the Tenant's desire to refrain from such Transfer shall be deemed to be an acceptance
by the Tenant of the Landlord's cancellation of this Lease (in whole or in part, as the case may be).

(3) Any cancellation of this Lease pursuant
to this Section 12.2 shall be effective on the later of the date originally proposed by the Tenant as being the effective date of the
Transfer and the last day of the month sixty (60) days following the date of the Landlord's notice to cancel this Lease.

**12.3** Requests for
Consent

Requests by the Tenant for the Landlord's consent to a Transfer shall be in writing and shall be accompanied by the name, address, telephone numbers, business experience, credit and financial information and banking references of the Transferee, and shall include a true copy of the document evidencing the proposed Transfer, and any agreement relating thereto. The Tenant shall also provide such additional information pertaining to the Transferee as the Landlord may reasonably require. The Landlord's consent shall be conditional on the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Tenant remaining fully liable
to pay Rent and to perform all of the covenants, terms and conditions herein contained;

(b) the Landlord being satisfied, acting
reasonably, with the financial ability and good credit rating and standing of the Transferee and the ability of the Transferee to carry
on the permitted use;

(c) the Tenant having regularly and duly
paid Rent and performed all the covenants contained in this Lease;

(d) the Landlord being satisfied, acting
reasonably, that the Transfer will not result in the Landlord being in breach of any covenants, restrictions or commitments given by the
Landlord to other tenants or any other party;

(e) the Transferee having entered into
an agreement with the Landlord agreeing to be bound by all of the terms, covenants and conditions of this Lease;

(f) the Tenant paying to the Landlord,
prior to receiving such consent, an administrative fee and all reasonable legal fees and disbursements incurred by the Landlord in connection
with the Transfer;

(g) the Tenant paying to the Landlord,
as Additional Rent, all excess rent and other profit earned by the Tenant in respect of the Transfer; and

(h) the Landlord receiving sufficient
information from the Tenant or the Transferee to enable it to make a determination concerning the matters set out above.

12.4 Change of Control

Any transfer or issue by sale, assignment, bequest, inheritance, operation of law, or other disposition, or by subscription, of any part or all of the corporate shares of the Tenant or any other corporation which would result in any change in the effective direct or indirect control of the Tenant, shall be deemed to be a Transfer, and the provisions of this Article 12 shall apply mutatis mutandis. The Tenant shall make available to the Landlord or its lawful representatives such books and records for inspection at all reasonable times in order to ascertain whether there has, in effect, been a change in control. This provision shall not apply if the Tenant is a public company or is controlled by a public company listed on a recognized stock exchange and such change occurs as a result of trading in the shares of a corporation listed on such exchange.

12.5 No Advertising

The Tenant shall not advertise that the whole or any part of the Premises is available for assignment or sublease, and shall not permit any broker or other person to do so unless the text and format of such advertisement is approved in writing by the Landlord. No such advertisement shall contain any reference to the rental rate of the Premises.

12.6 Assignment by Landlord

In the event of the sale or lease by the Landlord of its interest in the Premises or any part or parts thereof, and in conjunction therewith the assignment by the Landlord of this Lease or any interest of the Landlord herein, the Landlord shall be relieved of any liability under this Lease in respect of matters arising from and after such assignment.

12.7 Status Certificate

The Tenant shall, on ten (10) days notice from the Landlord, execute and deliver to the Landlord and/or as the Landlord may direct a statement as prepared by the Landlord in writing certifying the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that this Lease is unmodified and in full force and effect,
or, if modified, stating the modifications and that the same is in full force and effect as modified;

(b) the amount of the Basic Rent then being paid;

(c) the dates to which Basic Rent, by instalments or otherwise,
and Additional Rent and other charges hereunder have been paid;

(d) whether or not there is any existing default on the part
of the Landlord of which the Tenant has notice; and

(e) any other information and particulars as the Landlord may
reasonably request.

12.8 Subordination and Non-Disturbance

This Lease and all of the rights of the Tenant hereunder are and shall at all times be subject and subordinate to any and all Mortgages and any renewals or extensions thereof now or hereinafter in force against the Premises. Upon the request of the Landlord, the Tenant shall promptly subordinate this Lease and all its rights hereunder in such form or forms as the Landlord may require to any such Mortgage or Mortgages, and to all advances made or hereinafter to be made on the security thereof and will, if required, attorn to the holder thereof. No subordination by the Tenant shall have the effect of permitting a Mortgagee to disturb the occupation and possession by the Tenant of the Premises or of affecting the rights of the Tenant pursuant to the terms of this Lease, provided that the Tenant performs all of its covenants, agreements and conditions contained in this Lease and contemporaneously executes a document of attornment as required by the Mortgagee.

**ARTICLE 13 — QUIET ENJOYMENT**

13.1 Quiet Enjoyment

The Tenant, on paying the Rent hereby reserved, and performing and observing the covenants and provisions herein required to be performed and observed on its part, shall peaceably enjoy the Premises for the Term.

**ARTICLE 14 — DAMAGE AND DESTRUCTION**

14.1 **Damage or Destruction to Premises** 

(1) If the Premises or any portion thereof
are damaged or destroyed by fire or by other casualty, Rent shall abate in proportion to the area of that portion of the Premises which,
in the opinion of the Landlord's architect or professional engineer, is thereby rendered unfit for the purposes of the Tenant until
the Premises are repaired and rebuilt, and the Landlord shall (or shall cause the Strata Corporation to) repair and rebuild the Premises.

(2) The Landlord's obligation to
repair and rebuild shall not include the obligation to repair and rebuild any chattel, fixture, leasehold improvement, installation, addition
or partition in respect of which the Tenant is required to maintain insurance hereunder, or any other property of the Tenant.

(3) Rent shall recommence to be payable
one (1) day after the Landlord notifies the Tenant that the Tenant may reoccupy the Premises for the purpose of undertaking its work.

14.2 Rights to Termination

Notwithstanding Section 14.1, if the Premises and the Building, or either of them, are so damaged that the Landlord or the Strata Corporation decides not to restore them, the Landlord shall within sixty (60) days after the fire or other casualty give to the Tenant a notice in writing of such decision, and thereupon the Term of this Lease shall end, and the Tenant shall vacate the Premises and surrender them to the Landlord, but if the Premises were untenantable during such period the Tenant's liability for Rent shall cease as of the day following the fire or other casualty.

14.3 Certificate Conclusive

Any decisions regarding the extent to which the Premises or any portion of the Property has become unfit for use shall be made by an architect or professional engineer appointed by the Landlord, whose decision shall be final and binding on the parties.

14.4 Landlord's Work

In performing any reconstruction or repair, the Landlord may effect changes to the Premises and its equipment and systems. The Landlord shall have no obligation to grant to the Tenant any Tenant's allowances to which it may have been entitled at the beginning of the Term, and shall have no obligation to repair any damage to Leasehold Improvements or the Tenant's fixtures.

14.5 Expropriation

(1) If at any time during the Term any public body or paramount authority shall take or expropriate the whole
or a portion of the Premises, then the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such expropriation or compulsory taking does not materially affect the Tenant's use or enjoyment
of the Premises, then the whole of the compensation awarded or settled, whether fixed by agreement or otherwise, shall be paid or received
by the Landlord, and the Tenant assigns, transfers and sets over unto the Landlord all of the right, title and interest of the Tenant
therein and thereto, and this Lease shall thereafter continue in effect with respect to the remainder of the Premises, without abatement
or adjustment of Rent; and

(b) if such expropriation or compulsory taking does materially affect the Tenant's use or enjoyment
of the Premises, then, at the Landlord's option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Lease shall be deemed to terminate and the Term shall terminate on the date on which the expropriating
or taking authority requires possession of the lands so expropriated or taken; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Premises shall be adjusted to exclude the area so taken, the Landlord shall complete any work
 required to the Premises as a result of such taking
 (excluding any work relating to any chattel, fixture, leasehold improvement, installation,
 addition or partition in respect of which the Tenant is required to maintain insurance hereunder, or any other property of the
 Tenant) and the Rent shall be adjusted if the Rentable Area of the Premises changes as a result of such taking.

In either event, the Landlord shall be entitled to receive the entire compensation awarded or settlement, whether fixed by agreement or otherwise, save and except for the portion thereof that is specifically awarded or allocated in respect of the leasehold improvements or other interests of the Tenant.

(2) The Landlord and the Tenant will cooperate with each other regarding any expropriation of the Premises or any part thereof so that each receives
the maximum award to which it is entitled at law.

**ARTICLE 15 — DEFAULT**

15.1 Default and Right to Re-enter

Any of the following constitutes an Event of Default under this Lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Rent due is not paid within five
(5) days after notice in writing from the Landlord to the Tenant;

(b) the Tenant has breached any of its
obligations in this Lease and, if such breach is capable of being remedied and is not otherwise listed in this Section 15.1, after notice
in writing from the Landlord to the Tenant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Tenant fails to remedy such breach within ten (10) days (or such shorter period as may be provided
in this Lease); or

(ii) if such breach cannot reasonably be remedied within ten (10) days (or such shorter period), the Tenant
fails to commence to remedy such breach within ten (10) days of such breach, or thereafter fails to proceed diligently to remedy such
breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Tenant or any Indemnifier becomes
bankrupt or insolvent or takes the benefit of any statute for bankrupt or insolvent debtors or makes any proposal, an assignment or arrangement
with its creditors, or any steps are taken or proceedings commenced by any person for the dissolution, winding-up or other termination
of the Tenant's existence or the liquidation of its assets;

(d) a trustee, receiver, receiver/manager
or a person acting in a similar capacity is appointed with respect to the business or assets of the Tenant or any Indemnifier;

(e) the Tenant or any Indemnifier makes
a sale in bulk of all or a substantial portion of its assets, other than in conjunction with an assignment or sublease approved by the
Landlord;

(f) this Lease or any of the Tenant's
assets are taken under a writ of execution and such writ is not stayed or vacated within fifteen (15) days after the date of such taking;

(g) the Tenant makes an assignment or
sublease, other than in compliance with the provisions of this Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Tenant abandons or attempts to
abandon the Premises or the Premises become vacant or substantially unoccupied for a period of ten (10) consecutive days or more, without
the consent of the Landlord;

(i) the Tenant moves or commences, attempts
or threatens to move its trade fixtures, chattels and equipment out of the Premises; or

(j) any insurance policy covering any
part of the Premises is, or is threatened to be, cancelled or adversely changed (including a substantial premium increase) as a result
of any action or omission by the Tenant or any person for whom it is legally responsible.

15.2 Default and Remedies

If and whenever an Event of Default occurs, then, without prejudice to any other rights which it has pursuant to this Lease or at law, the Landlord shall have the following rights and remedies, which are cumulative and not alternative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to terminate this Lease by notice to the Tenant or to re-enter the Premises and repossess them and, in
either case, enjoy them as of its former estate, and to remove all persons and property from the Premises and store such property at the
expense and risk of the Tenant or sell or dispose of such property in such manner as the Landlord sees fit without notice to the Tenant.
If the Landlord enters the Premises without notice to the Tenant as to whether it is terminating this Lease under this Section 15.2(a)
or proceeding under Section 15.2(b) or any other provision of this Lease, the Landlord shall be deemed to be proceeding under Section
15.2(b), and the Lease shall not be terminated, nor shall there be any surrender by operation of law, but the Lease shall remain in full
force and effect until the Landlord notifies the Tenant that it has elected to terminate this Lease. No entry by the Landlord during the
Term shall have the effect of terminating this Lease without notice to that effect to the Tenant;

(b) to enter the Premises as agent of the Tenant to do any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relet the Premises for whatever length
and on such terms as the Landlord, in its discretion, may determine and to receive the rent therefor;

(ii) take possession of any property of
the Tenant on the Premises, store such property at the expense and risk of the Tenant, and sell or otherwise dispose of such property
in such manner as the Landlord sees fit without notice to the Tenant;

(iii) make alterations to the Premises to
facilitate their reletting; and

(iv) apply the proceeds of any such sale
or reletting first, to the payment of any expenses incurred by the Landlord with respect to any such reletting or sale, second, to the
payment of any indebtedness of the Tenant to the Landlord other than Rent, and third, to the payment of Rent in arrears, with the residue
to be held by the Landlord and applied to payment of future Rent as it becomes due and
payable, provided that the Tenant shall remain liable for any deficiency to the Landlord;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remedy or attempt to remedy any default of the Tenant under this Lease for the account of the Tenant and to enter on the Premises for such purposes. No notice of the Landlord's intention to remedy or attempt to remedy such default need be given to the Tenant unless expressly required by this Lease, and the Landlord shall not be liable to the Tenant for any loss, injury or damages caused by acts of the Landlord in remedying or attempting to remedy such default. The Tenant shall pay to the Landlord all expenses incurred by the Landlord in connection therewith;

(d) to recover from the Tenant all damages, costs and expenses incurred by the Landlord as a result of any default by the Tenant including, if the Landlord terminates this Lease, any deficiency between those amounts which would have been payable by the Tenant for the portion of the Term following such termination and the net amounts actually received by the Landlord during such period of time with respect to the Premises; and

(e) to recover from the Tenant the full
amount of the current month's Rent together with the next three (3) months' instalments of Rent, all of which shall immediately
become due and payable as accelerated rent.

15.3 Distress

Notwithstanding any provision of this Lease or any provision of any applicable legislation, none of the goods and chattels of the Tenant on the Premises at any time during the Term shall be exempt from levy by distress for Rent in arrears, and the Tenant waives any such exemption. If the Landlord makes any claim against the goods and chattels of the Tenant by way of distress, this provision may be pleaded as an estoppel against the Tenant in any action brought to test the right of the Landlord to levy such distress.

15.4 Costs

The Tenant shall pay to the Landlord all damages, costs and expenses (including, without limitation, all legal fees on a solicitor and client basis) incurred by the Landlord in enforcing the terms of this Lease, or with respect to any matter or thing which is the obligation of the Tenant under this Lease, or in respect of which the Tenant has agreed to insure or to indemnify the Landlord.

15.5 Remedies Cumulative

Notwithstanding any other provision of this Lease, the Landlord may from time to time resort to any or all of the rights and remedies available to it in the event of any default hereunder by the Tenant, either by any provision of this Lease, by statute or common law, all of which rights and remedies are intended to be cumulative and not alternative. The express provisions contained in this Lease as to certain rights and remedies are not to be interpreted as excluding any other or additional rights and remedies available to the Landlord by statute or common law.

**ARTICLE 16 — GENERAL**

16.1 Entry

(1) The Landlord shall be entitled at any time during the last six (6) months of the Term:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without notice to or consent by the Tenant, to place on
the exterior of the Premises, the Landlord's usual notice(s) that the Premises are for rent; and

(b) on reasonable prior notice, to enter on the Premises for
the purpose of exhibiting same to prospective tenants.

(2) The Landlord may enter the Premises at any time during the Term on reasonable notice for the purpose of
exhibiting the Premises to prospective Mortgagees and/or purchasers or for the purpose of inspecting the Premises. The Landlord shall
have the right to place on the Premises a "for sale" sign of reasonable dimensions.

16.2 Force Majeure

Notwithstanding any other provision contained herein, in the event that either the Landlord or the Tenant should be delayed, hindered or prevented from the performance of any act required hereunder by reason of any unavoidable delay, including strikes, lockouts, unavailability of materials, inclement weather, acts of God or any other cause beyond its reasonable care and control, but not including insolvency or lack of funds, then performance of such act shall be postponed for a period of time equivalent to the time lost by reason of such delay. The provisions of this Section 16.2 shall not under any circumstances operate to excuse the Tenant from prompt payment of Rent and/or any other charges payable under this Lease.

16.3 Effect of Waiver or Forbearance

No waiver by any party of any breach by any other party of any of its covenants, agreements or obligations contained in this Lease shall be or be deemed to be a waiver of any subsequent breach thereof or the breach of any other covenants, agreements or obligations nor shall any forbearance by any party to seek a remedy for any breach by any other party be a waiver by the party so forbearing of its rights and remedies with respect to such breach or any subsequent breach. The subsequent acceptance of Rent by the Landlord shall not be deemed a waiver of any preceding breach by the Tenant of any term, covenant or condition regardless of the Landlord's knowledge of such preceding breach at the time of the acceptance of such Rent. All Rent and other charges payable by the Tenant to the Landlord hereunder shall be paid without any deduction, set-off or abatement whatsoever, and the Tenant waives the benefit of any statutory or other right in respect of abatement or set-off in its favour at the time hereof or at any future time.

**16.4** Notices

(1) Any notice, delivery, payment or tender of money or document(s) to the parties hereunder may be delivered personally or sent by prepaid registered or certified mail or prepaid courier to the address for such party as set out in Section 1.1(a), or **Error! Reference source not found.**, as applicable, and any such notice, delivery or payment so delivered or sent shall be deemed to have been given or made and received on delivery of the same or on the third business day following the mailing of same, as the case may be. Each party may, by notice in writing to the others from time to time, designate an alternative address in Canada to which notices given more than ten (10) days thereafter shall be addressed.

(2) Notwithstanding the foregoing, any
notice, delivery, payment or tender of money or document(s) to be given or made to any party hereunder during any disruption in the service
of Canada Post shall be deemed to have been received only if delivered personally or sent by prepaid courier.

**16.5** Registration

(1) Neither the Tenant nor anyone on the
Tenant's behalf or claiming under the Tenant (including any Transferee) shall register this Lease or any Transfer against the Premises.
The Tenant may register a notice or caveat of this Lease provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the Lease is not attached;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no financial terms are disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Landlord gives its prior written approval to the notice or caveat; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Tenant pays the Landlord's reasonable costs and administration fee on account of the matter.

(2) Upon the expiration or earlier termination of the Term, the Tenant shall immediately discharge or otherwise vacate any such notice
or caveat.

16.6 Number, Gender, Effect of Headings

Words importing the singular number only shall include the plural and vice versa, words importing the masculine gender shall include the feminine and neuter genders, and words importing persons shall include firms and corporations and vice versa. The division of this Lease into Articles and Sections and the insertion of headings are for convenience of reference only, and shall not affect the construction or interpretation of this Lease.

16.7 Severability, Subdivision Control

(1) If any Article or Section or part or parts of an Article or Section in this Lease is or is held to be illegal or unenforceable,
 it or they shall be considered separate and severable from the Lease and the remaining provisions of this Lease shall remain in full
 force and effect and shall be binding on the Landlord
and the Tenant as though such Article or Section or part or parts thereof had never been included in this Lease.

(2) It is an express condition of this
Lease that the subdivision control provisions of the applicable provincial legislation be complied with, if necessary. If such compliance
is necessary, the Tenant covenants and agrees to diligently proceed, at its own expense, to obtain the required consent and the Landlord
agrees to cooperate with the Tenant in bringing such application.

16.8 Entire Agreement

There are no covenants, representations, warranties, agreements or other conditions expressed or implied, collateral or otherwise, forming part of or in any way affecting or relating to this Lease, save as expressly set out or incorporated by reference herein and this Lease constitutes the entire agreement duly executed by the parties, and no amendment, variation or change to this Lease shall be binding unless the same shall be in writing and signed by the parties. The Tenant acknowledges and agrees that its obligations in this Lease are in addition to and do not derogate from its obligations in any Offer to Lease between the parties, and its obligations in the Offer to Lease shall survive and not merge with this Lease. Where there is direct conflict between the terms of this Lease and the Offer to Lease, the terms of the Lease shall govern, but only to the extent of the conflict.

16.9 Successors and Assigns

The rights and liabilities of the parties shall enure to the benefit of their respective heirs, executors, administrators, successors and assigns, subject to any requirement for consent by the Landlord hereunder.

16.10 Confidentiality and Personal Information

(1) The contents, terms and conditions
of this Lease shall be kept strictly confidential by the Tenant. The Tenant shall not, under any circumstances, discuss or reveal the
details of this Lease with any arm's-length parties including, but not limited to, any other tenants in the Property, prospective
tenants, real estate agents or others except the Tenant's legal and financial advisors, any bona fide Transferee, and except as
may be required by law.

(2) Any Tenant or Indemnifier that
is an individual person consents to the collection and use of their personal information, as provided directly or collected from
third parties, for the purposes of the Landlord considering the Tenant's offer in respect of this Lease and determining the
suitability of the Tenant or Indemnifier, as applicable, (both initially and on an on-going basis), including the disclosure of such
information to existing and potential lenders, investors and purchasers.

16.11 Counterpart

This Lease may be signed by the parties in counterparts and by facsimile or .pdf email transmission, and each such counterpart, facsimile or .pdf email transmission copy shall Constitute an original document and such counterparts, take together, shall constitute one and the same instrument, blinding on the parties, notwithstanding that all of the parties are not signatory to the same counterpart, facsimile or pdf email transmission copy.

---

| | |
|:---|:---|
| **1322956 B.C. LTD** | **1322956 B.C. LTD** |
| Per: | ![](ex10-8_001.jpg) |

---

---

| | |
|:---|:---|
| **Club Versante Management Ltd.** | **Club Versante Management Ltd.** |
| Per: | ![](ex10-8_002.jpg) |

---

Schedule "A" **PLAN OF PREMISES**

Schedule "B" **LEGAL DESCRIPTION**

The Property, being, Units 110, 115 & 605 – 8400 West Road, Richmond, British Columbia Richmond, British Columbia is legally described as:

STRATA LOT 2 SECTION 21 BLOCK 5 NORTH<br> RANGE 6 WEST NEW WESTMINSTER<br> DISTRICT STRATA PLAN EPS5802

PID: 030-797-705

STRATA LOT 3 SECTION 21 BLOCK 5 NORTH<br> RANGE 6 WEST NEW WESTMINSTER<br> DISTRICT STRATA PLAN EPS5802

PID: 030-797-713

STRATA LOT 4, BLOCK 5N, PLAN EPS5802,<br> SECTION 21, RANGE 6W, NEW WESTMINSTER<br> LAND DISTRICT

PID: 030-797-721

Schedule "C" **EXTENSION RIGHTS**

1. FIRST EXTENSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Tenant duly and punctually observes and performs the covenants, agreements, conditions, and provisos in this Lease on the part
of the Tenant to be observed and performed, the Landlord will, at the expiration of the original Term, at the cost of the Tenant, and
at the Tenant's written request delivered to the Landlord in the manner provided for in this Lease, not later than six (6) months
prior to the expiration of the original Term, grant to the Tenant an extension of the original Term for a further period of five (5) year
(the "First Extension Period") commencing on October 15, 2031, upon all of the covenants, agreements, conditions, and provisos
contained in this Lease, except this extension and any provisions for Landlord's work, Tenant's work, exclusive use, free
rent, bonuses, leasehold improvements, or inducements, and except the Basic Annual Rent to be paid during the First Extension Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Basic Monthly Rent for the First Extension Period will be $15,583.33 plus GST.

2. SECOND EXTENSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Tenant duly and punctually observes and performs the covenants, agreements, conditions, and
 provisos in this Lease on the part of the Tenant to be observed and performed during the First Extension Period, the Landlord will,
 at the expiration of the First Extension Period, at the cost of the Tenant, and at the Tenant's written request delivered to
 the Landlord in the manner provided for in this Lease, not later than six (6) months prior to the expiration of the First Extension
 Period, grant to the Tenant a further extension of the original Term for a further period of five (5) year (the "Second
 Extension Period") commencing on the October 15, 2036, upon all of the covenants, agreements,
conditions, and provisos contained in this Lease, except this extension and any provisions for Landlord's work, Tenant's work,
exclusive use, free rent, bonuses, leasehold improvements, or inducements, and except the Basic Annual Rent to be paid during the Second
Extension Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Basic Monthly Rent for the Second Extension Period will be $15,583.33 plus GST.

3. The exercise of any extension is solely within the control of the Tenant, and nothing contained in this Lease obligates or requires
the Landlord to remind the Tenant to exercise any extension. The Landlord's acceptance of any future rent for any Extension Period
will in no way be deemed a waiver of the Tenant's requirement to give notice within the time limit specified in clauses 1(a) and
2(a) for extending the original Term.

4. Any extension of the lease as hereinbefore period is deemed to incorporate all of the terms and provisions of the Lease as modified
by this Schedule C, and the parties ratify and confirm all of the terms and conditions of the Lease as so amended. The parties will not
be obliged to enter into a separate extension of lease to give effect to this Schedule C but the Tenant will, at the Tenant's cost,
execute a separate extension of lease if required by the Landlord to do so.

Schedule "D" **STRATA RIDER**

1. <u>Landlord Obligations – *Strata Property Act*.</u> The Landlord and the Tenant covenant and
agree that, notwithstanding anything to the contrary provided in this Lease, to the extent that the *Strata Property Act* provides
that the Strata Corporation is responsible to perform any of the obligations of the Landlord provided in this Lease including, without
limitation, the responsibility for managing and maintaining the Common Areas and common assets of the Strata Corporation, obtaining and
maintaining property insurance and obtaining and maintaining liability insurance as provided in the *Strata Property Act*, the Tenant
hereby acknowledges that the Strata Corporation, rather than the Landlord, may perform such obligations, but this acknowledgement does
not release the Landlord from any liability to the Tenant arising by reason of any failure by the Strata Corporation or the Landlord to
perform any of the obligations of the Landlord provided in this Lease. The Landlord will vote in such manner to support the Strata Corporation
in observing and performing each of the obligations of the Strata Corporation which the Strata Corporation is required to perform in accordance
with the *Strata Property Act* and the strata bylaws, all as amended from time to time.

2. <u>Landlord Covenants.</u> The Landlord covenants and agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times comply with the *Strata Property Act* and the strata bylaws in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide to the Tenant a copy of all correspondence between the Strata Corporation and the Landlord concurrent
with the Landlord's receipt of such correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use commercially reasonable efforts to cause the Strata Corporation during the Term to keep, maintain,
and operate the Common Areas in a first class condition as a prudent owner would do; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use all reasonable commercial efforts to cause the Strata Corporation to not implement or enforce with
respect to the Premises and/or the Tenant and/or against the Tenant, as the case may be: (i) any provisions of the strata bylaws which
conflict with (or are inconsistent with) this Lease, whether now or in the future; and (ii) any amendment to the whole or a part of the
strata bylaws in any manner which would materially and adversely affect the Tenant's business operations at the Premises permitted
pursuant to this Lease, or its signage, hours of operation, parking rights, <u>ingress to or egress from the Premises, and/or visibility of the Premises to the public.</u> 

3. <u>Tenant Covenants and Acknowledgments.</u> The Tenant hereby covenants, acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its use of the Premises will be subject to the strata bylaws provided the strata bylaws do not conflict with the terms of this Lease;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any covenant on the part of the Landlord to do anything which requires the consent or cooperation of the
Strata Corporation will be construed as a covenant on the part of the Landlord to use commercially reasonable efforts to cause the Strata
Corporation to grant the requisite consent.

4. <u>Strata Charges.</u> 

Despite anything to the contrary contained in this Lease, the Tenant shall not be liable to pay or otherwise bear, and the Landlord will pay to the Strata Corporation, on or before the due date for payment thereof, any portion of the instalments on account of Strata Charges that is attributable to the contingency reserve fund of the Strata Corporation or any special levy or similar assessment that may be assessed by the Strata Corporation now or in the future.

5. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the commencement of the Term, or such later date as the Tenant may agree to in writing, the Landlord
will, at the Tenant's expense, obtain the consent of the Strata Corporation to the Tenant's installation of signage on the
exterior of the Premises as set out in the plans submitted by the Tenant to the Landlord. The Tenant, acting reasonably, will cooperate
with the Landlord in connection with the Landlord obtaining such consents.

## Exhibit 10.9

**Exhibit 10.9**

**AMENDMENT TO LEASE AGREEMENT**

This **Amendment to Lease Agreement** (the "Amendment") is made and entered into as of the date of signing by both parties and shall form part of the original Lease Agreement dated **September 1, 2021**, between:

**Landlord**: 1322956 B.C. LTD.

**Tenant**: Club Versante Management Ltd.

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The Landlord and the Tenant entered into a lease agreement dated **September 1, 2021** (the "Lease")
for the premises located at **Units 110, 115 & 605 – 8400 West Road, Richmond, British Columbia**.

&nbsp;&nbsp;&nbsp;&nbsp;2. The parties wish to amend certain terms of the Lease from **Jan 1, 2024** 

**NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:**

1. Removal of Unit 110 & 605

The parties mutually agree that **Unit 110&605** shall be removed from the Lease in its entirety. Any references, rights, or obligations related to this unit shall cease to apply as of the effective date of this Amendment.

2. Amendment to Basic Rent

The monthly rent for the remaining **Units 110 & 115** shall be revised to **CAD $2,286.00 (exclusive of taxes),** effective as of the date of Jan 1, 2024. This revised rent shall replace any previous rental amounts stated in the Lease.

**GENERAL TERMS**

&nbsp;&nbsp;&nbsp;&nbsp;1. **No Other Changes** – Except as explicitly stated in this Amendment, all terms and conditions of the original Lease remain
in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Binding Effect** – This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Counterparts & Electronic Signatures** – This Amendment may be executed in counterparts
and electronically transmitted signatures shall be deemed valid and binding as originals.

**IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.**

---

| | |
|:---|:---|
| **LANDLORD** | **LANDLORD** |
| 1322956 B.C. LTD. | 1322956 B.C. LTD. |
| Per: | ![](ex10-9_001.jpg) |
| Authorized Signatory | Authorized Signatory |
| Date: | Jan 1, 2024 |

---

---

| | |
|:---|:---|
| **TENANT** | **TENANT** |
| Club Versante Management Ltd. | Club Versante Management Ltd. |
| Per: | ![](ex10-9_002.jpg) |
| Authorized Signatory | Authorized Signatory |
| Date: | Jan 01, 2024 |

---

## Exhibit 10.10

**Exhibit 10.10**

**COMMERCIAL LEASE AGREEMENT**

This Commercial Lease Agreement ("Agreement") is made and entered into this __6_ day of _March__, 20_25_, by and between:

LANDLORD: Club Versante Management Ltd.

Address: 1205-8400 West Road, Richmond, BC

TENANT: Yandoux Patisserie Ltd.

Address: 115-8400 West Road, Richmond, BC

1. LEASED PREMISES

Landlord leases to Tenant the property located at:

115-8400 WEST RD, RICHMOND, BC

Legal Description: STRATA LOT 3, BLOCK 5N, PLAN EPS5802, SECTION 21, RANGE 6W, NEW WESTMINSTER LAND DISTRICT, TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM V.

PID: 030-797-713

2. TERM

The term of this Lease shall be for a period of one years, commencing on May 1, 2025, and ending on April 30, 2026, unless otherwise terminated under this Agreement.

3. RENT & PAYMENT TERMS

Tenant shall pay Landlord a base monthly rent of $10,000 per month, which includes property tax and strata fee, payable on the 1st day of each month.

In addition to the base rent, Tenant shall be responsible for all other taxes and operational costs related to the leased premises.

**REVENUE SHARING**

If Tenant's gross revenue exceeds $50,000 but not $70,000 per month, Landlord shall be entitled to 10% of the excess amount as additional rent. If gross revenue exceeds $70,000 per month, Landlord shall be entitled to 30% of the amount exceeding $70,000 as additional rent.

A late fee of $500 shall apply if payment is not received within 5 days of the due date.

**LANDLORD CREDIT**

If Tenant's gross revenue is between $50000 to $70000 per month, the Landlord shall receive a monthly credit of $500 to be used at Yandoux Patisserie. This credit is non-transferable and must be redeemed within the same month; any unused portion shall not be carried forward.

4. USE OF PREMISES

The premises shall be used exclusively for a patisserie and related food and beverage services and for no other purpose without prior written consent from Landlord.

5. MAINTENANCE & REPAIRS

Tenant shall be responsible for maintaining the interior of the premises in good condition, including repairs to fixtures and equipment. Landlord shall be responsible for structural repairs and maintenance of common areas.

6. UTILITIES & EXPENSES

Tenant shall be responsible for all utilities, including electricity, water, gas, and internet, unless otherwise agreed upon in writing.

7. INSURANCE

Tenant shall obtain and maintain commercial liability insurance of at least $_3000000__ per occurrence, naming Landlord as an additional insured party.

8. DEFAULT & TERMINATION

If Tenant fails to pay rent or breaches any lease terms, Landlord shall have the right to terminate the lease upon _15__ days' written notice.

9. GOVERNING LAW

This Agreement shall be governed by the laws of British Columbia, Canada.

10. ADDITIONAL TERMS

-All restaurant-related expenses, including staffing, supplies, equipment, and operational costs, shall be borne solely by Yandoux Patisserie.

-Any modifications or renovations to the premises must be approved in writing by the Landlord before commencement.

- Landlord shall have full access to all Tenant's POS (Point of Sale) systems.

IN WITNESS WHEREOF, the parties hereto have executed this Lease Agreement as of the date first written above.

---

| | |
|:---|:---|
| LANDLORD: | LANDLORD: |
| Club Versante Management Ltd. | Club Versante Management Ltd. |
| Signature: | ![](ex10-10_001.jpg) |
| Date: | 2025/3/31 |

---

---

| | |
|:---|:---|
| TENANT: | TENANT: |
| Yandoux Patisserie Ltd. | Yandoux Patisserie Ltd. |
| Signature: | ![](ex10-10_002.jpg) |
| Date: | 2025/3/31 |

---

## Exhibit 21.1

**Exhibit 21.1** 

**List of Significant Subsidiaries of the Registrant**

---

| | |
|:---|:---|
| **Significant Subsidiaries** | **Place of Incorporation** |
| Club Versante Business Limited | British Virgin Islands |
| Club Versante Management Ltd | Province of British Columbia, Canada |

---

## Exhibit 23.1

**Exhibit 23.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated May 22, 2025 (August 12, 2025, as to the effects of the stock split described in Note 11), with respect to the consolidated financial statements of Club Versante Group Limited, as of and for the years ended December 31, 2024 and 2023 in this Registration Statement on Form F-1/A1 and the related Prospectus of Club Versante Group Limited filed with the Securities and Exchange Commission.

---

| |
|:---|
| /s/ HTL International, LLC<br>|
| Houston, TX<br>|
| August 12, 2025 |

---

## Exhibit 23.4

**Exhibit 23.4**

![](ex23-4_001.jpg)

**Migo Corportion Limited**

404 Yu To Sang Building, 37 Queen's Road Central, Hong Kong

Professional Services \| Project Advisory & Consultancy Services

info@migo-corp.com \| Tel: 2778 2859 \| Fax: 2638 2177

Date: August 12, 2025

The Board of Management

**Club Versante Group Limited**

Suite 1205, 8400 West Road

Richmond BC V6X 0S7, Canada

**<u>Re: Club Versante Group Limited</u>**

Ladies and Gentlemen,

We understand that Club Versante Group Limited (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") in connection with its proposed initial public offering (the "Proposed IPO").

We hereby consent to the references to our name and the inclusion of information, data and statements from our research reports and amendments thereto (collectively, the "Reports"), and any subsequent amendments to the Reports, as well as the citation of our research reports and amendments thereto, in the Registration Statement and any amendments thereto, in any other future filings with the SEC by the Company, including, without limitation, filings on Form 20-F or Form 6-K or other SEC filings (collectively, the "SEC Filings"), on the websites of the Company and its subsidiaries and affiliates, in institutional and retail road shows and other activities in connection with the Proposed IPO, and in other publicity materials in connection with the Proposed IPO.

We further hereby consent to the filing of this letter as an exhibit to the Registration Statement and any amendments thereto and as an exhibit to any other SEC Filings.

Yours faithfully,

For and on behalf of

Migo Corporation Limited

---

| |
|:---|
| /s/Juliana Lai |
| Juliana Lai |
| Director of Project |

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## Exhibit 99.1

**Exhibit 99.1**

**CLUB VERSANTE GROUP LIMITED**

**CODE OF BUSINESS CONDUCT AND ETHICS** 

**I. PURPOSES** 

The Board of Directors (the "Board") of Club Versante Group Limited (the "Company") has adopted this Code of Ethics (this "Code"), which is applicable to all directors, officers, and employees (to the extent that employees are hired in the future) (each a "person," as used herein) of the Company, with the intent to:

● promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely, and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the "SEC"), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules, and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended only by resolution of the Board. In this Code, references to the "Company" mean Club Versante Group Limited, and include, in the appropriate context, the Company's subsidiaries.

**II. HONEST, ETHICAL AND FAIR CONDUCT** 

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair, and candid. Deceit, dishonesty, and subordination of the Company's interests to personal interests are inconsistent with integrity. Service to the Company should never be subordinated to personal gain or advantage.

Each person must:

● Act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or in the Company's interests.

● Observe all applicable governmental laws, rules, and regulations.

● Comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data.

● Adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices.

● Deal fairly with the Company's customers, suppliers, competitors, and employees.

● Refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

● Protect the assets of the Company and ensure their proper use.

● Refrain from (i) taking for themselves corporate or business opportunities that are discovered through the use of corporate assets, (ii) using corporate assets, information, or position for personal gain, and (iii) competing with the Company.

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board). Anything that would be a conflict for a person subject to this Code also will be a conflict if it is related to a member of his or her family or a close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier or customer;

● any consulting or employment relationship with any customer, supplier, or competitor;

● any outside business activity that detracts from a person's ability to devote appropriate time and attention to his or her responsibilities with the Company;

● the receipt of any money, non-nominal gifts, or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● being in the position of supervising, reviewing, or having any influence on the job evaluation, pay, or benefit of any close relative;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement, or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship, or situation in which the personal interest of a person subject to this Code interferes – or even appears to interfere – with the interests of the Company as a whole.

**III. DISCLOSURE** 

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely, and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent auditors, governmental regulators, self-regulating organizations, and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer and Chief Financial Officer of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairperson of the Audit Committee of the Board (the "Audit Committee") (or the Chairperson of the Board if no Audit Committee exists) any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls which could adversely affect the Company's ability to record, process, summarize, and report financial data or (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's financial reporting, disclosures, or internal controls.

**IV. COMPLIANCE** 

It is the Company's obligation and policy to comply with all applicable governmental laws, rules, and regulations. It is the personal responsibility of each person to, and each person must, adhere to the standards and restrictions imposed by those laws, rules, and regulations, including those relating to accounting and auditing matters.

**V. REPORTING AND ACCOUNTABILITY** 

The Board or Audit Committee, if one exists, is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairperson of the Board or Audit Committee promptly. Failure to do so is itself a breach of this Code.

Specifically, each person must:

● Notify the Chairperson promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith. The Company will follow the following procedures in investigating and enforcing this Code and in reporting on this Code:

● The Board or Audit Committee, if one exists, will take all appropriate action to investigate any breaches reported to it.

● If the Audit Committee, if one exists, determines by majority decision that a breach has occurred, it will inform the Board.

● Upon being notified that a breach has occurred, the Board by majority decision will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Audit Committee, if one exists, and/or the Company's counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion, suspension, threat, harassment, or, in any manner, discrimination against such person in terms and conditions of employment.

**VI. WAIVERS AND AMENDMENTS** 

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in the Company's Annual Report on Form 20-F or in a Current Report on Form 6-K filed with the SEC.

A "waiver" means the approval by the Board of a material departure from a provision of this Code. An "implicit waiver" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to an executive officer of the Company. An "amendment" means any amendment to this Code other than minor technical, administrative, or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**VII. INSIDER TRADING AND DISSEMINATION OF INSIDE INFORMATION** 

Each person shall comply with the Company's Policy Regarding Insider Trading and Dissemination of Inside Information.

**VIII. FINANCIAL STATEMENTS AND OTHER RECORDS** 

All of the Company's books, records, accounts, and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation. Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**IX. IMPROPER INFLUENCE ON CONDUCT OF AUDITS** 

No director, officer or employee, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead, or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of our directors.

**X. ANTI-CORRUPTION LAWS** 

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act. To the extent prohibited by applicable law, directors, officers, and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third-party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**XI. VIOLATIONS** 

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**XII. OTHER POLICIES AND PROCEDURES** 

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers, or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**XIII. INQUIRIES** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Secretary, the Chair of the Company's Audit Committee, or the Company's United States Securities Lawyer.

## Exhibit 99.2

**Exhibit 99.2**

**AUDIT COMMITTEE CHARTER** 

**OF** 

**CLUB VERSANTE GROUP LIMITED**

**I. PURPOSE**

The purpose of the Audit Committee (the "Audit Committee") of the Board of Directors (the "Board") of Club Versante Group Limited (the "Company") is to assist the Board in monitoring: (1) the integrity of the annual, semi-annual, quarterly (if the Company should elect to release quarterly information), and other financial statements of the Company, (2) the independent auditor's qualifications and independence, (3) the performance of the Company's independent auditor, and (4) the compliance by the Company with legal and regulatory requirements. The Audit Committee also shall review and approve all related-party transactions.

The Audit Committee shall prepare any reports required by the rules of the Securities and Exchange Commission ("Commission").

**II. COMMITTEE MEMBERSHIPS** 

The Audit Committee shall consist of no fewer than three members of the Board, absent a temporary vacancy. The Audit Committee shall meet the "Audit Committee Requirements" of Section 10A(m)(3) of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations of the Commission, and if applicable the requirements of the Nasdaq Stock Market or the applicable stock market upon which its securities are traded.

The members of the Audit Committee shall be appointed by the Board. Audit Committee members may be replaced by the Board. There shall be a Chairperson of the Audit Committee which shall also be appointed by the Board. The Chairperson of the Audit Committee shall be a member of the Audit Committee and, if present, shall preside at each meeting of the Audit Committee. The Chairperson shall advise and counsel with the executives of the Company and shall perform such other duties as may from time to time be assigned to the Chairperson by the Audit Committee or the Board of Directors.

**III. MEETINGS** 

The Audit Committee shall meet as often as it determines, but not less frequently than the time periods that the Company releases financial information to the public or files such information with the United States Securities and Exchange Commission. The Audit Committee shall meet periodically with management and the independent auditor in separate executive sessions. The Audit Committee may request any officer or employee of the Company or the Company's outside counsel or independent auditor to attend a meeting of the Audit Committee or to meet with any members of, or consultants to, the Audit Committee.

**IV. COMMITTEE AUTHORITY AND RESPONSIBILITIES** 

The Audit Committee shall have the sole authority to appoint or replace the independent auditor. The Audit Committee shall be directly responsible for determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work. The independent auditor shall report directly to the Audit Committee.

The Audit Committee shall pre-approve all auditing services and permitted non-audit services to be performed for the Company by its independent auditor, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act which are approved by the Audit Committee prior to the completion of the audit). The Audit Committee may form and delegate authority to subcommittees of the Audit Committee consisting of one or more members when appropriate, including the authority to grant pre-approvals of audit and permitted non-audit services, provided that decisions of such subcommittee to grant pre-approvals shall be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee shall have the authority, to the extent it deems necessary or appropriate, to retain independent legal, accounting, or other advisors. The Company shall provide for appropriate funding, as determined by the Audit Committee, for payment of compensation to (i) the independent auditor for the purpose of rendering or issuing an audit report and (ii) any advisors employed by the Audit Committee.

The Audit Committee shall:

<u>Financial Statement and Disclosure Matters</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1. Meet with the independent auditor prior to the audit to review the scope, planning, and staffing of the
audit.

&nbsp;&nbsp;&nbsp;&nbsp;2. Review and discuss with management and the independent auditor the annual audit report, the financial
statements and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations"
proposed to be included in the Company's Annual Report on Form 20-F, and recommend to the Board whether the audited financial statements
and related notes and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" should
be included in the Company's Annual Report on Form 20-F (or the annual report to shareholders if distributed prior to the filing
of the Form 20-F).

&nbsp;&nbsp;&nbsp;&nbsp;3. Review and discuss with management and the independent auditor the Company's interim financial statements
prior to the release of any such financial statements or information to the public or the filing of such financial information with the
United States Securities and Exchange Commission under cover of Form 6-K, including the results of the independent auditor's review
of such interim financial statements (if such a review has been obtained).

&nbsp;&nbsp;&nbsp;&nbsp;4. Discuss with management and the independent auditor, as appropriate, significant financial reporting issues
and judgments made in connection with the preparation of the Company's financial statements, including:

&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) any significant changes in the Company's selection or application of accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's critical 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;(c) all alternative treatments of financial information within GAAP that have been discussed with management and the ramifications of the use of such alternative accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any major issues as to the adequacy of the Company's internal controls and any special steps adopted in light of material control deficiencies; 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;(e) any material written communications between the independent auditor and management, such as any management letter or schedule of unadjusted differences.

&nbsp;&nbsp;&nbsp;&nbsp;5. Discuss with management and independent auditor and, prior to issuance, review and approve the Company's
earnings releases, including the use of "pro forma" or "adjusted" non-GAAP information, and any financial information
and earnings guidance to be included in such releases and provided to analysts and rating agencies. Such discussion may be general and
include the types of information to be disclosed and the types of presentations to be made.

&nbsp;&nbsp;&nbsp;&nbsp;6. Discuss with management and the independent auditor the effect on the Company's financial statements
of (i) regulatory and accounting initiatives and (ii) off-balance sheet structures.

&nbsp;&nbsp;&nbsp;&nbsp;7. Review and discuss with management and the independent auditor the Company's major financial risk
exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and
risk management policies.

&nbsp;&nbsp;&nbsp;&nbsp;8. Discuss with the independent auditor the matters required to be discussed by Statement on Auditing Standards
No. 61 relating to the conduct of the audit, including any difficulties encountered in the course of the audit work, any restrictions
on the scope of activities or access to requested information, and any significant disagreements with management.

&nbsp;&nbsp;&nbsp;&nbsp;9. Review disclosures made to the Audit Committee by the Company's Chief Executive Officer and Chief
Financial Officer (or individuals performing similar functions) during their certification process for the Form 20-F about any significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting and any fraud involving management
or other employees who have a significant role in the Company's internal control over financial reporting.

<u>Oversight of the Company's Relationship with the Independent Auditor</u> 

&nbsp;&nbsp;&nbsp;&nbsp;10. At least annually, obtain and review a report from the independent auditor, consistent with the rules
of the Public Company Accounting Oversight Board, regarding (a) the independent auditor's internal quality-control procedures, (b)
any material issues raised by the most recent internal quality-control review, or peer review, of the firm, or by any inquiry or investigation
by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the
firm, (c) any steps taken to deal with any such issues and (d) all relationships between the independent auditor and the Company. Evaluate
the qualifications, performance, and independence of the independent auditor, including whether the auditor's quality controls are
adequate and the provision of permitted non-audit services is compatible with maintaining the auditor's independence, and taking
into account the opinions of management and the internal auditor. The Audit Committee shall present its conclusions with respect to the
independent auditor to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;11. Verify the rotation of the lead (or coordinating) audit partner having primary responsibility for the
audit and the audit partner responsible for reviewing the audit as required by law. Consider whether, in order to assure continuing auditor
independence, it is appropriate to adopt a policy of rotating the independent auditing firm on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;12. Oversee the Company's hiring of employees or former employees of the independent auditor who participated
in any capacity in the audit of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;13. Be available to the independent auditor during the year for consultation purposes.

<u>Compliance Oversight Responsibilities</u> 

&nbsp;&nbsp;&nbsp;&nbsp;14. Obtain assurance from the independent auditor that Section 10A(b) of the Exchange Act has not been implicated.

&nbsp;&nbsp;&nbsp;&nbsp;15. Review and approve all related-party transactions.

&nbsp;&nbsp;&nbsp;&nbsp;16. Inquire and discuss with management the Company's compliance with applicable laws and regulations
and with the Company's Code of Ethics in effect at such time, if any, and, where applicable, recommend policies and procedures for
future compliance.

&nbsp;&nbsp;&nbsp;&nbsp;17. Establish procedures (which may be incorporated in the Company's Code of Ethics, in effect at such
time, if any) for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting
controls or reports which raise material issues regarding the Company's financial statements or accounting policies. Review requests
for waivers under the Code of Ethics sought with respect to any executive officer or director. Review annually with the Chairperson of
the Board or outside counsel, as appropriate, the scope, implementation and effectiveness of the ethics and compliance program, and any
significant deviations by officers and employees from the Code of Ethics or other compliance policies, and other matters pertaining to
the integrity of management.

&nbsp;&nbsp;&nbsp;&nbsp;18. Discuss with management and the independent auditor any correspondence with regulators or governmental
agencies and any published reports that raise material issues regarding the Company's financial statements or accounting policies.

&nbsp;&nbsp;&nbsp;&nbsp;19. Discuss with the Company's SEC counsel legal matters that may have a material impact on the financial
statements or the Company's compliance policies.

&nbsp;&nbsp;&nbsp;&nbsp;20. Review and approve all payments made to the Company's officers and directors or its or their affiliates.
Any payments made to members of the Audit Committee will be reviewed and approved by the Board, with the interested director or directors
abstaining from such review and approval.

**V. LIMITATION OF AUDIT COMMITTEE'S ROLE** 

While the Audit Committee has the responsibilities and powers set forth in this Charter, it is not the duty of the Audit Committee to plan or conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with generally accepted accounting principles and applicable rules and regulations. These are the responsibilities of management and the independent auditor.

## Exhibit 99.3

**Exhibit 99.3**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER** 

**OF** 

**CLUB VERSANTE GROUP LIMITED**

**I.** **PURPOSE:** 

The purpose of the Nominating and Corporate Governance Committee (the "Nomination Committee") of the Board of Directors (the "Board") of Club Versante Group Limited (the "Company") shall be to review and make recommendations to the Board regarding matters concerning corporate governance; review the composition of and evaluate the performance of the Board; recommend persons for election to the Board and evaluate director compensation; review the composition of committees of the Board and recommend persons to be members of such committees; review and maintain compliance of committee membership with applicable regulatory requirements; and review conflicts of interest of members of the Board and corporate officers.

In addition, the Nomination Committee will undertake those specific duties and responsibilities listed below and such other duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIP:** 

The Nomination Committee shall consist of no fewer than two members of the Board. All members of the Nomination Committee shall be appointed by a majority of the Board and shall be independent of the Company and its affiliates, shall have no relationship to the Company or its affiliates that may interfere with the exercise of their independence, and shall otherwise be deemed to be "independent directors" as defined in Rule 5605 (e)(2) of the NASDAQ Listing Rules. The Board may designate one member of the Nomination Committee as its Chair. The Nomination Committee may form and delegate authority to subcommittees, consisting of no fewer than two members of the Nomination Committee, when appropriate. No member of the Nomination Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Nomination Committee shall include:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition of the Board of Directors, Evaluation, and Nomination Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing the composition and size of the Board and determining the criteria for membership of the Board, including issues of character, judgment, independence, diversity, age, expertise, corporate experience, length of service, and other commitments outside the Company.

&nbsp;&nbsp;&nbsp;&nbsp;2. Conducting an annual evaluation of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;3. Identifying, considering, and recommending candidates to fill new positions or vacancies on the Board, and reviewing any candidates recommended by stockholders in accordance with the bylaws. In performing these duties, the Committee shall have the authority to retain any search firm to be used to identify candidates for the Board and shall have sole authority to approve the search firm's fees and other retention terms.

&nbsp;&nbsp;&nbsp;&nbsp;4. Evaluating the performance of individual members of the Board eligible for re-election and recommending the director nominees by class for election to the Board by the stockholders at the annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;5. Evaluating director compensation, consulting with outside consultants when appropriate, and making recommendations to the Board regarding director compensation.

&nbsp;&nbsp;&nbsp;&nbsp;6. Reviewing and making recommendations to the Board with respect to a Director Option Plan and any proposed amendments thereto, subject to obtaining stockholder approval of any amendments as required by law or NASDAQ Listing Rules or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;7. Selection of New Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Recommend to the Board criteria for Board and committee membership, which shall include a description of any specific, minimum qualifications that the Nomination Committee believes must be met by a Nomination Committee recommended nominee, and a description of any specific qualities or skills that the Nomination Committee believes are necessary for one or more of the Company's directors to possess, and annually reassess the adequacy of such criteria and submit any proposed changes to the Board for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Establish a policy regarding the consideration of director candidates recommended by stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Establish procedures to be followed by security holders in submitting recommendations for director candidates to the Nomination Committee. The current procedures to be followed by security holders are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. All security holder recommendations for director candidates must be submitted to the Secretary of the Company, who will forward all recommendations to the Nomination Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All security holder recommendations for director candidates must be submitted to the Secretary of the Company not less than 120 calendar days prior to the date on which the Company's proxy statement was released to stockholders in connection with the previous year's annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. All security holder recommendations for director candidates must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The name and address of record of the security holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A representation that the security holder is a record holder of the Company's securities, or if the security holder is not a record holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The name, age, business and residential address, educational background, current principal occupation or employment, and principal occupation or employment for the preceding five (5) full fiscal years of the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A description of the qualifications and background of the proposed director candidate which addresses the minimum qualifications and other criteria for Board membership approved by the Board from time to time and set forth in this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A description of all arrangements or understandings between the security holder and the proposed director candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The consent of the proposed director candidate (i) to be named in the proxy statement relating to the Company's annual meeting of stockholders and (ii) to serve as a director if elected at such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to the rules of the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Establish a process for identifying and evaluating nominees for the Board, including nominees recommended by security holders. The current process for identifying and evaluating nominees for the Board is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Nomination Committee may solicit recommendations from any or all of the following sources: non-management directors, the Chief Executive Officer, other executive officers, third-party search firms, or any other source it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Nomination Committee will review and evaluate the qualifications of any such proposed director candidate and conduct inquiries it deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Nomination Committee will evaluate all such
 proposed director candidates in the same manner, with no regard to the source of the initial recommendation of such proposed director
 candidate. In identifying and evaluating proposed director
 candidates, the Nomination Committee may consider, in addition to the minimum qualifications and other criteria for Board membership approved
 by the Board from time to time, all facts and circumstances that it deems appropriate or advisable, including, among other things, the
 skills of the proposed director candidate, his or her depth and breadth of business experience or other background characteristics, his
 or her independence and the needs of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Upon identifying individuals qualified to become members of the Board, consistent with the minimum qualifications and other criteria approved by the Board from time to time, recommend that the Board select the director nominees for election at each annual meeting of stockholders; provided that, if the Company is legally required by contract or otherwise to provide third parties with the ability to nominate individuals for election as a member of the Board (pursuant, for example, to the rights of holders of preferred stock to elect directors upon a dividend default or in accordance with shareholder agreements or management agreements), the selection and nomination of such director nominees shall be governed by such contract or other arrangement and shall not be the responsibility of the Nomination Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Consider recommendations in light of the requirement that a majority of the Board be comprised of directors who meet the independence requirements set forth in Rule 5605(a)(2) of the Listing Rules of the NASDAQ Stock Market LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Recommend that the Board select the directors for appointment to committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Review all stockholder nominations and proposals
submitted to the Company (including any proposal relating to the procedures for making nominations or electing directors), determine
whether the nomination or proposal was submitted in a timely manner and, in the case of a director nomination, whether the nomination
and the nominee satisfy all applicable eligibility requirements, and recommend to the Board appropriate action on each such nomination
or proposal.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Committees of the Board of Directors** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Periodically reviewing the composition of each committee of the Board and making recommendations to the Board for the creation of additional committees or the change in mandate or dissolution of committees.

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommending to the Board persons to be members
 of the various committees and Committee Chairperson, annually.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Conflicts of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Reviewing and monitoring compliance with the Company's Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;2. Considering questions of possible conflicts of interest of members of the Board and of corporate officers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Reviewing actual and potential conflicts
of interest of members of the Board and corporate officers and clearing any involvement of such persons in matters that may involve a
conflict of interest.

**IV.** **GENERAL** 

The Nomination Committee may establish and delegate authority to subcommittees consisting of one or more of its members, when the Nomination Committee deems it appropriate to do so in order to carry out its responsibilities.

The Nomination Committee shall make regular reports to the Board concerning areas of the Nomination Committee's responsibility.

In carrying out its responsibilities, the Nomination Committee shall be entitled to rely upon advice and information that it receives in its discussions and communications with management and such experts, advisors, and professionals with whom the Nomination Committee may consult.

The Nomination Committee shall have the authority to request that any officer or employee of the Company, the Company's outside legal counsel, the Company's independent auditor or any other professional retained by the Company to render advice to the Company attend a meeting of the Nomination Committee or meet with any members of or advisors to the Nomination Committee. The Nomination Committee shall also have the authority to engage legal, accounting, or other advisors to provide it with advice and information in connection with carrying out its responsibilities and shall have sole authority to approve any such advisor's fees and other retention terms.

The Nomination Committee may perform such other functions as may be requested by the Board from time to time.

**V.** **MEETINGS:** 

The Nomination Committee will meet at least once a year. The Nomination Committee may establish its own meeting schedule, which it will provide to the Board. Special meetings may be convened as required. The Nomination Committee, or its Chair, shall report to the Board on the results of these meetings. The Nomination Committee may invite to its meetings other Directors, Corporate management, and such other persons, as the Nomination Committee deems appropriate in order to carry out its responsibilities. A majority of the members of the Nomination Committee, present in person or by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, shall constitute a quorum.

The Nomination Committee will maintain written minutes of its meetings, which shall be filed with the minutes of the meetings of the Board.

**VI.** **EVALUATION OF THE NOMINATION COMMITTEE'S PERFORMANCE:** 

The Nomination Committee shall, on an annual basis, evaluate its performance under this Charter. The Nomination Committee shall address all matters that the Committee considers relevant to its performance. The Nomination Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **NOMINATION COMMITTEE RESOURCES:** 

The Nomination Committee may conduct or authorize investigations into or studies of matters within the Nomination Committee's scope of responsibilities, and may retain, at the Company's expense, such independent counsel, or other advisors as it deems necessary. The Nomination Committee shall have the sole authority to retain or terminate any search firm to be used to identify director candidates, including sole authority to approve the search firm's fees and other retention terms, and such related fees are to be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **REPORTS:** 

The Nomination Committee will record its summaries of recommendations to the Board in written form, which will be incorporated as a part of the minutes of the meeting of the Board at which those recommendations are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **MINUTES:** 

The Nomination Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

## Exhibit 99.4

**Exhibit 99.4**

**COMPENSATION COMMITTEE CHARTER** 

**OF** 

**CLUB VERSANTE GROUP LIMITED**

**I.** **PURPOSE** 

The Compensation Committee of the Board of Directors ("the Board") of Club Versante Group Limited (the "Company") is established pursuant to this charter. The purpose of the Compensation Committee is to review and make recommendations to the Board regarding all forms of compensation to be provided to the executive officers and directors of the Company including stock compensation and loans, and all bonus and stock compensation to all employees.

The Compensation Committee has the authority to undertake the specific duties and responsibilities listed below and will have the authority to undertake such other specific duties as the Board may from time to time prescribe.

**II.** **COMMITTEE MEMBERSHIPS:** 

The Compensation Committee shall consist of at least two (2) members of the Board, all of whom shall be independent directors in accordance with Rule 5605 (d) of the NASDAQ Listing Rules. The members of the Compensation Committee will be appointed by a majority of the Board. No member of the Compensation Committee shall be removed except by a majority vote of the independent directors then in office.

**III.** **RESPONSIBILITIES:** 

The responsibilities and duties of the Compensation Committee shall include:

1. To review and approve annually
the corporate goals and objectives applicable to the compensation of the chief executive officer ("CEO"), evaluate at least
annually the CEO's performance in light of those goals and objectives, and determine and approve the CEO's compensation level
based on this evaluation. In determining the long-term incentive component of CEO compensation, the Compensation Committee may consider
the Company's performance and relative stockholder return, the value of similar incentive awards given to CEOs at comparable companies
and the awards given to the Company's CEO in past years.

2. Matters Related to Compensation
of the Officers Other Than the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;a. Review and approve the proposed
compensation for all Officers of the Company other than the CEO; for purposes hereof, the term "Officer" shall mean any officer
at C-level, and any individual that reports directly to the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;b. Review no less frequently than
annually the aggregate amount of compensation being paid or potentially payable to the Company's Officers.

&nbsp;&nbsp;&nbsp;&nbsp;c. Reviewing and making recommendations
to the Board regarding the compensation policy for executive officers and directors of the Company, and such other officers of the Company
as directed by the Board.

3. Reviewing and making recommendations
to the Board regarding all forms of compensation to be provided to the executive officers of the Company.

4. Reviewing and making recommendations
to the Board regarding general compensation goals and guidelines for the Company's employees and the criteria by which bonuses
to the Company's employees are determined.

5. Acting as Administrator of
any stock option plan and administering, within the authority delegated by the Board, any Employee Stock Purchase Plan adopted by the
Company. In its administration of the plans, the Compensation Committee may, pursuant to authority delegated by the Board, grant stock
options or stock purchase rights to individuals eligible for such grants and amend such stock options or stock purchase rights. The Compensation
Committee shall also make recommendations to the Board with respect to amendments to the plans and changes in the number of shares reserved
for issuance hereunder. 6. Review and approve grants and awards under incentive-based compensation
plans and equity-based plans, in each case consistent with the terms of such plans.

7. Review and make such recommendations
to the Board as the Compensation Committee deems advisable with regard to policies and procedures for the grant of equity-based awards
by the Company.

8. Reviewing and making recommendations
to the Board regarding other plans that are proposed for adoption or adopted by the Company for the provision of compensation to employees
of, directors of and consultants to the Company.

9. Reflecting either in the Minutes
of the Committee's deliberation or a report to the Board the following: (a) the criteria on which compensation paid to the Chief
Executive Officer for the last completed fiscal year is based; (b) the relationship of such compensation to the Company's performance;
and (c) the Compensation Committee's executive compensation policies applicable to executive officers.

10. Authorizing the repurchase
of shares from terminated employees pursuant to applicable law.

**IV.** **MEETINGS:** 

It is anticipated that the Compensation Committee will meet at least two times each year. However, the Compensation Committee may establish its own schedule, which it will provide to the Board in advance. At a minimum of one of such meetings annually, the Compensation Committee will consider stock plans, performance goals and incentive awards, and the overall coverage and composition of the compensation package. The Compensation Committee will maintain written minutes of its meetings, which minutes will be filed with the minutes of the meetings of the Board.

The Compensation Committee shall report regularly to the Board regarding its actions and make recommendations to the Board as appropriate.

The Compensation Committee may invite such members of management to its meetings as it deems appropriate. However, the Compensation Committee shall meet regularly without such members present, and in all cases the CEO and any other such officers shall not be present at meetings at which their compensation or performance is discussed or determined.

**V.** **REPORTS:** 

The Compensation Committee will provide written reports to the Board of the Company regarding recommendations of the Compensation Committee submitted to the Board for action, and copies of the written minutes of its meetings.

Review and discuss with management the disclosures concerning "Executive Compensation" to be included in the Company's annual report on Form 20-F ("CD&A") under the rules and regulations of the Securities and Exchange Commission for Foreign Private Issuers and the Nasdaq Stock Market.

**VI.** **EVALUATION OF COMMITTEE PERFORMANCE:** 

The Compensation Committee shall on an annual basis, evaluate its performance under this Charter. The Compensation Committee shall address all matters that the Board of Directors considers relevant to its performance. The Compensation Committee shall deliver a report setting forth the results of its evaluation, including any recommended amendments to this Charter and any recommended changes to the Board's or the Company's policies or procedures.

**VII.** **COMMITTEE RESOURCES:** 

The Compensation Committee shall have the authority to obtain advice and seek assistance from internal and external legal, accounting, and other advisors. The Compensation Committee shall have sole authority to retain and terminate any compensation consultant to be used to evaluate director or officer compensation, including sole authority to approve the consulting firm's fee and retention terms.

## Exhibit 99.5

**Exhibit 99.5**

CONSENT OF JOHN ROBERT FIORE

Club Versante Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| Dated: | August 5, 2025 |
| By: | */s/ John Robert Fiore* |
|  | John Robert Fiore |

---

## Exhibit 99.6

**Exhibit 99.6**

CONSENT OF MING GU

Club Versante Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| <br> Dated: | August 5, 2025 |
| By: | */s/ Ming Gu* |
|  | Ming Gu |

---

## Exhibit 99.7

**Exhibit 99.7**

CONSENT OF JIANHUA ZHAO

Club Versante Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as an Independent Director Nominee.

---

| | |
|:---|:---|
| <br> Dated: | August 6, 2025 |
| By: | */s/ Jianhua Zhao* |
|  | Jianhua Zhao |

---

## Exhibit 99.8

**Exhibit 99.8**

CONSENT OF PENG DU

Club Versante Group Limited (the "Company") intends to file a Registration Statement on Form F-1 (together with any amendments or supplements thereto, the "Registration Statement") registering securities for issuance in its initial public offering. As required by Rule 438 under the Securities Act of 1933, as amended, the undersigned hereby consents to being named in the Registration Statement as a Director Nominee.

---

| | |
|:---|:---|
| <br> Dated: | August 7, 2025 |
| By: | */s/ Peng Du* |
|  | Peng Du |

---

## Exhibit 99.9

**Exhibit 99.9**

**CLUB VERSANTE GROUP LIMITED**

**(the "Company")**

**COMPENSATION RECOVERY POLICY**

**<u>Introduction</u>**

The Board of Directors of the Company (the "**Board**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "**Exchange Act**").

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Compensation Committee, in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("**Covered Executives**").

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, the Board will require reimbursement or forfeiture of any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure:

● Annual cash bonuses and other short- and long-term cash incentives.

● Stock options.

● Stock appreciation rights.

● Restricted stock.

● Restricted stock units.

● Performance shares.

● Performance units.

Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures, including:

● Company stock price.

● Total shareholder return.

● Revenues.

● Net income.

● Earnings before interest, taxes, depreciation, and amortization (EBITDA).

● Earnings per share.

● "Non-GAAP financial measures" for purposes of Exchange Act Regulation G and 17CFR 229.10.

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount to be recovered will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board.

If the Board cannot determine the amount of excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Incentive Compensation hereunder which may include, without limitation:

● requiring reimbursement of cash Incentive Compensation previously paid;

● seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity- based awards;

● offsetting the recouped amount from any compensation otherwise owed by the Company to the Covered Executive;

● cancelling outstanding vested or unvested equity awards; and

● taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "**Effective Date**") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date. This Policy shall apply to any excess Incentive Compensation received by Covered Executives during the three immediately completed fiscal years preceding the date on which a company is required to prepare an accounting restatement.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with any rules or standards adopted by a national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recou</u>pment Rights**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Im</u>practicability**

The Board shall recover any excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Board in accordance with Rule 10D-1 of the Exchange Act and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.10

**Exhibit 99.10**

**INSIDER TRADING POLICY**

**OF** 

**CLUB VERSANTE GROUP LIMITED**

**Introduction**

Engaging in transactions involving the securities of a Company while in possession of material nonpublic information is referred to as insider trading. Material nonpublic information is information that could reasonably be expected to affect the price of a Company's securities, whether it is positive or negative, and is generally not known or has not been made available to the investing public. At CLUB VERSANTE GROUP LIMITED, its subsidiaries and consolidated entities (collectively, the "**Company**"), a variety of roles throughout the organization have access to material nonpublic information, either from time-to-time or on a more continuous basis. It is therefore critical that all officers of the Company, all members of the Company's Board of Directors, all employees and all contractors and consultants of the Company read and understand this policy.

The Company's Insider Trading Policy is designed to help you understand your obligations when it comes to trading in securities of the Company, and securities of the Company's ecosystem partners and customers that in many cases have listed securities (collectively, the "Relevant Entities," and the securities of the Relevant Entities, the "Relevant Securities").

This policy will help you protect yourself and the Company against the potentially serious consequences of insider trading. Directors, officers, employees, contractors and consultants of the Company should always consult the Company's compliance officer [ ] at [ ] with any questions concerning this policy.

**Reporting a breach**

If you believe that there has or might have been a breach of the Company's Insider Trading Policy or any applicable insider trading laws, you should immediately report your concerns to the Company's Compliance Officer at [ ]. Reports are kept confidential and can be made anonymously, where permitted by local law.

The Company takes every concern raised seriously and each report will be assessed fully, promptly, and fairly. The Company actively encourages people to raise concerns in a transparent and open way, so that issues can be resolved quickly and effectively. Reports may be made anonymously where the concern relates to financial accounting or fraud, and where local law and regulations allow. Subject to the requirements of applicable law and to the greatest extent possible, all reports and investigations will be treated as confidential.

**Purpose**

This Insider Trading Policy provides guidelines for transactions involving the Relevant Securities and the handling of material nonpublic information about the Relevant Entities.

The Company's business relies on the safeguarding of proprietary information. The Company has established its reputation for integrity and ethical conduct, and it is critical that the Company maintains this reputation and it conducts its business in accordance with the highest ethical standards.

The Company's Board of Directors has adopted this policy to promote compliance with any laws applicable to transactions involving the Relevant Securities and avoid the appearance of impropriety. All persons subject to this policy must comply globally with all insider trading laws and regulations that apply to them (which may be subject to amendment from time to time), in addition to complying with this policy.

**Consequences of Violations**

It is important that you understand the breadth of activities that constitute illegal insider trading and the consequences of non-compliance, which can be severe. Engaging in transactions involving securities while aware of material nonpublic information relating to such securities is illegal and prohibited by insider trading laws. It is also illegal to pass along material nonpublic information to others who then trade based on that information.

The recipient of the material nonpublic information is referred to as the "tippee" and the person who transmitted the material nonpublic information is referred to as the "tipper." Both the tippee and tipper may be subject to liability for insider trading where the tippee trades, even if the tipper does not.

All persons subject to this policy must comply with all applicable insider trading laws and regulations globally. Law enforcement authorities vigorously pursue parties globally who violate the insider trading laws and punish offenders severely. Punishment for insider trading violations is serious and could include significant fines and imprisonment.

In addition, a person's failure to comply with this policy may subject them to Company-imposed sanctions, including dismissal for cause, whether or not the person's failure to comply results in a violation of law.

**Persons Subject to the Policy**

This policy applies to all officers<sup>1</sup> of the Company, all members of the Company's Board of Directors, all employees and all contractors and consultants of the Company. The Company may also determine that other persons who have access to material nonpublic information should be subject to this policy. The restrictions of this policy also apply to transactions involving the Relevant Securities by any of the following individuals and entities:

● any family members whose transactions involving the Relevant Securities are directed by, or are subject to, your influence or control, as further described under the heading "Transactions by Family Members and Others;"

● anyone who lives in your household, as further described under the heading "Transactions by Family Members and Others;"

● any corporation or other entity controlled or managed by you, as further described under the heading "Transactions by Entities that You Influence or Control;"

● trusts for which you are the trustee or with respect to which you have the ability to vote, transfer or sell Relevant Securities in the trust, as further described under the heading "Transactions by Entities that You Influence or Control;"

● anyone acting as your agent, nominee or person acting at your direction; and

● anyone who execute trades on your behalf.

These restrictions apply to any Relevant Securities over which you have voting power or power to transfer or sell, as well as Relevant Securities that you own. Regulators and prosecutors may presume that trading by your family members is based on information you supplied and may treat any such transactions as if you had traded yourself.

*<sup>1</sup>* *Each individual who is currently or was previously designated as an "officer" of the Company as defined in Rule 16a-1(f) under the Exchange Act.*

**Transactions Subject to the Policy**

This policy applies to transactions involving the Relevant Securities, including in the Company ordinary shares, options to purchase ordinary shares, or any other type of securities that the Company may issue, as well as derivative securities that are not issued by the Company, such as exchange-traded put or call options or swaps relating to the Company securities. Transactions subject to this policy include purchases, sales and gifts of the Company securities made by the persons subject to this policy.

**Individual Responsibility**

Persons subject to this policy have ethical and legal obligations to maintain the confidentiality of information about the Relevant Entities and to not engage in transactions involving the Relevant Securities while in possession of material nonpublic information. They must not engage in illegal trading and must avoid the appearance of improper trading to preserve the Company's reputation for adhering to the highest standards of conduct. Each person subject to this policy is responsible for ensuring compliance with this policy, and that any family member, household member or entity whose transactions are subject to this policy, as discussed below, also comply with this policy.

In all cases, the responsibility for determining whether a person is in possession of material nonpublic information rests with that person. Any action on the part of the Company, the Compliance Officer, any approval party, any director or any other employee in accordance with this policy does not in any way constitute legal advice or insulate a person from liability under applicable global securities laws.

**Administration of the Policy**

[ ] serves as the Compliance Officer for the purposes of this policy. The Compliance Officer, and in his absence, [ ], or another employee designated by the Compliance Officer or [ ] shall be responsible for administration of this policy and oversight of the pre-clearance process, subject to any reviews, determinations and interpretations by the Compliance Officer. All determinations and interpretations by the Compliance Officer or Sam Kai Mun shall be final and not subject to further review.

**Statement of Policy**

Persons subject to this policy, who are aware of material nonpublic information relating to the Relevant Entities, may not, directly, or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Engage in transactions involving the Company securities, except as otherwise specified in this policy under the headings "Exceptions to Insider Trading Policy and Trading Restrictions" and "Rule 10b5-1 Plans;"

&nbsp;&nbsp;&nbsp;&nbsp;2. Recommend, encourage or induce another person to engage in the purchase, sale or gift of any of the Company securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. Disclose (either directly or via an intermediary) material nonpublic information of the Relevant Entities to persons within the Company whose jobs do not require them to have that information, or outside of the Company to any other persons, unless any such disclosure is made in accordance with the Company's policies regarding the protection or authorized external disclosure of information regarding the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Assist anyone engaged in the above activities.

In addition, it is the policy of the Company that no director, officer or other employee of the Company (or any other person designated as subject to this policy) who, in the course of working for the Company, learns of material nonpublic information about another company (1) with which the Company does business, such as the Company's partners, customers, vendors and suppliers, or (2) that is involved in a potential transaction or business relationship with the Company, may engage in transactions involving that other company's securities until the information becomes public or is no longer material.

It is also the policy of the Company that it will not engage in transactions involving its securities while aware of material nonpublic information relating to the Company or Company securities, including share repurchase programs, other than in compliance with applicable law.

There are no exceptions to this policy, except as specifically noted herein. Small transactions or the existence of a personal financial emergency do not excuse you from compliance with this policy and is not a basis for an exception to this policy. Insider trading laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct.

**Definition of Material Nonpublic Information**

Insider trading laws define the concept of material nonpublic information in a variety of ways, all of which focus on factors such as the nature of the information, the significance of the information to investors and whether the information has been adequately disseminated to the public. All persons subject to this policy must comply globally with all applicable laws and regulations regarding insider trading and the handling of material nonpublic information.

<u>Material Information</u>

<br> Information is considered "material" if a reasonable investor would consider that information important in making a decision to buy, hold or sell securities. Any information that could reasonably be expected to affect the price of a company's securities, whether it is positive or negative, should be considered material. Information can be considered material even before a specific corporate action is taken by a board of directors or a company's management, depending on the specific circumstances and an evaluation of the likelihood of the occurrence of a specific event, action or development. There is no bright-line standard for assessing materiality; rather, materiality is based on an assessment of all of the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight.

While it is not possible to define all categories of material information, some examples of information that ordinarily would be regarded as material are:

● Financial forecasts of any kind, industry projections of future earnings or losses, or other earnings guidance;

● A change (or anticipated change) to previously announced earnings guidance, or the decision to suspend earnings guidance;

● Any anticipated or planned restatements of financial results, or material impairments, write-offs or restructurings;

● Unpublished financial or operational reports or projections;

● Significant related party transactions;

● The Company's business plans, budgets, models or strategies, or any changes or anticipated changes thereto;

● Significant developments in research and development of a significant new technology, product, process, service or other intellectual property;

● Information about major contracts, including the gain or loss (or the probable gain or loss) of a significant customer, business partner or supplier;

● The institution of, or developments in, major litigation, investigations, or regulatory actions or proceedings;

● A pending or proposed merger, acquisition, investment, tender offer, changes in control or ownership, divesture, joint venture, restructuring, repurchase, financing transactions, or similar transaction;

● A change (or anticipated change) in dividend policy (if any), the declaration of a share split or subdivision, or the issuance, redemption or repurchase of securities (e.g., share repurchase programs);

● Financing transactions;

● Repurchases of the Company securities;

● A change (or anticipated change) in the Company's pricing or cost structure;

● A change (or anticipated change) in senior management, board of directors or auditors, or notification that the auditor's reports may no longer be relied upon;

● A significant cybersecurity incident or identified significant cybersecurity vulnerability involving the Company or a significant customer or business partner of the Company, such as a data breach, or any other significant disruption in the company's operations or loss, potential loss, breach or unauthorized access of its property or assets, whether at its facilities or through its information technology infrastructure;

● Bankruptcies, receiverships, potential defaults under any credit agreements or indentures, or the existence of material liquidity deficiencies;

● The imposition of an event-specific restriction on trading in the Company securities or the securities of any other Company or the extension or termination of such restriction; or

● News of the sale or acquisition of significant assets or a subsidiary.

This list is for illustrative purposes only and is not an exhaustive list of all types of material information. Investigators and/or relevant law enforcement agencies will scrutinize a questionable trade after the fact with the benefit of hindsight, so if information is not clearly immaterial or already public you should always err on the side of deciding that information is material nonpublic information and not trade. If you have questions regarding specific information or transactions, please contact the Compliance Officer at [ ].

<u>When Information is Considered Public</u>

Information that is generally not known or that has not been made available to the investing public is generally considered to be nonpublic information, even if the information is widely known within the Company. In order to establish that the information has been made available to the investing public, it may be necessary to demonstrate that the information has been widely disseminated. Information generally would be considered widely disseminated if it has been disclosed through a widely disseminated press release distributed through the newswire services, a broadcast on widely-available radio or television programs, or publication in a widely-available newspaper, magazine or news website or public disclosure document filed with, or furnished to, the SEC that is available on the SEC's website.

By contrast, information likely would not be considered widely disseminated if it is available only to the Company's employees, or if it is only available to a select group of analysts, brokers and institutional investors. The circulation of market rumors, even if accurate and reported in the media, does not constitute effective public dissemination; therefore, information should not be considered to be public if it has become known through the circulation of market rumors.

Once information is widely disseminated, it is still necessary to provide the investing public with sufficient time to absorb and evaluate the information. As a general rule, information should not be considered fully absorbed by the marketplace until at least two full trading days have passed following release of the information to the marketplace, where trading days are days on which Nasdaq is open for trading. If, for example, the Company were to make an announcement on a Monday, you should not trade in the Company securities until Thursday. Depending on the particular circumstances, the Company may determine that a longer or shorter period should apply to the release of specific material nonpublic information. Any changes to the time period will be detailed at that time.

**Transactions by Entities that You Influence or Control**

This policy applies to any entities that you influence or control, including any corporations, partnerships, investment funds, retirement plans, trusts, or any other types of entities over which you have the ability to influence or direct management, policies or investment decisions, and other than in compliance with applicable law. Transactions by these controlled entities will be treated for the purposes of this policy and applicable securities laws as if they were made by you for your own account.

**Transactions by Family Members and Others**

This policy applies to your family members who reside with you (including a spouse or domestic partner, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings and in-laws), your children or your spouse's children who are financially dependent on you, anyone else who lives in your household, and any family members who do not live in your household but whose transactions involving Relevant Securities are directed by you or are subject to your influence or control, such as individuals who consult with you before they trade in Relevant Securities. You are responsible for the transactions of these other persons and therefore should make them aware of the need to confer with you before they trade in Relevant Securities, and you should treat all such transactions for the purposes of this policy and applicable securities laws as if the transactions were for your own account. This policy does not, however, apply to personal securities transactions of family members where the purchase or sale decision is made by a third party who is not controlled by, influenced by or related to you or your family members.

**Exceptions to Insider Trading Policy and Trading Restrictions**

This policy does not apply in the case of the following transactions, except as specifically noted:

<u>Share Option Exercises</u>

This policy does not apply to the exercise of an employee share option acquired under the Company's plans, or to the exercise of a tax withholding right to which a person has elected to have the Company withhold the Company securities subject to an option to satisfy tax withholding requirements. This policy does apply, however, to any sale of the Company securities as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option.

<u>Restricted Share Awards or Restricted Stock Units</u>

This policy does not apply to the vesting of restricted share awards or restricted stock units, or the exercise of a tax withholding right to which you elect to have the Company withhold shares to satisfy tax withholding requirements upon the vesting of any restricted share awards or restricted stock units. The policy does apply, however, to any market sale of restricted shares.

<u>401(k)/Pension Plan, Annual Bonus Plan and All-Employee Plan</u>

This policy does not apply to purchases of the Company securities in the Company's 401(k)/Pension plan or other retirement plans resulting from your periodic contribution of money to the plan, provided that such purchases are the result of a payroll deduction election that you made at a time when you were not aware of material nonpublic information and that was not a restricted trading period, subject to the pre-clearance process. This policy does apply, however, to certain elections you may make under such plans, including: (a) beginning or terminating investing in the Company securities fund of the 401(k) plan; (b) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company securities fund; (c) an election to make an intra-plan transfer of an existing account balance into or out of the Company securities fund; (d) an election to borrow money, to the extent otherwise permitted, against your plan accounts if the loan will result in a liquidation of some or all of your the Company securities fund balance; and (e) an election to pre-pay any plan loan if the pre-payment will result in allocation of loan proceeds to the Company securities fund.

It should be noted that sales of the Company securities from a 401(k) account are also subject to Rule 144 under the Securities Act of 1933 (or any other applicable exemption under securities laws), and therefore directors and executive officers may be deemed to be an "affiliate" of the Company, If this is the case, Rule 144 places limits on the number of shares you may be able to sell and provides that certain procedures must be followed before selling the Company securities. Contact the Company's legal team for more information on Rule 144 and when you should ensure that a Form 144 is filed with the SEC.

<u>Employee Share Purchase Plan</u>

This policy does not apply to purchases of the Company securities in an employee share purchase plan resulting from your periodic contribution of money to the plan pursuant to a payroll deduction election that you made at a time when you were not aware of material nonpublic information and that was not a restricted trading period, subject to the pre-clearance process. This policy also does not apply to purchases of the Company securities resulting from lump sum contributions to the employee share purchase plan, if you elected to participate by lump sum payment at the beginning of the applicable enrollment period. This policy does apply, however, to certain elections you may make under such plan, including: (a) your election to participate in the employee share purchase plan for any enrollment period; (b) an election to increase or decrease your level of participation in the plan; and (c) to your sales of the Company securities purchased pursuant to the employee share purchase plan.

<u>Dividend Reinvestment Plan</u>

This policy does not apply to purchases of the Company securities under any Company-sponsored dividend reinvestment plan resulting from an election to reinvest dividends paid on the Company securities that you made when you were not aware of material nonpublic information at the time of the election and that was not a restricted trading period, subject to the pre-clearance process. This policy does apply, however, to any (a) voluntary purchase of the Company securities resulting from additional contributions you choose to make to the dividend reinvestment plan, (b) election to participate in the plan or increase your level of participation in the dividend reinvestment plan, and (c) sale of any the Company securities purchased pursuant to the dividend reinvestment plan.

<u>Other Similar Transactions</u>. Any other purchase of the Company securities directly from the Company or sales of the Company securities directly to the Company are not subject to this policy.

If there is a Regulation BTR blackout (and no Quarterly Trading Restricted Period or Event-Specific Restricted Periods), then the limited exceptions set forth in Regulation BTR will apply. Please be aware that even if a transaction is subject to an exception to this Policy, you will need to separately assess whether the transaction complies with applicable law. Any other Policy exceptions must be approved by the Compliance Officer, in consultation with the Company's board of directors or an independent committee of the board of directors.

**Special and Prohibited Transactions**

The Company has determined that there is a heightened legal risk and/or the appearance of improper or inappropriate conduct if the persons subject to this policy engage in certain types of transactions. It therefore is the Company's policy that any persons covered by this policy, regardless of whether in possession of material nonpublic information, may not engage in any of the following transactions, or should otherwise consider the Company's preferences as described below:

<u>Short-Term Trading</u>. Short-term trading of the Company securities may be distracting to the person and may unduly focus the person on the short-term appreciation in the value of the Company securities rather than the Company's long-term business objectives. For these reasons, pursuant to the Company's policy, any director or officer of the Company who *purchases* the Company securities in the open market may not sell any the Company securities of the same class during the six months following the purchase. Similarly, such persons who *sell* the Company securities in the open market may not purchase any the Company securities of the same class during the six months following the sale.

<u>No Short Sales</u>. Short sales of the Company securities (*i.e.*, the sale of a security that the seller does not own at the time of the transaction), including 'sales against the box' (i.e., the short sale of a security that the seller owns at the time of the transaction) may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In particular, short sales create misalignment with the Company and may reduce a seller's incentive (or create a disincentive) to seek to improve the Company's performance. For these reasons, short sales of the Company securities are prohibited under the Company's policy.

<u>Derivative Securities Transactions</u>. Derivative securities, such as call options or put options, which give the holder a right to buy or sell, respectively, a security at a specific price before a set date, are typically transacted over a relatively short time period. As a consequence, transactions involving derivative securities may create the appearance that a director, officer or employee is trading based on material nonpublic information and could focus a director's, officer's or other employee's attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions involving put options, call options or other derivative securities, on an exchange or in any other organized market, are prohibited by this policy.

<u>Hedging Transactions</u>. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including without limitation through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such transactions may permit a person subject to this policy to continue to own the Company securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, the director, officer or employee may no longer have the same objectives as, or alignment with, the Company's other shareholders. Therefore, directors, officers and employees are prohibited from engaging in any such transactions under this policy.

<u>Margin Accounts and Pledged Securities</u>. Securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to satisfy a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the person is aware of material nonpublic information or otherwise is not permitted to trade in the Company securities, persons subject to this policy are prohibited from holding the Company securities in a margin account or otherwise pledging the Company securities as collateral for a loan, unless all the Company securities held in such account are blocked from being margined.

<u>Standing and Limit Orders</u>. Standing and limit orders (except standing and limit orders under approved Rule 10b5-1 plans, as described below) create heightened risks for insider trading violations. Because there is no control over the timing of purchases or sales that result from standing instructions to a broker, a broker could execute a transaction when a person subject to this policy is in possession of material nonpublic information. The Company therefore discourages placing standing or limit orders on the Company securities. If a person subject to this policy determines that they must use a standing order or limit order, the order should be limited to a period generally no more than five trading days and should otherwise comply with the restrictions and procedures outlined below under the headings "Special Trading Restrictions" and "Pre-Clearance Procedures."

**Special Trading Restrictions**

The Company has established special trading restrictions to assist the Company in the administration of this policy, to facilitate compliance with laws prohibiting insider trading while in possession of material nonpublic information, and to avoid the appearance of any impropriety. These special trading restrictions are applicable to all persons subject to this policy.

<u>Quarterly Trading Restricted Period</u>. All persons subject to this policy, as well as their family members and/or controlled entities, may not conduct any transactions involving the Company securities (other than as specified by this policy), during a restricted period beginning ten trading days prior to the end of each fiscal quarter and ending upon the completion of the second full trading day following the date of the public release of the Company's earnings results for that quarter. For example, if the Company publicly releases its earnings results on a Monday, the first time you can buy or sell the Company securities is the opening of the market on Thursday (assuming you are not aware of other material nonpublic information at that time).

<u>Event-Specific Restricted Periods</u>. Occasionally, an event may occur (or be probable to occur) that is material to the Company and is known by only a limited number of directors, officers, employees, contractors or consultants. So long as the event remains material and nonpublic, the persons designated by the Compliance Officer, as communicated by the compliance team, may not trade the Company securities. In addition, the Company's financial results may be sufficiently material in a particular fiscal quarter that, in the judgment of the Compliance Officer, as communicated by the compliance team, designated persons must refrain from trading in the Company securities during a period that commences even earlier than the commencement of the quarterly trading restricted period or ends even later than the expiration of the quarterly trading restricted period. In that situation, the compliance team may notify these persons by a Special Blackout Notice (substantially in the form of Exhibit C) that they may not trade in the Company securities until the compliance team subsequently notifies such person that the event-specific restricted period has ended, but shall not disclose the reason for the event-specific restriction on trading. The existence of an event-specific restricted period, including the extension of a quarterly trading restricted period, will not be announced to the Company as a whole and should not be communicated to any other person. Even if the Compliance Officer, as communicated by the compliance team, has not designated you as a person who should not trade during an event-specific restricted period, you should not trade while aware of material nonpublic information. Exceptions to this policy will not be granted during an event-specific restricted period.

<u>Exceptions</u>. The quarterly trading restrictions and event-specific trading restrictions do not apply to those transactions to which this policy does not apply, as described above under the heading "Exceptions to Insider Trading Policy and Trading Restrictions." Further, the requirement for pre-clearance, the quarterly trading restrictions and event-specific trading restrictions do not apply to transactions conducted pursuant to pre-approved Rule 10b5-1 plans, described under the heading "Rule 10b5-1 Plans," below.

<u>Regulation BTR Blackouts</u>. The directors and officers of the Company may also be subject to trading blackouts pursuant to Regulation Blackout Trading Restriction, or Regulation BTR, under U.S. federal securities laws. In general, Regulation BTR prohibits any director or officer from engaging in certain transactions involving Company securities during periods when 401(k) plan participants are prevented from purchasing, selling or otherwise acquiring or transferring an interest in certain securities held in individual account plans. Any profits realized from a transaction that violates Regulation BTR are recoverable by the Company, regardless of the intentions of the director or officer effecting the transaction. In addition, individuals who engage in such transactions are subject to sanction by the SEC as well as potential criminal liability. The Company will notify directors and officers if they are subject to a blackout trading restriction under Regulation BTR. Failure to comply with an applicable trading blackout in accordance with Regulation BTR is a violation of law and this Policy.

**Pre-Clearance Procedures**

No person identified in the table below may engage in transactions involving the Company securities without obtaining pre-clearance from the appropriate approval party in accordance with this policy. It is important to note that compliance with these additional procedures, including obtaining pre-clearance, does not insulate such party from insider trading liability. If a person subject to this policy obtains pre-clearance, such party must still make the determination that such person is not in possession of material nonpublic information when the trade is made, that the trade does not have the appearance of impropriety, and that the trade is not in violation of the insider trading and other applicable laws.

<u>Approval Parties.</u> The persons subject to this policy that are identified in the following table may not engage in any transaction in the Company securities without first obtaining pre-clearance of the transaction in accordance with the following:

---

| | |
|:---|:---|
| **Person or Entity Subject to Pre-Clearance** | **Approval Party** |
| Members of the Board (other than the Audit Committee Chairperson) and the Chief Executive Officer | Audit Committee Chairperson |
| Audit Committee Chairperson | Compliance Officer |
| Officers and Executive Committee (other than the Chief Executive Officer) and Employees | Compliance Officer |
| Designated persons on insider lists | Compliance Officer |

---

<u>Request Form</u>. A request for pre-clearance, which shall be submitted in the Company's approved form of pre-clearance request attached to this policy as Exhibit A, including a certification that such person is not in possession of material nonpublic information, should be submitted to the applicable approval party noted above at least 48 hours in advance of the proposed transaction. The applicable approval party is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the transaction in the approval party's discretion. If a person that seeks pre-clearance and permission to engage in the transaction is denied, then such person must refrain from initiating any transaction in the Company securities and should not inform any other person of the fact that the pre-clearance request was denied.

<u>Pre-Cleared Transactions</u>. Pre-cleared transactions must be completed within five trading days following receipt of the pre-clearance (unless a specific exception has been granted by the applicable approval party). A pre-cleared transaction, or any portion of a pre-cleared transaction that has not been completed during such period, must be pre-cleared again prior to execution. All pre-cleared transactions will be reported to and overseen by the Compliance Officer.

<u>Other Restrictions</u>. Notwithstanding receipt of pre-clearance, if, before the transaction is completed, the person who received the pre-clearance becomes aware of material nonpublic information or becomes subject to a restricted period described above in "Special Trading Restrictions," then the transaction cannot be completed.

**Rule 10b5-1 Plans**

Rule 10b5-1 under the Securities Exchange Act of 1934 provides a defense from insider trading liability under Rule 10b-5. In order to be eligible to rely on this defense, a person subject to this policy must enter into a Rule 10b5-1 plan for transactions involving the Company securities that meets certain conditions specified in Rule 10b5-1. Transactions involving the Company securities that are effected pursuant to a Rule 10b5-1 plan may occur even when the person who has entered into the plan is aware of material nonpublic information. To comply with this policy, a pre-approved Rule 10b5-1 plan must be approved by the Compliance Officer and satisfy the requirements of Rule 10b5-1 and the Company's "Guidelines for Rule 10b5-1 Plans," attached to this policy as Exhibit B.

**Post-Termination Transactions**

This policy continues to apply to transactions involving the Company securities even after termination of service to, or a relationship with the Company. If a person is in possession of material nonpublic information when such person's service or relationship terminates, that person may not trade in the Company securities until that information has become public or is no longer material. If a person subject to a quarterly trading restricted period or an event-specific restricted period leaves the Company during that restricted period, they will continue to be subject to the applicable restricted period for the remainder of that restricted period.

**Company Assistance**

Any person who has a question about this policy or its application to any proposed transaction may obtain additional guidance from the compliance team.

If you have any questions, please send them by email to [ ].

**Certification**

All persons subject to this policy must certify their understanding of, and intent to comply with, this policy.

**<u>CERTIFICATION</u>**

I certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read and understand the Company Insider Trading Policy. I understand that the Compliance Team is available to answer any questions I have regarding the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Since [ ], 202[ ], or such shorter period of time that I have been an officer, director, employee, contractor, or consultant of the Company, I have complied with the policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will continue to comply with the policy for as long as I am subject to the policy.

Print name:   <br> Signature:   <br> Date:  

**<u>Exhibit A - Form of Pre-Clearance Request and Certification</u>**

 

*The pre-clearance approval process normally takes two trading days, although individual circumstances may require additional time and you may not receive approval to trade at the time or price that you wanted. the Company will not indemnify you for any changes in the stock price as a result of the timing of your pre-clearance. If your trade is pre-cleared, the pre-clearance approval will be valid for five trading days. If you do not execute your trade within that five trading-day window, you will have to obtain a new pre-clearance approval prior to execution.*

CLUB VERSANTE GROUP LIMITED

PRE-CLEARANCE REQUEST AND CERTIFICATION FORM

---

| |
|:---|
| PLEASE COMPLETE THE FOLLOWING INFORMATION: |
| NAME |
| EMPLOYEE ID (if applicable) |
| NATURE OF TRANSACTION [INDICATE PURCHASE OR SALE] |
| NUMBER OF SHARES OR DOLLAR AMOUNT IN THIS TRANSACTION |
| IF THIS IS A SALE: WHAT DATE(S) WERE THESE SHARES ACQUIRED? HAVE YOU PURCHASED ANY RELEVANT SECURITIES WITHIN THE PAST SIX MONTHS? |
| IF THIS IS A PURCHASE: HAVE YOU SOLD ANY RELEVANT SECURITIES? |
| ESTIMATED NUMBER OF SHARE HOLDINGS AFTER THIS TRANSACTION |

---

BY E-SIGNING THIS FORM, I AM CONFIRMING:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I AM NOT IN POSSESSION OF MATERIAL NON-PUBLIC INFORMATION AT THIS TIME.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I WILL NOT ENTER INTO THE TRANSACTION DESCRIBED ABOVE IF I COME INTO POSSESSION OF MATERIAL NON-PUBLIC INFORMATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. THE INFORMATION SET FORTH ABOVE IS TRUE AND CORRECT AS OF THE DATE HEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I ACKNOWLEDGE THAT ANY PRE-CLEARANCE GIVEN WILL BE VALID FOR FIVE (5) TRADING DAYS ONLY, AND I WILL NEED TO SUBMIT A NEW PRE-CLEARANCE REQUEST AND CERTIFICATION PRIOR TO EXECUTING THE TRADE IF I DO NOT TRADE WITHIN THE FIVE (5) TRADING-DAY PERIOD.

Print name:   <br> Signature:   <br> Date:  

ONCE YOU SUBMIT THIS REQUEST, IT WILL BE ROUTED TO THE OFFICE OF ETHICS AND COMPLIANCE FOR REVIEW AND FORWARDED TO ANY FURTHER APPROVING PARTIES REQUIRED BY THIS POLICY. PLEASE EXPECT TO RECEIVE A RESPONSE WITHIN TWO (2) TRADING DAYS. IF YOU HAVE ANY QUESTIONS REGARDING THIS REQUEST AND WOULD LIKE TO SPEAK WITH SOMEONE FIRST, PLEASE REACH OUT TO [ ].

**<u>Exhibit B - Guidelines for Rule 10b5-1 Plans</u>**

**Introduction**

Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended, provides for an affirmative defense against insider trading liability if a trade occurs pursuant to a pre-arranged "trading plan" that meets specified conditions. Specifically, if a purchase or sale is made pursuant to a trading plan that complies with the conditions in Rule 10b5-1(c), as described below, the trade will not be deemed to be made on the basis of material nonpublic information, and therefore will not violate insider trading laws. Trading plans can be established for a single trade or a series of trades. Because Rule 10b5-1(c) is complex, the Company recommends that you work with a broker and fully understand the limitations and conditions of the rule before establishing a plan.

The Company has adopted a written Insider Trading Policy, to which these guidelines for Rule 10b5-1 plans are an attachment, containing certain basic principles and policies concerning the trading by officers, directors and employees of the Company in the securities of the Company. These guidelines set forth the Company's policy concerning Rule 10b5-1 pre-planned trading programs by its directors, officers and employees. All capitalized terms used but not defined in these guidelines have the same meanings provided for in the Insider Trading Policy.

As specified in the Insider Trading Policy, a Rule 10b5-1 plan must be approved by the Compliance Officer and meet the requirements of Rule 10b5-1 and these guidelines. Any Rule 10b5-1 plan (or the modification or termination of any existing Rule 10b5-1 plan) must be well documented and submitted for approval ten trading days prior to the entry into the Rule 10b5-1 plan. the Company reserves the right not to approve any proposed Rule 10b5-1 plan (or the modification of any existing Rule 10b5-1 plan) unless it meets the requirements of Rule 10b5-1 and these guidelines, as well as such additional terms and conditions as the Company may require from time to time. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 plan will be required.

The following guidelines apply to all Rule 10b5-1 plans:

● You may not enter into, modify or terminate a Rule 10b5-1 plan during a restricted period or otherwise while you are aware of material nonpublic information.

● All Rule 10b5-1 plans must: (1) specify the amount, price and date of the transactions; (2) include a written formula, algorithm or computer program for determining amounts, prices and dates for the transactions; or (3) not permit the person to exercise any subsequent influence over how, when or whether to make purchases or sales (and any other person exercising such influence under the Rule 10b5-1 plan must not be aware of material nonpublic information when doing so).

● For officers and directors, no transaction may take place under a Rule 10b5-1 plan until the later of (a) 90 days after adoption or modification of the Rule 10b5-1 plan or (b) two trading days following the disclosure of the Company's financial results in a current report for the fiscal quarter (or annual report on Form 20-F for the fourth fiscal quarter) in which the Rule 10b5-1 plan was adopted or modified (but in any event, the required cooling-off period is subject to a maximum of 120 days after adoption or modification of the Rule 10b5-1 plan). For persons other than officers and directors, no transaction may take place under a Rule 10b5-1 plan until 30 days following the adoption or modification of a Rule 10b5-1 plan.

● Subject to certain limited exceptions specified in Rule 10b5-1, you may not enter into more than one Rule 10b5-1 plan at the same time.

● Subject to certain limited exceptions specified in Rule 10b5-1, you are limited to only one Rule 10b5-1 plan designed to effect an open market purchase or sale of the total amount of securities subject to the Rule 10b5-1 plan as a single transaction in any 12-month period.

● You must act in good faith with respect to a Rule 10b5-1 plan. A Rule 10b5-1 plan cannot be entered into as part of a plan or scheme to evade the prohibition of Rule 10b-5. Therefore, although modifications to an existing Rule 10b5-1 plan are not prohibited, a Rule 10b5-1 plan should be adopted with the intention that it will not be amended or terminated prior to its expiration.

● Officers and directors must include a representation in the Rule 10b5-1 plan certifying that, on the date of adoption or modification of the plan (i) the person is not aware of material nonpublic information about the Company or its securities and (ii) the person is adopting the trading plan in good faith and not as part of plan or scheme to evade the prohibitions of Rule 10b-5.

The Company and its officers and directors must make certain disclosures in SEC filings concerning Rule 10b5-1 plans and certain material terms. Officers and directors of the Company must undertake to provide any information requested by the Company regarding Rule 10b5-1 plans for the purpose of providing the required disclosures or any other disclosures that the Company deems to be appropriate under the circumstances.

If any questions arise, such person should consult with their own counsel in implementing a Rule 10b5-1 plan.

**EXHIBIT C - FORM OF SPECIAL BLACKOUT NOTICE**

<u>CLUB VERSANTE GROUP LIMITED</u>

*[Date]*

**<u>CONFIDENTIAL COMMUNICATION</u>**

*[Insert company address]*

*Dear [Insert Name]:*

CLUB VERSANTE GROUP LIMITED (the "**Company**") has imposed a special blackout period in accordance with the terms of the Company's Insider Trading Policy (the "**Policy**"). Pursuant to the Policy, and subject to the exceptions stated in the Policy, you may not engage in any transaction involving the securities of the Company until you receive official notice that the special blackout period is no longer in effect.

You may not disclose to others the fact that a special blackout period has been imposed. In addition, you should take care to handle any confidential information in your possession in accordance with the Company's policies.

If you have any questions at all, please contact me at [ ].

Sincerely,

Compliance Officer

## Exhibit 99.11

**Exhibit 99.11**

**WHISTLEBLOWER POLICY OF CLUB VERSANTE GROUP LIMITED**

This Whistleblower Policy (this "**Policy**") has been adopted by the board of directors (the "**Board**") of CLUB VERSANTE GROUP LIMITED (the "**Company**") to govern the receipt, retention, and treatment of complaints regarding the Company's accounting, internal accounting controls, or auditing matters, and to protect the confidential, anonymous reporting of employees concerns regarding questionable financial and commercial practices.

I. POLICY

It is the policy of the Company to treat complaints about accounting, internal accounting controls, auditing matters, or questionable financial and commercial practices ("**Complaints**") seriously and expeditiously.

Employees will be given the opportunity to submit for review by the Company confidential and anonymous Complaints, including without limitation, the following:

● fraud against investors, securities fraud, mail or wire fraud, bank fraud, or fraudulent statements to the U.S. Securities and Exchange Commission (the "**SEC**") or members of the investing public;

● violations of SEC rules and regulations applicable to the Company and related to accounting, internal accounting controls and auditing matters;

● intentional error or fraud in the preparation, review or audit of any financial statement of the Company;

● significant deficiencies in or intentional non-compliance with the Company's internal accounting controls;

● corruption or bribery in any form, including the offering or payment of bribes, kickbacks or any other improper benefits to actual or potential customers, agents, contractors, suppliers, government officials, employees of these entities or any other party;

● retaliation against an employee who submits a complaint – examples include statements, conduct or actions involving discharging, demoting, suspending, threatening, harassing or in any other manner discriminating against an employee who submits a complaints in good faith in accordance with this policy; and

● any other conduct that is in violation of the Company's Code of Business Conduct And Ethics.

If requested by the employee, the Company will protect the confidentiality and anonymity of the employee to the fullest extent possible, consistent with the need to conduct an adequate review. Vendors, customers, business partners and other parties external to the Company will also be given the opportunity to submit Complaints; however, the Company is not obligated to keep Complaints from non-employees confidential or to maintain the anonymity of non-employees.

Complaints will be reviewed by the Audit Committee of the Board (the "**Audit Committee**") or such other persons as the Audit Committee determines to be appropriate.

The Company will abide by all laws that prohibit retaliation against employees who lawfully submit complaints under this Policy. However, anyone filing a Complaint concerning a violation or suspected violation must be acting in good faith and have reasonable grounds for believing the information disclosed indicated a violation. Any allegations that prove not to be substantiated and which prove to have been made maliciously or knowingly to be false will be viewed as a serious disciplinary offense.

In the event that the Company contracts with a third party to handle Complaints or any part of the complaint process, the third party will comply with this Policy.

II. PROCEDURES

**Receipt of Written Complaints**

Any person may submit a Complaint by contacting the Audit Committee or the Compliance Officer (as defined below) in person, in writing, by email or by telephone. Employees submitting this information need not provide their name or other personal information and reasonable efforts will be used to conduct the investigation that follows from a Complaint from an employee in a manner that protects the confidentiality and anonymity of the employee submitting the Complaint.

If an employee feels uncomfortable about a situation or has any doubts about whether it is consistent with the Company's ethical standards, seek help. The Company encourages employees to contact their supervisors for help first. If a supervisor cannot answer the question or if employees do not feel comfortable contacting their supervisors, they should contact the Compliance Officer or the Audit Committee.

**Treatment of Complaints**

1. Unless otherwise directed by the Audit Committee, a Complaint made under this Policy shall be directed
to the Compliance Officer of the Company (the "**Compliance Officer** "), who shall report directly to the Audit Committee
on such matters. The Company has appointed [ ], as the Compliance Officer. The Compliance Officer can be reached by e-mail at [ ].

2. The Compliance Officer shall review the Complaint, and may investigate it himself/herself or may assign
another employee, outside counsel, advisor, expert (including internal auditing staff) or third-party service provider (including the
external auditor) to investigate, or assist in investigating the Complaint. The Compliance Officer may direct that any individual assigned
to investigate Complaint work at the direction of or in conjunction with the Compliance Officer or any other attorney in the course of
the investigation.

3. Unless otherwise directed by the Compliance Officer, the person assigned to investigate will conduct an
investigation of the Complaint and report his or her findings or recommendations to the Compliance Officer. If the investigator is in
a position to recommend appropriate disciplinary or corrective action, the investigator also may recommend disciplinary or corrective
action.

4. If determined to be necessary by the Compliance Officer or the Audit Committee, the Company shall provide
for appropriate funding, as determined by the Compliance Officer or the Audit Committee, to obtain and pay for additional resources that
may be necessary to conduct the investigation, including, but not limited to, retaining outside counsel and/or other advisor(s); provided
that funding in excess of US$100,000 with respect to the investigation of any individual Complaint must be approved by the Audit Committee.

5. At least once per calendar quarter and whenever deemed necessary by the Compliance Officer, the Compliance
Officer shall submit to the Audit Committee, and to any other member of Company management designated by the Audit Committee, a report
that summarizes each Complaint made within the last 12 months and shows specifically: (a) the complainant (unless anonymous, in which
case the report will so indicate), (b) a description of the substance of the Complaint, (c) the status of the investigation, (d) any conclusions
reached by the investigator, and (e) findings and recommendations.

6. At any time with regard to any Complaint, the Compliance Officer, after obtaining approval from the Audit
Committee, may specify a different procedure for investigating and treating such a Complaint.

**Access to Reports and Records and Disclosure of Investigation Results**

All reports and records associated with Complaints are considered confidential information and access will be restricted to members of the Audit Committee and the Board, employees of the Company or outside counsel involved in investigating a Complaint as contemplated by this Policy. Access to reports and records may be granted to other parties at the discretion of the Audit Committee.

Complaints and any resulting investigations, reports or resulting actions will generally not be disclosed to the public except as required by any legal requirements or regulations or by any corporate policy in place at the time.

**Retention of Records**

All Complaints and documents relating to such Complaints made through this Policy shall be retained for at least five years from the date of the complaint, after which the information may be destroyed unless the information may be relevant to any pending or potential litigation, inquiry, or investigation, in which case the information may not be destroyed and must be retained for the duration of that litigation, inquiry, or investigation and thereafter as necessary.

## Ex-Filing

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

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Club Versante Group Limited**

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

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** | **Carry Forward Form Type** | **Carry Forward File Number** | **Carry Forward Initial Effective Date** | **Filing Fee Previously Paid in Connection with<br>Unsold Securities<br>to be<br>Carried Forward** |
| *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* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary Shares, par value US$0.0001 per share |  | 457(o) | 1000000 | $6.00 | $6000000.00 | 0.0001531 | $918.60 |  |  |  |  |
| Fees to be Paid | Equity | Ordinary Shares, par value US$0.0001 per share |  | Other | 150000 | 6.00 | 900000.00 | 0.0001531 | 137.79 |  |  |  |  |
| Fees Previously Paid | Equity | Ordinary Shares, par value US$0.0001 per share |  | 457(o) | 1000000 | 6.00 | 6000000.00 | 0.0001531 | 918.60 |  |  |  | 918.60 |
| Fees Previously Paid | Equity | Ordinary Shares, par value US$0.0001 per share |  | Other | 150000 | 6.00 | 900000.00 | 0.0001531 | 137.79 |  |  |  | 137.79 |
| *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* | *Carry Forward Securities* |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $13800000.00 | 0.0001531 | 2112.78 |  |  |  |  |
| 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: | 6900000.00 | 0.0001531 | 1056.39 |  |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |  |  |  |  |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $1056.39 |  |  |  |  |

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